Property Type

Raintree Partners Buys Woodside Terrace Apartment Property in Alhambra, California for $26.2M

by Amy Works January 6, 2025

ALHAMBRA, CALIF. — Raintree Partners has acquired Woodside Terrace, an apartment property in Alhambra, for $26.2 million, or $312,500 per unit. Built in 1972, Woodside Terrace features 85 apartments, a swimming pool, lounge deck, laundry facilitates and assigned parking. Apartments have original cabinetry, floor-to-ceiling pantries and private balconies or patios. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the deal.

January 6, 2025

Acquisitions California Retail Western

Cohen & Steers, Sterling Acquire 231,700 SF Retail Center in San Mateo

by Amy Works January 6, 2025

SAN MATEO, CALIF. — Cohen & Steers Income Opportunities REIT (CNSREIT) and Sterling Organization have acquired Bridgepointe Shopping Center, a 231,700-square-foot retail center in San Mateo. Tenants at the property, which was fully leased at the time of sale, include Total Wine & More, Nordstrom Rack, Ross Dress for Less and Marshalls. This marks the third joint-venture acquisition for CNSREIT and Sterling.

January 6, 2025

Colorado Development Multifamily Western

Thompson Thrift to Develop 324-Unit Multifamily Community in Longmont, Colorado

by Amy Works January 6, 2025

LONGMONT, COLO. — Thompson Thrift plans to develop Heritage on Hoover, a Class A apartment property in Longmont, a suburb of Boulder. Construction of the 324-unit community is slated for completion in winter 2026. Located near the intersection of Mountain Brook Drive and South Hover Street, Heritage on Hover will feature three-story buildings with one-, two- and three-bedroom layouts averaging nearly 1,000 square feet. Apartments will include quartz countertops, stainless steel appliances, side-by-side refrigerators, full-size washers and dryers, large walk-in closets and multiple smart home capabilities. Additionally, select residences will feature cabinetry with soft-close doors, deluxe closet systems with shelving, premium lighting, dry bars and advanced smart home capabilities. Private patios, balconies, yards and detached garage options will also be available. Community amenities will include an outdoor entertainment kitchen and grilling areas, a fully equipped 24-hour fitness center, resort-style heated swimming pool and spa, electric firepits with seating areas, a billiards and shuffleboard area, a dog park, bike storage and a Starbucks Coffee bar. Additionally, the community will include focus suites and community-wide Wi-Fi, as well as an on-site service team, valet trash service and a user-friendly mobile app. Thompson Thrift 2024 Multifamily Development Fund LP provided equity for the development.

January 6, 2025

Acquisitions California Restaurant Retail Western

Progressive Real Estate Brokers $2.5M Sale of Restaurant Building in Montclair, California

by Amy Works January 6, 2025

MONTCLAIR, CALIF. — Progressive Real Estate Partners has arranged the sale of a fully built-out restaurant located at 9345 Monte Vista Ave. in Montclair. A San Gabriel, Calif.-based private investor sold the asset to a local private buyer for $2.5 million. The buyer owns and operates a chain of Southern California sit-down Mexican restaurants. Built in 1981, the 6,200-square-foot restaurant features a fully equipped kitchen and bar, plenty of parking and freeway monument signage. The buyer plans to renovate the property and open a sit-down restaurant. A timeline or specific plans for the concept have not been released. Red Lobster previously occupied the asset. Paul Galmarini of Progressive Real Estate Partners and Jereme Snyder of Colliers represented the seller, while Cristina Hsieh of Sperry Van Ness represented the buyer in the deal.

January 6, 2025

Acquisitions Illinois Industrial Midwest

Venture One Acquires 624,654 SF Industrial Building in Joliet, Illinois

by Kristin Harlow January 6, 2025

JOLIET, ILL. — Venture One Real Estate, in partnership with DRA Advisors, has acquired a 624,654-square-foot industrial building in Joliet for an undisclosed price. Located at 2700 Ellis Drive, the property was vacant at the time of acquisition. Constructed in 2006, the building sits on 52 acres and features a clear height of 30 feet, 63 exterior docks, 17 drive-in doors and a 13-acre paved and secured lot that can accommodate more than 500 trailer stalls. Venture One plans to construct 2,500 square feet of office space. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the undisclosed seller. Traci Payette, Jeff Kapcheck and Rowan McDonnell of CBRE have been hired to market the property for lease. The building was acquired in a partnership of Venture One’s acquisition fund, VK Industrial VII, and a fund managed by DRA Advisors. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.

January 6, 2025

Acquisitions Industrial Midwest Multifamily Wisconsin

Barry Co. Brokers Sale of 56,000 SF Industrial Building in Milwaukee Slated for Apartment Conversion

by Kristin Harlow January 6, 2025

MILWAUKEE — The Barry Company has brokered the sale of a 129-year-old industrial building in Milwaukee’s Menomonee Valley neighborhood for an undisclosed price. The 56,000-square-foot property will be transformed into an apartment development. The four-story building was listed on the market for more than 20 years, and the site’s redevelopment was made possible after an extensive re-zoning process. Kurt Van Dyke and Jim Barry III of Barry Co. brokered the transaction. Kendall Breunig of Sunset Investors purchased the property from an affiliate of the Read family.

January 6, 2025

Acquisitions Indiana Midwest Retail

Boulder Group Negotiates $5.8M Sale of O’Reilly Auto Parts-Occupied Retail Property in Indiana

by Kristin Harlow January 6, 2025

HOBART, IND. — The Boulder Group has negotiated the $5.8 million sale of a 42,097-square-foot retail property net leased to O’Reilly Auto Parts in Hobart, a city in northwest Indiana. The building is located at 2881 E. 81st Ave. just west of I-65 and serves as an outparcel to The Home Depot and Target. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Midwest-based developer. The buyer was a Midwest-based real estate investment trust.

January 6, 2025

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $2.5M Loan for Refinancing of Michigan Multifamily Community

by Kristin Harlow January 6, 2025

CLARKSTON, MICH. — Bernard Financial Group (BFG) has arranged a $2.5 million loan for the refinancing of a 141-unit multifamily community in Clarkston, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, Independence Square LP. Ameritas Life Insurance Corp. provided the loan.

January 6, 2025

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $2.1M Sale of Huntington Bank-Leased Retail Asset in Southfield, Michigan

by Kristin Harlow January 6, 2025

SOUTHFIELD, MICH. — Marcus & Millichap has brokered the $2.1 million sale of a 5,749-square-foot retail building net leased to Huntington Bank in Southfield. Built in 2008 and located at 24805 W. 12 Mile Road, the property features four drive-thru lanes and an ATM. Huntington Bank recently signed a new 10-year triple-net ground lease, which began in March 2024. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented the seller, a private developer. The asset sold to a local, all-cash buyer.

January 6, 2025

Industrial Loans New Jersey Northeast

JLL Arranges Loan for Refinancing of Central New Jersey Industrial Portfolio

by Taylor Williams January 6, 2025

EDISON, N.J. — JLL has arranged a loan of an undisclosed amount for the refinancing of a portfolio of two industrial buildings totaling 113,211 square feet in the Central New Jersey community of Edison. The portfolio, which was fully leased at the time of the loan closing, comprises a 53,950-square-foot building that was constructed in 1982 and a 59,261-square-foot building that was completed in 1988. Michael Klein and Max Custer of JLL arranged the 11-year, fixed-rate loan on behalf of the borrower, Summit Associates Inc. The direct lender was not disclosed.

January 6, 2025

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