Tuesday, June 17, 2025
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Acquisitions

AcquisitionsIndustrialMidwestWisconsin

Likewise Partners Acquires Industrial Property in Suburban Milwaukee for $6.2M in Sale-Leaseback

by Kristin Harlow

MOUNT PLEASANT, WIS. — In a sale-leaseback transaction, Likewise Partners LLC has acquired a 134,805-square-foot industrial property in the Milwaukee suburb of Mount Pleasant for $6.2 million. Located at 1901 Chicory Road, the building features a clear height of 26 feet. Wrought Washer Manufacturing Inc. was the seller. The company will continue to occupy the entirety of the building for storage and distribution. Travis Tiede and Barry Chavin of Newmark represented Wrought Washer. Raymond Zanca and Scott Modelski of Black Bear Capital arranged acquisition financing. The transaction marks the third acquisition for Likewise in Wisconsin.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Crescent Communities Sells Apartment Community in Charlotte’s Lower South End District for $140M

by John Nelson

CHARLOTTE, N.C. — Crescent Communities has sold Novel LoSo Station, a 344-unit apartment community located at 4015 Craft St. in Charlotte. Mid-America Apartment Communities purchased the newly built property for $140 million, according to Charlotte Business Journal. Situated near the Scaleybark Light Rail Station in Charlotte’s Lower South End neighborhood (LoSo), Novel LoSo Station is a part of the larger LoSo Station master development by Beacon Partners that includes more than 500,000 square feet of office space, 45,000 square feet of retail space and 125 townhomes. Units at Novel LoSo Station come in studio, one-, two- and three-bedroom floor plans with high-end finishes. Community amenities include a double-story fitness center with a dedicated yoga and spin room, a LTH Coffee & Social café on the ground level, coworking area, saltwater pool with a tanning ledge, rooftop terrace with outdoor heated space and outdoor grilling and picnic areas. Crescent Communities sold Novel LoSo Station almost exactly one year after opening the community. The developer has recently announced the land closings of two build-to-rent communities in Charlotte, Harmon Five Points and Harmon Ballantyne, as well as the development of multifamily communities Novel Mallard Creek and Novel University Place, which are both under …

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AcquisitionsIndustrialTexas

JLL Arranges Sale of 219,000 SF Industrial Property Leased to Amazon in Irving

by Taylor Williams

IRVING, TEXAS — JLL has arranged the sale of DFW Park 161 AMZL, a 219,000-square-foot industrial property in Irving that was constructed in 2022 as a build-to-suit for Amazon. The property sits on 55.7 acres and features 32-foot clear heights, 1,440 parking spaces and a 9.3 percent office finish. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Jack Copher of JLL represented the seller, a joint venture between Invesco Real Estate and Perot Development Co., in the transaction. The buyer was not disclosed.

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AcquisitionsRetailTexas

STRIVE Negotiates Sale of 32,116 SF Shopping Center in Melissa, Texas

by Taylor Williams

MELISSA, TEXAS — Dallas-based retail brokerage firm STRIVE has negotiated the sale of Melissa Village, a 32,116-square-foot shopping center located about 40 miles north of Dallas. Hudson Lambert of STRIVE represented the seller, a Dallas-based developer, in the transaction, and procured the buyer, a 1031 exchange investor. Both parties requested anonymity. Melissa Village was fully leased at the time of sale to tenants such as Smoothie King, Wingstop, Jersey Mike’s Subs and Jeremiah’s Italian Ice.

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AcquisitionsOfficeSoutheastVirginia

Cushman & Wakefield | Thalhimer Negotiates $24M Sale of Hampton Roads Office Property in Virginia

by John Nelson

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has negotiated the sale of Crossways I & II, a 213,955-square-foot office property located at 1434 Crossways Blvd. in Chesapeake, a city in Virginia’s Hampton Roads region. Seminole Trail Properties acquired the asset for $24 million and is bringing on affiliate Seminole Trail Management to operate the property. Eric Robison, Bo McKown and Christine Kaempfe of Thalhimer represented the undisclosed seller in the transaction. Kenneth Penrose Jr., also with Thalhimer, represented the buyer. Originally developed in 1999 and expanded in 2002, Crossways I & II was fully 100 leased at the time of sale to tenants including anchor Conduent Business Services, a publicly traded international business services provider that specializes in healthcare and human resources solutions. Conduent occupies more than 50 percent of the property, and the remaining space is leased to insurance, education and financial services firms.

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AcquisitionsAlabamaRetailSoutheast

Newmark Brokers $24M Sale of Cox Creek Shopping Center in Florence, Alabama

by John Nelson

FLORENCE, ALA. — Newmark has brokered the sale of Cox Creek Shopping Center, a 142,044-square-foot retail center that spans 17.3 acres at 396-398 Cox Creek Parkway in Florence, a city in northwest Alabama along the Tennessee River. U.S. Properties Group sold the shopping center to United Properties Corp. for $24 million. Mark Joines and Drew Fleming of Newmark represented U.S. Properties Group in the transaction. Cox Creek was fully leased at the time of sale to Dick’s Sporting Goods, Field & Stream, Petco, Old Navy, Five Below and Ulta Beauty. The property sits directly across from the 675,000-square-foot Florence Mall and near major retailers including AMC Theatres, Walmart, Publix, The Home Depot, T.J. Maxx, Ross Dress for Less, Hobby Lobby, Kohl’s, Academy Sports + Outdoors, Dillard’s and Belk.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Negotiates $26.7M Sale of Apartment Complex in Worcester, Massachusetts

by Taylor Williams

WORCESTER, MASS. — CBRE has negotiated the $26.7 million sale of ReNew Tatnuck Square, a 120-unit apartment complex located in the Central Massachusetts city of Worcester. The five-building, garden-style property was built between 1969 and 1972 and offers a pool, fitness center and a leasing office. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of San Francisco-based FPA Multifamily, in the transaction. The team also procured the buyer, an affiliate of Massachusetts-based Arrowpoint Properties.

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AcquisitionsDevelopmentLife SciencesWashingtonWestern

LPC West, Intercontinental Real Estate Buy Site for Nine-Story Life Sciences Development Near Seattle’s Space Needle

by Amy Works

SEATTLE — LPC West has partnered with Intercontinental Real Estate Corp. to acquire a development site for a nine-story life sciences building near Seattle’s Space Needle. Located on the border of the South Lake Union and Uptown neighborhoods, the building will total approximately 195,000 square feet and will cater to the needs of the city’s flourishing life sciences sector. Currently in the early design stages, the Class A building will feature views of the Space Needle, Climate Pledge Arena and the Puget Sound. Additionally, the site offers full transit accessibility with access to the Seattle Center Monorail, metro transit routes and Highway 99.

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Vanara-Villa-Tacoma-WA
AcquisitionsMultifamilyWashingtonWestern

Marcus & Millichap Negotiates $24.1M Sale of Tanara Villa Apartments in Tacoma, Washington

by Amy Works

TACOMA, WASH. — Marcus & Millichap has arranged the sale of Tanara Village, a multifamily community in Tacoma. A private seller in a 1031 exchange sold the property to a limited liability company for $24.1 million, or $185,769 per unit. Built in 1969, Tanara Village features 130 apartments spread across five buildings. The community offers four laundry rooms, a recreation room, dog park and 113 parking stalls. The apartments are all one-bedroom/one-bath, 114 of which are 550 square feet and 16 are 600 square feet. Kellan Moll and Scott Morasch of Marcus & Millichap represented the seller and procured the buyer in the transaction.

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AcquisitionsCompany NewsTop Stories

GIC, Oak Street Agree to Acquire STORE Capital in $14B Transaction

by Jeff Shaw

SCOTTSDALE, ARIZ. — GIC, a global institutional investor based out of Singapore, and Oak Street, a Chicago-based division of global alternative asset manager Blue Owl Capital, have agreed to acquire STORE Capital Corp. (NYSE: STOR) in an all-cash transaction valued at approximately $14 billion. STORE is a Scottsdale-based net-lease real estate investment trust that invests in single-tenant operational real estate. As of June 30, the company’s portfolio consisted of investments in 3,012 property locations, including restaurants, early childhood education, metal fabrication, automotive repair and maintenance facilities and health clubs. Under the terms of the definitive merger agreement, STORE Capital stockholders will receive $32.25 per share in cash, a premium of 17.8 percent to the 90-day volume weighted average stock price through that date and 20.4 percent to its closing price on Wednesday, the day before the announcement. STORE will become private following the transaction. The transaction was unanimously approved by STORE Capital’s board of directors and is expected to close in the first quarter of 2023. The closing of the transaction is not subject to any financing conditions. “This opportunity is an endorsement, by two leading real estate investors with significant access to capital, of the strength of our platform, …

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