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AcquisitionsMidwestMultifamilyWisconsin

CBRE Brokers $3.2M Sale of Historic Apartment Building in Stevens Point, Wisconsin

by Kristin Harlow

STEVENS POINT, WIS. — CBRE has brokered the $3.2 million sale of Whiting Place Apartments in the central Wisconsin city of Stevens Point. Originally developed in 1923 as The Whiting Hotel, the 21-unit property was designed by Milwaukee-based architect Alfred Clas. The building was converted in 1988 into a mixed-use community with ground-floor retail, apartments, professional offices and heated underground parking. The five-story asset is classified as a Historic Place by the National Park Service’s National Register of Historic Places. Sean Beuche, Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE represented the sellers, Lokre Cos. and Stehr Construction. Heidi Mancheski, a Stevens Point-based investor, was the buyer.

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AcquisitionsGeorgiaNew YorkNortheastRetailSoutheastTop Stories

Global Net Lease Agrees to Sell 100-Property Multi-Tenant Retail Portfolio for $1.8B

by Kristin Harlow

NEW YORK CITY AND ATLANTA — Global Net Lease Inc. (NYSE: GNL) has entered into a binding agreement to sell its multi-tenant retail portfolio of 100 non-core properties to a subsidiary of RCG Ventures Holdings LLC for approximately $1.8 billion. The transaction represents an 8.4 percent cash cap rate. GNL says the transaction would accelerate its deleveraging initiative and position the company as a pure-play, single-tenant net lease (STNL) company. GNL launched its disposition initiative in 2024, with the objectives of significantly reducing debt, enhancing financial flexibility and lowering its cost of capital. Following the completion of the multi-tenant portfolio sale, which would represent the most significant step in this initiative to date, GNL expects to have completed nearly $3 billion in dispositions between the start of 2024 and the end of 2025, inclusive of properties in its disposition pipeline. The company expects to use the net proceeds from the multi-tenant portfolio sale to significantly reduce the outstanding balance on its revolving credit facility. The board of directors has concurrently approved a share repurchase program authorizing the company to opportunistically repurchase up to $300 million of its outstanding common stock in accordance with typical practice for such programs. “We believe …

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AcquisitionsData CentersKentuckySoutheast

Aphorio Carter Buys Two Data Centers in Kentucky for $35M

by John Nelson

LOUISVILLE AND SIMPSONVILLE, KY. — Aphorio Carter Critical Infrastructure Fund LLC has purchased two data centers in Louisville and Simpsonville for a combined purchase price of $35 million. The seller was not disclosed. Both properties span 102,500 square feet and are LEED Gold-certified. Additionally, both data centers were built in 2011 and are fully leased to the same tenant, an undisclosed Fortune 200 firm. The two properties also include 10,000 square feet of raised floor space, an additional 10,000 square feet of shell space for future expansion and 1 megawatt (MW) of critical power. The Louisville data center sits on 30 acres while the Simpsonville data center occupies 21 acres. LG&E provides energy services to the Louisville facility, while Kentucky Utilities services the Simpsonville property.

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DevelopmentFloridaIndustrialLeasing ActivitySoutheast

Merritt Properties Fully Leases Phase II of Imeson Landing Business Park in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Merritt Properties has fully leased the second phase of Imeson Landing Business Park, an industrial park in Jacksonville that will span nearly 400,000 square feet upon completion. The first two phases of Imeson Landing house 24 tenants whose spaces range from 3,000 to 30,000 square feet in size. Merritt is planning to soon launch Phase III, which will add 120,000 square feet of new industrial space to the park along Zoo Parkway.

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FloridaLeasing ActivityOfficeSoutheast

Blanca CRE Arranges 51,484 SF Office Lease in Miami for Verizon

by John Nelson

MIAMI — Blanca Commercial Real Estate (Blanca CRE) has arranged a 51,484-square-foot office lease for Verizon in Miami. Juan Ruiz, Andres del Corral, Jack Davidson, Tere Blanca and Jessy Aguila of Blanca CRE represented the property’s ownership, a joint venture between Nuveen Real Estate and PIMCO Prime Real Estate, which acts on behalf of Allianz insurance companies. John Marshall and Josh Kuriloff of Cushman & Wakefield represented Verizon in the lease negotiations. Verizon’s new space will be situated within Waterford Business District, a 250-acre campus that comprises more than 3 million square feet of office space.

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AcquisitionsDevelopmentFloridaRetailSoutheast

Continental Realty Corp. Sells Parcel at Fort Myers Shopping Center, Buyer Plans New EoS Fitness Location

by John Nelson

FORT MYERS, FLA. — Baltimore-based Continental Realty Corp. has sold a 2.2-acre outparcel at the Shoppes at Pelican Preserve, a 79,970-square-foot shopping center located at 10580 Colonial Blvd. in Fort Myers that is anchored by Winn-Dixie. The buyer, Barclay Group, purchased the land for $2.2 million. The firm plans to develop a 42,000-square-foot freestanding building on the site that will be fully occupied by EoS Fitness. Barclay Group expects to deliver the new property by 2026. Blake Dickinson of Continental Realty Corp., as well as Bob Pekol and Jessica McEvoy of LQ Commercial Fort Myers, represented the seller in the land deal. Tyler McRae of SRS Real Estate Partners represented the buyer. EoS Fitness currently operates 13 gyms in Florida. Barclay Group has delivered 30 sites for the fitness concept across six states.

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AcquisitionsRetailSoutheastVirginia

Cushman & Wakefield | Thalhimer Brokers $6M Sale of Shopping Center in Danville, Virginia

by John Nelson

DANVILLE, VA. — Cushman & Wakefield | Thalhimer has brokered the $6 million sale of a shopping center located at 143 and 153 Crown Drive in Danville, a city on the Virginia-North Carolina border. The 76,622-square-foot retail center is situated on 9.2 acres. Wyatt Poats of Cushman & Wakefield | Thalhimer represented the seller, an entity doing business as GDC Properties I LLC, in the transaction. The buyer was a company doing business as BWDD LLC.

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AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 384-Unit Park at San Marino Apartments in West Houston

by Taylor Williams

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Park at San Marino, a 384-unit apartment community in West Houston. Built on 13 acres in 1984, The Park at San Marino offers one-, two and three-bedroom units, according to Apartments.com. The average unit size is 852 square feet. Amenities include a pool, fitness center, business center and a dog park. Greg Austin, Travis Austin, Jackson Hart, Will Balthrope and Kyle Devillier of IPA represented the seller and procured the buyer, both of which were limited liability companies, in the transaction. The sales price was not disclosed.

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AcquisitionsIndustrialTexas

M2G Ventures Acquires 188,000 SF Industrial Complex in Lewisville, Texas

by Taylor Williams

LEWISVILLE, TEXAS — Locally based investment firm M2G Ventures has acquired a 188,000-square-foot industrial complex in the northern Dallas suburb of Lewisville. Known as Lewisville 121 by virtue of its location along State Highway 121, the property comprises six buildings on an 11-acre site. The buildings were constructed between 1991 and 2007 and feature 19- to 33-foot clear heights. M2G Ventures acquired Lewisville 121, which was 96 percent leased at the time of sale, in partnership with Austin-based Evergen Equity.  The new ownership will implement a value-add program and has tapped Stream Realty Partners as the leasing agent.

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DevelopmentLeasing ActivityRetailTexas

Home Depot to Open 105,000 SF Store in Celina, Texas

by Taylor Williams

CELINA, TEXAS — The Home Depot (NYSE: HD) will open a new, 105,000-square-foot store in the North Texas city of Celina. The address was not disclosed, but local news outlet WFAA reports that the store will be located at the northwest corner of Ownsby Parkway and Preston Road, across from a future Lowe’s Home Improvement store and next to a planned Costco. The Atlanta-based home improvement retailer expects to obtain a certificate of occupancy by the end of July 2026 and to commence operations shortly thereafter.

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