Thursday, August 28, 2025
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Vicinity-Apts-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Newmark Arranges $55M Sale of Two Multifamily Assets in Phoenix

by Amy Works

PHOENIX — Newmark has brokered the sale of two multifamily properties, known as Ascent 1829 and Vicinity, in Phoenix for a total of $55 million. The name of the buyer was not released. Constructed in 1980, Ascent 1829 features 180 units with renovation efforts underway — 47 of the units have been fully updated with stainless steel appliances, vinyl wood plank flooring, painted gray cabinetry with hardware pulls, built-in microwave oven, modern plumbing fixtures and contemporary lighting. Vicinity Apartments, which was built in 1975, features 125 units spread across 10 buildings on 4.3 acres. Each of the buildings were recently renovated and feature wood frame construction, stucco exterior finishes and mansard tiled roofs. Brad Goff, Brett Polacheck and Chris Canter of Newmark handled the transactions.

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AcquisitionsColoradoIndustrialWestern

Graham Street Realty Enters Industrial Market with $16M Commerce Square Acquisition in Aurora, Colorado

by Amy Works

AURORA, COLO. — San Francisco-based Graham Street Realty has purchased Commerce Square, an industrial asset located in the Interstate 70 East Industrial submarket of the Denver-Aurora metro. First Industrial Realty Trust sold the property for $16 million. Commerce Square features 144,464 rentable square feet of shallow-bay, light industrial space across two Class B buildings, which were built in 1984. The single-story buildings offer above-standard loading capabilities and storefronts. At the time of sale, Commerce Square was fully leased. Oakland, Calif.-based Paramount Property Co. will provide property management services for the asset. This deal brings Graham Street Realty’s Colorado portfolio to nine properties and marks the firm’s first industrial acquisition.

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AcquisitionsIndustrialNevadaWestern

GPR Ventures Expands to Reno with 331,632 SF Warehouse Acquisition

by Amy Works

RENO, NEV. — GPR Ventures has acquired an industrial warehouse property located at 4910 Longley Lane in Reno. Details of the transaction were not released. The purchase is GPR’s first acquisition in the Reno market. Situated near Reno-Tahoe International Airport, the 331,632-square-foot facility features dedicated office space; 21 dock-high doors, with potential for 16 more; two grade-level doors illuminated with T5 high-output fluorescent lamps for increased visibility; and new roofing that represented a $1.5 million investment. At the time of acquisition, the property was 80 percent occupied by two tenants: Hamilton Co., a global manufacturer of precision measurement devices, and Powertrain Industries, which offers a line of unique products used by mechanics to repair vehicle driveshafts.

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AcquisitionsOfficeWashingtonWestern

Marcus & Millichap Brokers $6.9M Sale of James Center Plaza Office Building in Tacoma, Washington

by Amy Works

TACOMA, WASH. — Marcus & Millichap has arranged the sale of James Center Plaza, an office property located at 1628 S. Milred St. in Tacoma. A limited liability company sold the building to an undisclosed buyer for $6.9 million. Built in 1997, the asset features 33,375 square feet of office and medical office space. At the time of sale, the building was 78.1 percent occupied, mostly by longstanding medical-dental tenants. Matthew Herman and Stren Lea of Marcus & Millichap’s Seattle office represented the seller in in the deal.

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DevelopmentMidwestMultifamilyOhio

GBX Group, Ethos Capital Complete Multifamily Adaptive Reuse Project in Cleveland

by Kristin Harlow

CLEVELAND — GBX Group LLC, in partnership with Ethos Capital Partners LLC, have completed the revitalization of 2125 Superior Avenue in Cleveland’s Superior Arts District. The modernized residential and retail property is now known as 2125 Superior Living. Originally built in 1914 as the home of The Prince-Wolf Co. garment factory, the property now includes 57 units. The 40,000-square-foot development features amenities such as a courtyard and dog park. Street-level retail space will be home to Green Goat, a bar and café by local restauranteur Bobby George. Residents will begin moving in this month with Green Goat slated to open in early 2021.

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LoansMidwestMinnesotaOffice

Grandbridge Arranges $23.5M Refinancing for Office Park in Mendota Heights, Minnesota

by Kristin Harlow

MENDOTA HEIGHTS, MINN. — Grandbridge Real Estate Capital has arranged a $23.5 million loan for the refinancing of a six-building, 420,000-square-foot office park in Mendota Heights within the Twin Cities metro area. Tony Carlson of Grandbridge arranged the loan on behalf of the undisclosed borrower. A life insurance company provided the loan, which features a fixed rate, 10-year term and 25-year amortization schedule.

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IllinoisIndustrialLeasing ActivityMidwest

Methods Machine Tools Inks 36,000 SF Industrial Lease in Suburban Chicago

by Kristin Harlow

GILBERTS, ILL. — Methods Machine Tools Inc. has signed a 36,000-square-foot industrial lease at 70 Prairie Parkway in Gilberts, a northwest suburb of Chicago. The tenant, which is relocating from 2400 Vantage Drive in Elgin, will more than double its space. Dan Brown of Brown Commercial Group represented both the tenant and the landlord, Cratos LLC. Methods is a North American supplier of precision machine tools and automation. The company maintains 10 showrooms and technical centers across the U.S. and expects to take occupancy of the Gilberts facility in March.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Brokers Sale of 21,460 SF Industrial Building in Mundelein, Illinois

by Kristin Harlow

MUNDELEIN, ILL. — Entre Commercial Realty has brokered the sale of a 21,460-square-foot industrial building in Mundelein, a northern suburb of Chicago. The sales price was undisclosed. Located at 300 Townline Road, the property features a clear height of 18 feet, one exterior dock, two drive-in doors and parking for 100 cars. Brian Bocci of Entre represented the buyer, a private investor that plans to convert the building into a baseball training facility. John Coleman of MK Asset Brokerage represented the undisclosed seller.

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DevelopmentMultifamilySeniors HousingTexas

Buckhead Investment, Zane Segal Break Ground on 142-Unit Active Adult Project Near Houston

by Taylor Williams

SUGAR LAND, TEXAS — A partnership between Houston-based Buckhead Investment Partners and Zane Segal Projects has broken ground on Arista Riverstone, a 142-unit active adult community that will be located in the southwestern Houston suburb of Sugar Land. The four-story building will border a lake and connect to the walking trails within the Riverstone master-planned development. Additional amenities will include a fitness and wellness center, a pool, multiple game rooms and lounges, conference and craft rooms, multiple dog parks, a hair and nail salon and climate-controlled storage units. San Antonio-based Gonzalez Newell Bender Architects is designing the project. Galaxy Builders Ltd., also based in San Antonio, is the general contractor, and Greystar is the leasing agent. Move-ins are slated to begin in early May, with full completion scheduled for fall 2021.

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Peloton-Legacy-Central-Plano
Leasing ActivityOfficeTexas

CBRE Negotiates 103,750 SF Office Lease Expansion for Peloton in Plano

by Taylor Williams

PLANO, TEXAS — CBRE has negotiated a 103,750-square-foot office lease expansion for interactive fitness company Peloton at the 85-acre Legacy Central campus in Plano. Peloton, which moved into the building in 2018, is essentially quadrupling its original footprint and now occupies 131,268 square feet at the property. Michael Conner and Baron Aldrine of CBRE represented Peloton in the lease negotiations. Nathan Durham and Duane Henley of Transwestern represented the landlord, Regent Properties. Peloton reported sales growth of 232 percent in its most recent fiscal quarter, and the company’s stock price is up more than 300 percent for the year as consumers have sought alternative ways of exercising amid COVID-19.

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