Friday, June 20, 2025
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AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Brokers $35.3M Sale of South Beach Store Leased to Walgreens

by John Nelson

MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $35.3 million sale of a single-tenant, 22,875-square-foot store in Miami Beach leased to Walgreens. The trophy two-story property is located at 509 Collins Ave. at the intersection of Collins Avenue and 5th Street, which is the closest intersection to South Beach. Walgreens has 12 years left on its 25-year lease, which has seven five-year extension options. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap’s Miami office represented the seller, an entity doing business as 509 Collins Realty LLC, in the transaction. The buyer was not disclosed.

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DevelopmentIndustrialNew JerseyNortheast

Hampshire Cos., Invesco to Develop 111,660 SF Industrial Project in North Arlington, New Jersey

by Taylor Williams

NORTH ARLINGTON, N.J. — A joint venture between locally based developer Hampshire Cos. and global investment management firm Invesco will develop a 111,660-square-foot industrial project in North Arlington, located just outside Newark. The facility will feature a clear height of 40 feet, 22 dock-high doors, five trailer parking spaces and roughly 4,500 square feet of office space. Michael Klein, John Rose, Jon Mikula and Ryan Carroll of JLL arranged construction financing through BMO Financial Group on behalf of the joint venture. A tentative completion date was not disclosed.

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AcquisitionsNortheastRetailVermont

CBRE Arranges $10M Sale-Leaseback of Car Dealership in Bennington, Vermont

by Taylor Williams

BENNINGTON, VT. — CBRE has arranged a $10 million sale-leaseback of a 20,219-square-foot car dealership in Bennington, located near the Vermont-Massachusetts border. Legacy Automotive Capital acquired the site, which was constructed in 2018, and will continue to lease it to Lundgren Subaru of Bennington. Karly Iacono of CBRE represented the seller and procured the buyer in the transaction.

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DevelopmentMidwestMinnesotaMultifamily

Northland Breaks Ground on 194-Unit Expansion to Multifamily Property in Rochester, Minnesota

by Kristin Harlow

ROCHESTER, MINN. — Northland has broken ground on a 194-unit expansion to SoRoc on Maine in Rochester. Northland acquired the 186-unit, garden-style community in February of this year. Once complete, the property will include 380 units across five buildings. Amenities will include a pool, green area, three fitness centers, clubhouse with private event space and a commercial kitchen. Northland is partnering with several local companies on the project, including Miller Architects & Builders. Minnwest Bank provided $28 million in construction financing. Completion is slated for early 2024.

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CivicDevelopmentKansasMidwest

McCarthy to Build $70M Improvement Project for Kansas River Wastewater Treatment Plant in Lawrence

by Kristin Harlow

LAWRENCE, KAN. — McCarthy Building Cos. Inc. will build a $70 million improvement project for the Kansas River Wastewater Treatment Plant located at 1400 E. 8th St. in Lawrence. The project marks the city’s second-largest funded wastewater project. The improvements are required to meet the National Pollutant Discharge Elimination System regulatory permit requirements issued by the Kansas Department of Health and Environment. The plant, which receives nearly 80 percent of the city’s wastewater, originally opened in 1956 and has an average daily flow of 8 million gallons per day. Preconstruction efforts are underway, with official groundbreaking slated for May 2023. Completion is scheduled for fall 2026.

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Leasing ActivityNew JerseyNortheastRestaurantRetail

Crumbl Cookies Opens 1,794 SF Store in North Brunswick, New Jersey

by Taylor Williams

NORTH BRUNSWICK, N.J. — Crumbl Cookies has opened a 1,794-square-foot store at The Shoppes at North Brunswick, located near Rutgers University in New Jersey. Kevin Pelio and James Azarian represented the landlord, Azarian Realty Co., in the lease negotiations on an internal basis. Jerry Johnson of Bennett Williams Commercial represented the tenant.

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IowaLoansMidwestMultifamilySeniors Housing

Cambridge Provides $10.4M HUD-Insured Loan for Refinancing of Assisted Living Campus in Iowa

by Kristin Harlow

BURLINGTON, IOWA — Cambridge Realty Capital Cos. has provided a $10.4 million HUD Lean loan for the refinancing of Oakview Nursing and Rehabilitation and Ridgeview Assisted Living, a dual-facility campus also known as The Views of Burlington. Situated in Burlington, a city in Southeast Iowa, the campus features 60 skilled nursing beds and 42 assisted living beds. Andrew Erkes of Cambridge originated the 35-year loan, which features a 35-year amortization schedule. The borrower was an Iowa-based limited liability company. Denny Howell of Howell Investment Finance arranged the loan.

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AcquisitionsMidwestMinnesotaMultifamily

CBRE Brokers Sale of Value-Add Multifamily Portfolio in Minneapolis

by Kristin Harlow

MINNEAPOLIS — CBRE has brokered the sale of a four-property, value-add multifamily portfolio in Minneapolis for an undisclosed price. Grannes Properties LLC sold the portfolio to two separate buyers. Webdigs LLC purchased a 14-unit building at 3710 Minnehaha Ave. Millennial Properties LLC acquired a 12-unit property at 315 University Ave. SE, a six-unit building at 3505 22nd Ave. and an 11-unit property at 420 73rd St. The assets were built in the 1960s and were fully occupied at the time of sale. Drew Rafshol of CBRE Minneapolis Multifamily represented the seller.

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AcquisitionsIllinoisMidwestRetail

Greenstone Partners Arranges $2.6M Sale of Retail Development Site in Oak Lawn, Illinois

by Kristin Harlow

OAK LAWN, ILL. — Greenstone Partners has arranged the $2.6 million sale of a retail development site in the Chicago suburb of Oak Lawn. The site comprises a vacant restaurant that was formerly home to Texas Corral. The buyer plans to demolish the restaurant and build a new retail development. Located at 6616 W. 95th St., the property is situated across the street from Chicago Ridge Mall. Brewster Hague and AJ Patel of Greenstone brokered the transaction. Buyer and seller information was not provided. The deal marks the highest land price per acre in Oak Lawn, according to Greenstone.

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Storage-Portfolio
AcquisitionsIndustrialSelf-StorageTop Stories

Flatirons Asset Management Acquires 33-Property Self-Storage Portfolio Spanning 1.3 MSF

by Katie Sloan

DENVER — Flatirons Asset Management, a Denver-based investment firm, has acquired a 33-property self-storage portfolio from Red Dot Storage for an undisclosed price. The portfolio spans 1.3 million square feet and includes 9,125 units.  The properties are located in Alabama, Iowa, Illinois, Indiana, Missouri, Mississippi, Tennessee and Wisconsin, and were 90 percent occupied as of Aug. 31. Red Dot Storage will continue to operate the portfolio following the acquisition. The Louisville, Colorado-based company operates more than 190 locations across 19 states.  “Self-storage has shown itself to be a resilient asset class with attractive fundamentals and, given the recent disruption caused by the global pandemic, even more people are turning to self-storage,” says Scott Smith, president and CEO of Flatirons. Self-storage has been making headlines this fall, with large transactions including the acquisition of Storage Express by Extra Space Storage Inc. in September for $590 million. During this week alone, a number of self-storage properties and portfolios have traded hands, including a 768-unit portfolio in San Antonio; two properties in Tulsa, Okla. offering 950 units; and a 24,480-square-foot facility in Kenosha, Wis.  Flatirons Asset Management is a private investment firm that specializes in sponsoring tax-advantaged real estate offerings, including Delaware statutory …

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