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3961-Channel-Dr-West-Sacramento-CA
AcquisitionsCaliforniaIndustrialLee & AssociatesWestern

Lee & Associates Facilitates $17.9M Sale of Industrial Property in West Sacramento

by Amy Works

WEST SACRAMENTO, CALIF. — Lee & Associates has arranged the sale of a heavy industrial-zoned property at 3961 Channel Drive in West Sacramento. Yara North America sold the asset Greencycle Properties, an affiliate of Teichert Inc., for $17.9 million. Alex Weiss and Greg Pieratt of Lee & Associates represented the seller in the transaction. The site, which was formerly used by Yara International as a fertilizer supply port, was decommissioned a year ago. Situated on 23.4 acres, the asset includes one existing building, rail spurs, 5.5 acres of undeveloped industrial land and direct access to the Sacramento Deep Water Ship Channel.

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AcquisitionsIllinoisMidwestMultifamily

AmTrust RE Acquires 213-Unit Parkline Chicago Luxury Apartment Tower in East Loop

by Kristin Harlow

CHICAGO — AmTrust RE has acquired Parkline Chicago, a 213-unit luxury apartment tower in Chicago’s East Loop neighborhood. The sales price and seller were undisclosed. The 26-story property is located at 60 E. Randolph St. Totaling 210,000 square feet, the building features 189 rental units and 24 penthouses. Amenities include a two-story sky lounge, fitness and yoga studio, indoor/outdoor pool with attached sundeck and private dog run. Commercial tenants in the building’s 6,200 square feet of retail space include Smoothie King and Starbucks. Parkline Chicago features unobstructed views of Millennium Park, Buckingham Fountain and Lake Michigan. AmTrust is a longtime investor in the Chicago office market. John Jaeger, Justin Puppi and Jason Zyck of CBRE brokered the transaction.

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AcquisitionsIowaMidwestRetail

Cleeman Realty Group Arranges Sale of Orchard Corners Shopping Center in Shenandoah, Iowa

by Kristin Harlow

SHENANDOAH, IOWA — Cleeman Realty Group has arranged the sale of Orchard Corners, a retail center anchored by Hy-Vee in Shenandoah, a city in southwest Iowa. The sales price was undisclosed. Situated on 6.5 acres and shadow anchored by Tractor Supply Co., the property features more than 50,000 square feet of gross leasable area as well as Scooter’s Coffee and McDonald’s outparcels. At the time of sale, the center was 87 percent occupied. Hy-Vee has operated at the property since 1975. Jeremy Scheer of Cleeman represented the buyer and seller, neither of which were disclosed.

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AcquisitionsIllinoisIndustrialMidwest

Venture One Purchases 59,735 SF Industrial Building in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has purchased a 59,735-square-foot industrial building in Itasca for an undisclosed price. Constructed in 1972 and located at 700 District Drive, the facility features clear heights ranging from 18 to 24 feet, three docks, two drive-in doors and parking for 77 cars. Venture One signed a long-term lease with a tenant prior to closing on the property. Jeff Janda of Lee & Associates represented the undisclosed seller, while Cal Payne of CBRE represented Venture One and the tenant. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

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IllinoisLeasing ActivityMidwestRetail

Galleria Furniture Signs 20,000 SF Retail Lease at Marycrest Shopping Center in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — Galleria Furniture has signed a 20,000-square-foot retail lease at Marycrest Shopping Center in Joliet. The 171,000-square-foot strip center, located on Jefferson Street, is home to Provena Health, Joliet Bank & Trust, Rent-A-Center, Golden Corral, Dollar Tree, Sidelines Sports Bar, Posh Salon Suites, Clair Beauty Mart, Popus Gourmet Popcorn and Basinger’s Pharmacy. The property is now 93 percent leased. Chris Irwin and Brad Belden of Colliers represented the owner, RMS. Eli Munoz of Wirtz Real Estate represented Galleria Furniture.

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AcquisitionsIowaMidwestRetail

Marcus & Millichap Brokers $2.3M Sale of Retail Strip Center in Davenport, Iowa

by Kristin Harlow

DAVENPORT, IOWA — Marcus & Millichap has brokered the $2.3 million sale of Elmore Avenue Shoppes in Davenport. The fully occupied, six-unit retail strip center is located at 4810 Elmore Ave. just off I-74. Tenants at the 9,835-square-foot property, built in 2002, include GameStop, Hungry Hobo, Computer Repair Center, Indy Smoke Time, Novel Nail Time and 100% Chiropractic. Jeff Rowlett of Marcus & Millichap represented the seller, GPH Davenport Retail LLC. Jon Ruzicka, broker of record in Iowa, assisted in closing the transaction. The sale closed within 50 days to an unnamed buyer.

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Affordable HousingBuild-to-RentDevelopmentMixed-UseMultifamilyNorth CarolinaSingle-Family RentalSoutheast

Beechwood Carolinas Breaks Ground on 120-Acre Mixed-Use Development in Chapel Hill

by John Nelson

CHAPEL HILL, N.C. — Beechwood Carolinas, a division of The Beechwood Organization, has broken ground on South Creek, a 120-acre mixed-use development in Chapel Hill. Located at 119 US Highway 15 501 S, the campus will comprise 92 apartments, 606 condominiums, 100 townhomes, 52,000 square feet of retail space and an 80-acre nature preserve with walking trails. An estimated 15 percent of South Creek’s for-sale homes will be designated as affordable. Additionally, the property will feature amenities including a fitness center, multiple club and lounge areas, a dog park and firepits, as well as multiple electric vehicle charging stations and bike parking spaces. Beechwood Carolinas plans to begin vertical construction in early 2025.

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Build-to-RentDevelopmentLoansMultifamilySingle-Family RentalSoutheast

JLL Arranges $52.7M Construction Financing for Build-to-Rent Project on Florida’s Space Coast

by John Nelson

PALM BAY, FLA. — JLL has arranged a $52.7 million construction loan for Havens at Palm Bay, a 266-unit build-to-rent residential development on Florida’s Space Coast. Max La Cava, Pier Barinci and Shane Ciacci of JLL arranged the non-recourse loan on behalf of the borrowers, Stellar Communities and Adam America Real Estate (AARE). Additionally, JLL arranged an undisclosed amount of joint venture limited partner (LP) equity on behalf of the borrowers. The sources for the debt and equity capital were not disclosed. Havens at Palm Bay will feature one-, two- and three-bedroom casita-style units fronting a natural lagoon. Amenities will include a resort-style pool, clubhouse, tot lot, dog park, self-storage and detached parking, as well as walkability to a newly built Publix. Stellar and AARE plan to deliver the property in 2026.

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AcquisitionsFloridaIndustrialSoutheast

Equus Capital Partners Acquires Industrial Property in Lakeland, Florida for $38M

by John Nelson

LAKELAND, FLA. — Equus Capital Partners Ltd. has acquired a two-building industrial property located at 900 and 920 N. Chestnut Road in Lakeland, about 35 miles east of Tampa. An affiliate of High Street Logistics Properties sold the 299,241-square-foot property for $38 million. Frank Fallon and Jose Lobon of CBRE represented the seller in the transaction. Equus Capital purchased the property on behalf of a programmatic joint venture between one of its affiliates and a domestic public pension plan. The two industrial buildings were built in 2021 and were fully leased at the time of sale to two tenants: Gruma and Safelite. The property sits 1.5 miles from I-4 and a little over four miles from Lakeland Linder International Airport.

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AcquisitionsMarylandRetailSoutheast

KLNB Brokers $16.7M Sale of Arbutus Shopping Center in Metro Baltimore

by John Nelson

ARBUTUS, MD. — KLNB has brokered the $16.7 million sale of Arbutus Shopping Center in Arbutus, roughly 10 miles outside Baltimore. Weis Markets anchors the property, which totals 87,939 square feet and was 95 percent occupied at the time of sale. Other tenants at the center include Walgreens, Advance Auto Parts, Dollar Tree and Truist Bank. Meir Duke of Duke Arbutus acquired Arbutus Shopping Center from AmCap Inc., which acquired the property in 1981. Chris Burnham and Vito Lupo of KLNB represented the seller in the transaction, and MFI Realty represented the buyer.

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