BRIDGEPORT, CONN. — Northeast Private Client Group (NEPCG) has brokered the $4 million sale of two apartment buildings totaling 38 units in the southern coastal Connecticut city of Bridgeport. Beers Apartments has 18 units, and Wayne Studios has 20 units. Brad Balletto, Rich Edwards, Bob Paterno and Jeff Wright of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
EAGAN, MINN. — Ryan Cos. US Inc. has entered into a purchase and sale agreement with Thomson Reuters for 179 acres of the company’s 263-acre campus in Eagan, a suburb of Minneapolis. Financial terms of the transaction were not disclosed. The campus includes a 1.1 million-square-foot office building, three data centers totaling 333,912 square feet and 90 acres of undeveloped land. Ryan will work with the City of Eagan, Thomson Reuters and other area stakeholders to explore redevelopment options for the site. The Minneapolis-St. Paul office of Thomson Reuters will remain in Eagan, but will relocate to its new site, The Landing, in the coming months. The company’s print manufacturing facility was not for sale and will continue operating at its current location. The project marks the third major redevelopment that Ryan has undertaken in the past year. All three are in Minnesota. Canada-based Thomson Reuters is a global content and technology company.
CHICAGO — Berkadia Institutional Solutions has brokered the sale of Mondial River West, a 141-unit luxury apartment tower in Chicago’s River West neighborhood. Barings sold the property for $42 million, down from the $57.5 million that it paid for the asset a decade ago, according to Crain’s Chicago Business. The newspaper reports that Illinois-based Exposition Capital was the buyer. Pete Evans and Richard Evans of Berkadia represented the seller. Located at 910 W. Huron St., the 15-story building was constructed in 2009. Units average 1,088 square feet. The property is situated near Bally’s $1.7 billion casino project.
ST. PAUL, MINN. — JLL has arranged the sale of The Cosmopolitan Apartments in St. Paul’s Lowertown neighborhood for an undisclosed price. The 258-unit multifamily building has an estimated market value of about $45 million, according to the Minneapolis/St. Paul Business Journal. Formerly the Finch, Van Slyck and McConville Dry Goods Co. building, The Cosmopolitan Apartments was originally a Neoclassical building from 1911 that was transformed into apartments in 1989. Since then, the eight-story building has undergone $8 million in upgrades. The property features studio, one- and two-bedroom floor plans averaging 805 square feet. Amenities include a fitness center, spin/yoga room, internet lounge, barbecue and picnic area, fire pit, media room, clubhouse, courtyard and bocce court. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the seller, AEW Capital Management. Ken Dayton and Pat McMullen of JLL originated Fannie Mae acquisition financing on behalf of the buyer, Bigos Management. Will Tansey of law firm Felhaber Larson represented Bigos.
OAK BROOK, ILL. — Inspira Financial has renewed its 51,000-square-foot office lease at Commerce Plaza in the Chicago suburb of Oak Brook. Jon Springer and Gary Fazzio of CBRE represented the tenant, which is a health, wealth, retirement and benefits services provider. Located at 2001 Spring Road, Commerce Plaza is a 510,000-square-foot, Class A office campus made up of three interconnected buildings. Inspira plans on modernizing its space.
LOMBARD, ILL. — Aldi has opened a 22,951-square-foot store at Roosevelt Plaza, a shopping center in the Chicago suburb of Lombard. An affiliate of Next Realty LLC owns and manages the property. Aldi leased the space that was formerly home to X-Sport Fitness and joins tenants Hobby Lobby, Harbor Freight Tools, Fruitful Yield, Roadhouse 38 and Starbucks. The tenant build-out involved installing freezer and cooler spaces and removing the locker room facilities used by the previous tenant.
CENTENNIAL, COLO. — Headwaters Group has broken ground on Aspendale Centennial, an active adult community in Centennial, a southern suburb of Denver. The property will feature 172 age-restricted units in a four-story, 203,653-square-foot building. Live Oak Bank provided construction financing, and a programmatic institutional equity partner provided equity. “This is a meaningful project, as it will be our first ground-up development since Headwaters Group’s inception in 2022,” says Ben Burke, managing partner at Headwaters Group. The focal point of the community will be a two-story clubhouse featuring 9,757 square feet of internal community amenity space. Construction is set to begin later this month, with pre-leasing starting in October 2024. Headwaters expects to deliver the first units in August 2025. Headwaters Group has three additional development sites under control in Colorado and four in Arizona, with plans to start projects on all four over the next 24 months. In 2023, Headwaters Group acquired an age-restricted apartment community in Salt Lake City.
PHOENIX — Deer Park, Ill.-based Government Investment Partners (GIP) has acquired a two-building office portfolio, located at 3925 and 3945 E. Broadway Road in Phoenix, from The Simone Charitable Foundation for $17.4 million. The State of Arizona Department of Child Safety and Imani Wellness occupy the 75,148-square-foot building at 3925 E. Broadway Road, and the City of Phoenix occupies the 61,850-square-foot building at 3945 E. Broadway Road. Totaling 136,998 square feet, the portfolio was 88 percent occupied at the time of sale. Brian Ackerman of Colliers handled the transaction.
SAN DIEGO — Thorofare Capital has provided $26 million in lease-up bridge financing for an apartment property located in San Diego’s Point Loma neighborhood. The newly built property features 82 apartments with best-in-class finishes and amenities. Felix Gutnikov, David Perlman, Andrew Kim and Jonathan Hart of Thorofare Capital secured the loan that features a one-year initial term plus extensions. Further details on the borrower and property were not disclosed.
DENVER — BKM Capital Partners has purchased West 6th Center, a light industrial property at 1780 W. 6th Ave. in Denver, for $10.7 million. BKM acquired the asset through a joint venture partnership with TerraCore Capital. Built in 1995, the facility features a 69,575-square-foot unit, a 29,745-square-foot unit and a 23,463-square-foot unit. The asset offers 16- to 20-foot clear heights, a small office component, 50,000 square feet of secured yard space, two oversized grade-level loading doors, 26 dock-high doors and five mobile metal ramps to convert select dock-high doors to drive-in doors. At the time of sale, three occupants fully occupied the 122,783-square-foot small-bay industrial building. BKM plans to invest $7 million into a value-add repositioning plan to modernize the asset. Plans include upgrades to the property’s roof, parking lots, HVAC systems, paint scheme, landscaping, signage and storefronts, as well as capital for speculative tenant improvements. The buyer plans to divide the 69,575-square-foot property and convert it into four smaller units to create six total units ranging from 20,464 square feet to 40,928 square feet. Alec Rhodes, Aaron Valdez and Raymond Trevisan of Cushman & Wakefield represented the undisclosed seller, while BKM represented itself in the deal.