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Marcus & Millichap Directs $9.7M Sale of Self-Storage Facility in Belfair, Washington

by Amy Works April 17, 2019

BELFAIR, WASH. — Marcus & Millichap has arranged the sale of All Star Self Storage, Boat & RV, a self-storage facility located at 19720 E. Highway 106 in Belfair. A regional investment group acquired the property from a local partnership for $9.7 million, or approximately $127 per rentable square foot. The five-parcel asset is situated on 12 acres and features 586 self-storage units, a 25,000-square-foot boat barn for indoor boat and vehicle storage and 120 uncovered parking spaces. The property was built in several phases between 1987 and 2003. Christopher Secreto of Marcus & Millichap represented the seller and secured the buyer in the deal.

April 17, 2019

Acquisitions California Multifamily Seniors Housing Western

Mogharebi Group Brokers $6.8M Sale of Seniors Housing Community in San Bernardino, California

by Amy Works April 17, 2019

SAN BERNARDINO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Bernardine Senior Independent Living, a 71-unit apartment community in San Bernardino, approximately 60 miles east of Los Angeles. Built in 1984, Bernadine Senior Independent Living is a four story, 71-unit retirement community totaling 36,210 rentable square feet and situated on a one-acre site. A private investor out of Los Angeles acquired the property for $6.8 million, or $95,423 per unit. The seller was an Inland Empire-based acquisition group. Alex Mogharebi, Otto Ozen and Bryan LaBar of TMG represented both the seller and buyer in the deal.

April 17, 2019

Acquisitions Illinois Midwest Mixed-Use

Marcus & Millichap Brokers $3.2M Sale of Mixed-Use Building in Roselle, Illinois

by Kristin Harlow April 16, 2019

ROSELLE, ILL. — Marcus & Millichap has brokered the sale of Promenade Pointe of Roselle, a 15,626-square-foot mixed-use building located 30 miles northwest of Chicago, for $3.2 million. The property, completed in 2017, includes three retail spaces on the first floor, eight apartment units on the second floor and one office space on the second floor. At the time of sale, the retail spaces were fully occupied. Andrean Angelov and Ryan Engle of Marcus & Millichap brokered the transaction. Timothy Stephenson Jr. of Marcus & Millichap assisted in representing the undisclosed buyer.

April 16, 2019

Acquisitions California Industrial Western

Allstate Electric Buys 55,000 SF Industrial Building in Los Angeles for $9.6M

by Amy Works April 16, 2019

LOS ANGELES — Allstate Electric, a division of Regency Lighting, has purchased an industrial property, located at 9240 Jordan Ave. in the Chatsworth submarket of Los Angeles. SDG Jordan Associates LLC sold the property for $9.6 million. Allstate Electric, the buyer, has occupied the 55,000-square-foot property since 2016. Mike Tingus and Grant Fulkerson of Lee & Associates-LA North/Ventura, while Matthew Dierckman of CBRE represented the buyer in the transaction.

April 16, 2019

3730-3770-Astrozon-Blvd-Colorado-Springs-CO

Acquisitions Colorado Retail Western

Private Investor Sells 18,410 SF Shopping Center in Colorado Springs for $2.1M

by Amy Works April 16, 2019

COLORADO SPRINGS, COLO. — A private investor has completed the disposition of a neighborhood shopping center located at 3730-3770 Astrozon Blvd. in Colorado Springs. An undisclosed California-based buyer acquired the property for $2.1 million in a 1031 exchange. The newly renovated property features 18,410 square feet of retail space. Cory Gross and Jake Shirek of Marcus & Millichap’s Denver represented the seller, while Brian Smith, also of Marcus & Millichap’s Denver, represented the buyer in the deal. Phillip Gause, also of Marcus & Millichap Capital Corp. in Denver, facilitated the loan for the buyer.

April 16, 2019

Acquisitions Illinois Midwest Office

Briar Meads Purchases 300,000 SF Office Property in Lisle, Illinois

by Kristin Harlow April 15, 2019

LISLE, ILL. — Briar Meads Capital LLC has purchased a 300,000-square-foot office property located at 2441 and 2443 Warrenville Road in Lisle. The purchase price was not disclosed. Briar Meads plans to rebrand the property as The Westwood and work with Wright Heerema Architects to update amenities. Plans call for upgrades and expansions to the café, fitness center, conference center, lounges and outdoor areas in addition to renovations of the lobby and common area spaces. The asset consists of two office towers built in 1991 and 1997. Currently, 157,426 square feet of space is available for lease. Dan Svachula, Michael Simpson, Adam Showalter and Allyson Yates of Cushman & Wakefield will market the property for lease. NAI Hiffman will manage the property.

April 15, 2019

Acquisitions Company News Midwest Wisconsin

Newmark Group Acquires MLG Commercial

by Kristin Harlow April 15, 2019

BROOKFIELD, WIS. — Newmark Knight Frank has acquired MLG Commercial LLC, a Wisconsin-based company that offers real estate investment services to institutional or individual investors. MLG Capital pursues investments in approximately 15 states and self-manages its assets. The company is currently raising its fourth private real estate investment fund, MLG Private Fund IV LLC, a targeted $200 million equity fund that is accepting new accredited investors through March 31, 2021. Since the inception of MLG Capital in 1987, the firm has had investments totaling approximately 18.3 million square feet with a value exceeding $1.6 billion.

April 15, 2019

Acquisitions Midwest Minnesota Retail

First Washington Realty Buys 78,313 SF Shopping Center in Eden Prairie, Minnesota

by Kristin Harlow April 15, 2019

EDEN PRAIRIE, MINN. — First Washington Realty has purchased Prairie Village shopping center in Eden Prairie for an undisclosed price. Specialty grocery store Kowalski’s anchors the 78,313-square-foot shopping center. Effective immediately, the asset will be rebranded as Eden Prairie Village shopping center. The property is 98.4 percent leased. This is First Washington Realty’s third property in the Twin Cities.

April 15, 2019

15240-15250-Nelson-Ave-City-of-Industry-CA

Acquisitions California Industrial Western

DAUM Commercial Negotiates Sale of 64,000 SF Industrial Property in Los Angeles County for $11.5M

by Amy Works April 15, 2019

CITY OF INDUSTRY, CALIF. — DAUM Commercial Real Estate Services has brokered the sale of an industrial warehouse facility located at 15240-15250 Nelson Ave. in City of Industry. South El Monte, Calif.-based Art Weiss Industrial Properties sold the property to Max Sales Group for $11.5 million. The buyer is a wholesale manufacturer of products, including consumer electronics and home, auto, kitchen and pet accessories. The seller built the 64,000-square-foot asset in 1979. The warehouse features 24-foot interior clearance, nine loading docks, two ground-level doors, 4,000 square feet of office space and the option for a two-tenant layout. Charles Johnson II of DAUM handled the transaction.

April 15, 2019

Acquisitions Arizona Retail Western

ORION Investment Real Estate Brokers $6.1M Sale of Retail Development in Scottsdale

by Amy Works April 15, 2019

SCOTTSDALE, ARIZ. — ORION Investment Real Estate has arranged the sale of a newly developed retail center in North Scottsdale. A partnership between Jeff Kitchen and Tiny Cap LLC, Jim Mullin’s wholly owned investment firm, sold the asset for $6.1 million. Mullin360 developed the 14,280-square-foot retail center. At the time of sale, four tenants occupied the property: Bashas’ supermarket, The Whining Pig, Banfield Pet Hospital, and 9Round Fitness and Rehab Plus. There was one vacant storefront. Jennifer Eggert and Michael Achtman of ORION handled the property’s lease-up and assisted Ari Spiro and Sean Stutzman, also of ORION, with the off-market sale transaction. Eric Termansen and McKenna Boyle Wesley of Western Retail Advisors represented the buyer in the deal.

April 15, 2019

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