Acquisitions

KANSAS AND MISSOURI — Hanley Investment Group Real Estate Advisors has arranged the sales of 10 retail properties occupied by Valvoline for a combined $17.3 million. The net-leased buildings sold to 10 separate buyers. Hanley, in association with Kansas City-based Ferguson Properties, represented the seller, an Arizona-based private investor, in nine of the 10 transactions. Hanley, in association with ParaSell Inc., represented a different seller in the 10th transaction for an asset in Kansas City. That seller was a private investor based in Kansas City.

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CHICAGO — Matthews Real Estate Investment Services has brokered the sale of a 65-unit multifamily property in Chicago for $6.3 million. The building is located at 7733 S. Shore Drive. Finley Askin of Matthews represented both the buyer and seller. The buyer was an out-of-state investor looking to plant capital in metro Chicago. The seller, which acquired the property in 2021, completed renovations such as a new rubber seal coating on the roof and new windows.

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BARTLESVILLE, OKLA. — Locally based investment firm Copper Tree Inc. has acquired Price Tower, a historic building in Bartlesville, about 45 miles north of Tulsa. Designed by Frank Lloyd Wright, the 19-story building was originally constructed in 1956 as the headquarters for H.C. Price, a manufacturer of pipelines and machinery for the oil and gas industry. Copper Tree plans to implement a capital improvement program to restore the building’s infrastructure and reposition it as a lifestyle hub.

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CAMERON, TEXAS — Marcus & Millichap has brokered the sale of Cameron U Store M, a 179-unit self-storage facility that sits on a 2.5-acre site about 50 miles south of Waco. The property was built in 1950 and spans 29,128 net rentable square feet of non-climate-controlled space. Arol Horkavy and Jon Danklefs of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.

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HOUSTON — Locally based brokerage firm Finial Group has arranged the sale of a 12,260-square-foot industrial building located at 12402 Eastex Freeway in North Houston. The newly renovated building includes 2,400 square feet of office space. Doc Perrier and William Alcorn of Finial Group represented the seller in the transaction, and Jeff Kuper and Stephen Kuper of Lee & Associates represented the buyer. Both parties requested anonymity.

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GAITHERSBURG, MD. — KLNB’s new multifamily team has arranged the sale of Governor Square Apartments, a 238-unit community located in Gaithersburg, approximately 26 miles northwest of Washington, D.C. The property features units in one-, two- and three-bedroom layouts, ranging in size from 720 to 1,290 square feet. Rawles Wilcox, Jared Emery and Dutch Seitz, part of a group of 18 brokers who joined KLNB through the firm’s acquisition of Edge Commercial Real Estate, represented the buyer, Acento Real Estate Partners, in the transaction. The seller and sales price were not disclosed.

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SARASOTA, FLA. — Marcus & Millichap has brokered the $4.5 million sale of a 10,378-square-foot retail property located at 8546 S. Tamiami Trail  in Sarasota. CVS/pharmacy occupies the building on a net-lease basis. The property was built in 1999 on a 1.6-acre site. Joseph Prio, Alan Lipsky and Barry Wolfe of Marcus & Millichap arranged the sale on behalf of the seller, FFT Livingstone Investors Inc. An undisclosed private investor was the buyer.

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DES MOINES, IOWA — Area Commercial Real Estate Advisors has brokered the sale of a CubeSmart Self Storage facility in Des Moines for an undisclosed price. The property was formerly a Gordmans department store that was converted into self-storage space in November 2021. The facility features roughly 68,000 rentable square feet of climate-controlled space. Tom Flannigan, Alex Ihrke and Matt Haugen of Area brokered the sale and serve as the Minnesota, Iowa and North and South Dakota broker affiliates for Argus Self Storage Advisors. U-Haul was the buyer.

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BOSTON — Atlantic Capital Partners, a division of Boston-based Atlantic Realty, has negotiated the $70 million sale of a portfolio of four grocery-anchored retail assets in Massachusetts and Rhode Island. The properties, all of which are master-leased to regional operator Stop & Shop, total 272,542 square feet and are located in the Massachusetts communities of Framingham, Malden and Swampscott, with the fourth in Bristol, R.I. Justin Smith, Chris Peterson and Sam Koonce of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

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KAILUA, HAWAII — Watumull Properties Corp. has purchased Niumalu Marketplace, a 205,000-square-foot retail center located in Kailua on O’ahu, for $66 million.  Safeway anchors the property, which is situated on 20 acres. Wendell Brooks and Kimo Greenwell of JLL will handle leasing at the center, and Big Island Colliers’ Hawaii office will provide property management services.

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