WEST JORDAN, UTAH — Gardner Batt has completed the $103.8 million disposition of an industrial logistics property located at 7001 New Bingham Highway in West Jordan. A joint venture between Greenlaw Partners and Mirae Asset Global Investments acquired the asset, along with two other buildings in the three-building portfolio, for a combined total of $291.5 million. Built in 2022 on 76 acres, the building totals 200,000 square feet. The other two buildings in the portfolio included a 201,096-square-foot asset at 989 W. Center St. in Salt Lake City and a 146,194-square-foot building at 398 E. 1100 South St. in American Fork, Utah. The facilities feature up-to-date clear heights, lighting, vehicle and trailer parking, and fire suppression. Jeff Chiate, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group, together with Tom Freeman and Travis Healey of Cushman & Wakefield’s Salt Lake City office, represented the seller in the transaction.
TYLER, TEXAS — Marcus & Millichap has brokered the sale of Don’s Self Storage, an 334-unit facility in Tyler, about 100 miles east of Dallas. The facility comprises 49,225 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the East Texas-based seller and procured the California-based buyer in the transaction. Both parties were private investors that requested anonymity.
BLUE ISLAND, ILL. AND MISHAWAKA, IND. — Savlan Capital has acquired two medical office buildings, one in suburban Chicago and the other in suburban South Bend, for a combined $14.7 million. The Hollywood, Fla.-based investment group purchased Edison Lakes Medical Center in Mishawaka for $8.6 million. The property, built in 1991, comprises 10 medical office condominiums totaling 49,536 square feet that are situated within a larger office park. Joseph DiSalvo, Forest Bender and Alexander Hull of Marcus & Millichap represented the seller, an entity doing business as EL Medical Center LLC. In the second transaction, Savlan purchased an 18,034-square-foot medical office building located at 12200 S. Western Ave. in Blue Island for $6.1 million. Developed in 2007 as a retail strip center, the property is fully leased to Fresenius, Dental Dreams and Midwest Express Clinic. Eric Cline of Cushman & Wakefield represented the seller, an entity doing business as Shops at Blue Island LLC.
ARCADIA, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the $13.9 million sale of Arcadia Crossing, a Publix-anchored shopping center about 40 miles east of Sarasota in Arcadia. Kevin Yaryan of SRS’ Orlando office worked with Kyle Stonis and Pierce Mayson of the firm’s Atlanta office to represent the buyer in the transaction. The seller was self-represented. Both parties requested anonymity. The 67,608-square-foot property is situated on 8.2 acres at the intersection of SE Highway 70 and Hog Bay Avenue. In addition to Publix, the center’s tenant roster includes Publix Liquors and Harbor Freight, among others.
SEATTLE — RISE Properties Trust and Tokyu Land US Corp. have purchased Park South Apartments, a multifamily community in Seattle’s South Park neighborhood, from Jackson Square Properties for an undisclosed price. Located at 10102 8th Ave. S., the property features 252 units with in-unit washers/dryers, newly renovated interiors, wood-burning fireplaces and modern appliances. Community amenities include a pool, fitness center, business center, clubhouse, games and an outdoor entertainment area. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s multifamily team in Seattle represented the seller in the transaction.
HOUSTON — Arizona-based SB Properties has acquired Vargos on the Lake, a 276-unit apartment community in West Houston. The property offers one- and two-bedroom apartments and three-bedroom townhomes. Amenities include a pool with a sundeck, fitness center with yoga and kickboxing stations, resident lounge with billiards and poker tables, conference lounge and a dog park. Jennifer Ray and Ryan Epstein of Walker & Dunlop represented the seller, Berkshire Group, in the transaction. The sales price was not disclosed.
SPRING HILL, TENN. — Lee & Associates’ Nashville office has brokered the $52 million sale of a 276,056-square-foot industrial facility located at 3555 Cleburne Road in Spring Hill. San Diego-based STOS Partners purchased the property from Effingham, Ill.-based Agracel Inc. Brett Wallach and William Sisk of Lee & Associates represented both parties in the transaction. The property, which is STOS’ first acquisition in the metro Nashville area, was fully leased at the time of sale on a triple-net basis to tenants including automotive firm Fourecia.
LOS ANGELES — Cushman & Wakefield has arranged the sale of Sherman Way Industrial Center, a fully leased industrial park located on 5.4 acres in the North Hollywood neighborhood of Los Angeles. The Ben B. and Joyce E. Eisenberg Foundation, a charitable organization, sold the asset to a joint venture between affiliates of Captiva Partners and Westbrook Partners for $37 million. The seller is donating 100 percent of the proceeds from the sale to multiple charitable organizations that it supports. Totaling 139,567 square feet, Sherman Way Industrial Center consists of five buildings that were fully leased to 20 tenants at the time of sale. David Hasbrouck, Lars Platt, Benjamin Cooper and Mitchell Neff of Cushman & Wakefield’s Capital Markets team represented the seller in the deal. Paul Sims, also of Cushman & Wakefield, provided leasing advisory for the property.
HOPKINS, MINN. — Schafer Richardson has acquired a 106,663-square-foot flex industrial building in Hopkins, a western suburb of Minneapolis. The purchase price was undisclosed. Named Excelsior Industrial Center, the property is located just off Minnesota State Highway 169 and is nearly 98 percent leased to multiple tenants. Originally constructed in 1955, the building features a clear height of 20 feet. Judd Welliver and Bentley Smith of CBRE represented the seller, The Beard Group.
OWINGS MILLS, MD. — Continental Realty Corp. (CRC) has sold Riverstone at Owings Mills, a 324-unit apartment community located at 4700 Riverstone Drive in Owings Mills. Carter Funds purchased the property for $92.9 million, which is approximately $31 million more than what CRC paid for the community in 2016. Christine Espenshade and Robert Garrish of Newmark represented the Baltimore-based seller in the transaction. Situated at the northwest part of Baltimore County adjacent to Owings Mills Town Center, Riverstone features a newly renovated fitness center, clubhouse, leasing office and pool deck. According to Apartments.com, the property features one- to three-bedroom units ranging in size from 692 to 1,419 square feet.