ATLANTA — Coro Realty has bought two parking garages connected to Underground Atlanta. The decks, MLK 75 and MLK 95, are located on Martin Luther King Jr. Drive across the street from numerous government office buildings, including the Fulton County courthouse and the Georgia State Capitol complex. Coro intends to invest roughly $1 million in the garages, making improvements to the stairs, elevators, lighting, signage and parking equipment. With direct access to Underground Atlanta, MLK 75 and MLK 95 were built in 1980 and cover about 1.6 acres. The decks contain 1,254 parking spaces between the two buildings. When complete, Underground Atlanta will have more than 400,000 square feet of retail, restaurant, entertainment, office, residential space and a 351-room Yotel hotel. Brandon Rogoff, Nicholas Ricardo and Steven Morgan of NKF Capital Markets brokered the transaction. John Hancock Life Insurance Co. provided acquisition financing. The sales price was not disclosed.
PARSIPPANY, N.J. — Cushman & Wakefield has brokered the sale of 1 Gatehall Drive, a 115,000-square-foot office building in Parsippany, located approximately 25 miles west of New York City. At the time of sale, the building was 86 percent leased to more than 20 tenants. Gary Gabriel, David Bernhaut, Andy Merin, Frank DiTommaso, Andy Schwartz, William O’Keefe and Kelsey Nakamura of Cushman & Wakefield represented the seller, a joint venture between Lincoln Property Co, and Development Ventures Group. An affiliate of Lakewood Equities purchased the asset for an undisclosed price.
PHILADELPHIA — Primary care provider Oak Street Health has signed an 8,000-square-foot retail lease in Philadelphia. The property is located within Strawberry Square Shopping Center, which also includes a Rite Aid, Dollar Plus and Save-a-Lot. Scott Benson of Metro Commercial represented Oak Street in the transaction. Richard Soloff of Soloff Realty & Development represented the landlord.
CHICAGO — NewMark Merrill Cos. Inc. has acquired Stony Island Plaza in Chicago for $17.3 million. The 159,785-square-foot shopping center is located in the South Deering neighborhood at the intersection of 95th Street and Stony Island Avenue. Jewel-Osco and DD’s Discounts anchor the center, built in 1999. It is currently 93 percent leased to several local and national brands, including Circle K, KFC, H&R Block, Foot Locker, GNC, Happy Nails and Seashell Restaurant. NewMark Merrill plans to improve signage, parking areas and landscaping. Rick Drogosz of Mid-America Real Estate Corp. represented the institutional seller. Sandy Sigal and Jim Patton of NewMark Merrill negotiated the purchase on behalf of NewMark Merrill. Kostas Kavayiotidis of Pacific Southwest Realty arranged acquisition financing with John Hancock Life Insurance. Jeffery Packard, Tom Treacy and Chris Bingham of John Hancock originated the financing.
NORTH AURORA, ILL. — JVM Realty Corp. has purchased Randall Highlands in North Aurora for an undisclosed price. JVM Management Inc. will manage the community. Built in 2013, the property is comprised of 146 rental townhome units. Amenities include a pool, clubhouse, business center, playground and fitness center. The seller was not disclosed. JVM owns and operates three other rental communities in the Chicago metro area and is set to close on the acquisition of a fifth property in the market later this year.
PHOENIX — A joint venture between Phoenix-based ViaWest Group and New York-based Taconic Capital Advisors has completed the disposition of Deer Valley Financial Center, an office property located at 2260 N. 19th Ave. in Phoenix. The Rodriguez Family Trust of Los Angeles acquired the asset for $22.1 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE Institutional Properties in Phoenix and Geoff Turbow, Matt Pourcho and Anthony DeLorenzo of CBRE Investment Properties-SoCal/Phoenix represented the ViaWest Group in the transaction. Built in 2001, the two-story building features 127,612 square feet of Class A office space, including a common area and lobby, new tenant amenity lounge, an on-site café and bank. Additionally, the property features a parking ratio of 4.6 spaces per every 1,000 square feet.
BOULDER, COLO. — Heitman has purchased The Boulders, an apartment community located at 2850 Kalmia Ave. in Boulder. Broadshore Capital Partners sold the asset for an undisclosed price. Shane Ozment, Terrance Hunt, Justin Hunt and Andy Hellman of Newmark Knight Frank Multifamily represented the seller in the deal. Constructed in 1993, The Boulders features 161 apartments and offers access to the city’s 155-mile trail system. The buyer plans to renovate the property’s units to stay competitive in the market.
ONTARIO, CALIF. — Los Angeles-based Reliable Properties has purchased a retail property located in Ontario. Terms of the transaction were not released. Cardenas Market, an Ontario-based grocery chain, occupies the single-tenant asset. Located at the intersection of Holt Boulevard and Campus Avenue, the property features 28,131 square feet of retail space.
LAS VEGAS — Colliers International has negotiated the sale of a retail property in Las Vegas. The Gail M. Buy Trust sold the asset to Rainbow Coley LLC for $1.6 million. Located at 2972 S. Rainbow Blvd., the property features 10,400 square feet of retail space. Chris Connell and Grant Traub of Colliers International represented the seller in the deal.
WASHINGTON, D.C. — Paramount Group Inc. (NYSE: PGRE) has sold Liberty Place, a landmark office building in Washington D.C., to an undisclosed buyer for $154.5 million. The 172,000-square-foot office building is located at 325 7th St. NW in the East End submarket of Washington, D.C., less than a mile from Capitol Hill. The property comprises two incorporated buildings: the historic Fireman’s Fund Building built in 1882, and a 12-story glass and limestone office tower constructed in 1991. In 2014, Hickok Cole designed an interior repositioning of the office entrance and lobby. Paramount intends to use a portion of proceeds from the sale to partially fund its $722 million purchase of Market Center, a 753,000-square-foot Class A office building in San Francisco’s South Financial District. “We continue to execute on our capital recycling strategy by selling stabilized assets at attractive prices and redeploying that capital into higher-growth opportunities, such as Market Center,” says Albert Behler, president, CEO and chairman. Recent tenants at Liberty Place include electric service company PPL Corp., market consultant Sonecon, Canadian fertilizer company Nutrien and Teneo Hospitality Group. Paramount originally acquired Liberty Place from Beacon Capital Partners in June 2011. Though Paramount did not disclose the price, the …