Property Type

Marcus & Millichap Brokers Sale of Utah’s Largest Storage Facility in Cedar City

by Jeff Shaw June 6, 2023

CEDAR CITY, UTAH — A private equity group has sold Storage General Cedar, a 456,758-square-foot storage facility in Cedar City, for an undisclosed sum. Featuring 2,133 units and 456,758 total net rentable square feet, Storage General Cedar is the largest self-storage asset in Utah, according to Marcus & Millichap, which brokered the sale. The facility features electronic gate access, drive-up units with roll-up doors, wide drive aisles, RV/boat/trailer storage and parking, commercial shops available for rent, online rentals and unit management. The LeClaire-Schlosser Group of Marcus & Millichap represented the seller via Jordan Farrer of the firm’s Salt Lake City office and Adam Schlosser of the firm’s Denver office. The buyer and price were not disclosed.

June 6, 2023

Development Hospitality Washington Western

Simon Breaks Ground on Residence Inn at Northgate Station in Seattle

by Jeff Shaw June 6, 2023

SEATTLE — Simon Property Group (NYSE: SPG) has broken ground on Residence Inn by Marriott at Northgate Station, a hotel in Seattle. This will be the first hotel at Northgate Station, a mixed-use, transit-oriented development. The hotel will join the newly upgraded Northgate Sound Transit light rail station and Kraken Community Iceplex, the official training facility for the Seattle Kraken NHL team and regional hub for ice sports in the Pacific Northwest. Further details were not disclosed. Simon Property Group is a REIT focused on retail and mixed-use properties.

June 6, 2023

Acquisitions California Industrial Western

DAUM Arranges Sale of Rusher Air Conditioning Headquarters in Torrance, California

by Jeff Shaw June 6, 2023

TORRANCE, CALIF. — DAUM Commercial Real Estate Services has arranged the move of Rusher Air Conditioning into a new headquarters in Torrance. Structured as a reverse exchange, the sale of the previous headquarters and purchase of a new one featured “a combined transaction value of $9.5 million,” according to DAUM. Michael Collins and Dustin Hullinger of DAUM’s Capital Markets Group, with the assistance of Brad Levin, arranged the transaction.

June 6, 2023

Company News Development Idaho Office Western

Capstone Cos. Opens New Office in Boise

by Jeff Shaw June 6, 2023

BOISE, IDAHO — Capstone Cos. has expanded its brokerage firm with a new regional office in Boise. Colton Yasinski, who has transacted hundreds of units in the Idaho market, including affordable LIHTC product, value-add multifamily and Class A market rate assets, leads the new office. Expanding into Boise reinforces Capstone’s presence in the Western U.S. as the company seeks rapid growth and expansion in the multifamily sector. With the opening of this new office, Capstone continues its nationwide growth with a total of 21 offices and more than $12 billion in sales.

June 6, 2023

Development Illinois Industrial Midwest

Peak Construction Breaks Ground on 677,000 SF Industrial Build-to-Suit Project in Joliet, Illinois

by Kristin Harlow June 6, 2023

JOLIET, ILL. — Peak Construction Corp. has broken ground on a 677,000-square-foot industrial build-to-suit project within the Rock Run Crossings Business Park in Joliet. IDI Logistics is the developer and Ecolab is the tenant. Completion is slated for the second quarter of 2024. Ecolab is a sustainability company that offers water, hygiene and infection prevention solutions and services. The project team also includes architect Ware Malcomb and civil engineer Jacob & Hefner Associates Inc.

June 6, 2023

Acquisitions Hospitality Michigan Midwest

Alpine Realty Capital Brokers Sale of 137-Room Comfort Inn & Suites Hotel in Mt. Pleasant, Michigan

by Kristin Harlow June 6, 2023

MT. PLEASANT, MICH. — Alpine Realty Capital LLC, a member of Hotel Brokers International, has brokered the sale of the Comfort Inn & Suites and Conference Center in Mt. Pleasant, a city in central Michigan. The sales price was undisclosed. The 137-room hotel includes an adjacent 10,000-square-foot conference center and is situated near the main campus of Central Michigan University (CMU). The property is located on a 10-acre site that is leased from CMU. Further details of the sale were not provided.

June 6, 2023

Acquisitions Civic Indiana Midwest

Marcus & Millichap Arranges $7M Sale of State of Indiana Government Property

by Kristin Harlow June 6, 2023

CROWN POINT, IND. — Marcus & Millichap has arranged the $7 million sale of a 34,704-square-foot property occupied by the State of Indiana in Crown Point, a city in Northwest Indiana. The asset is located at 9801 Georgia St. near I-65. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, a partnership. The duo also secured and represented the buyer, a limited liability company.

June 6, 2023

Acquisitions Illinois Midwest Restaurant Retail

SRS Real Estate Brokers $3M Sale of Wendy’s-Occupied Property in Chicago

by Kristin Harlow June 6, 2023

CHICAGO — SRS Real Estate Partners has brokered the sale of a single-tenant retail property occupied by Wendy’s in Chicago for $3 million. Built in 1983 and renovated in 2022, the 4,031-square-foot building is located at 2811 N. Narragansett Ave. Sean Lutz and Dan Elliott of SRS represented the seller, a California-based private investor. Bruce Lee and Hope Kim of New Star Realty represented the all-cash buyer, a California-based private investor. The sales price of $753 per square foot represented a cap rate of 5.27 percent.

June 6, 2023

Acquisitions Illinois Midwest Retail

Coldwell Banker Commercial Negotiates $2.2M Sale of Retail Strip Center in Normal, Illinois

by Kristin Harlow June 6, 2023

NORMAL, ILL. — Coldwell Banker Commercial Real Estate Group has negotiated the $2.2 million sale of College Oak Square Strip Mall in Normal, just north of Bloomington. The 29,000-square-foot property, built in 1986, is home to 19 tenants and is located at 1520 E. College Ave. Greg Yount of Coldwell Banker Commercial represented the seller, Broadmoor Park LLC. The buyer was undisclosed.

June 6, 2023

Acquisitions Industrial Texas

Cohen Asset Management Acquires 920,275 SF Logistics Facility in South Dallas

by Taylor Williams June 6, 2023

DALLAS — Southern California-based investment firm Cohen Asset Management has acquired DalParc Logistics Center Building 1, a 920,275-square-foot industrial property in South Dallas. The building was constructed in 2016 and serves as a fulfillment center for Amazon. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.

June 6, 2023

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