CHICAGO — SVN Chicago Commercial has arranged the $1.3 million sale of an 8,700-square-foot office suite at 211 W. Wacker Drive in Chicago. Tim Rasmussen and Jim Mead of SVN represented the buyer, a futures trading firm seeking to expand its downtown Chicago presence. According to SVN, the buyer capitalized on current market conditions, securing a fully improved office space at a significant discount to historical pricing. The seller was undisclosed.
MANCHESTER, CONN. — JLL has brokered the $12 million sale of a 190,646-square-foot distribution center in Manchester, an eastern suburb of Hartford. The site at 100 Sanrico Drive spans 10 acres within Manchester Industrial Park, and the property, which was fully leased at the time of sale, features a clear height of 45 feet and 24 loading positions. Michael Restivo, David Coffman and Ali Howard of JLL represented the seller, regional investment firm SkyREM, in the transaction. Sentry Commercial and Silver Edge Real Estate represented the buyer, B&D Holdings. Max Custer, Amy Lousararian, Thomas Didio Jr. and Christian Badalamenti, also with JLL, arranged a five-year, fixed-rate acquisition loan for the deal through life insurance company Ameritas.
CORPUS CHRISTI, TEXAS — Self-storage brokerage firm Versal has arranged the sale of Overflow Garage, a 204-unit automotive storage facility in Corpus Christi. The facility is located about 15 miles south of the downtown area and totals 16,880 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Plano-based Cumbia Real Estate Holding LLC, in the transaction. The team also procured the undisclosed, Corpus Christi-based buyer.
DALLAS — Lee & Associates has brokered the sale of a two-building, 50,000-square-foot industrial property in northeast Dallas. According to LoopNet Inc., the buildings at 11550 Plano Road were originally built in 1979. Building features include rear-load configurations, multiple renovated office suites, 16-foot clear heights and 108 surface parking spaces. Taylor Stell of Lee & Associates represented the undisclosed seller in the transaction and procured the buyer, RAM Capital Texas.
CHANDLER, ARIZ. — New York-based TGM has purchased Ocotillo Bay, an apartment property in Glendale, from an undisclosed national fund manager for $90.5 million. The transaction marks TGM’s entry into the Phoenix market. TGM Communities will manage the community, which has been renamed as TGM Ocotillo Bay. Built in 1997, the 296-unit property features two pool areas with cabanas and barbecues; an outdoor lounge area with a bocce ball court, fireplace, barbecue and covered seating area; a resident clubhouse with business center and TV seating area; and a fitness center with weight training and cardio equipment, as well as a separate yoga/spin room. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal.
SANTA ANA, CALIF. — Storm Properties, a subsidiary of Torrance, Calif.-based Storm Industries, has acquired an industrial outdoor storage (IOS) property in Santa Ana from an undisclosed seller for $5.9 million. Located at 4320 W. 1st St. and 201 S. Mountain View St., the 2.5-acre site features an 11,300-square-foot industrial building and a large and fully fenced concrete yard. The building offers 800 amps of 120/208 volt power, ground-level loading, 16-foot ceiling clearance, as well as infrastructure for food-related operations, such as a walk-in closet and freezer and two commercial ice-making towers. Storm Properties has retained Scott Read of Newmark to market the currently vacant facility for lease.
LAS VEGAS — Northcap Commercial has brokered the sale of Nellis Gate Apartments, a multifamily property located at 4340 N. Las Vegas Blvd. in Las Vegas. Built in 2002, Nellis Gate Apartments offers 50 units. The asset traded for $4.5 million, or $90,000 per unit. Jerad Roberts, Devin Lee and Robin Willett of Northcap Commercial represented the undisclosed buyer in the deal. The name of the seller was not released.
ARLINGTON HEIGHTS, ILL. — Encore Enterprises Inc. and AmCap Management Holdings LLC, a wholly owned subsidiary of AmCap Management LLC, have purchased a 276,333-square-foot shopping center in the Chicago suburb of Arlington Heights. Named Northpoint Center, the grocery-anchored property is located at the intersection of West Rand and Arlington Heights roads. Tenants include Jewel-Osco, Ross Dress for Less, Marshalls, Chase Bank, Five Below and PopShelf. The seller and sales price were undisclosed.
LOMBARD, ILL. — A partnership between Capital Healthcare Properties and HSG Medical has acquired a 21,070-square-foot retail property in the Chicago suburb of Lombard for an undisclosed price. Immediately upon the acquisition, the partnership executed a long-term lease with Duly Health and Care that brings the freestanding property from 33 percent leased to fully occupied. Duly Health and Care is a Chicagoland healthcare provider with more than 1,200 primary care and specialty providers across 50-plus specialties with 150 locations. Located at 2830 S. Highland Ave., the building features additional tenants such as Potbelly and SimonMed Imaging. The buyers plan to make upgrades, including a new parking lot, new roof, enhanced front sidewalks, exterior tuckpointing and landscaping. The property was sold by a special servicer who was represented by Frontline Real Estate Partners. The asset was put under the control of a special servicing agent after the previous owner defaulted on its loan.
CHICAGO — SVN Chicago Commercial has brokered the sale of a 6,200-square-foot industrial building at 1802-1806 W. Chicago Ave. in Chicago’s West Town neighborhood for $1.3 million. The property is slated for an adaptive reuse conversion to multifamily. Tim Rasmussen and Marcus Sullivan of SVN represented the undisclosed seller.
