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Acquisitions

AcquisitionsIllinoisMidwestRetail

Quantum Brokers $4.4M Sale of River Place Shopping Center in Lansing, Illinois

by Kristin Harlow

LANSING, ILL. — Quantum Real Estate Advisors Inc. has brokered the $4.4 million sale of the River Place shopping center in Lansing, a southern suburb of Chicago. The 47,000-square-foot property consists of a 7,350-square-foot building and a 39,728-square-foot building. At the time of sale, the property was roughly 97 percent leased to tenants such as Dollar General, Subway, Dunkin’ and SVS Vision. Chad Firsel and Dan Waszak of Quantum represented the seller, a Wisconsin-based developer and investor. The buyer was a Virginia-based investor.

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AcquisitionsIndianaMichiganMidwestRetail

Marcus & Millichap Arranges Sale of Two Childcare Properties in Indiana, Michigan

by Kristin Harlow

AVON, IND. AND CANTON, MICH. — Marcus & Millichap has arranged the sales of two Childtime childcare properties in Avon, Ind., and Canton, Mich. The properties sold for $2.6 million each. Both had corporate guarantee from Learning Care Group and seven-year lease extensions. Dominic Sulo of Marcus & Millichap represented the seller, a limited liability company. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap secured and represented the buyer, a private investor.

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AcquisitionsMultifamilyTexas

Cottonwood Group, Texsun Holdings Acquire 224-Unit Multifamily Property in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — A partnership between Los Angeles-based Cottonwood Group and Dallas-based Texsun Holdings has acquired Taylor Commons, a 224-unit multifamily property in Fort Worth. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, playground, outdoor grilling and dining stations and onsite laundry facilities. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.

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AcquisitionsRetailTexas

Partners Real Estate Arranges Sale of 14,000 SF Retail Building in McAllen, Texas

by Taylor Williams

MCALLEN, TEXAS — Partners Real Estate has arranged the sale of a 14,000-square-foot retail building in the Rio Grande Valley city of McAllen. The building at 220 S. 15th St. is located in the downtown area. Evan Altemus of Partners represented the buyer, Johnny Carson Family Trust, in the transaction. Cindy Hopkins of Hopkins Real Estate represented the seller, a local family that had owned the property for 70-plus years.

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AcquisitionsFloridaMixed-UseRetailSoutheast

JLL Arranges Sale of 454,872 SF Mixed-Use Development in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — JLL has arranged the sale of Lakeside Village, a mixed-use power retail center located at 1479 Town Center Drive in Lakeland. Of the 541,465 square feet that make up Lakeside Village, 454,872 square feet of retail and office uses are part of the sale. The center is also home to four hotels totaling 383 rooms that are separately owned and not a part of the sale. Developed in 2005, Lakeside Village’s tenant roster includes anchors CMX Cinemas (18 screens), Belk, Books-A-Million and Kohl’s. Additional tenants include Starbucks, Chili’s, Olive Garden, LongHorn Steakhouse and Famous Footwear. The average tenure of the property is 14 years.  Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the undisclosed seller in the transaction. Baltimore-based Continental Realty Corp. acquired Lakeside Village for an undisclosed price.

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AcquisitionsMidwestMissouriMultifamilyStudent Housing

Newmark Arranges Sale of 428-Bed Student Housing Community in St. Louis

by Kristin Harlow

ST. LOUIS — Newmark has arranged the sale of Everly on the Loop, a 428-bed student housing community serving Washington University in St. Louis. The sales price was undisclosed. Built in 2017, the high-rise property includes fully furnished units. Amenities include a fitness center, rooftop deck, yoga and spin studio, study rooms and resident shuttle to campus. Located at 6105 Delmar Blvd., Everly on the Loop is situated in the pedestrian-friendly West End neighborhood of St. Louis. Ryan Lang, Jack Brett, Ben Harkrider and Mac Crowther of Newmark represented the sellers, GMH and AGC. The buyer was R5. According to Newmark, total student enrollment at Washington University is just over 17,000, with 90 percent of undergraduate students attending from out of state.

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AcquisitionsIndustrialMichiganMidwestNorthmarq

Northmarq Brokers $8.6M Sale of Industrial Property in Auburn Hills, Michigan

by Kristin Harlow

AUBURN HILLS, MICH. — Northmarq has brokered the $8.6 million sale of a 77,100-square-foot industrial property in Auburn Hills. The single-tenant facility is fully leased to the Morrell Group, including its division Stegner Controls, which is a motion controls manufacturer that services dozens of industries including the automotive industry. The property at 3333 Bald Mountain Road was built in 1998 and renovated in 2021. It features 57,825 square feet of warehouse space and 19,275 square feet of office space. BJ Feller and Josh Dicker of Northmarq represented the seller, a Michigan-based developer. The buyer was a California-based private investor.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $7.5M Sale of Multifamily Portfolio on Chicago’s South Side

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $7.5 million sale of a two-building multifamily portfolio on Chicago’s South Side. The properties on South Paxton Avenue total 79 units and consist of three studios, 21 one-bedrooms, 33 two-bedrooms, 13 three-bedrooms and nine four-bedroom units. As part of the transaction, the buyers assumed the existing long-term Fannie Mae loan from the seller. Lucas Fryman of Interra represented the sellers, Mendy Raskin and Jon Kranzler. Brad Feldman of Interra represented the buyer, a local private investor. The portfolio was 94 percent occupied at the time of sale.

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AcquisitionsNew JerseyNortheastRetail

SRS Real Estate Brokers Sale of Walmart-Backed Ground Lease in Linden, New Jersey

by Taylor Williams

LINDEN, N.J. — SRS Real Estate Partners has brokered the sale of a ground lease for a 185,682-square-foot retail building in the Northern New Jersey community of Linden that is occupied by Walmart. The building was constructed on 14 acres in 2019, and there are 17 years remaining on the corporate-guaranteed lease. Matthew Mousavi, Patrick Luther, Britt Raymond and Kyle Fant of SRS represented the sellers, Dallas-based developer Cypress Equities and San Francisco-based investment firm Stockbridge Capital Group, in the deal. David Chasin of Pegasus Investments Real Estate Advisory represented the buyer.

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AcquisitionsCaliforniaIndustrialWestern

Lee & Associates-Ontario Negotiates $19.5M Sale of Riverside Business Park in Jurupa Valley, California

by Jeff Shaw

JURUPA VALLEY, CALIF. — Lee & Associates-Ontario has facilitated the sale of Riverside Business Park, a fully occupied, multi-tenant business park in Jurupa Valley.  Intersection Equities LLC acquired the asset, consisting of 37 units across 22 buildings, for $19.5 million.  The park features ground-level and dock-high door loading, private yards, and clear heights of up to 16 feet.  The sellers were Bravo Whiskey Properties LLC and Transition Properties LLC. The selling agent, Barret Woods of Lee & Associates-Ontario, represented himself as a principal in the transaction. Brad Yates and Stefan Pastor of Stream Realty represented the buyer. 

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