APPLETON, WIS. — Mid-America Real Estate Corp. has arranged the sale of Westhill Plaza in Appleton for an undisclosed price. The 114,221-square-foot shopping center is 93 percent leased to tenants such as Burlington, Boot Barn and Party City. Rick Drogosz, Emily Gadomski and Dan Rosenfeld of Mid-America represented the seller, CRG Investments. Brookwood Capital Advisors was the buyer.
WAUKEGAN, ILL. — Interra Realty has brokered the $11 million sale of Westwood Apartments in the Chicago suburb of Waukegan. The 132-unit multifamily property is spread across 11 buildings and is located on Westwood Drive. Originally constructed in 1970, the community was 96 percent leased at the time of sale. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the local private buyer, which plans to make improvements to the building exteriors, common areas and unit interiors. The team also represented the seller, a local investment group. The transaction marked the largest by dollar amount in Waukegan in the past four years, according to CoStar.
ALSIP, ILL. — The Opus Group has broken ground on Alsip Park 294, a two-building speculative industrial development totaling 360,000 square feet in the southern Chicago suburb of Alsip. Opus is completing the project in a joint venture with Principal Asset Management. Alsip Park 294 will feature immediate access to a full I-294 interchange and visibility from the interstate. Building A will total 190,935 square feet and feature a clear height of 32 feet, 18 dock doors, two drive-in doors and 169 auto parking stalls. Building B will total 169,064 square feet and feature a clear height of 32 feet, 18 dock doors and 138 auto parking stalls. Both buildings have been designed to meet Green Globe certification. Examples of sustainable features include clerestory windows, storefront glazing, LED lighting, motion-activated bay lighting and drought-tolerant landscaping. All stone, precast walls, concrete and asphalt will be locally sourced. Completion is slated for August 2024. Opus is the developer, design-builder, architect and structural engineer. Brian Kling and Jake Spinell of Colliers are marketing the buildings for lease.
COLUMBUS, OHIO — A joint venture between Clear Height Properties and MLG Capital has completed the lease-up of a 290,573-square-foot industrial building in Columbus. A single tenant, a mechanical contracting services provider for large-scale construction projects, leased the building at 1675 Watkins Road that is part of the larger Watkins Road Industrial Park. Nick Tomasone, Joe Davis and Josh Weithman of JLL represented ownership, while Mike Semon of NAI Ohio Equities LLC represented the tenant.
HOLLY, MICH. — In a sale-leaseback transaction, MAG Capital Partners LLC has purchased a 66,106-square-foot industrial property in Holly, about 17 miles south of Flint. MARA Technologies USA Inc., an electronics manufacturer, operates its headquarters from the site. Located at 10456 N. Holly Road, the facility features clear heights ranging from 19 to 22 feet, four dock-high doors, one grade-level door and an electric vehicle charging station. MARA is a subsidiary of Canada-based Invotek Group Inc. Phil DiGennaro and Adam Baxter of STREAM Capital Partners represented MARA in the transaction. Dax Mitchell and Andrew Gi lead Dallas-based MAG Capital Partners.
SANTA MARIA, CALIF. — MBK Rental Living has completed the sale of Azure, a multifamily property in the Central Coast city of Santa Monica. Terms of the transaction were not released. Developed in MBK Rental Living and opened in September 2020, Azure features 318 one-, two- and three-bedroom units ranging in size from 406 square feet to 1,211 square feet. The units feature open floor plans with vaulted ceilings, wood-style flooring, wall-controlled ceiling fans, gas ranges, stainless steel appliances, quartz countertops, closets with built-in shelves and covered patios with storage rooms. Community amenities include a modern farmhouse-style clubhouse with an entertainment kitchen; two resort-style swimming pools surrounded by cabanas and a firepit; two spas; traditional and Santa Maria-style barbecue grills; a 24-hour fitness center; futsal sports court; Tesla charging stations; two playgrounds; a dog park; pet spa; and business center. Azure is situated on 14 acres at 703 E. Meehan St. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the deal.
SEDONA, ARIZ. — MIG Real Estate has completed the sale of Sedona Real Inn & Suites, a hotel in Sedona, just south of Flagstaff. Wyoming-based Crystal Creek Capital purchased the property for an undisclosed price. Scott Hall, Aaron Lapping and Spencer Scott of Berkadia Hotels & Hospitality represented the seller in the deal. Sedona Real Inn & Suites features 89 guest rooms.
KALISPELL, MONT. — Gantry has arranged an $8.2 million permanent loan to retire construction financing from the development of Skyview Lofts. The property is located at 2105 Third Ave. E. in Kalispell, just north of Flathead Lake and approximately 70 miles south of the Canadian border. Skyview Lofts features 48 one- and two-bedroom apartments with open floor plans, high-speed fiber optic internet, in-unit washers/dryers and door-to-door trash service. Demetri Koston of Gantry’s Spokane, Wash., office secured the loan on behalf of the borrower, a private real estate company. Fannie Mae funded the 10-year loan with a 30-year amortization and full-term interest-only payments.
LEADVILLE, COLO. — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 921 Mount Massive Drive in Leadville, approximately 100 miles southwest of Denver. The asset traded for $7 million, or $250,000 per unit. The names of the buyer and seller were not released. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the buyer and seller in the transaction. The 26,040-square-foot apartment building features 28 units.
WILSONVILLE, ORE. — Norris & Stevens has arranged the sale of Charbonneau Village Center, a retail strip center at 31840 SW Charbonneau Drive in Wilsonville, a southern suburb of Portland. FFF Charbonneau LLC sold the asset to Perseverance LLC for $1.5 million. Constructed in 1980, Charbonneau Village Center features 9,828 square feet of retail space, abundant parking and strong tenant mix. Todd VanDomelen and Michael Brown of Portland-based Norris & Stevens represented the seller, while Daniel Silvey with Knipe Realty represented the buyer in the deal.
