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Mohr Capital Acquires 112,000 SF Office Building in Pewaukee, Wisconsin

by Kristin Harlow May 21, 2021

PEWAUKEE, WIS. — Mohr Capital, a Dallas-based private investment firm, has acquired Riverwood Corporate Center II in Pewaukee, about 20 miles west of Milwaukee. The 112,000-square-foot office building serves as the headquarters of ProHealth Care, which signed a long-term lease through 2032. Built in 2002, the building is situated at the front entrance of the office park at the intersection of Riverwood Drive and State Highway 164. The three-story property features a cafeteria, executive wing, walking path, 460-space parking lot and several meeting areas. ProHealth, which is the largest healthcare provider between Milwaukee and Madison, has approximately 4,700 employees plus 1,000 doctors, according to Mohr. Matt Bear of Bear Real Estate Advisors represented Mohr in the transaction. The acquisition marks Mohr’s third investment in the Milwaukee market. Seller information was undisclosed.

May 21, 2021

Acquisitions Development Retail Utah Western

Midtown National Group Acquires Highland Marketplace in Utah, Plans 65,000 SF Development

by Amy Works May 20, 2021

HIGHLAND CITY, UTAH — Midtown National Group (MNG) has purchased Highland Marketplace shopping center and 9.2 acres of development land in Highland City. Located at 5300 W. 11000 North, the shopping center offers 40,000 square feet of existing retail space with storefronts ranging from 1,010 square feet to 5,641 square feet. A 65,000-square-foot athletic facility is slated to be built on the development land, which is on the north boundary of the shopping center. Lance Pendleton of Mountain West Commercial Real Estate handled the transaction and will manage the retail and office leasing opportunities for the property.

May 20, 2021

Acquisitions California Loans Office Retail Western

Thorofare Capital Funds $18M Acquisition Loan for The Spreckels Building in San Diego’s Gaslamp District

by Amy Works May 20, 2021

SAN DIEGO — Thorofare Capital has funded an $18 million loan for a joint venture between New York-based Taconic Capital Advisors and Triangle Capital Group for the purchase of The Spreckels Building in San Diego. Located at 121 Broadway in the Gaslamp District, The Spreckels Building features 217,173 square feet of office, retail and theater space. The six-story building was built in 1912 and most recently renovated in 1982. The property was designated as one of San Diego’s historic sites in 1972 and placed on the National Register of Historic Places in 1975. Marc Renard led the Cushman & Wakefield team that represented the seller, a family trust associated with Jacquelyn Littlefield, while the buyer was self-represented in the transaction. CBRE will serve as the property’s manager under the new ownership.

May 20, 2021

Acquisitions Industrial Self-Storage Texas

JLL Negotiates Sale of 645-Unit Self-Storage Facility in Metro Austin

by Taylor Williams May 20, 2021

BEE CAVE, TEXAS — JLL has negotiated the sale of CubeSmart – Bee Cave, a 645-unit self-storage facility located on the western outskirts of Austin. The property opened in September 2019 and consists of 590 climate-controlled units and 55 non-climate-controlled drive-up units. Brian Somoza and Steve Mellon of JLL represented the seller, an affiliate of locally based developer Endeavor Real Estate Group, in the transaction. The buyer, New York City-based investment firm The Pegasus Group, will manage the property under its Central Self Storage flag.

May 20, 2021

Acquisitions Midwest Minnesota Multifamily

Colliers Brokers $1.7M Sale of Multifamily Development Site in Rogers, Minnesota

by Kristin Harlow May 20, 2021

ROGERS, MINN. — Colliers MSP has brokered the $1.7 million sale of a 14.8-acre land site in Rogers, a northwest suburb of the Twin Cities. The buyer, Rachel Development Inc., plans to build a 134-unit apartment complex as well as 56 townhomes. Andy Heieie and Rob Brass of Colliers represented the seller, WJD II & Co. LLP. The Colliers team also worked with the owners of the adjacent Caribou Coffee and Culvers to redesign their access points and drive-thru lanes for the project.

May 20, 2021

Acquisitions California Office Western

Harvest Properties, Cerberbus Capital Sell 385,000 SF Office Building in Daly City, California

by Amy Works May 19, 2021

DALY CITY, CALIF. — Harvest Properties and an affiliate of Cerberus Capital Management have completed the disposition of DC Station, a Class A office building located at 2001 Junipero Serra Blvd. in Daly City. The transaction also included an adjacent seven-level parking structure. Terms of the sale, including the name of the buyer and acquisition price, were not released. The sellers originally acquired the 385,000-square-foot property in April 2018 and implemented a leasing program that resulted in more than 90 percent occupancy by early 2020.

May 19, 2021

Acquisitions Multifamily Texas

Wildhorn Capital Sells 388-Unit Multifamily Portfolio in San Antonio

by Taylor Williams May 19, 2021

SAN ANTONIO — Wildhorn Capital, an Austin-based multifamily investment firm, has sold a 388-unit portfolio in San Antonio. The portfolio consists of two properties, The Blair at Bitters and The Henry B, both of which were 97 percent occupied at the time of sale. Both properties feature one- and two-bedroom units and amenities such as pools, fitness centers, business centers, tennis courts, clubhouses and playgrounds. The buyer was Dallas-based private equity firm Kanesville Capital. Matt Michelson of Newmark represented Wildhorn Capital in the off-market transaction.

May 19, 2021

Burle-Business-Park-Lancaster-Pennsylvania

Acquisitions Industrial Northeast Office Pennsylvania

CBRE Negotiates Sale of 1.2 MSF Burle Business Park in Lancaster, Pennsylvania

by Taylor Williams May 19, 2021

LANCASTER, PA. — CBRE has negotiated the sale of Burle Business Park, a 1.2 million-square-foot office and industrial campus located in the eastern Pennsylvania city of Lancaster. The sales price was $30.2 million. The 75-acre property comprises 16 buildings that were 90 percent leased at the time of sale to more than 40 tenants across a variety of industries. Amenities include a cafeteria, café, a conference room and catering service. Bill Tourtellotte of CBRE represented the seller, BURLE Business Park LP, in the transaction. The buyer was Jersey Holdings.

May 19, 2021

Acquisitions Illinois Midwest Multifamily

33 Realty Brokers $25M Condo Deconversion Sale in Crystal Lake, Illinois

by Kristin Harlow May 19, 2021

CRYSTAL LAKE, ILL. — 33 Realty has brokered the $25 million deconversion sale of Randall Village Condominiums in Crystal Lake, about 45 miles northwest of Chicago. Built in 1998, the property consists of 21 two-story buildings as well as a clubhouse and 26 garage parking spaces. Amenities include a pool, fitness center, grilling area and meeting rooms. Sean Connelly, John Meyer and Matt Petersen of 33 Realty brokered the transaction. The undisclosed buyer plans to invest in substantial unit upgrades. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

May 19, 2021

Acquisitions California Retail Western

Colliers Negotiates $61.5M Sale of Camarillo Village Square in Southern California

by Amy Works May 18, 2021

CAMARILLO, CALIF. — Colliers’ National Retail Capital Markets has arranged the $61.5 million sale of Camarillo Village Square, a grocery-anchored shopping center in Camarillo. Anchor tenants at the 247,000-square-foot property are Sprouts Farmers Market, Rite Aid, Big 5 Sporting Goods and PetSmart. The asset is located at 1656-2350 Las Posas Road. Donahue Schriber sold the property to an undisclosed buyer in an off-market transaction. According to Colliers, the sale was the largest priced retail transaction year-to-date in California. El Warner of Colliers represented the seller in the deal.

May 18, 2021

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