Colliers completed the sale of 2323 Grand Boulevard, a 321,000-square-foot office property located in Kansas City’s Crown Center sub-market.

Senior Vice President Evan Warwick represented the owner, and Principal Bryan Johnson represented the buyer. Stanton Road Capital, LLC, a private investment management and advisory firm, sold the property to Crain Company, a Wichita-based multifamily acquisition and development company.

The 11-story office building was developed in 1985 and acquired by Stanton Road Capital in 2017. Conveniently located within a well-established commercial corridor, the property offers walkable access to nearby hotels, retail, and dining options, along with covered and surface parking.

“This area continues to show strong long-term potential, particularly due to its proximity to the new Kansas City Royals stadium and ongoing development activity nearby,” commented Warwick. “The property’s premier location and panoramic downtown views made it a highly attractive asset, and we are especially appreciative of the trust our clients placed in us throughout the process.”

JLL Capital Markets said Thursday it had completed Project Bronco, a multi-submarket industrial portfolio totaling 365,774 square feet in Los Angeles’ San Gabriel Valley and Orange County submarkets. Terms of the sale were not disclosed.

Senior managing director Patrick Nally, senior directors Ryan Spradling and Evan Moran, director Makenna Peter and associate Shae Vomund represented the confidential seller.

Totaling five assets, the portfolio was marketed by JLL and was ultimately split between two buyers. EQT Real Estate and Berkeley Partners each acquired separate assets from the portfolio through distinct closings.

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Lone Star Funds has abandoned 55 Allen Plaza to avoid foreclosure.

Phoenicia Real Estate Holdings took title to the 14-story, 350,000-square-foot building through a deed in lieu of foreclosure. The deal was valued at $57.8 million. Phoenicia is a subsidiary of Aflac Inc. Aflac Global Investments. The Atlanta Business Chronicle reported that Lone Star acquired the Property in 2020 for $79 million, using $67.5 million in acquisition financing provided by NXT Capital. 

The office building is part of the Allen Plaza mixed-use project, which is 66% occupied. Its major tenants include EY and design firm ASD|SKY. Selig Enterprises maintains air rights for 55 Allen Plaza, and a new owner will have to make lease payments.

Greysteel has completed the sale of Mary Hardesty House, a 60-unit senior community located at 218 Mosby Boulevard in Berryville, Virginia.

The property, which was developed using Low-Income Housing Tax Credit (LIHTC) financing, is encumbered by a long-term use agreement for the property to be Affordable Housing. The property was acquired by Community Housing Partners for $5.85 million.

Fletcher Hultman, Justin Mazzamaro, and Henry Mathies of Greysteel’s National Affordable Housing practice group exclusively represented the seller The Wentwood Companies. Mary Hardesty House is ideally located in the northern Virginia town of Berryville, about 65 miles northwest of Washington, D.C.

“We received strong investor interest in this property because it didn’t have any major deferred maintenance or operational challenges,” said Fletcher Hultman, Director of Mid-Atlantic Affordable Housing sales at Greysteel. “This acquisition allows Community Housing Partners to achieve operational scale in this market as they also own a nearby property.”

Newmark has arranged the sale of the $16 million Oxford Court Portfolio—a nine-building medical office campus in Langhorne, Pennysylvania—to ESJ Capital Partners.

Newmark Senior Managing Directors Michael Margolis and David Dolan and Associate Angelo Brutico represented seller SkyREM on the transaction. “The Oxford Court portfolio is a highly compelling investment, driven by its strategic location and strong tenant roster. We look forward to seeing the assets continue to thrive under new ownership,” said Margolis.

The 152,310-square-foot portfolio was 72% leased at the time of sale. The portfolio is located adjacent to the Oxford Valley Mall, a Simon property that spans 1.2 million square feet, and Jefferson Bucks County Hospital.

Additionally, the Oxford Court portfolio benefits from being just three miles from the intersection of Interstate 95, Interstate 295 and the Pennsylvania Turnpike. This location provides accessibility to the Pennsylvania suburbs of Greater Philadelphia as well as central New Jersey.

A pair of century-old Midtown Manhattan office buildings are trading at a steep discount as lenders look to cut their losses, Bloomberg News reported. Empire Capital Holdings agreed to buy the properties at 229 W. 36th St. and 256 W. 38th St. for less than $50 million, or at least 68% below the roughly $157 million the buildings last sold for in 2017. 

The deal was a short sale for lender Investcorp, according to Bloomberg. Short sales have become more common as office values have plummeted, often below loan amounts. Last year, Empire Capital and a partner purchased a West 44th Street office building in a short sale.

Bloomberg reported that CBRE’s Doug Middleton and Jack Stillwagon are handling the sale. The buyer is considering either keeping the sites as offices or turning them into storage properties for now, a source told Bloomberg. Both properties also sit within a rezoning district.

Le Investment Group closed the sale of The Mango Tree Apartments, a 56-unit multifamily property located at 8021 Mango Ave., Fontana. The property was sold for $10,850,000, equating to $193,750 per unit.

The all-cash sale closed within 14 days at a 4.50% cap rate, with a GRM of 13.09 and a Pro Forma CAP rate of 6.86%. The property was a value-add play, with low existing rents and renovations required, presenting significant potential for increased revenue and asset appreciation. Le Investment Group represented both the seller and the buyer.

“We are proud to have successfully facilitated this transaction with such efficiency,” said Albert Le, managing partner at Le Investment Group. “This sale helps demonstrate the momentum of the current commercial real estate landscape. Investors are eager to re-enter the market after a period of hesitation, and this transaction highlights the demand for well-located, income-generating properties.”

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.

Not long ago Pallidus had plans to build a a $443 million semiconductor plant in Rock Hill. The company was eyeing two buildings at 1786 and 1800 Overview Drive for not only the new plant, but offices as well. They were also looking to hire over 400 workers.

The Charlotte Business Journal reports the company pulled the plug on the project in October of last year and laid off 44% of its workforce and now the complex is back on the market. Avison Young’s Chris Loyd, Tom Tropeano and Henry Lobb are leading marketing efforts for the buildings, which are owned by Calare Properties.

Called Overview Center, the larger building is a 212,263-square-foot former manufacturing facility. It includes over 50,000 square feet of office space. The smaller building is a 74,934-square-foot building — which was constructed in 2021 — and includes 1,500 square feet of office space. The buildings are in Waterford Business Park near Waterford Golf Club.