Property Type

Atlantic Capital Partners Arranges $64.8M Sale of Shopping Center in Metro Minneapolis

by Jeff Shaw January 13, 2023

ST. LOUIS PARK, MINN. — Atlantic Capital Partners has arranged the sale of The Shops at West End, a 381,804-square-foot shopping center located southwest of downtown Minneapolis in St. Louis Park. An undisclosed buyer purchased the property for $64.8 million. Duke Realty Corp. developed The Shops at West End in 2009. The center, which was 81 percent leased at the time of sale, features 36 retail tenants as well as office space. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic worked with Kris Schisel and Anthony Strauss of Transwestern to arrange the transaction. The seller was also undisclosed.

January 13, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges Sale of 130-Unit Multifamily Portfolio in Chicago

by Jeff Shaw January 13, 2023

CHICAGO — Chicago-based commercial real estate investment services firm Interra Realty has arranged the sale of a three-building, 130-unit multifamily portfolio in Chicago’s Hyde Park neighborhood. The properties included in the portfolio are located at 5454 S. Everett Ave., 5501 S. Everett Ave. and 5527 S. Everett Ave. The portfolio sold for an undisclosed price. The three buildings comprise 52 one-bedroom units, 60 two-bedroom units and 18 retail spaces. The rental units were approximately 95 percent occupied at the time of sale. All three properties are served by the Metra Electric and South Shore lines, as well as multiple Chicago Transit Authority bus routes. Interra’s senior managing partner, Joe Smazal, represented the seller, an affiliate of the Chicago-based Tricap Residential Group. The brokerage firm’s managing partner, Patrick Kennelly, and director, Paul Waterloo, represented the undisclosed, private West Coast-based buyer.

January 13, 2023

Acquisitions Kansas Midwest Retail

JLL Brokers Sale of 363,076 SF Retail Center in Metro Kansas City

by Jeff Shaw January 13, 2023

MERRIAM, KAN. — JLL Capital Markets has brokered the sale of Merriam Town Center, a 363,076-square-foot open-air retail center located at 8800 Johnson Drive in Merriam, approximately 10 miles southwest of Kansas City. Built in 1998, the property was 97 percent leased at the time of sale. Tenants include The Home Depot, Dick’s Sporting Goods, Cinemark, Ross Dress for Less and PetSmart. Amy Sands and Michael Nieder of JLL represented the undisclosed seller in the transaction. The R.H. Johnson Co. acquired the property for an undisclosed price.

January 13, 2023

Acquisitions Affordable Housing Midwest Multifamily Ohio

CMHA Acquires 108-Unit Affordable Housing Development in Columbus, Ohio for $8.1M

by Jeff Shaw January 13, 2023

COLUMBUS, OHIO — The Columbus Metropolitan Housing Authority (CMHA) has acquired Copperleaf Apartments, a 108-unit affordable housing multifamily development in Columbus for $8.1 million. Built in 1989, the property sits on eight acres located off Sawmill Road on the city’s Northwest Side. The seller was a partnership of companies headed by local developers Don Kelley and Robert Weiler. Columbus Housing Enterprise (CHE), a newly formed nonprofit, has entered into a 75-year lease to operate the community on behalf of CMHA, ensuring the apartment complex will remain affordable for lower-wage-earning families, senior citizens and people with disabilities for the long run. According to The Columbus Dispatch, the nonprofit will target prospective renters making 80 percent or less of area median income, which is $52,500 for one person and $74,950 for a four-person household. Data from the Affordable Housing Alliance of Central Ohio (AHACO) shows only 29 affordable housing units are available for every 100 extremely low-income households in the Columbus and Franklin County area. AHACO estimates 54,000 low- and moderate-income households in Franklin County pay more than half their income toward housing costs. Central Ohio also faces a deficit of 11,000 to 14,000 new housing units every year to support a healthy housing …

January 13, 2023

Acquisitions Midwest Missouri Net Lease Retail

Marcus & Millichap Arranges $2.9M Sale of Net-Leased Walmart Property in Malden, Missouri

by Jeff Shaw January 13, 2023

MALDEN, MO. — Marcus & Millichap has brokered the sale of a 43,770-square-foot retail property occupied by Walmart in Malden, which is part of the Missouri Bootheel in the southeast portion of the state. A limited liability company purchased the net-leased property, located at 1007 N. Douglass St., for $2.9 million in an all-cash transaction. Walmart has five years remaining on its lease. Investment specialists Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles from Marcus & Millichap’s Cleveland and Columbus offices marketed the asset on behalf of the seller, a limited liability company and private investor. The buyer was also secured and represented by Shapiro, Fuller, Patton and Wiles with the assistance of David Saverin, Missouri broker of record.

January 13, 2023

Development Industrial Nevada Western

LM Construction Breaks Ground on $40M Nancy J Industrial Park in Henderson, Nevada

by Amy Works January 13, 2023

HENDERSON, NEV. — LM Construction Co. (LMCC) has broken ground on Nancy J Industrial Park, an eight-building industrial project in Henderson. Each of the eight 40,998-square-foot buildings will offer four nine-foot by 10-foot dock loading doors, two 12-foot by 14-foot grade level doors, 24-foot clear heights and rear loading access. Additionally, each building is divisible to two occupants. Las Vegas-based LMCC is the design-build general contractor for the project. The first two buildings are slated for completion in January 2024. Larry Monkarsh, owner of LMCC and partner in Brass Cap Development, is also acting as the owner/developer of the project, developing as Red Label LV LLC. Chris Lexis and Joe Leavitt of Avison Young | Las Vegas are marketing the project for lease or sale.

January 13, 2023

California Loans Office Retail Western

Gantry Arranges $20M Loan for Two-Property Portfolio in Southern California

by Amy Works January 13, 2023

SANTA BARBARA AND PASADENA, CALIF. — Gantry has secured $20 million in financing for a cross-collateralized, two-property, mixed-asset portfolio in Southern California. The portfolio includes a two-building office asset on State Street in Santa Barbara and a 12,500-square-foot retail property located on Colorado Boulevard in Pasadena. Tenants include Zara in Pasadena and Chase Bank in Santa Barbara. Mark Ritchie, Amit Tyagi and Alicia Sabanero of Gantry’s El Segundo office secured the 15-year permanent loan a private real estate investor. One of Gantry’s regional bank lender relationships provided the capital. The loan has an initial five-year interest-only payment period, followed by 25-year amortization for the remainder of the term.

January 13, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $12.2M Sale of Wilson Gardens Apartments in Banning, California

by Amy Works January 13, 2023

BANNING, CALIF. — Marcus & Millichap has arranged the sale of Wilson Gardens, a multifamily property located at 5001 and 5059 W. Wilson St. in Banning. An individual/personal trust sold the asset to a private investor for $12.2 million, or $180,147 per unit. Douglas McCauley and David Covarrubias of Marcus & Millichap office represented the seller, while Bruce Rajaee of Marcus & Millichap represented the buyer in the deal. Built in 1972, the building features 68 one- and two-bedroom apartments. Onsite amenities include a swimming pool, garages, laundry facilities and a secured entrance.

January 13, 2023

Acquisitions Arizona Industrial Western

Stos Partners Buys 94,186 SF Industrial Property in Phoenix

by Amy Works January 13, 2023

PHOENIX — Stos Partners has purchased a freestanding industrial building located at 1002 S. 54th Ave. in Phoenix. A national window manufacturer and distributor bought the property for $10.9 million. Built in 1992, the vacant asset features 83,889 square feet of warehouse and distribution space and 7,000 square feet of office space. Situated on 4.2 acres, the building offers 25-foot warehouse clearance, a new roof, 17 dock-high doors, two drive-in, ground-level doors, HVAC in the warehouse space and an EVAP cooling system throughout the warehouse area, both powered by more than 2,500 amps of 277/440-volt power. Stos plans to upgrade the property to prepare the space for lease. Anna Josephson and Bo Mill of KBC Advisors represented Stos in the transaction. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield are marketing the asset for lease.

January 13, 2023

Acquisitions Colorado Retail Western

Armstrong Capital Development Sells 16,600 SF Parker Keystone Retail Center in Parker, Colorado

by Amy Works January 13, 2023

PARKER, COLO. — Armstrong Capital Development (ACD) has completed the sale Parker Keystone, a retail center in Parker. A publicly traded REIT acquired the asset for an undisclosed price. Located at the intersection of South Parker Road and Lincoln Avenue, the Class A, multi-tenant property was fully leased at the time of sale. The property totals 16,600 square feet. Current tenants include Bank of America, Wingstop, Dunkin’ Donuts and AAA Colorado. ACD completed the transaction on behalf of its ACD 2013 Fund LP. Cory Gross of Marcus & Millichap handled the transaction.

January 13, 2023

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