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Acquisitions

AcquisitionsFloridaIndustrialSoutheast

CBRE Arranges Sale of 1.4 MSF Industrial Portfolio in South Florida

by John Nelson

MIAMI — CBRE has arranged the sale of a 25-building, 1.4 million-square-foot industrial portfolio located in the Mami-Dade and Broward Counties of South Florida. Boston-based Longpoint Partners acquired the properties from Pennsylvania-based Seagis Property Group for an undisclosed price. The portfolio was 97 percent leased to 77 tenants at the time of sale. Jose Lobón, Frank Fallon, Trey Barry and Chris Riley of CBRE National Partners represented Seagis in the transaction. Tom O’Loughlin, Devin White, Royce Rose and Alain Bonvecchio of CBRE assisted in closing the sale.

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AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Brokers $6.5M Sale of Robbinswood Plaza Retail Center in Gainesville, Florida

by John Nelson

GAINESVILLE, FLA. — Marcus & Millichap has brokered the $6.5 million sale of Robbinswood Plaza, a 13,218-square-foot retail center located in Gainesville. Tenants at the property, which was fully leased at the time of sale, include Chipotle Mexican Grill and Trulieve. Reid Thedford and Evan Cannan of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller. A private investor acquired the property.

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 303-Unit Self-Storage Facility in Gonzales, Texas

by Taylor Williams

GONZALES, TEXAS — Marcus & Millichap has brokered the sale of Apache Self Storage, a 303-unit facility in Gonzales, about 75 miles east of San Antonio. The property consists of 50 climate-controlled units, 210 non-climate-controlled units, 24 container units and 19 parking spaces. Jon Danklefs of Marcus & Millichap represented the seller in the off-market transaction and procured a limited liability company as the buyer. Both parties requested anonymity.

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3215-3225-Executive-Ridge-Vista-CA
AcquisitionsCaliforniaIndustrialWestern

Old Grove Acquires Two Industrial Buildings in Vista, California for $29.4M

by Amy Works

VISTA, CALIF. — Old Grove LLC, an out-of-town 1031 exchange buyer, has purchased two industrial properties in Vista from DXW LLC for $29.4 million. Located at 3215 and 3225 Executive Ridge, the two buildings offer a total of 120,239 square feet. BioFilm, a manufacturer and distributor of healthcare products, occupies both assets on a triple-net lease. Matt Poucho, Anthony DeLorenzo, Matt Harris, Roger Carlson and Blake Wilson of CBRE represented the seller, while James DeRegt of Lee & Associates represented the buyer in the deal. BioFilm occupies the 44,630-square-foot building at 3225 Executive Ridge as its corporate headquarters. Situated on 2.6 acres, the building features three loading docks, three grade-level doors and 28-foot clear heights. Thirty-three percent of the building serves as an office area, while the remaining space serves the company’s manufacturing needs. The tenant also occupies the 44,630-square-foot building at 3215 Executive Ridge, which is 71 percent warehouse space and 29 percent office space. The facility features drive-around truck access to two loading docks and four grade-level doors. Additionally, the property is equipped with heavy power.

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AcquisitionsArizonaMultifamilyWestern

Cushman & Wakefield | PICOR Brokers $1.6M Sale of 10th Street Apartments in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of 10th Street Apartments, a residential property in Tucson. 804 E 10th LLC acquired the asset from 10th Street 12 LLC for $1.6 million. Located at 804, 814 and 858-870 E. 10th St., the 9,180-square-foot property features 12 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

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Sullivan-Parke-Forks-Township-Pennsylvania
AcquisitionsMultifamilyNortheastPennsylvania

Joint Venture Sells Lehigh Valley Apartment Complex for $35.5M

by Taylor Williams

FORKS TOWNSHIP, PA. — A joint venture between Ashley Development Corp. and Black Bear Asset Management (BBAM) has sold Sullivan Parke, a 102-unit apartment complex in the Lehigh Valley community of Forks Township, for $35.5 million. Sullivan Parke consists of four buildings on seven acres and features amenities such as multiple fitness centers, lounges and outdoor recreation areas. Emil DePasquale and Brandon Harris of Black Bear Capital Partners, a subsidiary of BBAM, arranged $19.2 million in acquisition financing on behalf of the undisclosed buyer.

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AcquisitionsMidwestMissouriMultifamily

Passco Acquires 278-Unit Cortona at Forest Park Apartment Complex in St. Louis

by Kristin Harlow

ST. LOUIS — Passco Cos. has acquired Cortona at Forest Park, a 278-unit apartment complex in St. Louis. The purchase price was undisclosed. Built in 2014, the Class A community is situated near Forest Park and the Central West End neighborhood. The five-story property is 93 percent leased. Amenities include a pool, fitness center, dog park and pet spa. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the seller, Invesco Real Estate. Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco. With this transaction, Passco has surpassed $4 billion in assets under management, with $250 million designated in the Midwest region.

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AcquisitionsIllinoisMidwestOfficeWisconsin

Newmark Brokers Four Office Sales in Illinois, Wisconsin Totaling $45.1M

by Kristin Harlow

LOMBARD AND LISLE, ILL., AND PEWAUKEE, WIS. — Newmark has brokered four sales across three office assets in Illinois and Wisconsin. Newmark represented Brennan Investment Group in the $25.9 million sale of Woodlake Corporate Park in Lombard, Ill., in two transactions. Five buildings sold to Avalair Group, while two buildings sold to Woodside Capital Partners. Newmark also represented the sellers in the $19.2 million sale of 2300 Cabot Drive in Lisle, Ill., and One & Two Riverwood Place in Pewaukee, Wis. Bridge Investment Group sold 2300 Cabot Drive to Urban Commercial Property Group. The Broe Group sold One & Two Riverwood Place to Woodside Capital Partners. Jim Postweiler, Peter Harwood, Derek Fohl and Jack Trager of Newmark were the brokers involved in the transactions.

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AcquisitionsIllinoisMidwestMultifamily

DMG Capital Acquires 72-Unit Roselle Luxury Apartments in Suburban Chicago

by Kristin Harlow

ROSELLE, ILL. — DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group (DMG), has acquired Roselle Luxury Apartments in the Chicago suburb of Roselle for an undisclosed price. DMG Capital partnered with JDI Realty and The Wolcott Group, two Chicago-based real estate investment firms, to acquire the 72-unit apartment community. DMG has managed Roselle Luxury Apartments since September 2022. All of the property’s units are two-bedroom layouts. The seller was undisclosed.

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Macy's-Herald-Square_New-York-City
AcquisitionsCompany NewsNew YorkRetailTop Stories

Investor Group Offers $5.8B Buyout of Venerable Retailer Macy’s

by Hayden Spiess

NEW YORK CITY — An investor group comprising Arkhouse Management and Brigade Capital Management has made a bid to buy out Macy’s (NYSE: M) for $5.8 billion, according to The Wall Street Journal. The offer from two of the retailer’s largest shareholders would include taking the company private. Real estate investment firm Arkhouse and global asset manager Brigade submitted the acquisition proposal Dec. 1, according to the publication. Macy’s boasts a total real estate portfolio value of $8.5 billion, according to J.P. Morgan analysts cited by Reuters.  Equating to $21 per share, the offer follows six quarters of net sales declines, reports Reuters. Shares are down roughly 15.8 percent this year and closed at $17.39 Friday, but saw a surge Monday following the news, trading at $20.13. Adjusted net income in the third quarter of this year was reported as $59 million by the retailer, including all Bloomingdale’s stores, marking a year-over-year decline of $84 million. Net sales for the quarter totaled $5 billion, down 7 percent from the third quarter of 2022, with comparable decreases to both digital and brick-and-mortar sales. Recently, the Macy’s retail strategy has included partnerships with Toys “R” Us, as well as a focus on the introduction of …

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