TUCSON, ARIZ. — Visionary Holdings has acquired an office space located at 7470 N. Oracle Road, Suite 100, within Oracle-Ina Professional Plaza in Tucson, for $2.8 million. The condominium features 14,000 square feet of Class A medical and professional office space. Richard Kleiner and Thomas Nieman of Cushman & Wakefield | PICOR represented the seller, 7470 N Oracle Rd LLC, while Andrew Sternberg of NAI Horizon, Tucson, represented the buyer in the deal.
MINNEAPOLIS — Colliers International has completed its previously announced acquisition of a controlling interest in Dougherty Mortgage, Dougherty Funding, Dougherty & Co. and Dougherty Insurance Agency. Financial terms of the transaction were not disclosed. Dougherty’s senior leadership team will continue to drive operations and will remain significant shareholders. Headquartered in Minneapolis with more than 250 professionals operating from nine offices, Dougherty provides mortgage banking, loan servicing, mortgage brokerage and investment banking services across 21 states. Dougherty originates $2.5 billion of real estate loans annually and services $7 billion in real estate loans. It generated revenue in excess of $100 million in 2019. Dougherty’s mortgage banking operations have rebranded as Colliers Mortgage and will continue to provide specialty real estate debt financing for multifamily, healthcare and seniors housing through U.S. government-sponsored enterprises. This includes origination, underwriting, asset management and loan servicing for Fannie Mae, FHA, HUD and the U.S. Department of Agriculture. All brokerage, investment banking, capital markets and public finance services will be carried on through newly branded Colliers Securities. “Finalizing this new partnership establishes Colliers as a top player in agency and commercial debt finance as well as public finance advisory, which together with our rapidly growing investment sales …
NEW YORK CITY — Ideal Property Group, a New York City-based investment firm, has acquired three-property portfolio of Stop & Store self-storage properties in Pennsylvania for $5.2 million. Located in in Dillsburg, York and Dover, the properties total 94,976 net rentable square feet and were 75.6 percent leased at the time of sale. The total number of units was not disclosed. Mike Mele, Robert Bloch and Noah Obuchowski of Cushman & Wakefield represented the seller, an individual private owner, in the transaction.
FORT WORTH, TEXAS — Los Angeles-based CIM Group has acquired Junction 20/35, a 1.1 million-square-foot logistics center located at 7550 Oak Grove Road in south Fort Worth The property was built in 1989 and has been renovated several times over the years, most recently in 2018 to include freezer and cold storage space. The sale also included an adjacent 14.4-acre parcel. The seller was not disclosed.
SCOTTSDALE, ARIZ. — Valwood Mesquite LLC has acquired Mesquite Corporate Center, a two-story office building located at 14646 N. Kierland Blvd. in Scottsdale. An undisclosed seller sold the asset for $19.5 million, or $244.80 per square foot. Totaling 79,537 square feet, Mesquite Corporate Center overlooks the Westin Kierland Golf Club and is within walking distance to multiple restaurants and retail amenities at Kierland Commons. The Ron Schooler and Ken Elmer Team of Commercial Properties Inc./CORFAC International represented the buyer in the transaction.
COLORADO SPRINGS, COLO. — The Denver office of Scannell Properties has completed the sale of an industrial property located at 2640 Zeppelin Road in Colorado Springs. Walnut Creek, Calif.-based Nearon Enterprises purchased the asset for $14.6 million. Developed by Scannell Properties and completed last year, the 99,960-square-foot property is a multi-tenant distribution center leased to Geary Pacific Corp. and a national home improvement retailer. The building features 30-foot clear heights, ESFR sprinklers, dock-high and drive-in loading, LED lighting and a front-park, rear-load design. Situated in east Colorado Springs, the property is three miles from the Colorado Springs Airport and seven miles from downtown Colorado Springs. The building is located within a larger business park that will consist of four buildings at full build-out. Tyler Carner, Jeremey Ballenger, Jim Bolt and Jessica Osternick of CBRE’s Denver office represented the seller in the deal. Scannell Properties is a privately owned commercial real estate developer that has completed 328 built-to-suit or speculative development projects exceeding 63 million square feet in 44 states and three Canadian provinces.
PHOENIX — Marcus & Millichap has arranged the sale of Ocotillo Apartments, an affordable multifamily complex located at 1780 W. Missouri Ave. in Phoenix. A local apartment investor sold the property to an undisclosed buyer for $12.8 million, or $74,277 per unit. Built in 1972 and completely renovated in 2014, Ocotillo Apartments features 173 units in a mix of studio, one- and two-bedroom floor plans. Units offer updated kitchens and bathrooms, central air conditioning and energy-efficient windows and doors. Community amenities include a swimming pool with clubhouse, two laundry rooms, covered parking and a dedicated leasing office. Rich Butler and Sean Connolly of Marcus & Millichap’s Phoenix office handled the transaction.
LAKE OSWEGO, ORE. — Diamond J Investments has purchased Lake Oswego Executive Park, a flex industrial business park located at 5755-5795 Jean Road in Lake Oswego. King Capital Investments, a local entrepreneur and real estate investor, sold the property for $7.2 million. Zach Francis and Karla Hansen of Kidder Mathews represented the seller and buyer in the deal. Situated on 2.3 acres, Lake Oswego Executive Park is a three-building, 37,197-square-foot flex industrial campus located half a mile from the Interstate 5 interchange.
ROGERS, ARK. — CapRocq Core 2 Real Estate Fund has sold Village on the Creeks, a 20-building, 220,153-square-foot retail and medical office complex in Rogers, for $32.3 million. The property was 93 percent leased to 66 tenants ranging from medical services to an art studio at the time of sale. The asset spans 22 acres along Interstate 49. The buyer was not disclosed, although the Northwest Arkansas Democrat Gazette reports the buyer is Ozre Capital. Kenai Capital Advisors and Colliers International | Arkansas represented the seller in the transaction.
MILFORD, CONN. — Press | Cuozzo Commercial Services has brokered the sale of a retail building in Milford, a western suburb of New Haven. Located at 135 Cherry St., the property is part of Milford Plaza, a 182,000-square-foot shopping center. Amity Physical Therapy will lease the building for its fourth store. Stephen Press of Press | Cuozzo represented the seller, Hale Properties LLC, in the transaction. Press also procured the buyer, Dow Enterprises LLC. The sales price was undisclosed.