BRIDGEPORT, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $21.5 million sale of a 273,612-square-foot mixed-use property in the southern coastal Connecticut city of Bridgeport. Known as The City Trust Collection, the property spans a fully city block at 955 Main St. in the downtown area and comprises 117 market-rate apartment units, 42,238 square feet of commercial space and a 240-space (90,500-square-foot) parking garage. Brad Balletto and Rich Edwards of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
Acquisitions
SEATTLE — JLL has arranged the purchase of 101 Broadway Apartments, a mid-rise multifamily property in Seattle. 510/520 Fourth West Properties LLC acquired the asset from an undisclosed seller for $17.5 million. This transaction fulfills the buyer’s 1031 exchange from the recent $10.8 million sale of 510 Place, a 36-unit multifamily property in Seattle. Casey Zejdlik, Michael Lyford and Reed Curtis of JLL handled both transactions. Located at 840 E. Denny Way, the six-story 101 Broadway Apartments features 44 residences with high-end finishes, ground-floor retail space, a rooftop deck and resident lounge. The property was completed in 2017.
CHICAGO — Cushman & Wakefield has brokered the sale of 121 W. Wacker, a 41-story office tower overlooking the Chicago River. The buyers, Chicago-based investors Ken Buckman and Robert Castillo, intend to invest substantial capital to re-energize the nearly century-old building. Planned enhancements include a significant upgrade to the outdoor amenity terrace and 24th-floor conference center, a remodeled restaurant and bar managed by a Chicago hospitality firm and a refreshed main lobby. Ware Malcomb will oversee all interior and exterior architecture, with Ameritus continuing as the building’s property manager. Completed in 1930 and designed by Chicago architects Holabird & Root, the 441,030-square-foot property stands as one of the city’s most recognizable Art Deco skyscrapers. Originally known as the LaSalle-Wacker Building, the tower is located at the gateway to Chicago’s historic LaSalle Street corridor. The building is now included within the West Loop-LaSalle Street Historic District on the National Register of Historic Places. United Airlines and McDonald’s both maintained offices at the property previously. Cody Hundertmark and Tom Sitz of Cushman & Wakefield represented the seller, Chicago-based Ameritus. Cushman & Wakefield has been retained as the leasing agent for the property, with Mason Taylor and Paige Krueger leading leasing efforts. According …
MINNEAPOLIS — JLL Capital Markets has arranged the sale and financing of 270 Hennepin, a newly constructed, 346-unit apartment tower in Minneapolis. Josh Talberg, Joseph Peris and Jack Graveline of JLL represented the seller, a partnership between Diamond Realty Investments and Harlem Irving Cos. JLL also secured a seven-year acquisition loan through Freddie Mac on behalf of the buyer, Roundhouse. Delivered in 2021, 270 Hennepin rises 21 stories. The property is 95 percent leased, and units average 784 square feet. The development also includes 20,075 square feet of ground-level commercial space that is fully leased to mini golf entertainment concept Puttery. Amenities at the property include an indoor pool on the 19th floor, a fitness center and yoga studio, work-from-home lounge, a private dog run, rooftop patios and terraces and heated underground parking across four levels.
LAREDO, TEXAS — Atlanta-based investment firm MDH Partners has acquired a 129,301-square-foot industrial building in the South Texas city of Laredo. Built in 2000 within Milo Industrial Park, the single-tenant, rail-served facility at 302 Grand Central Blvd. features 44 dock-high doors and 47 trailer parking stalls and was fully leased at the time of sale to an affiliate of German logistics company DHL Supply Chain. Craig Tomlinson of Northmarq represented the undisclosed seller in the transaction. Makenna Barbara represented MDH Partners on an internal basis.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $10.7 million sale of a 90,000-square-foot vacant industrial building in The Bronx. The four-story facility at 425 Devoe Ave. features 60,000 square feet of above-grade space and 30,000 square feet of below-grade space and includes covered truck-level loading docks and four drive-in doors. Jason Gold, Sean Kelly and Daniel Mahfar of Ariel the seller, Abingdon Square Partners, in the transaction. The buyer was MADDD Equities.
PREP Property Group Acquires 480,000 SF Promenade at Casa Grande Shopping Center in Arizona
by Amy Works
CASA GRANDE, ARIZ. — PREP Property Group has purchased Promenade at Casa Grande, a regional shopping center in Casa Grande, approximately 50 miles south of Phoenix. Terms of the acquisition were not released. Located at the northeast corner of I-10 and Florence Boulevard, Promenade at Casa Grande offers 480,000 square feet of retail space. Current tenants include Harkins Theatres, Ross Dress for Less, Marshalls, HomeGoods, Burlington, Michaels, Ashley Furniture, PetSmart, Five Below, Bath & Body Works, Shop Dept. Encore, Ulta Beauty and Dollar Tree.
LOMBARD, ILL. — Hunter Advisors has brokered the sale of the Embassy Suites by Hilton Chicago Lombard Oak Brook, a 262-room hotel in Lombard. Spencer Davidson and David Perrin of Hunter Advisors brokered the transaction. Endeavor Hotels acquired the asset. The 10-story, all-suite property was built in 1989 and is located at 707 E. Butterfield Road. Amenities include 5,875 square feet of meeting space anchored by the 2,016-square-foot Butterfield Ballroom, a complimentary breakfast and evening reception, Stacks Grilled Cheese & Bar, an indoor pool, a fitness center and business center.
ANN ARBOR, MICH. — Marcus & Millichap has negotiated the $26 million sale of Brookhaven Manor, a 134-bed independent living facility in Ann Arbor. Jim Knapp and Justin Knapp of Marcus & Millichap represented the seller and procured the institutional buyer. Constructed in 1988 on 6.7 acres near the University of Michigan and Michigan Health, Brookhaven Manor was renovated in 2015. The property features one- and two-bedroom units, 85 percent of which have been upgraded.
HALETHORPE, MD. — MacKenzie Commercial Services has brokered the $11.5 million sale of a 105,732-square-foot warehouse located at 4665 Hollins Ferry Road in Halethorpe, a suburb in Baltimore County. The buyer, VeryBest Wholesales, is relocating to the single-story warehouse from another location in Jessup, Md. Saver Automotive Products is the seller of the Halethorpe facility, which was delivered in 1972 and sits adjacent to I-895. Matthew Curran and Andrew Meeder of MacKenzie Commercial brokered the transaction.