Property Type

TMG Arranges $37.6M Sale of Summerview Apartments in Modesto, California

by Amy Works March 3, 2025

MODESTO, CALIF. — The Mogharebi Group (TMG) has directed the sale of Summerview Apartments, a 136-unit multifamily community located at 3601 Prescott Road in Modesto. Summerview Apartments ABC LP acquired the asset from San Francisco-based Tesseract Capital Group for $37.6 million. Built in 1988, Summerview Apartments features 20 one- and two-story buildings offering one- and two-bedroom floor plans with full-sized washers/dryers. The previous owner renovated 120 of the 136 units. Renovated apartments include stainless steel appliances, Shaker cabinets, stone countertops, modern water fixtures, vinyl plank flooring, new baseboards, two-toned paint, LED-recessed lighting and modern ceiling fans. Community amenities include a resort-style pool and spa, fitness center, secure parcel lockers and a leasing office. Otto Ozen, Brian Nakamura and Nazli Santana of TMG represented the seller in the deal.

March 3, 2025

Acquisitions California Development Hospitality Multifamily Student Housing Western

Ambient Communities Buys 110-Room Vacant Hotel in San Diego, Plans Multifamily Conversion

by Amy Works March 3, 2025

SAN DIEGO — Ambient Communities has purchased Consulate Hotel, a shuttered hotel located at 2901 Nimitz Blvd. in San Diego’s Point Loma neighborhood, from Noble Legacy LLC for $17.4 million. Al Apuzzo, Matt Weaver, Alex Bentley and Brianna Lehman of Lee & Associates represented the seller, while Rick Wu and Austin Dias of Duhs Commercial represented the buyer in the transaction. The buyer plans to convert the property, which includes a bar (ABC 47), restaurant and amenity space, into market-rate and student housing apartments. The 63,234-square-foot building, situated on 0.9 acres, was originally built in 1971. The transaction closed with entitlements in place for the proposed redevelopment.

March 3, 2025

Colorado Development Industrial Western

Evergreen Devco Breaks Ground on Superblock Spec Industrial Project in Denver

by Amy Works March 3, 2025

DENVER — Evergreen Devco has broken ground on Superblock, a two-building industrial project located at 4439 N. Telluride St. and 17688 E. 45th Ave. in Denver’s Airport submarket. The speculative development is slated for completion in first-quarter 2026. Situated on 16.5 acres, Superblock will feature a 154,702-square-foot building and a 124,672-square-foot building, designed for flexibility to accommodate a variety of tenants from distribution to manufacturing operations. Additionally, Superblock will offer 39 trailer parking stalls. The site offers connectivity with direct access to Peña Boulevard, Interstate 70 and E-470, as well as immediate proximity to Denver International Airport. Keiffer Garton, Tyler Carner and Jeremy Ballenger of CBRE are handling leasing for the properties.

March 3, 2025

Acquisitions Connecticut Multifamily Northeast

Scully Co., True North Buy 230-Unit Apartment Complex in New Haven, Connecticut

by Taylor Williams March 3, 2025

NEW HAVEN, CONN. — A partnership between two investment firms, Philadelphia-based Scully Co. and Connecticut-based True North Management Group, has purchased The Whit, a 230-unit apartment complex located in New Haven’s Wooster Square neighborhood. Built in 2022, The Whit offers studio, one-, two- and three-bedroom units with an average size of 892 square feet. Residences are furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washer and dryers, and all non-studio apartments have walk-in closets. Amenities include a fitness center with a yoga studio; a landscaped courtyard with a pool and fire pits; a rooftop terrace with bar and lounge seating; a clubroom with a coffee bar; a social dining room with a catering kitchen; and a coworking space with access to individual offices. The Whit also houses three retail spaces, two of which are leased to food-and-beverage operators. Jeffrey Dunne, Simon Butler, Biria St. John, Eric Apfel and Travis Langer of CBRE represented the undisclosed seller in the transaction and procured the partnership as the buyer. Tom Traynor, Adam Spengler, Nick Harris and Jake Helmig, also with CBRE, arranged acquisition financing for the deal through an undisclosed lender.

March 3, 2025

Acquisitions California Office Western

Pacific Coast Commercial Brokers $6.6M Sale of Multi-Tenant Office Building in San Diego

by Amy Works March 3, 2025

SAN DIEGO — Pacific Coast Commercial has arranged the sale of a multi-tenant office property located at 9466 Black Mt. Road in San Diego’s Miramar neighborhood. Hindu Mandir Society of San Diego acquired the asset from 9466 BMR LLC for $6.6 million. The two-story, 31,575-square-foot building was constructed in 1977 as a racquetball facility and converted to a multi-tenant office property in 1983. Bo Gibbons, Brian Crepeau and Daniel Goodman of Pacific Coast Commercial represented the seller, while Paul Britvar of Lee & Associates represented the buyer in the deal.

March 3, 2025

Acquisitions Arizona Industrial Western

TMC Holdings Acquires 2.4-Acre Land Parcel in Tucson, Arizona for $3.4M

by Amy Works March 3, 2025

TUCSON, ARIZ. — TMC Holdings Inc. has purchased 2.4 acres of land at Pavilions Lots 9 and 10 at 10330 E. Drexel Road in Tucson. Houghton Drexel LLC sold the assets for $3.4 million. Richard M. Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the buyer, while Chad Kouts of Jump Ventures and Cameron Warren of Phoenix Commercial Advisors represented the seller in the deal.

March 3, 2025

Acquisitions Florida Multifamily Southeast

BMC Investments Purchases 312-Unit Apartment Community in West Jacksonville

by John Nelson March 3, 2025

JACKSONVILLE, FLA. — Denver-based BMC Investments has acquired The Finley, a 312-unit apartment community located at 9541 103rd St. in west Jacksonville. The sales price was not disclosed, but the Jacksonville Daily Record reports the property traded for $37 million. The three-story property — which was 95 percent occupied at the time of sale — features one-, two-, and three-bedroom apartments ranging in size from 775 square feet to 1,305 square feet, according to Apartments.com. Amenities at the property include a swimming pool, fitness center, clubhouse, car wash area, package services and walking trails. BMC plans to renovate a quarter of The Finley’s units with new flooring and cabinets. This deal marks BMC’s first acquisition in the state of Florida. Erik Bjornson and Tyler Nilsson of Institutional Property Advisors (IPA) brokered the sale.

March 3, 2025

Acquisitions Retail South Carolina Southeast

Ziff Real Estate Acquires Promenade at Northwoods Retail Center in North Charleston for $30.8M

by John Nelson March 3, 2025

NORTH CHARLESTON, S.C. — South Carolina-based Ziff Real Estate Partners (ZRP) has acquired Promenade at Northwoods, a 253,308-square-foot retail center in North Charleston, for $30.8 million. The seller and sales price were not disclosed, but The Post and Courier reports the seller was an affiliate of Charlotte-based Big V Property Group. Situated on 7800 Rivers Ave. across from Northwoods Mall, the property is anchored by Hobby Lobby and Ollie’s Bargain Outlet. Christian Chamblee, Brooke Frey and Paige Tompkins led the ZRP deal team in the transaction. This acquisition brings ZRP’s metro Charleston portfolio to 640,000 square feet across six properties.

March 3, 2025

Development Industrial Midwest Wisconsin

Crow Holdings Breaks Ground on 337,000 SF Air Cargo Facility at Milwaukee Airport

by Kristin Harlow March 3, 2025

MILWAUKEE — Crow Holdings has broken ground on a new air cargo facility at the Milwaukee Mitchell International Airport (MKE). The project will transform a significant portion of the former 440th Airlift Wing, now known as the MKE Regional Business Park, into a 337,000-square-foot air cargo facility featuring a dedicated air cargo building, a new Milwaukee County highway maintenance facility to support both county and state transportation needs and enhancements to adjacent taxiways to improve accessibility for wide-body cargo aircraft. The facility will have the capacity to accommodate five B747-400 aircraft at the same time and is expected to generate over $1.3 million in annual aircraft landing fees as well as over $1 million in annual ground lease rents and fees. The former 440th campus was turned over to the airport in 2008. Since that time, the underutilized property has been marketed to developers. Some of the buildings are currently used by the airport while others have been leased to a variety of short-term tenants. According to a news release, the public-private project will create new jobs at the airport and has the potential to attract new passenger airlines and destinations, as well as air cargo services, by lowering the …

March 3, 2025

Data Centers Development Illinois Industrial Midwest

FCL Construction Completes 210,000 SF Data Center for Edged in Aurora, Illinois

by Kristin Harlow March 3, 2025

AURORA, ILL. — FCL Construction has completed a 210,000-square-foot data center for Edged in Aurora. Ware Malcomb provided architecture and interior design services for the building, which is situated on a 65-acre campus that will ultimately feature 96MW of capacity powered by renewable energy. Seefried Industrial Properties was the developer. Edged is a sustainable infrastructure provider. The new Edged campus was designed to be a model for modern engineering and sustainable infrastructure initiatives and uses significantly less energy than traditional data centers. Among the campus features is a waterless cooling technology that ensures operational efficiency while setting a new industry standard for power usage effectiveness. Other sustainable highlights include onsite solar generation, electric vehicle charge points and alternative fuel-powered backup generators. The building interior can accommodate colocation of multiple tenants and includes 13,000 square feet of office space with a lobby, conference room and break room. The exterior design features a glass façade on the north and south sides, added at the request of the city to enhance visual appeal along the adjacent tollway.

March 3, 2025

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