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Acquisitions

AcquisitionsFloridaOfficeSoutheast

CBRE Brokers $39M Sale of Biscayne Centre Office Building in North Miami

by John Nelson

NORTH MIAMI, FLA. — CBRE has brokered the $39 million sale of Biscayne Centre, a 156,446-square-foot office building located at 11900 Biscayne Blvd. in North Miami. Totaling eight stories, the property — which was 81 percent occupied at the time of sale — features ground-floor retail space and an attached multi-level parking garage. Amenities include front desk security, an in-house café and a day spa. An entity doing business as Biscayne Real Estate Holdings LLC purchased the property from an entity doing business as 11900 Biscayne LLC. Benjamin Silver and Charlie Manuel of CBRE represented the seller and procured the buyer in the transaction.  

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AcquisitionsDevelopmentFloridaRetailSoutheast

Benderson Acquires Two Retail Properties, Opens Publix in Sarasota, Florida

by John Nelson

SARASOTA, FLA. — University Park, Fla.-based Benderson Development has acquired two properties in Sarasota. Located at 4001 South Tamiami Trail, the first property is a former Café Baci restaurant. The second property, which comprises 16,500 square feet, is located at the corner of Bee Ridge and Beneva roads and is leased to Walgreens. Additionally, Benderson opened a newly rebuilt Publix grocery store at retail center The Landings, which the company purchased in 2012 and has since renovated. 3Natives, Pacific Counter and Crumbl Cookies are also scheduled to join the tenant roster. Other tenants at the retail center include Florence and the Spice Boys, The Breakfast Company, Origin Craft Beer & Pizza Café, Apollonia Grill, Starbucks Coffee, Mantra Fitness, StretchLab, EoS Fitness, Daruma, DogPerfect and Tripletail Seafood & Spirits. 

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AcquisitionsDistrict of ColumbiaMultifamilySoutheast

Marcus & Millichap Arranges $8M Sale of Apartment Building in D.C.

by John Nelson

WASHINGTON, D.C. — Marcus & Millichap has arranged the $8 million sale of Carleton Terrace Apartments, a 32-unit multifamily community located at 2371-2377 Champlain St. NW in Washington, D.C. Built in 1915, the property, which has been owned by the seller’s family for over 100 years, totals 30,900 square feet and is situated on a 19,876-square-foot, RA-2 zoned lot. Units at the three-story building include 28 one-bedroom and four two-bedroom apartments. Dennis Cravedi and Marty Zupancic of Marcus & Millichap brokered the transaction on behalf of the seller, an entity doing business as Carleton Terrace LLC. The buyer, a private investor, purchased the property through a collaborative TOPA (Tenant Opportunity to Purchase Act) process with the current tenants.

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Greenville-Self-Storage-Dallas
AcquisitionsIndustrialSelf-StorageTexas

JLL Negotiates Sale of 741-Unit Self-Storage Facility in Dallas

by Taylor Williams

DALLAS — JLL has negotiated the sale of Greenville Self Storage, a 741-unit facility located in the northern-central part of Dallas. CubeSmart operates the four-story, climate-controlled facility, which was built in 2019 and spans roughly 83,000 net rentable square feet. Brian Somoza, Steve Mellon, Matthew Wheeler and Adam Roossien of JLL represented the seller, Wentworth Property Co., in the transaction. Utah-based REIT Extra Space Storage purchased the facility for an undisclosed price. Greenville Self Storage was more than 90 percent occupied at the time of sale.

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AcquisitionsHospitalityNortheastVermont

Waterton Acquires 54-Room Hotel in Stowe, Vermont, Plans Repositioning

by Taylor Williams

STOWE, VT. — Chicago-based investment firm Waterton has acquired Town & Country Stowe, a 54-room hotel located near Burlington in upstate Vermont. The site spans 10 acres and is adjacent to Cady Hill Forest. Waterton plans to update the guestrooms and outdoor common areas and add a mix of lofted barn suites and cabins. The seller and sales price were not disclosed. Waterton has tapped Springboard Hospitality to manage the property. f Dave McElroy and Scott Hutchinson of CBRE brokered the deal.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $6M Sale of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $6 million sale of a five-story, five-unit apartment building located at 83 Warren St. in Manhattan’s Tribeca neighborhood. Matt Fotis and Colton Traynham of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company, in the transaction. Both parties requested anonymity.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Teams Up With DRA Advisors to Recapitalize 2.7 MSF Industrial Portfolio in $369M Transaction

by Kristin Harlow

ROSEMONT, ILL. — Rosemont-based Venture One Real Estate has formed a joint venture with DRA Advisors for the recapitalization of a 2.7 million-square-foot industrial portfolio. The venture bought the portfolio from Venture One’s VK Industrial V fund. The $369 million transaction encompasses all the remaining assets within that fund, including 54 infill, last-mile and logistics properties throughout metro Chicago, New Jersey, Long Island and Philadelphia. The partnership plans to continue to add value to the properties through leasing and building improvements. Webster Bank, CIT, Wintrust and Byline Bank provided financing. Michael Caprile, Zach Graham, Ryan Bain, Brad Ruppel and Brian Fiumara of CBRE represented Venture One. VK Industrial is a series of funds managed by Venture One and Kovitz Investment Group.

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AcquisitionsIllinoisIndustrialMidwest

Greenstone Partners Arranges $9.4M Sale of Industrial Portfolio in Suburban Chicago

by Kristin Harlow

LISLE AND NORTHBROOK, ILL. — Greenstone Partners has arranged the sale of a 117,000-square-foot industrial portfolio in suburban Chicago for $9.4 million. The three-property portfolio includes 2200 Ogden Ave. and 1997 Ohio St. in Lisle as well as 3170-3190 MacArthur Blvd. in Northbrook. The properties are fully leased to 10 tenants in industries such as healthcare, technology, marketing services, e-commerce, wholesale distribution and custom design/build. Paul Tesdal and Jason St. John of Greenstone represented the seller, a Chicago-based investment group. Greenstone also procured the buyer, a West Coast-based real estate investment group.

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AcquisitionsHealthcareMidwestMissouri

Marcus & Millichap Negotiates $3.5M Sale of Medical Office Building in Wentzville, Missouri

by Kristin Harlow

WENTZVILLE, MO. — Marcus & Millichap has negotiated the $3.5 million sale of a 14,213-square-foot medical office building in Wentzville, a far west suburb of St. Louis. Schroeder Creek Dental is the anchor tenant at the property, which is located at 1000 Schroeder Creek Blvd. Other tenants include an endodontics center, an orthopedic group and an oral maxillofacial and implant surgery center. Alec Coronado of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.

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AcquisitionsCaliforniaOfficeWestern

CBRE Arranges $43.5M Sale of Office Property in Irvine, California 

by Jeff Shaw

IRVINE, CALIF. — CBRE has arranged the $43.5 million sale of 16355 Laguna Canyon Road, a 113,882-square-foot office building in Irvine. Concordia Irvine Holding was the buyer.  The three-story building sits on 6.6 acres at the southwest corner of Laguna Canyon Road and Alton Parkway in the Irvine Spectrum. Built in 1998, it features a flexible floor plan, patios and balconies, and nearly 700 parking spaces.  The transaction is one of Southern California’s largest recent office sales. It is also Orange County’s highest price-per-square-foot trade in 2023, as of the sale date. The seller was not disclosed.

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