Acquisitions

CBRE Brokers $34.5M Sale of Multifamily Development Site in Chicago’s Fulton Market

by Kristin Harlow March 7, 2023

CHICAGO — CBRE has brokered the sale of a 1.7-acre site located at 420 N. May St. in Chicago’s Fulton Market neighborhood for $34.5 million. Tom Svoboda of CBRE represented the seller, an entity doing business as 420 May Acquisitions LLC. The buyer, Crescent Heights, has proposed a large multifamily project for the site. The Miami-based developer has been active in the Chicago market with multiple projects. In 2019, the firm completed construction of Nema Chicago, a 76-story, 800-unit skyscraper that is the tallest apartment building in the city.

March 7, 2023

Acquisitions Illinois Midwest Multifamily

ShainRealty Capital Sells 200-Unit Multifamily Portfolio in Chicago for $28.5M

by Kristin Harlow March 7, 2023

CHICAGO — ShainRealty Capital has sold a 200-unit multifamily portfolio in Chicago’s Kenwood neighborhood for $28.5 million. The value-add portfolio includes eight buildings located within a two-mile radius. Most of the properties feature two- and three-bedroom floor plans with an average unit size of 1,166 square feet. Lucas Fryman and Ted Stratman of Interra Realty brokered the transaction. A local Chicago syndicate led by Eagle Infinite Investments acquired the portfolio. The deal marks the first company disposition for ShainRealty Capital, a Los Angeles-based privately owned real estate investment firm. The buyer assumed in-place agency debt, which offers a 66 percent loan-to-value ratio and a 4.18 percent fixed interest rate for the remainder of the loan.

March 7, 2023

Acquisitions Midwest Multifamily Seniors Housing Wisconsin

JLL Negotiates Sale of 101-Unit Active Adult Community in Shorewood, Wisconsin

by Kristin Harlow March 7, 2023

SHOREWOOD, WIS. — JLL Capital Markets has arranged the sale of and acquisition financing for the Oaks of Shorewood, a 101-unit active adult community in Shorewood, a northern suburb of Milwaukee. Weidner Apartment Homes acquired the asset from Sherman Associates. The four-story, age-restricted building offers a mix of one- and two-bedroom units averaging 1,115 square feet. The Oaks of Shorewood is near Lake Michigan, the Milwaukee River, Hubbard Park & Beer Garden and the 50-acre Estabrook Park and Village’s main drive, which is known for eclectic boutiques and trendy restaurants. JLL worked on behalf of the new owner to originate a Fannie Mae loan to fund the purchase. Tom Wilson and Mike Brady of JLL represented the borrower, while Amanda Friant, Wick Kirby, Mox Gunderson and Jaime Fink of JLL represented the seller.

March 7, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $5.3M Sale of Retail Property in Merrillville, Indiana

by Kristin Harlow March 7, 2023

MERRILLVILLE, IND. — Marcus & Millichap has arranged the $5.3 million sale of Century Plaza in Merrillville, a city in Northwest Indiana. The 18,215-square-foot retail property is located at 3999 E. 81st Ave. and is home to tenants such as Panera. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, a limited liability company. The duo also secured and represented the buyer, a limited liability company.

March 7, 2023

Acquisitions California Industrial Western

Dunleer Sells Outdoor Storage Building in Santa Ana, California for $10.5M

by Amy Works March 7, 2023

SANTA ANA, CALIF. — Dunleer, a Los Angeles-based private real estate investment and development firm, has completed the disposition of a 2.5-acre industrial outdoor storage parcel that includes a single-story building, located at 4404 W. First St. in Santa Ana. The City of Santa Ana acquired the asset for $10.5 million and plans to use the property for city-related public services. The property features a fenced and secured yard area, a 3,900-square-foot building and quick access to interstates 5 and 405. Keith Greer, Ben Seybold, Sean Ward and Joshua Samuels of CBRE represented Dunleer, while the buyer was self-represented in the transaction.

March 7, 2023

Acquisitions California Restaurant Retail Western

Covenant Real Estate Group Divests of Two-Tenant Retail Pad in Roseville, California

by Amy Works March 7, 2023

ROSEVILLE, CALIF. — Irvine-based Covenant Real Estate Group has completed the sale of a newly constructed, two-tenant retail pad at Freedom Point Plaza in Roseville. A Stockton-based private investor acquired the asset for $4 million. Chipotlane, a Chipotle digital order drive-thru location, and Roku Sushi occupy the 4,808-square-foot building, which is located at 4200 Thrive Drive. Tenants at Freedom Point Plaza include TopGolf and Living Spaces. Jeff Lefko and Bill Asher of Hanley Investment Group Real Estate Advisors represented the seller, while Scott Pesch of Eureka-based CB Commercial Pacific Partners represented the buyer in the transaction.

March 7, 2023

Acquisitions Colorado Net Lease Retail Western

RealSource Brokers $3.1M Sale of Grease Monkey-Occupied Retail Property in Monument, Colorado

by Amy Works March 7, 2023

MONUMENT, COLO. — RealSource Group has arranged the sale of a single-tenant retail building located at 213 W. Highway 105 in Monument, approximately 50 miles south of Denver. A Monument-based private investor sold the asset to a Houston-based private real estate investment firm for $3.1 million. Oil change service provider Grease Monkey occupies the 5,309-square-foot building, which was built in 1995 and renovated in 2007. The tenant recently signed a 10-year initial lease with 10 percent rental increases every five years. Austin Blodgett and Jonathan Schiffer of RealSource, along with ParaSell Inc., represented the seller in the deal.

March 7, 2023

Acquisitions Colorado Industrial Western

Newmark Negotiates $1.8M Sale of Valet Living Industrial Building in Aurora, Colorado

by Amy Works March 7, 2023

AURORA, COLO. — Newmark has arranged the sale of Valet Living, an industrial property located at 15761 E. Centretech Parkway in Aurora. Brandev LLC sold the building to TenBar Inc. for $1.8 million. The asset features 10,048 square feet of industrial space. Chris Nordling of Newmark represented the seller, while Unique Properties represented the buyer in the transaction.

March 7, 2023

Acquisitions Maryland Multifamily Southeast

29th Street Capital Purchases 232-Unit Solaire Apartments in Silver Spring, Maryland

by John Nelson March 6, 2023

SILVER SPRING, MD. — 29th Street Capital (29SC) has purchased Solaire Apartments, a 232-unit multifamily community located in Silver Spring. Amenities at the six-building community include a 24-hour fitness center, swimming pool and sundeck, community room and a courtyard patio with a grilling station. 29SC plans to make upgrades to the property, which will be rebranded as Maven at Wheaton. Brian Crivella, Walter Coker, Bill Gribbin and Yalda Ghamarian of Berkadia represented the undisclosed seller in the transaction. Haven Residential, a company owned by 29SC, will oversee the leasing and management of the property. The sales price was not disclosed.

March 6, 2023

Acquisitions Florida Retail Southeast

Azor Advisory Brokers $13.9M Sale of Retail Center in South Florida

by John Nelson March 6, 2023

SUNRISE, FLA. — Azor Advisory Services has brokered the $13.9 million sale of The Sawgrass Home Design Center, a retail center located at 13001-13191 W. Sunrise Blvd. in Sunrise, approximately 30 miles northwest of Miami in Broward County. The 45,000-square-foot property was 83 percent leased at the time of sale to tenants including DXL Casual Male, Bella Salon Suites, Lighting Outlet, Compass Research and Caremax. Beth Azor of Azor Advisory represented the seller, a partnership doing business as FVP Sawgrass LLC, which originally acquired the property in 2011. Apogee Realty Inc. and an entity doing business as Capital Group Realty 2004 LLC represented the buyer, Harvest International Investments.

March 6, 2023

Newer Posts

Older Posts