CBRE recently arranged the sale of Arrow Pines Business Park, a 44,125-square-foot-industrial business park in San Dimas. The buyer was a private investor, Arrow SD LLC, who paid $9.23 million.

CBRE Investment Properties’ Mark Shaffer, Anthony DeLorenzo, Gerand Poutier and Dylan Rutigliano, along with CBRE’s National Partners Barbara Perrier and Eric Cox, represented the seller, SoCal Industrial LLC, a joint venture of Birtcher Anderson Davis & Associates and Belay Investment Group.

“This sale signifies the high demand for small bay multi-tenant industrial properties in Southern California,” said Shaffer. “We continue to see strong demand from 1031 exchange buyers and private investors looking to diversify into industrial from other product types like multifamily.”

Built in 1987, Arrow Pines Business Park’s three building sizes range from 11,240 to 16,473 square feet, with unit sizes varying from 960 to 3,192 square feet. The 82.2% occupied business complex features a 12 to 15-foot clear height and 32 grade-level doors.

Net Lease Office Properties (NLOP), headquartered in New York City, said it had sold three office properties in March and April for gross proceeds totaling approximately $131.6 million. They included the $62.5-million sale of a Collierville, TN property leased to FedEx Corporate Services; the $36-million divestiture of a Hoffman Estates, IL asset leased to DMG Mori Seiki U.S.A., Inc; and the $33.1-million sale of a Stavanger, Norway property leased to Total E&P Norge AS.

NLOP didn’t disclose the buyer or buyers. Combined, the three properties total 770,703 square feet.

Net proceeds after closing costs were used to repay approximately $90 million on J.P. Morgan’s senior secured mortgage and approximately $14 million on its mezzanine loan year to date. This resulted in outstanding balances of approximately $199 million and $100 million, respectively, as of May 2, 2024.

Separately, in April, NLOP disposed of two office properties encumbered by individual non-recourse mortgage loans through transfers to the lender. One was was leased to Exelon Generation Company, LLC and the other was formerly leased to AVT Technology Solutions LLC.

ShainRealty Capital, a Los Angeles privately-owned real estate investment firm, has sold a 96-unit Chicago apartment building, known as Madison Terrace, for $11 million. The transaction marked the firm’s last holding in the Chicago multifamily market.

Interra Realty’s Lucas Fryman & Ted Stratman brokered the transaction. ShainRealty, led by brothers Jonathan and Elliot Shainberg, bought the building for $8.2 million in 2020. Last year, ShainRealty cashed out on a 200-unit Chicago portfolio for $29 million.

“We acquired the deal in a low-interest rate environment, allowing us to lock in a 2.83% fixed rate Fannie Mae loan for seven years,” said Jonathan Shainberg. The buyer was David Pezzola of Icarus Investments.

The acquisition is a unique sale within the East Garfield Park submarket, where very few transactions of large-scale trade. The property, built in 1986, consists of large two-, three-, and four-bedroom units. Having cashed out of Chicago, ShainRealty plans to focus on properties within the Sunbelt and closer to the West Coast.

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