AURORA, COLO. — SRS Real Estate Partners has negotiated the ground lease (land ownership) sale of a retail property in Aurora. A Denver-based private investor acquired the asset from a national REIT for $3.6 million. Built in 2024, the 1,000-square-foot property is occupied by a King Soopers fuel center on a new 20-year corporate-guaranteed lease from parent company, The Kroger Co. The property is an outparcel to Arapahoe Crossings, a 528,000-square-foot power center anchored by King Soopers. Patrick McGlinchey, Brian Wolfman, Justin Gregory and Erik Christopher of SRS Real Estate represented the seller in the deal.
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BOSTON — Nauset Construction has completed Phase II of The Conrad, a project in downtown Boston that is a multifamily conversion of the former Conrad & Chandler’s department store. Designed by Schopf Design Associates (Phase I) and Golden Architects (Phase II) and owned by 3MJ Realty, The Conrad comprises 36 residential units and 7,000 square feet of retail space. Phase II included constructing four one-bedroom and five two-bedroom units on the second floor, renovating the first-floor retail space; installing a new roofing system, upgrading the elevator cab and replacing existing windows.
Cushman & Wakefield | PICOR Brokers $3.1M Sale of Medical Office Building in Tucson, Arizona
by Amy Works
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a 10,405-square-foot medical office building located at 2155 W. Orange Grove Road in Tucson. OGFP Building LLC sold the asset to The Kenneth M. Phrang & Cynthia L. Phrang Trust for $3.1 million. Richard Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the seller, while Ryan Gonzales of Marcus & Millichap represented the buyer in the deal.
PLEASANT PRAIRIE, WIS. — Bond Cos. has broken ground on Inspire Prairie Springs in Pleasant Prairie. The first phase of the multifamily project, set to be completed in early 2027, will consist of 332 units across three buildings as well as an amenity clubhouse. The three-story, garden-style buildings will feature a mix of studio, one-, two- and three-bedroom layouts ranging from 500 to 1,405 square feet. Each building will include a lobby amenity suite with a lounge, coworking space, package room, bicycle room and resident storage. An additional third-floor resident lounge will include communal seating, a wet bar and outdoor patio. Clubhouse amenities will include a fitness center, golf simulator, coworking space, resident lounge and dog wash facility. A party room will feature Table Tap technology, a self-pour beverage system. The community will also feature an outdoor pool, pickleball courts, a putting green, outdoor fitness space, dog park, playground, recreation trail, cabanas, fire pits, grilling stations and a car care station. The project team includes RINKA as architect and Stevens Construction Corp. as general contractor. A second phase of construction is planned for 378 units across five three-story buildings with another amenity clubhouse. When that phase is completed in 2028, …
NEW YORK CITY — Marcus & Millichap has brokered the $7 million sale of an 8,282-square-foot multifamily development site in Brooklyn’s Prospect Heights neighborhood. The site at 918 Atlantic Ave. currently houses a car wash and can support 59,630 buildable square feet as of right and up to 74,538 buildable square feet with inclusionary housing bonus. Andrew Bronsteen, Shaun Riney and Jason Farese of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors, in the transaction.
CARMEL, IND. — Marcus & Millichap has brokered the $28 million sale of Carmel Tech Center, a three-building, 209,056-square-foot industrial flex portfolio in the Indianapolis suburb of Carmel. The properties include 833-887 Carmel Drive, a 58,430-square-foot building constructed in 1988 and renovated in 2022; 12302-12388 Hancock St., a 74,074-square-foot building completed in 1988 and renovated in 2016; and 12202-12292 Hancock St., a 76,552-square-foot asset constructed in 1988 and renovated in 2004. Anchor tenants across the portfolio include Vantiva, Stryker Orthopaedics, Live Nation, Option Care Health, Securitas Technology, Snap One Partner Store and T2 Systems. Julia Evinger of Marcus & Millichap represented the seller, a national commercial real estate investment and development company, and procured the buyer, a Midwest-based private commercial real estate investment company.
CINCINNATI — An affiliate of Next Realty LLC has sold Kings Automall Shopping Center in Cincinnati for an undisclosed price. The asset was part of Next Realty Fund IX LP. The 67,000-square-foot neighborhood retail center sits at the entrance to the Kings Automall corridor, which is home to 14 auto dealerships representing 18 vehicle brands. Next Realty acquired the property in July 2021 and implemented a business plan focused on strengthening tenant retention and improving occupancy. During the time of ownership, Next Realty leased all vacancies and executed several lease extensions. Most recently, LensCrafters, a tenant at the center since 1997, completed a long-term lease renewal. The leasing activity resulted in a 25 percent increase in the property’s net operating income. The buyer was able to assume the in-place financing, which offered more favorable terms than currently available options.
FARGO, N.D. — Blue West Capital has arranged the sale of a single-tenant retail property net leased to Planet Fitness in Fargo for $6.1 million. The cap rate of 6.68 percent represented the lowest cap rate recorded for a Planet Fitness facility nationally since 2023, according to CoStar. Carly Gallagher Kelly of Blue West represented the undisclosed seller. The all-cash buyer was a national real estate investment trust. The newly constructed, flagship location is operated by one of Planet Fitness’s largest franchisees, with 119 locations across 10 states. There are more than 2,600 Planet Fitness locations nationwide.
MAYFIELD HEIGHTS, OHIO — Time Equities Inc. (TEI) and RHM Capital have acquired 6055 Parkland Boulevard, a 104,221-square-foot office building in the eastern Cleveland suburb of Mayfield Heights, for $3.5 million. The partnership plans to begin immediate renovations to the lobby and common areas and enhance the building’s existing amenities. The property features 35,000-square-foot floorplates, underground parking and direct visibility to I-271. CBRE represented the seller, Progressive Insurance. Jonathan Dulberg and Keaton Baum represented TEI on an internal basis, and Preston Hoge represented RHM internally.
NEW YORK CITY — Foster Garvey PC has signed a 10-year, 11,445-square-foot office lease at One Seaport Plaza in Lower Manhattan. The law firm will relocate from 100 Wall Steet to the ninth floor of the 1.1 million-square-foot building, which is located at 199 Water St., beginning this fall. Nicholas Farmakis and Steve London of Savills represented Foster Garvey in the lease negotiations. John Cefaly, Ethan Silverstein, Stephen Bellwood and Rachel Rosenfeld of Cushman & Wakefield, along with internal agents Brett Greenberg and Adam Rappaport, represented the landlord, Jack Resnick & Sons.