Property Type

Finmarc Management Sells Warehouse in Springfield, Virginia for $15.9M

by John Nelson February 20, 2024

SPRINGFIELD, VA. — Finmarc Management Inc. has sold an 88,000-square-foot warehouse building located at 8000 Grainger Court in Springfield, about 14 miles southwest of Washington, D.C. C2 Imaging, the building’s sole occupant, purchased the facility for $15.9 million. Finmarc originally purchased the property in mid-2022 from Boston Properties Inc. as part of an 11-building portfolio spanning 740,000 square feet. Wendy Feldman Block of Savills represented the buyer in the transaction. Finmarc was self-represented.

February 20, 2024

Acquisitions Oregon Retail Western

HGP Acquires Lincoln City Outlets in Oregon for $35.3M

by Hayden Spiess February 20, 2024

LINCOLN CITY, ORE.— Horizon Group Properties (HGP) has acquired Lincoln City Outlets in Lincoln City, a coastal city approximately 100 miles southwest of Portland. An entity doing business as LC Outlets JV LLC served as joint-venture partner to HGP in the $35.3 million purchase. The open-air outlet center comprises 50 individual retail, restaurant and venue spaces. Tenants at the property include Nike, Coach, Pendleton, North Face, Eddie Bauer, Scout Northwest Trading Co., Salt and Point Break Fitness. Gilgamesh Brewing also recently opened at the center. HGP will act as the managing member of the joint venture and handle the leasing, management and marketing of the property. The seller was not disclosed. “The addition of Lincoln City Outlets aligns with our long-term strategy of acquiring outlet centers in regions that are strong tourist destinations,” says Gary Skoien, president and CEO of HGP.

February 20, 2024

Development Illinois Midwest Multifamily

Continental Properties Opens 320-Unit Townhome-Style Apartment Community in St. Charles, Illinois

by Kristin Harlow February 20, 2024

ST. CHARLES, ILL. — Continental Properties has opened Springs at St. Charles, a 320-unit townhome-style apartment community in St. Charles, about 40 miles west of Chicago. Located at 405 Smith Road, the property features a mix of studio, one-, two- and three-bedroom floor plans. Residences have private entrances and attached garage options. Amenities include a resort-style pool, clubhouse, outdoor grill area, 24-hour fitness center, car care area and two leash-free dog parks. The property is situated less than a 10-minute drive from the 800-acre DuPage Business Center, which includes employers such as Amazon, Norix Group Inc., Suncast Corp. and Alton Industry Group. Springs at St. Charles marks the seventh Springs apartment community in metro Chicago.

February 20, 2024

Arizona Development Leasing Activity Retail Western

Sprouts Farmers Market to Open 23,228 SF Store in Yuma, Arizona

by Hayden Spiess February 20, 2024

YUMA, ARIZ. — Sprouts Farmers Market will open a 23,228-square-foot store in Yuma, marking the second location in the city for the Phoenix-based grocer. In addition to the Yuma Foothills Sprouts store, the property will feature an additional 11,250 square feet of attached, inline retail space. The Spencer Cos. is the landlord and project developer. Regan Amato of JLL’s Phoenix office represented Sprouts in the lease negotiations, and Thomas J. Pancrazi of A.T. Pancrazi Real Estate Services represented The Spencer Cos. A construction timeline was not disclosed.

February 20, 2024

Acquisitions Midwest Missouri Multifamily Seniors Housing

JLL Negotiates Sale of Three-Property Seniors Housing Portfolio in Missouri

by Kristin Harlow February 20, 2024

WILDWOOD, TOWN AND COUNTRY, AND KANSAS CITY, MO. — JLL Capital Markets has negotiated the sale of three seniors housing communities in Wildwood, Town and Country, and the Burlington Creek area of Kansas City. The sales price was undisclosed. The portfolio comprises 252 units of private pay assisted living and memory care with comprehensive amenities. The properties were built between 2016 and 2018. Jay Wagner, Rick Swartz and Jim Dooley of JLL represented the undisclosed seller and procured the buyer, a joint venture between Artemis Real Estate Partners, Scarp Ridge Capital Partners and Arrow Senior Living. Scarp Ridge spearheaded the acquisition, which was capitalized by Artemis. Arrow is taking over operations of the three communities. The acquisition is the first for the joint venture.

February 20, 2024

California Industrial Leasing Activity Western

Stream Arranges 142,556 SF Industrial Lease in Ontario, California

by Hayden Spiess February 20, 2024

ONTARIO, CALIF. — Stream Realty Partners has arranged a 142,556-square-foot industrial lease in Ontario, in the Inland Empire West submarket of California. Commercial glass sourcing business H Global Commerce Inc. will fully occupy 5401 E. Jurupa St. beginning in March. Amenities at the property include a fully secured trucking and storage yard and 52 trailer parking spaces. The freestanding building is scheduled for renovation within the first quarter of this year. Stefan Pastor and Brad Yates of Stream represented the landlord in the lease negotiations. Andrew Chaffee, Wes Jones and James Toomarian of CBRE represented H Global.

February 20, 2024

Acquisitions Illinois Midwest Multifamily

Essex Realty Group Arranges Sales of Two Multifamily Buildings in Chicago

by Kristin Harlow February 20, 2024

CHICAGO — Essex Realty Group Inc. has arranged the sales of two multifamily properties in Chicago’s Greater Grand Crossing and Chatham neighborhoods. The first building includes 16 units and is located on South Indiana Avenue, while the second asset features 19 units and is located on South Drexel Avenue. Joe Kahlhammer, Robert Berman, Mike Anguiano, Daniel Shabsin, Jeremy DeMarco and Russell Tillery of Essex represented the seller in each sale. Further details were not provided.

February 20, 2024

Acquisitions Arizona Multifamily Western

ABI Brokers $2.1M Sale of Multifamily Community in Downtown Phoenix

by Hayden Spiess February 20, 2024

PHOENIX — ABI Multifamily has brokered the $2.1 million sale of a multifamily community located at 614-616 N.10th Ave. in downtown Phoenix. Built in 1936 and 1954 and renovated in 2023, the property features eight apartments in one- and two-bedroom layouts. Dallin Hammond, Mitchell Drake, Carson Griesemer, Tom Palestina, Andrew Arambula and Bryce Neagle of ABI represented the Arizona-based seller in the transaction. Both the buyer and seller were undisclosed.

February 20, 2024

Acquisitions Illinois Industrial Midwest

DarwinPW Realty/CORFAC International Brokers Sale of 67,879 SF Industrial Property in Lake Bluff, Illinois

by Kristin Harlow February 20, 2024

LAKE BLUFF, ILL. — DarwinPW Realty/CORFAC International has brokered the sale of an industrial property located at 29870 N. Skokie Highway in Lake Bluff, a northern suburb of Chicago. The property features 26.8 acres of land and three buildings totaling 67,879 square feet. The space is home to functional industrial buildings, trailer parking and industrial outdoor storage. The three buildings are fully leased to 11 tenants. While much of the land is not usable for commercial purposes because of its native wetlands, the seven usable acres have been developed with outdoor storage, including a recently built paved and secure trailer lot. Jake Ehrenberg, Joel Mackintosh and Mike O’Malley of Perry Hill Ventures were the sellers. Matt Lewandowski of DarwinPW represented the buyer, a group of investors.

February 20, 2024

Acquisitions Colorado Industrial Office Western

NavPoint Negotiates $2.2M Sale of Flex Building in Centennial, Colorado

by Amy Works February 20, 2024

CENTENNIAL, COLO. — NavPoint Real Estate Group has negotiated the sale of a flex building, located at 7006 S. Alton Way in the Denver suburb of Centennial. Bill & Paulette Weinberger LLC sold the asset to J&K Capital LLC for $2.2 million. The asset, Building B, is a single-story property offering 9,850 square feet of flex space. Matt Kuble and Jordan Burgess of NavPoint Real Estate Group represented the seller, while Trent Rice of Pinnacle Real Estate Advisors represented the buyer in the deal.

February 20, 2024

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