GLENDALE, WIS. — Founders 3 Real Estate Services has negotiated the $5.4 million sale of an 86,750-square-foot industrial building in the Milwaukee suburb of Glendale. The property sits on 3.5 acres at 6100 N. Baker Road. Scott Revolinski and Brett Deter of Founders 3 represented the seller, Grandview Park Partners LLC. The buyer was an entity doing business as 2022 Florist LLC.
ROMEOVILLE, ILL. — Schwab Paper Products has renewed its 55,000-square-foot industrial lease at 636 Schwab Circle in the Chicago suburb of Romeoville. The manufacturer and converter of packaging materials previously owned the building, so the new five-year lease was structured in a sale-leaseback transaction. Terri Alexander of Transwestern Real Estate Services represented Schwab. Ryan Earley of Lee & Associates represented the buyer, Link Logistics.
PUYALLUP, WASH. — Equus Capital Partners has acquired Sierra Sun Apartments, a 150-unit property in the Seattle suburb of Puyallup. Built in 2006, Sierra Sun comprises 20 apartment buildings and an 8,500 square-foot clubhouse and amenity center. The community offers one-, two- and three-bedroom townhome-style units. Each unit includes an attached two car garage. Equus will conduct $2 million in renovations to the asset, including interior and exterior updates, as well as enhancements to the clubhouse and amenity center. Madison Apartment Group, a subsidiary of Equus, will oversee the upgrades in addition to managing the community. The investment is being made on behalf of a programmatic joint venture between an affiliate of Equus and a public pension plan that is based in the U.S.
BOUND BROOK, N.J. — A partnership between two regional developers, Denholtz Properties and Redwood Real Estate Group, has broken ground on The Rail at Bound Brook, a 143-unit multifamily project located about 50 miles southwest of Manhattan. The six-story building will offer studio, one- and two-bedroom units and amenities such as a fitness center, game room, courtyard and outdoor grilling and dining areas. A tentative completion date was not disclosed.
MISSION VIEJO AND PALM DESERT, CALIF. — SRS Real Estate Partners has brokered the $15 million sale of two single-tenant retail properties in Southern California. Located in Mission Viejo and Palm Desert, Chick-fil-A occupies both buildings on triple-net ground leases. Jimmy Slusher, Eric Shain and John Read of CBRE represented the seller of the 4,800-square-foot Mission Viejo property, a local private investor. The Palm Desert property comprises 4,738 square feet on 1.6 acres within Monterey Crossing Shopping Center. Timothy Genske of CBRE and Bruce Bailey of The Bailey Group represented the seller, UCLA, which received the property as a donation. Matthew Mousavi and Patrick Luther of SRS represented the private, California-based buyer in both transactions.
MORENO VALLEY, CALIF. — Faris Lee Investments has brokered the $4.6 million sale of Woodstock Plaza, a retail strip center in Moreno Valley. The center was 75 percent occupied at the time of sale. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller in the all-cash transaction. A private investor acquired the property.
NEW YORK CITY — Cushman & Wakefield has negotiated a 41,854-square-foot office sublease at 195 Broadway in Manhattan’s Financial District. Peter Trivelas and Gary Ceder of Cushman & Wakefield represented the sublandlord, real estate services firm Orchard Technologies, in the lease negotiations. Laura Pomerantz, Ethan Silverstein and Theodora Livadiotis, also with Cushman & Wakefield, represented the subtenant, an undisclosed digital media startup that is taking space on the building’s 26th floor.
MERIDIAN, IDAHO — Wood Investments Cos. has announced the opening of a 42,212-square-foot PGA Tour Superstore at Gateway Marketplace, a 135,732-square-foot retail center in the Boise suburb of Meridian. The store now leases the former Rosauers grocery store space. Other tenants at the center include Trader Joe’s, Mecca Gym, Land Ocean, Chili’s Grill & Bar, Le Peep, Mathnasium and Orange Theory. Andrea Nilson, LeAnn Hume, Travis Dunn, Julie Kissler and Braydon Torres of Cushman & Wakefield handle leasing at the property. Stuart Thain of Colliers represented the tenant in the leasing negotiations.
LOS ANGELES — CBRE has hired John Boyett as first vice president and Adam Feldman as a senior associate in the firm’s Woodland Hills office in Los Angeles. Boyett and Feldman will focus on multifamily investment sales in the Los Angeles metropolitan area. Boyett previously served as associate vice president at Matthews Real Estate Investment Services. Feldman also worked at Matthews as a senior associate, where he specialized in the acquisition, disposition and analysis of multifamily assets.
APOPKA, FLA. — JLL has arranged the $40.2 million sale of Crossroads 429, a two-building industrial property in Central Florida spanning 280,437 square feet. The 52.1-acre site is located at 2800 General Electric Road in Apopka and features rear-load configuration, 32-foot clear heights, 67 dock-high doors, 198 parking spaces and 93 trailer spaces. Drake Street Partners and Whalley Capital Group purchased Crossroads 429 from Summit Real Estate Group. Luis Castillo, Cody Braiz and Dennis Mitchell of JLL represented the seller and procured the buyers in the transaction.