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AcquisitionsHealthcareMidwestMinnesotaOffice

Davis Acquires $18M Medical Building in Woodbury, Minnesota

by Jeff Shaw

WOODBURY, MINN. — Davis, a Minneapolis-based firm, has purchased Woodlake Medical Building, a 42,467-square-foot property located on 4.7 acres at 2080 Woodwinds Drive in Woodbury, a southeast suburb of St. Paul. The $18 million acquisition marks the latest addition to the Davis Medical Investors Fund, which now comprises 13 buildings in five states and a total of 567,356 square feet. The property is fully leased by Woodlake Surgery Center, St. Paul Eye Clinic and Midwest ENT, all of which signed new 15-year leases. Bridgewater Bank provided financing for the deal. The seller was not disclosed.

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DevelopmentIndustrialMidwestSelf-StorageWisconsin

Inland Private Capital Completes Development of 765-Unit Self-Storage Property in Metro Milwaukee

by Jeff Shaw

RACINE, WIS. — Inland Private Capital Corp. (IPC), with joint venture partner Devon Self Storage Holdings (US) LLC, has completed the development of a 765-unit self-storage property located in Racine, roughly 25 miles south of Milwaukee. The property is one of 10 self-storage projects being developed on behalf of the IPC-sponsored Self-Storage Qualified Opportunity Fund LLC. Comprising 80,655 square feet upon completion, the building previously housed a moving company and was acquired for redevelopment in November 2021. The redevelopment was completed in under 12 months.

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AcquisitionsMidwestMissouriRetail

Lawyers Realty Brokers Sale of 10,450 SF Building Occupied by Kohn’s Kosher Meat Market, Grocer and Deli in St. Louis

by Jeff Shaw

ST. LOUIS — Lawyers Realty Co. has arranged the sale of Kohn’s Kosher Meat, Grocer and Deli in St. Louis for an undisclosed price. Lawyers Realty brokers David Wright and Zach Williams represented the sellers, the Kohn family, in their sale of the business and real estate. The site, located at 10405 Old Olive Street, measures 10,450 square feet and has been home to Kohn’s since 1997. The Kosher market began operating in 1963 when Holocaust survivors Simon and Bobbie Kohn started the business, which was most recently run by their children, Lenny Kohn and Rosemary Kohn Cooper. The next generation was not interested in taking over the business. Lawyers Realty implemented a nationwide strategy in marketing both the business and the real estate. The business and property were jointly acquired by a local investor and a group of investors from the East Coast. As a result, the business will continue to operate and serve the St. Louis community.

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Leasing ActivityMichiganMidwestRestaurantRetail

Domino’s Pizza Signs 1,667 SF Lease for New Location in Plymouth, Michigan

by Jeff Shaw

PLYMOUTH, MICH. — Domino’s Pizza has signed a lease to occupy 1,667 square feet near the southwest quadrant of Ann Arbor Road and Main Street in Plymouth. The new Domino’s location will partially replace a former AT&T store, which has been vacant for 150 days and is currently being redeveloped into a two-tenant retail building. The store is slated to open in approximately six months. Michael Murphy and Tjader Gerdom of Gerdom Realty and Investment, a commercial real estate agency based in Northville, Mich., represented Domino’s in the transaction. Gregory Mallory of Armada Real Estate, based in West Bloomfield, Mich., represented the landlord.

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DevelopmentFloridaLeasing ActivityOfficeSoutheast

Tampa Electric, Peoples Gas Lease 298,000 SF at Midtown Tampa for New Headquarters

by John Nelson

TAMPA, FLA. — Tampa Electric and Peoples Gas have signed a deal with Bromley Cos. to occupy the 298,000-square-foot anchor space at 1 Midtown Place in Tampa. Beginning in 2025, the companies will own 11 floors of the building, construction of which will start in early 2023. Bromley is developing the 17-story building, which will be situated within the 23-acre mixed-use Midtown Tampa development, with Highwood Properties. Tampa Electric and Peoples Gas currently occupy TECO Plaza at 702 N. Franklin St. in downtown Tampa, which has been home to the companies since 1981.

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AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Facilitates $13.2M Sale of Market Square Shopping Center in Fort Myers

by John Nelson

FORT MYERS, FLA. — Marcus & Millichap has arranged the sale of Market Square, a 65,688-square-foot shopping center in Fort Myers, for $13.2 million. Jim Shiebler, James Medefind and James Garner of Marcus & Millichap represented the undisclosed seller and procured the buyer, a New Jersey-based private investor. Located on 14.9 acres at 13741 S. Tamiami Trail, the center is 1.5 miles from Florida Southwestern State College. Tenants at the property, which was built between 2004 and 2006, include Michaels, World Market, Petco, Dollar Tree and Barnes & Noble.

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AcquisitionsFloridaMultifamilySoutheast

CBRE Arranges Sale of 300-Unit Sea Sound Apartment Community in Panama City Beach

by John Nelson

PANAMA CITY BEACH, FLA. — CBRE has brokered the sale of Sea Sound Apartments, a newly constructed, 300-unit multifamily community in Panama City Beach. Cliff Taylor, Joe Ayers, Paul Berry and Don Hoffman of CBRE represented the seller, Flournoy Development, in the transaction. Passco Cos. purchased the property for an undisclosed price. Located at 10400 Panama City Parkway, Sea Sound features four buildings comprising units in one-, two- and three-bedroom layouts, with an average unit size of 1,082 square feet. Amenities at the community include a pool, outdoor cabana with fire pits, grilling areas, a clubhouse, business center, fitness center and spin room, dog park, pet grooming station, playground, pickleball court and RV and boat parking.

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AcquisitionsHealthcareOfficeSoutheastTennessee

IPA Brokers $7.4M Sale of Chattanooga Medical Office Building

by John Nelson

CHATTANOOGA, TENN. — Marcus & Millichap’s Institutional Property Advisor’s (IPA) has arranged the sale of CHI Memorial, a 17,837-square-foot medical office building in Chattanooga. An undisclosed buyer purchased the property for $7.4 million. The building is fully occupied by three tenants: Skin Cancer & Cosmetic Dermatology, CHI Memorial and Center MedSpa, all on triple-net leases. Joe Massa, Anthony Lunceford and Michael Grenaway of IPA represented the undisclosed seller in the transaction.

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DevelopmentGeorgiaLeasing ActivityRetailSoutheast

Savi Provisions Opens New Grocery Store in Metro Atlanta

by John Nelson

MILTON, GA. — Savi Provisions, an Atlanta-based boutique grocer, has opened a new location at Crapapple Market in Milton, roughly 30 miles north of Atlanta. Located at 12630 Crabapple Road, the store opened on Saturday, Dec. 10 and features the main grocery store (3,644 square feet) and a liquor market (983 square feet). Founded in 2009, Savi offers prepared foods such as sandwiches and salads in addition to organic groceries, wine, spirits and coffee.

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DevelopmentIndustrialTexas

Core5, MBK Industrial Break Ground on 1.8 MSF Spec Project in Schertz, Texas

by Taylor Williams

SCHERTZ, TEXAS — A joint venture between Atlanta-based Core5 Industrial Partners and California-based MBK Industrial Properties has broken ground on a 1.8 million-square-foot speculative project in Schertz, a northeastern suburb of San Antonio. The site is located along the I-10 corridor. Phase I of the project will deliver two buildings totaling roughly 1 million square feet, and Phase II will comprise two buildings spanning roughly 788,000 square feet. Building features will include 40-foot clear heights, 185-foot truck court depths and ample car and trailer parking. Partners, the firm formerly known as NAI Partners, has been tapped as the leasing agent. Completion of Phase I is slated for November 2023.

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