Colliers‘ Minneapolis-St. Paul’s Capital Markets team of Mox Gunderson, Dan Linnell, Devon Dvorak, and Adam Haydon represented Greco in the sale of ElseWarehouse, located at 730 N. Washington Ave. in Minneapolis, to North Dakota-based Great States Development.

The transaction marks the first time that these historic warehouse apartments have ever hit the market. “This was a rare opportunity to acquire a marquee property in Minnesota’s top micro market, which is also recognized as one of the top-performing micro markets nationwide,” said Gunderson.

Located in the city’s North Loop neighborhood, ElseWarehouse boasts 100% concrete construction. The 116 residences – a variety of one-, two-, and three-bedroom units – feature 10’ plus ceilings, distinctive exposed brick accents, and floor plans averaging 907 square feet.

Greco converted the 1920s warehouse into chic abodes in 2012 – one of the first developers to embrace adaptive reuse in the coveted North Loop. “We are thrilled to announce the acquisition of this iconic property in the heart of Minneapolis’ vibrant North Loop neighborhood,” said Scott Houle, vice president of Great States Development.

Continental Realty Corporation (CRC) has completed the sale of Governors Commons, a neighborhood shopping center located at 7311 Governor Ritchie Highway in Glen Burnie, Maryland, for $9.57 million.

The recent disposition follows three previous parcelization executions at the asset resulting in a total gross sale price of $20.35 million. CRC acquired the center in 2019 for $16.2 million. Dean Zang and David Crotts of Marcus & Millichap represented CRC in this sales transaction.

“Governors Commons is the latest in a series of successful shopping center divestments by CRC in recent quarters,” said Haley Donato, CRC’s Senior Vice President of Asset Management & Finance. According to Donato, a significant driver of the success of the Governors Commons sale was the team’s expertise in subdividing and selling pad sites, which created significant cap rate arbitrage. CRC sold separate paid sites occupied by PNC Bank and Bubba’s 33, as well as a Gavigan’s Furniture freestanding anchor at a blended 5.3 percent cap rate.

Vice President Christian Vaughan of Northmarq’s National Healthcare Group recently brokered the $13.5 million sale leaseback of two outpatient primary care properties in Noblesville, Indiana. The seller was Riverview Hospital, and the buyer was Four Corners Property Trust.

The portfolio totals 32,744 square feet and includes Riverview Health’s Noble Creek (205 Noble Creek Drive) and Westfield (865 Westfield Road) locations. The tenant operates on long-term, triple net leases, and the transaction was priced at a 7.3% cap rate.

“This was a great seller and buyer match to transact on two essential outpatient facilities, via a long-term sale-leaseback agreement,” said Vaughan. “Strategically located near the hospital, the sites are essential to the tenant, delivering critical care to the local community in which demand for services is rapidly growing. The long-term favorable outlook and critical nature of these medical outpatient buildings present a strong investment for the buyer.”

Blackhawk, LLC recently completed the $1.7 million investment purchase of a medical office building located at 4702-4706 NE Glisan Street in Portland, Oregon.

Tim Pfeiffer with Portland-based Norris & Stevens, Inc. represented the Buyer, and John Fezler, Nathan Oakley, and Nathan Sasaki with Apex Real Estate Partners, LLC represented the Seller, Providence Health & Services – Oregon, in the transaction.

Constructed in 1912, the approximately 7,815 square-foot single-tenant office building features a mix of open space, private offices, and a conference room. The property includes an ADA entrance and multiple ADA restrooms, as well as off-street parking.

The two-story property is located on NE Glisan Street across from Providence Portland Hospital, with convenient access to I-84, I-205 and Portland International Airport.

A Northmarq Carolinas Multifamily Investment Sales team completed the $49.25 million sale of Ryder Junction, a 264-unit multifamily community located at 900 Conductor Circle in Greer, South Carolina. Northmarq also arranged financing on behalf of the borrower, The Beach Company, through its in-house Fannie Mae DUS platform. The $31.675 million permanent-fixed loan was structured on a five-year term. Northmarq represented the seller, Proffitt Dixon Partners.

Built in 2023 and located in the Greenville submarket, Ryder Junction features one-, two- and three-bedroom apartments that include a clubhouse, resort-style pool, dog park and dog wash station, outdoor grilling areas, conference room and co-working suites, game and Wi-Fi lounge, electric vehicle charger, modern fitness center with flex studio, covered outdoor lounge with a fireplace, and available detached garages.

Northmarq’s sales team included Andrea Howard, John Currin, Allan Lynch, Caylor Mark, Jeff Glenn, and Austin Jackson. Northmarq’s Carolinas Debt + Equity team, led by Faron Thompson, Grant Harris and Cabell Thomas, collaborated on the deal. 

Lee & Associates arranged the sale of 831 E. Huntington Dr., also known as Huntington Professional Center, a professional office and medical center, in Monrovia. The buyer and seller were not disclosed.

The property sold for $7.65 million and is a 100% occupied two-story building consisting of 20,574 square feet and 76 surface parking stalls. Situated in the “Technology Corridor of Monrovia,” the building has won numerous design awards for its edgy, high-tech appearance, according to Lee & Associates.

The major tenants include Optum Healthcare, Tomdan (parent of Tommy Burgers) and Select
Physical Therapy.

DarwinPW Realty/CORFAC International recently brokered the sale of 2224 W. Grand Avenue in Chicago, a 9,600-square-foot building on a 0.29-acre site, to an undisclosed residential developer.

The property is home to Rainbow Art, Inc. and is zoned for a mixed-use development. DarwinPW’s Associates Marc Hale and Ali Nix brokered the transaction. “This property was originally on the market for more than eight months before DarwinPW Realty took over the listing,” said Hale.“We were able to quickly secure multiple offers, creating a competitive environment, ultimately leading to a sale with a qualified buyer who closed without contingencies, allowing for an expedited transaction.”

The property is located in the West Town neighborhood and is ideal for mixed-use development. It offers convenient access to the Western Avenue Metra Station and is within walking distance of the Damen Avenue Green Line station. The existing building features 12-to-16-foot clear heights, one drive-in door, and a two-story office.

Continuum Advisors, a national senior housing investment sales and advisory firm, facilitated the sale of Meredith Bay Colony Club, an 85-unit continuing care retirement community (CCRC) in Meredith, NH. The property was sold through a court-directed process for $11 million and the assumption of $10.5 million in resident entrance fee liabilities.

Financially strained for several years, the community was sold with OnePoint Partners serving as the rehabilitation trustee and Continuum Advisors’ David Kliewer and Jay Jordan retained to market the CCRC for sale. The buyer, Taylor Community, is a nonprofit owner and operator also based in New Hampshire’s Lakes Region.

Built in 2008, the 11-acre campus offers a full continuum of care for residents with 41 independent living apartments, 20 assisted living units, 24 memory care units and an additional 18+ acres of undeveloped land for future expansion. The campus features numerous amenities, including an underground parking garage, indoor pool and fitness center.

Greenstone Partners has completed the sale of 2247-49 West Lawrence Ave. in Chicagos’ Lincoln Square neighborhood for $7.1 million. The mixed-use property features 24 apartment units and 1,950 square feet of ground-floor live work space.

Greenstone Partners’ Director Jordan Multack represented the buyer, Breneman Capital, and the seller in the transaction. “This deal was a strong investment opportunity that saw solid interest from both local and out-of-state buyers,” said Multack. “With Lincoln Square’s strong demographics, proximity to public transportation, and vibrant neighborhood, all of the fundamentals are there to make this a compelling investment.”

The property comprises 22 market-rate apartments, one office space, and two affordable apartments. The mix of the apartments features brand-new quartz countertops, white cabinets, stainless steel appliances, separate HVAC, dishwashers, on-site parking, and laundry in-units.

Interra Realty has brokered the sale of two separate, fully occupied multifamily properties in Chicago.

An eight-unit apartment building at 5130 S. Greenwood Ave. in the Hyde Park neighborhood sold for $2.92 million, and a 17-unit rental community at 6251 N. Talman Ave. in the city’s West Ridge neighborhood sold for $2.21 million.

Interra Senior Managing Partner Brad Feldman represented both the 5130 S. Greenwood buyer, a local private investor, and the seller, Barnett Capital. For the 6251 N. Talman transaction, Feldman procured the buyer, a local private investor, and, along with Interra Associate Kevin Rahmanim, represented the seller, a local family-owned LLC.

At $365,000 per unit, the 5130 S. Greenwood transaction represented the highest price per unit for vintage apartment buildings in the city’s Hyde Park neighborhood in the last five years. “Quality properties on Chicago’s North Side continue to command strong investor interest, especially those offering a value-add proposition,” Feldman said.