Property Type

Marcus & Millichap Negotiates $3.8M Sale of Woodlawn Apartments in Littleton, Colorado

by Jeff Shaw April 12, 2023

LITTLETON, COLO. — Marcus & Millichap has arranged the sale of the 24-unit Woodlawn Apartments in Littleton. A limited liability company bought the asset from another LLC for $3.8 million. The community is located at 1085 West Lilley Ave. All units are one-bedroom apartments with high-speed internet access, updated windows and floors, air conditioning, heating, refrigerators and ovens. The 1950s-built property also offers 24 surface parking spaces. Greg Price and Spencer Shaffer of Marcus & Millichap’s Denver office represented the seller, while the firm’s Boomer Beatty represented the buyer.

April 12, 2023

Acquisitions Colorado Multifamily Western

Pinnacle Brokers $3.7M Sale of Apartment Building in Denver

by Jeff Shaw April 12, 2023

DENVER — Pinnacle Real Estate Advisors has negotiated the sale of a 24-unit apartment building in Denver for $3.7 million. The community is located at 1400 W. Mississippi Ave. It was built in 1963. The sale represented a per-unit price of $154,167, or $208.97 per square foot. Josh Newell of the Newell Team at Pinnacle Real Estate Advisors represented the undisclosed seller, while the firm’s Connor Knutson and Jake Waxter represented the undisclosed buyer.

April 12, 2023

Arizona Industrial Leasing Activity Western

Chef’s Warehouse Signs 46,339 SF Cold Storage Lease in Phoenix

by Jeff Shaw April 12, 2023

PHOENIX — The Chef’s Warehouse West Coast LLC has signed a long-term lease for 46,339 square feet at Reywest Commerce Park in Phoenix. The space is located at 3717 W. Washington St. The lease is valued at $8.5 million. The Chef’s Warehouse specializes in specialty foods, supplies and ingredients for commercial establishments. The supplier is moving out of a smaller warehouse in Tempe. Reywest Commerce Park was built in 1991 and renovated in 2012. It features cold storage warehousing with cold loading dock and a large secure truck court. Phil Haenel of Cushman & Wakefield represented he landlord, CPT Condor Washington LLC. NAI Horizon’s Isy Sonabend and Drew Eisen represented Chef’s Warehouse in the lease transaction.

April 12, 2023

Acquisitions Hospitality Midwest Missouri

Hunter Hotel Advisors Negotiates Sale of Fairfield Inn & Suites Hotel in Kansas City

by Kristin Harlow April 12, 2023

KANSAS CITY, MO. — Hunter Hotel Advisors has negotiated the sale of the Fairfield Inn & Suites Kansas City Downtown Union Hill for an undisclosed price. Located in Kansas City’s Union Hill neighborhood, the 115-room hotel is within walking distance of the Federal Reserve Bank of Kansas City and one mile from Union Station. Lee Hunter and Spencer Davidson of Hunter brokered the sale. True North Hotel Group sold the property to an institutional buyer.

April 12, 2023

Acquisitions Illinois Midwest Retail

Hanley Investment Group Arranges $6.6M Sale of Walgreens-Occupied Property in Sugar Grove, Illinois

by Kristin Harlow April 12, 2023

SUGAR GROVE, ILL. — Hanley Investment Group Real Estate Advisors has arranged the $6.6 million sale of a 14,739-square-foot retail property occupied by Walgreens in Sugar Grove, a western suburb of Chicago. Constructed in 2012, the single-tenant building features a drive-thru. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley, in association with ParaSell Inc., represented the seller, a private investor based in Orange County, Calif. Isaiah Harf of Northmarq represented the metro Chicago-based, 1031 exchange buyer. The property sold at full asking price.

April 12, 2023

Acquisitions Healthcare Midwest Wisconsin

FCPT Acquires Property Leased to Midwest Orthopedic Network in Wisconsin for $4.3M

by Kristin Harlow April 12, 2023

WISCONSIN — Four Corner Property Trust (FCPT) has acquired a property leased to Midwest Orthopedic Network in Wisconsin for $4.3 million. The tenant has roughly four years remaining on its lease, which features annual rent increases of 2.5 percent. The sales price represents a cap rate of 8.1 percent. Midwest Orthopedic Network operates roughly 30 locations in Wisconsin.

April 12, 2023

Acquisitions Indiana Midwest Retail

Friedman Brokers Sale of 60,000 SF Retail Center in Plymouth, Indiana

by Kristin Harlow April 12, 2023

PLYMOUTH, IND. — Friedman Real Estate has brokered the sale of Plymouth Plaza in Plymouth, a city in northern Indiana. The sales price was undisclosed. The new owner plans to repurpose the 60,000-square-foot retail center into a mixed-use development featuring both retail and self-storage space. Steven Silverman and Ryan Wilner of Friedman represented both parties in the sale.

April 12, 2023

Acquisitions Industrial Midwest Ohio Self-Storage

Marcus & Millichap Negotiates Sale of 148-Unit Self-Storage Facility in Akron, Ohio

by Kristin Harlow April 12, 2023

AKRON, OHIO — Marcus & Millichap has negotiated the sale of Premier Storage of Akron, a self-storage facility in Akron, for an undisclosed price. Built in 1995, the property features 148 non-climate-controlled units and totals 21,200 net rentable square feet. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.

April 12, 2023

Development Multifamily Student Housing Texas Top Stories

Hoar Construction Breaks Ground on 30-Story Icon Student Housing Tower at UT Austin

by Kristin Harlow April 12, 2023

AUSTIN, TEXAS — Hoar Construction has broken ground on Icon, a 30-story student housing tower in the West Campus neighborhood by the University of Texas at Austin. The MDL Group is the developer for the project, which is slated for completion in summer 2025. Icon will house 555 beds across 216 units ranging from one- to five-bedroom layouts. Amenities will include a rooftop pool, fitness center, game and lounge rooms, podcast studio and student workspaces. The project will also feature four levels of below-ground parking. Once completed, Icon will be one of the tallest buildings in the surrounding area, according to the general contractor. The project marks the first partnership between Hoar and MDL Group, a New York-based developer, owner and operator of student housing communities. The project team also includes Rhode Partners as architect, DCI Engineers as structural engineer and Blum Engineering as the MEP (mechanical, electrical and plumbing) engineer. The student housing sector is outperforming other real estate verticals during challenging economic conditions, according to the latest national student housing report from Yardi Matrix. Rents increased 7 percent year-over-year in March to an average of $829 per bedroom, a record high. UT Austin has the highest bed count …

April 12, 2023

Development Multifamily Southeast Virginia

Middleburg, Resmark to Develop 310-Unit Apartment Community in Metro Richmond

by John Nelson April 11, 2023

GLEN ALLEN, VA. — A joint venture between Middleburg Communities and The Resmark Cos. plans to develop The Brook, a 310-unit apartment development located on a 13.5-acre site at 9002 Brook Road in Glen Allen, a suburb of Richmond. The co-developers expect to begin construction this month, with the community scheduled to open in late 2024. The Brook will comprise five four-story apartment buildings totaling 274 units, as well as six six-unit townhome buildings. Apartments will come in a mix of one-, two- and three-bedroom floor plans, and townhomes will come in two- and three-bedroom layouts. The Brook’s amenities will include an outdoor swimming pool, fitness center and yoga studio, grilling stations, dog park, pet spa and electric vehicle charging stations. Truist Bank provided an undisclosed amount of construction financing for the project.

April 11, 2023

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