Property Type

Jay Bhullar Buys Historic Colman Building in Seattle

by Amy Works January 3, 2025

SEATTLE — Jay Bhullar has acquired the Colman Building, a historic retail and office building in downtown Seattle, through a receivership partnership. Kidder Mathews’ Darren Tappen, Andy Miller, Pete Beauchamp and Nathan Thinnes represented John A. Rothschild of Newmark, the court-appointed receiver, in facilitating the sale. Terms of the transaction were not released. Constructed more than 125 years ago, the 143,922-square-foot Colman Building is located at 811 1st Ave. The property offers proximity to the ferry terminal, Marion Street Pedestrian Bridge and Seattle Waterfront. The buyer plans to reactivate the property’s street-level retail spaces, which were vacated during the pandemic, and lease out the vacant office suites across the building’s upper five floors.

January 3, 2025

Acquisitions Arizona Industrial Western

Discount Tire Acquires 275,208 SF Desert Ridge Corporate Center in Phoenix

by Amy Works January 3, 2025

PHOENIX — Discount Tire, through its affiliate real estate division Halle Properties LLC, has purchased Desert Ridge Corporate Center I and II in Phoenix. Terms of the transaction were not released. Desert Ridge includes 275,208 square feet of multi-tenant office space across two four-story office buildings originally constructed in 2005 and 2007. The asset also offers a three-level parking structure. Discount Tire currently occupies an entire floor at Desert Ridge, which houses a part of the national retailer’s corporate functions. Founded in 1960 by Bruce T. Halle, Discount Tire operates more than 1,200 tire retail stores across the United States, as well as an online tire and wheel shopping platform. The 12.2-acre Desert Ridge site is located 4.7 miles from the Discount Tire headquarters and one mile from the 35-acre site Discount Tire acquired in December 2022.

January 3, 2025

Acquisitions Retail Washington Western

CBRE Negotiates $13.9M Sale of Multi-Tenant Retail Property in North Seattle

by Amy Works January 3, 2025

SEATTLE — CBRE has facilitated the $13.9 million sale of a multi-tenant retail property in North Seattle. A private investor acquired the property from Madison Development, which originally developed in the asset in 2007. Dino Christophilis and Daniel Tibeau of CBRE represented seller in the deal. Situated on 3.7 acres at 13244 Aurora Ave. N., the 51,329-square-foot property consists of two components — a 45,000-square-foot building leased to LA Fitness and a 6,329-square-foot pad building that is fully leased to Jersey Mike’s Subs, IRG Physical Therapy and T-Mobile.

January 3, 2025

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $24.5M Sale of Apartment Community in Forest Lake, Minnesota

by Kristin Harlow January 3, 2025

FOREST LAKE, MINN. — JLL Capital Markets has arranged the $24.5 million sale of Village Apartments in Forest Lake, about 27 miles northeast of St. Paul. The 252-unit apartment community was constructed in 1969 and consists of three buildings. Amenities include picnic areas, a playground, pool and bike racks. Josh Talberg of JLL represented the seller, Gaughan Cos. The buyer was undisclosed. Village Apartments marks the seventh property to trade in the larger 800-unit Minnesota Legacy Apartment Portfolio that JLL has been marketing for sale.

January 3, 2025

Acquisitions Industrial Midwest Self-Storage Wisconsin

NAI Pfefferle Brokers Sale of Two Self-Storage Facilities in Pulaski, Wisconsin

by Kristin Harlow January 3, 2025

PULASKI, WIS. — NAI Pfefferle has brokered the sale of two self-storage facilities totaling 441 units in Pulaski, about 20 miles northwest of Green Bay. The sales price was not disclosed, but the asking price was $4.3 million. The properties total 98,740 square feet. Jonathan Glassco and Nick Schmidt of NAI Pfefferle arranged the sale.

January 3, 2025

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $3.4M Sale of Retail Strip Center in Aurora, Illinois

by Kristin Harlow January 3, 2025

AURORA, ILL. — Marcus & Millichap has negotiated the $3.4 million sale of a six-suite retail strip center in Aurora. The 12,684-square-foot property was fully occupied at the time of sale to local restaurants, healthcare providers and technology retailers. Built in 2010, the asset is located at 5 N. Root St. Coult Greenwell and Mitchell Kiven of Marcus & Millichap represented the seller, a private investor based in the western Chicago suburbs. The duo also procured the buyer, a private investor who is in the process of growing a portfolio of neighborhood retail centers.

January 3, 2025

Acquisitions Michigan Midwest Office

Colliers Arranges Sale of 20,000 SF Office Building in Birmingham, Michigan

by Kristin Harlow January 3, 2025

BIRMINGHAM, MICH. — Colliers has arranged the sale of a 20,000-square-foot office building in Birmingham, a northern suburb of Detroit. The sales price was undisclosed. Kalasho Management, a property management company, purchased the building and plans to make major renovations. Taunt Law Firm previously occupied the property for many decades. Gary Grochowski and Bryan Barnas of Colliers represented the buyer and seller.

January 3, 2025

Acquisitions Industrial Midwest Minnesota

Realterm Acquires Industrial Outdoor Storage Facility in Suburban Minneapolis

by Kristin Harlow January 3, 2025

ROSEVILLE, MINN. — Realterm has acquired a 6.3-acre industrial outdoor storage facility in the Minneapolis suburb of Roseville for an undisclosed price. Developed in 2021, the Class A property at 2340 Rose Place West features five oversized drive-in doors, four dock-high loading positions and a two-story, 7,300-square-foot office component. The site is fully leased to an asset-light freight and logistics company that provides services across the United States and Canada. Chris Weirens of Transwestern facilitated the transaction and represented the undisclosed seller. The transaction marks Realterm’s third acquisition in the region.

January 3, 2025

Acquisitions Industrial Texas

Cushman & Wakefield Brokers Sale of 414,871 SF Distribution Center in Irving

by Taylor Williams January 2, 2025

IRVING, TEXAS — Cushman & Wakefield has brokered the sale of Valley View Business Center, a 414,871-square-foot distribution center in Irving. The property, which is located just south of Dallas-Fort Worth International Airport, was completed in 2009 and was fully leased to two tenants at the time of sale. Building features include 30-foot clear heights and four points of ingress/egress. Jim Carpenter, Jud Clements, Robby Rieke and Trevor Berry of Cushman & Wakefield represented the seller, a fund backed by Brookfield Asset Management, in the transaction. The buyer was Boston-based Longpoint Partners.

January 2, 2025

Development Multifamily Texas

StreetLights Residential Delivers 276-Unit Multifamily Project in Austin

by Taylor Williams January 2, 2025

AUSTIN, TEXAS — Dallas-based developer StreetLights Residential has delivered The Maris, a 276-unit multifamily project in Austin’s Lakeline neighborhood that represents Phase IV of the Presidio development. Phase I (The Michael) and Phase II (The Elizabeth) were completed in 2016 and 2019, respectively. Phase III, The Asher, opened in 2023. The Maris features studio, one-, two- and three-bedroom floor plans ranging in size from 517 to 1,684 square feet. Amenities include a pool, fitness center, coworking spaces and a game room. SLR Construction served as general contractor for The Maris, construction of which began in October 2022. Monthly rental rates at the property range from $1,241 to $3,815, according to Apartments.com.

January 2, 2025

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