Acquisitions

Wolcott Group Divests of Six-Building Apartment Portfolio in Chicago’s Kenwood Neighborhood for $17.9M

by Amy Works August 21, 2020

CHICAGO — Wolcott Group has completed the sale of a six-building multifamily portfolio in Chicago’s Kenwood neighborhood. An undisclosed buyer acquired the portfolio for $17.9 million, or $88,112 per unit. Comprising 204 units, the properties are located at 4001 S. Ellis Ave., 4433 S. Greenwood Ave., 4737 and 4746 S. Ingleside Ave., 4500 S. Drexel Blvd. and 811 E. 46th St. The portfolio also includes some affordable housing communities whose apartments are reserved for households that meet eligibility requirements. The buyer plans to upgrade units as they turn over and lease additional units that were previously offline. Chicago-based Interra Realty’s David Goss, Jon Morgan, Ted Stratman and Lucas Fryman represented the seller and buyer in the transaction.

August 21, 2020

Acquisitions Illinois Midwest Retail

GW Properties Sells Multi-Tenant Retail Building in Suburban Chicago for $3.9M

by Amy Works August 21, 2020

MT. PROSPECT, ILL. — Chicago-based GW Properties has completed the disposition of a multi-tenant retail property in Mt. Prospect, a suburb of Chicago. Los Angeles-based Davidson & Associates purchased the asset for $3.9 million. Constructed in 1966 and renovated in 2019, the building is fully occupied by three tenants in the medical, restaurant and wireless service industries on net leases. The property is located at 920 E. Elmhurst Road. Alex Sharrin and Alex Geanakos of JLL represented the seller in the deal.

August 21, 2020

Acquisitions Arizona Multifamily Western

Dalan Management, VM Management Sell Verona Court Apartments in Phoenix for $20M

by Amy Works August 20, 2020

PHOENIX — A partnership between Dalan Management and VM Management has completed the disposition of Verona Court, a multifamily complex in Phoenix. A private buyer acquired the asset for $20 million, or $141,844 per unit. Built in 1985, Verona Court features 141 apartments in a mix of one- and two-bedroom layouts. Community amenities include two swimming pools and two laundry facilities. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

August 20, 2020

Acquisitions California Retail Western

Kidder Mathews Brokers $4.5M Sale of High-Street Retail Building in Los Angeles’ Westwood Village

by Amy Works August 20, 2020

LOS ANGELES — Kidder Mathews has arranged the sale of a high-street retail property located at 10930 Weyburn Ave. in Los Angeles. A local family sold the asset to local real estate investor for $4.5 million. Located in the Westwood Village neighborhood, the asset features a 3,200-square-foot building on a 3,998-square-foot lot. The property offers two retail storefronts with more than 40 feet of frontage on Weyburn Avenue. Darrell Levonian, Tanel Harunzade and Brittney McCarthy of Kidder Mathews represented the seller in the deal.

August 20, 2020

Acquisitions Kansas Midwest Retail

Marcus & Millichap Negotiates $12.1M Sale of Two-Tenant Retail Property in Overland Park, Kansas

by Amy Works August 20, 2020

OVERLAND PARK, KAN. — Marcus & Millichap has arranged the sale of a retail property located at 6821 W. 135th St. in Overland Park. A private Overland Park-based developer sold the asset to an out-of-state family trust for $12.1 million. Sprouts Farmers Market and Crowley Furniture occupy the 56,837-square-foot Class A property that was built in 2009. The building is located within Corbin Park, a 1.1 million-square-foot mixed-use development. Ryan Bowlby and Drew Isaac of Marcus & Millichap, in coordination with Colby Haugness of Marcus & Millichap as Kansas broker of record, represented the seller, while Bowlby and Isaac also sourced the buyer in the deal.

August 20, 2020

Acquisitions Midwest Missouri Restaurant Retail

Alignment Realty Capital Acquires Four Sonic Drive-in Restaurants in Metro St. Louis

by Amy Works August 20, 2020

ST. LOUIS — Phoenix-based Alignment Realty Capital has purchased four Sonic Drive-In restaurants located in metro St. Louis. The acquisition price for the sale-leaseback transaction was not released. The company acquired the four drive-in restaurants in a double-escrow transaction where a Sonic franchisee purchased the operations and real estate of a like-sized franchisee and simultaneously spun-off the real estate at closing. Banker’s Trust provided Alignment Realty Capital with a five-year, floating-rate acquisition loan.

August 20, 2020

Acquisitions Industrial Midwest Minnesota Net Lease Retail

Upland Real Estate Group Brokers $4.7M Sale of Caliber Collision-Occupied Property in Minnesota

by Amy Works August 20, 2020

COON RAPIDS, MINN. — Upland Real Estate Group has arranged the $4.7 million sale of an investment property net leased to Caliber Collision in Coon Rapids. The names of the seller and buyer were not released. Caliber Collision has operated at this location in the suburbs of Minneapolis for 20 years and recently signed a new 15-year, triple-net lease with rent increases every 5 years. The property’s lease has a corporate guarantee by WAND NEWCO 3, which operates more than 1,100 stores in 37 states and the District of Columbia. Deb Vannelli, Keith Sturm and Amanda Leathers of Upland Real Estate Group represented the seller in the deal.

August 20, 2020

Acquisitions Illinois Loans Midwest Multifamily

Associated Bank Arranges $1.4M Acquisition Loan for Residential Building in Chicago

by Amy Works August 20, 2020

CHICAGO — Associated Bank has completed a $1.4 million loan for 312 Properties for the purchase of a residential building in Chicago’s South Shore neighborhood. Located at 6700 S. Clyde Ave., the three-story building features 13 apartments. The property was previously subdivided as condominiums but operating as an apartment building. At closing, the buyer acquired all the units from the seller and converted the building to a multifamily designation. Elizabeth Hozian of Associated Bank’s commercial real estate division managed the loan and closing.

August 20, 2020

Acquisitions New York Northeast Retail

Marcus & Millichap Brokers Sale of 60,896 SF Retail Asset Leased to ShopRite on Long Island

by Taylor Williams August 20, 2020

UNIONDALE, N.Y. — Marcus & Millichap has brokered the sale of a 60,896-square-foot retail asset in the Long Island city of Uniondale that is net-leased to grocer ShopRite. The sales price was $19.5 million. Barry Wolfe and Glen Kunofsky of Marcus & Millichap’s Manhattan office represented the undisclosed seller in the transaction. Brad Nathanson of Marcus & Millichap’s Institutional Property Advisors (IPA) division in Philadelphia procured the buyer. Michael Helpern and Christopher Marks in Marcus & Millichap Capital Corporation’s (MMCC) Manhattan office arranged acquisition financing for the buyer through a regional bank.

August 20, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 424-Unit Jefferson Boardwalk Apartments in Metro Dallas

by Taylor Williams August 20, 2020

FARMERS BRANCH, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of Jefferson Boardwalk, a 424-unit apartment community located in the northern Dallas metro of Farmers Branch. The property was built on 15.1 acres in 2018 and features one-, two- and three-bedroom floor plans and Class A amenities. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, locally based developer JPI, in the transaction. The team also procured the buyer, an affiliate of Lone Star Funds.

August 20, 2020

Newer Posts

Older Posts