Wednesday, September 10, 2025
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2445-Fifth-Ave-San-Diego-CA
AcquisitionsCaliforniaOfficeRetailWestern

Marcus & Millichap Brokers Sale of 42,363 SF Mixed-Use Property in San Diego

by Amy Works

SAN DIEGO — Marcus & Millichap has arranged the sale of The Laurel at Balboa, a mixed-use property located at 2445 Fifth Ave. in San Diego. Grady Development and Fifth & Laurel Associates sold the asset to Golden Balboa LLC for $16.4 million. Situated in San Diego’s Bankers Hill neighborhood, the 42,363-square-foot property features ground-floor retail space anchored by CUCINA Urbana, operated by Urban Kitchen Group, and three levels of office space. Built in 1989, the asset includes 82 secured underground parking spaces and and was approximately 92 percent leased at the time of sale. Ross Sanchez and Nick Totah of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.

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Storage-Solutions-USA-and-Bay-Wash-Car-Wash
AcquisitionsIndustrialNew YorkNortheastSelf-Storage

Marcus & Millichap Brokers Sale of 288-Unit Self-Storage, Car Wash Facility in Middletown, New York

by Taylor Williams

MIDDLETOWN, N.Y. — Marcus & Millichap has brokered the sale of Storage Solutions USA and Bay Wash Car Wash in Middletown, about 75 miles north of New York City. The site spans 4.2 acres, and the property consists of 30,475 net rentable square feet of storage space across 288 units and a self-service car wash with five self-service bays and one in-bay automatic wash. Andreas Makris, Kevin Bledsoe, Alan Cafiero and Matt Junkin of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, Manas Equities. 

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5730-E-Otero-Ave-Centennial-CO
AcquisitionsColoradoRetailWestern

Pinnacle Real Estate Advisors Negotiates Sale of 11,004 SF Retail Center in Centennial, Colorado

by Amy Works

CENTENNIAL, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a value-add retail center located at 5730 E. Otero Ave. in Centennial. M&M Holdings sold the strip center to KGN Investments for $1.8 million. At the time of sale, the eight-unit, 11,004-square-foot property was 50 percent vacant, with several tenants operating under modified gross leases and an atypical layout that included a non-traditional office component. In conjunction with the sale, the Pinnacle team secured a new lease with Scalp Therapy for a 1,424-square-foot space. Kyle Moyer, Cody Stambaugh and Elizabeth Morgan of Pinnacle Real Estate Advisors represented the seller and buyer in the deal.

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AcquisitionsMidwestMultifamilyWisconsin

Midloch, Hempel Acquire 118-Unit Apartment Building in Milwaukee’s Pabst District for $19.2M

by Kristin Harlow

MILWAUKEE — Midloch Investment Partners and Hempel Real Estate have acquired The Malt House, a 118-unit apartment building in Milwaukee’s historic Pabst District, for $19.2 million. The brick building was originally constructed in 1882 as the malt house for the Pabst Brewing Co. The property was extensively redeveloped as a luxury multifamily asset between 2016 and 2021. Amenities include a fitness center, package room, movie screening room, coworking lounge, game room and rooftop deck. Brad Smith, Jack Maloney and Anna Lovell of Cushman & Wakefield brokered the transaction. The buyers secured a new mortgage loan from Landmark Credit Union. Harmoniq Residential will handle property management and leasing. The buyers plan to make common area improvements, some unit upgrades and address deferred maintenance. Midloch also owns the Brewery District Parking Garage adjacent to The Malt House.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $10.8M Sale of Multifamily Portfolio on Chicago’s North Side

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $10.8 million sale of a seven-building multifamily portfolio in Chicago’s West Ridge neighborhood. The garden-style properties feature 94 units. Joe Smazal of Interra represented the confidential local buyer as well as the seller, a West Coast-based private investor. As part of the transaction, the buyer assumed the CMBS loan from the seller. Situated on North California Avenue and built in 1961, the properties include 38 studios, 53 one-bedroom units and three two-bedroom floor plans. The buildings present a value-add opportunity through modernization of units and operational enhancements, according to Interra.

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AcquisitionsIllinoisLoansMidwestOffice

Forman Capital Provides $6.8M Acquisition Loan for Distressed Office Asset in Metro Chicago

by Kristin Harlow

OAK BROOK, ILL. — Forman Capital has provided a $6.8 million loan for the acquisition of a distressed office asset in the Chicago suburb of Oak Brook. Butterfield Office Plaza is a four-building office campus totaling 308,921 rentable square feet. The borrower, 2625 Butterfield LLC, is led by investor and developer Mitch Goltz, who acquired the property in a distressed sale and has a business plan to stabilize, reposition and redevelop key components of the campus. The developer will consolidate all tenants into two buildings totaling 95,511 square feet and redevelop the other two buildings. Once tenant consolidation is completed, the operating buildings are estimated to be around 57 percent leased. Brett Forman, Ben Jacobson, Scott Mehlman, Ty Regnier and Cam Fleury represented Forman Capital on an internal basis.

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AcquisitionsIndustrialMassachusettsNortheast

Marcus Partners Acquires 100,000 SF Industrial Property in Norwell, Massachusetts

by Taylor Williams

NORWELL, MASS. — Regional investment firm Marcus Partners has purchased an approximately 100,000-square-foot industrial property in Norwell, about 25 miles southeast of Boston. Built in 1983, the property at 77 Accord Park Drive consists of four light industrial buildings that were 78 percent leased to 13 tenants at the time of sale. Marcus Partners purchased the property in partnership with Boston-based Rhino Capital, with Middlesex Savings Bank financing the acquisition. The seller was the original developer.

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DevelopmentIowaMidwestRetail

Crunch Fitness Opens 60,000 SF Facility in Des Moines

by Kristin Harlow

DES MOINES, IOWA — Fitness Ventures LLC, the second largest Crunch Fitness franchisee, has opened its 60th Crunch Fitness with a new 60,000-square-foot facility in Des Moines. Located at 1200 E. Army Post Road, the new club is the company’s second Crunch location in Iowa. Built as a 3.0 Crunch model, the Des Moines location represents a $5 million investment. The club features cardio and strength equipment, a group fitness studio, dry saunas, performance turf, HydroMassage, tanning and the HIITZone. Fitness Ventures has partnered with Meaningful Partners, a private equity firm that invested in the company in 2024. The partnership has helped accelerate growth through a mix of new club development, mergers and acquisitions. Fitness Ventures is on pace to reach 75 clubs by the end of the year. The company plans to open 20 new locations annually.

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AcquisitionsDevelopmentHospitalityMassachusettsNortheast

Mount Vernon Co. Buys Historic Hospitality Property in Plymouth, Massachusetts, Plans Repositioning

by Taylor Williams

PLYMOUTH, MASS. — Boston-based investment firm The Mount Vernon Co. has purchased an 80-room historic hospitality property in Plymouth, located south of the state capital, with plans to implement a repositioning. Opened in 1969 and renovated in 2021, The John Carver Inn & Spa features a full-service spa, indoor pool, meeting and event space, fitness center, game room and onsite dining options. The repositioning will cover the property’s interiors, amenities, and the food-and-beverage program. Alan Suzuki and Matthew Enright of JLL represented the undisclosed seller in the transaction.

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AcquisitionsIndustrialMichiganMidwest

Friedman Real Estate Arranges $2.6M Sale of Industrial Property in Farmington Hills, Michigan

by Kristin Harlow

FARMINGTON HILLS, MICH. — Friedman Real Estate has arranged the sale of a 28,640-square-foot industrial property in the Detroit suburb of Farmington Hills for $2.6 million. The facility is located at 24450 Indoplex Circle. Phil Konopitski of Friedman represented the undisclosed buyer.

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