POPLAR BLUFF, MO. — Hanley Investment Group Real Estate Advisors has brokered the $2 million sale of a two-tenant retail building in Poplar Bluff in southeastern Missouri. The 3,750-square-foot property serves as an outparcel to Mansion Mall. Built in 2018, the building is leased to Starbucks and Verizon. Jeff Lefko and Dylan Mallory of Hanley represented the seller, a local private investor. Craig Dunkle of Marcus & Millichap represented the buyer, a New Jersey-based private investor. The sales price represents a cap rate of 6.4 percent.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into a contract to sell a 36-story mixed-use tower and an adjacent undeveloped parcel in Manhattan for $446.5 million. An affiliate of Brookfield Asset Management (NYSE: BAM) is the buying entity for the 492,987-square-foot building at 315 W. 33rd St. on the borough’s west side. Also known as The Olivia, the mixed-use tower features 333 residential units and 270,132 square feet of commercial space. The residential portion is 96 percent occupied, and the commercial space is fully leased to tenants including AMC Theatres, Music Choice and Landmark Education. The Olivia’s community amenities include a residents’ lounge, laundry room, onsite parking, fitness center, bicycle storage, resident app, valet services, 24-hour lobby and rooftop terrace. The property is near Madison Square Garden, the Hudson River and Penn Station. Darcy Stacom of CBRE represented SL Green Realty in the sale transaction, which is expected to close in the second quarter. No details were released about Brookfield’s plans for the parcel. “This sale is another example of SL Green’s commitment to strategically divest of non-core assets and accretively redeploy the capital into our ongoing share repurchase program,” says David Schonbraun, co-chief investment …
DEERFIELD BEACH, FLA. — Elion Partners has acquired a 158,000-square-foot last-mile distribution warehouse in Deerfield Beach for $22 million. Local vitamin maker Rexall Sundown sold the South Florida facility. The property is situated at 1111 SW 30th Road, 16 miles north of downtown Fort Lauderdale, two miles from Interstate 95 and two miles from the Florida Turnpike. The facility offers 600 parking spaces and expansion options, including up to 50,000 square feet and additional parking.
JACKSONVILLE, FLA. — NAI Hallmark has brokered the $12.4 million sale of Baymeadows Business Center, a two-building, 132,102-square-foot office and industrial campus in Jacksonville. The property was 87 percent leased at the time of sale to tenants including UPS, ADP and Breakthru Beverage Group. The buyer, Miami-based Adler Real Estate Partners, has retained NAI Hallmark to provide leasing and management services at the property. Baymeadows Business Center is situated at 8226 Philips Highway, 11 miles south of downtown Jacksonville. Keith Goldfaden and Daniel Burkhardt of NAI Hallmark, along with David Ellis and Alex Waddey of NAI Global, represented the seller, Woodside Capital Partners, in the transaction.
INDIANAPOLIS — Muesing Management has acquired Waterside at Castleton, a 400-unit apartment community on the northeast side of Indianapolis. The purchase price was undisclosed. Built in 1983, the property is located at 8380 Whipporwill Drive. Steve LaMotte Jr. and Dane Wilson of CBRE represented the seller, Wilkinson Corp. and its partner BRT Apartments Corp.
OAK BROOK, ILL. — Mid-America Real Estate Corp. has negotiated the sale of The Shops at Oak Brook Place in suburban Chicago for an undisclosed price. An institutional buyer purchased the 177,165-square-foot shopping center, which is located at the southeast corner of 22nd Street and Midwest Road. Anchor tenants include Nordstrom Rack, TJ Maxx, Ulta, Old Navy and Nike. Rick Drogosz and Joe Girardi of Mid-America represented the seller, a Canadian real estate investment trust.
SKOKIE, ILL. — Interra Realty has arranged the $3.7 million sale of a property occupied by Firestone Complete Auto Care in Skokie, about 15 miles north of Chicago. The property is located at 8801 Skokie Blvd. Paul Waterloo of Interra represented the private local buyer, which will assume an existing lease that has seven years remaining. Colin O’Malley of Interra represented the seller, a family trust that has owned the asset for more than 50 years. Built in 1950, the property features nine bays, 18 drive-in doors and a parking lot.
LIBERTYVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of an 11,614-square-foot retail property in Libertyville for $2.5 million. The anchor tenant is real estate brokerage firm @Properties. The asset is located at 200-218 S. Milwaukee Ave. Chad Firsel of Quantum represented the seller, a local property owner. Jason Lenhoff of Quantum represented the buyer, a local real estate investment group.
HOUSTON — Canadian investment firm Western Wealth Capital has purchased Oak Grove Apartments, a 272-unit community in Houston. Built in 2004, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground and a dog park. Andy Hill and Tyler Nowlin of Berkadia arranged a three-year, adjustable-rate loan for the transaction on behalf of Western Wealth Capital. The loan includes proceeds for capital improvements.
BEAUMONT, TEXAS — Marcus & Millichap has brokered the sale of Mars Plaza, a 26,500-square-foot shopping center located in the East Texas city of Beaumont. Gus Lagos, Justin Miller, Davis Hansen, Alan Wolansky and Harris Brooks of Marcus & Millichap represented the seller, a locally based developer, in the transaction. The buyer was a Houston-based limited liability company. Both parties requested anonymity.