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Power-Commerce-Park-Gilbert-AZ
AcquisitionsArizonaIndustrialWestern

Top Ten Properties Acquires 146,052 SF Industrial Complex in Gilbert, Arizona for $55M

by Amy Works

GILBERT, ARIZ. — Richard Scheinfeld of Top Ten Properties has acquired Power Commerce Park, a small-bay industrial campus in Gilbert, part of Phoenix’s Southwest Valley submarket. Dave Cavan of Cavan Commercial sold the asset for $55 million, or $376.57 per square foot. Built in 2023, Power Commerce Park features 146,052 square feet of Class A industrial space adjacent to the Elliot Road Tech Corridor and Phoenix-Mesa Gateway Airport. The Leroy Breinholt team at Commercial Properties Inc./CORFAC International represented the seller in the transaction.

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555-Northfield-Ave.-West-Orange-New-Jersey
AcquisitionsMultifamilyNew JerseyNortheast

Invel Capital Buys Apartment Complex in West Orange, New Jersey for $40.8M

by Taylor Williams

WEST ORANGE, N.J. — Local investment firm Invel Capital has purchased a 70-unit apartment complex in West Orange for $40.8 million. Completed in 2023, the property at 555 Northfield Ave. offers one-, two- and three-bedroom units with an average size of 1,305 square feet. Amenities include a fitness center, rooftop terraces, resident lounges and a dog run. Oliver, Steve Simonelli, Jose Cruz, Ryan Robertson, Elizabeth DeVesty and Austin Pierce of JLL brokered the deal. Invel partnered with Chicago-based Pearlmark on the acquisition. The seller was a joint venture between Varma Real Estate and Garas Development.

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Westlake-Gardens-Thousand-Oaks-CA
AcquisitionsCaliforniaOfficeWestern

Atlantic Pearl Investments Buys Two-Building Office Campus in Thousand Oaks, California for $19.2M

by Amy Works

THOUSAND OAKS, CALIF. — Atlantic Pearl Investments, a Ghassemieh family investment vehicle, has purchased Westlake Gardens, a two-building office campus in Thousand Oaks. A private seller sold the property for $19.2 million, or $193 per square foot. Located at 2535 and 2555 Townsgate Road, the asset offers 99,545 square feet of Class A office space. Sean Fulp, Mark Schuessler, Blake Hammerstein and Jordan Garcia of Colliers represented the seller. Jason Roth, also of Colliers, arranged acquisition financing for the buyer.

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18530-Van-Buren-Blvd-Riverside-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Negotiates $4.6M Sale of Retail Building in Riverside, California

by Amy Works

RIVERSIDE, CALIF. — Progressive Real Estate Partners has negotiated the $4.6 million sale of an 8,960-square-foot, multi-tenant retail building located at 18530 Van Buren Blvd. in Riverside. Built in 1996, the property is 90 percent leased to seven food- and service-oriented tenants, including Subway, H&R Block, a barbershop and a pool supply store. The retail building is part of Orangecrest Plaza, a grocery-anchored shopping center. Orangecrest Plaza features several national tenants such as Albertsons and Petco. Greg Bedell and Trinnie Lee of Progressive represented the seller, a private Orange County-based investor, in the transaction. Vicky Casey and Josh Labogin of Casey & Associates represented the buyer, a Central California-based private investor.

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Devon-Self-Storage-Camden-New-Jersey
DevelopmentIndustrialNew JerseyNortheastSelf-Storage

Inland, Devon Complete 1,070-Unit Self-Storage Project in Camden, New Jersey

by Taylor Williams

CAMDEN, N.J. — Inland Private Capital Corp. and Devon Self Storage, which are both part of The Inland Real Estate Group of Cos., have completed a 1,070-unit self-storage project in the Southern New Jersey community of Camden. The site at 1501 Admiral Wilson Blvd. formerly housed a warehouse and distribution facility, and the new storage building features 110,000 net rentable square feet of climate-controlled space. The Camden project marks the 19th collaboration between the two groups.

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AcquisitionsMidwestMissouriMultifamilyStudent Housing

Subtext Acquires 259-Bed District Flats Student Housing Property in Columbia, Missouri

by Kristin Harlow

COLUMBIA, MO. — Developer Subtext has acquired District Flats, a six-story student housing property serving students at the University of Missouri in Columbia. The asset marks the first deal under Subtext’s acquisitions arm. The 259-bed, 119-unit building offers floor plans of one-, two- and four-bedroom layouts. The property is undergoing a brand repositioning and capital improvement program, including redesigned amenity spaces, an upgraded fitness center and new study areas. Stephen VanLeer and Mike Brady of JLL arranged acquisition financing through Webster Bank.

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DevelopmentIllinoisIndustrialMidwest

Contegra Completes 611,000 SF Warehouse for McLeod Express in Decatur, Illinois

by Kristin Harlow

DECATUR, ILL. — Contegra Construction has completed a 611,000-square-foot warehouse for transportation company McLeod Express in the central Illinois city of Decatur. The project marks the second warehouse for the family-owned company, supplementing its existing warehouse operations from a 100,000-square-foot facility that McLeod has owned and operated since 2001. The new building is located about one mile from the I-72 exchange and three miles from the Midwest Inland Port. Situated on a 37-acre site at 3960 E. Mound Road, the project features a clear height of 36 feet, 56 dock doors, four drive-through doors and parking for 63 cars and 64 trucks. The building also houses a two-story, 6,000-square-foot office space. McLeod manages a fleet of more than 300 trucks and 900 trailers.

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AcquisitionsIllinoisMidwestMultifamily

Essex Realty Group Brokers $4.3M Sale of Cotton Creek Apartments in Metro Chicago

by Kristin Harlow

ISLAND LAKE, ILL. — Essex Realty Group LLC has brokered the sale of Cotton Creek Apartments, a 32-unit property in the northern Chicago suburb of Island Lake. Brian Karmowski and Anthony Citriglia of Essex represented the seller, while colleague Jimmy Donahue represented the buyer. Cotton Creek Apartments features nine one-bedroom units and 23 two-bedroom residences. The property has received recent capital improvements, including full tear-off roof replacements, new boiler and heating tanks and a partial parking lot replacement.

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AcquisitionsHospitalityIndianaMidwest

Marcus & Millichap Arranges Sale of 137-Room Homewood Suites Hotel in Carmel, Indiana

by Kristin Harlow

CARMEL, IND. — Marcus & Millichap has arranged the sale of a 137-room Homewood Suites hotel in the Indianapolis suburb of Carmel. Michael Klar and Ebrahim Valliani of Marcus & Millichap represented the seller and procured the buyer, Schahet Hotels LLC. The transaction received additional support from Chris Gomes and Allan Miller of the Miller-Gomes Hotel Team. Homewood Suites by Hilton Indianapolis Carmel is an extended-stay property located at 11355 N. Meridian St. just off Highway 31. The hotel features indoor and outdoor pools, a business center, fitness facilities and meeting space.

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CivicDevelopmentHealthcareKansasMidwest

Icon Structures Underway on Adaptive Reuse Project for Community Crisis Center in Wichita, Kansas

by Kristin Harlow

WICHITA, KAN. — General contractor Icon Structures is underway on an adaptive reuse project for Sedgwick County Government in Wichita. The project that will convert a 105-year-old building that formerly housed a car dealership into the new COMCARE Community Crisis Center (CCC). The development will expand access to mental health services and consolidate the county’s services into a single building adjacent to the new Wichita Biomedical Campus (WBC). Helix Architecture + Design is leading the transformation. Helix is also part of the architecture and interiors team, along with CO Architects, for the WBC, a joint initiative of the University of Kansas Medical Center, Wichita State University and WSU Tech to establish a regional health sciences educational hub. Once operational, the CCC will offer WBC students hands-on clinical mental health training and possible career internships. The building will transition COMCARE, a certified community behavioral health clinic, from a residential facility to a new level of care as a crisis intervention center (CIC), providing stabilization services to those with more serious mental health needs. The CIC will allow for a centralized 9-8-8 suicide and crisis lifeline call center operations and 24/7 access to medical providers. It will also accommodate mental health services …

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