Acquisitions

Colliers Negotiates $4.9M Sale of Industrial Facility in Bensenville, Illinois

by Kristin Harlow November 7, 2018

BENSENVILLE, ILL. — Colliers International has negotiated the sale of United Business Mail’s industrial facility in Bensenville for $4.9 million. The 81,084-square-foot warehouse is situated on 3.2 acres at 1001 Foster Ave. The building features a clear height of 22 feet, parking for 68 cars, three interior docks and three exterior docks. Steve Kohn of Colliers represented United Business Mail in the transaction. Doug Pilcher of Cushman & Wakefield represented the buyer, Midwest Distribution, which plans to move its headquarters to the facility.

November 7, 2018

Acquisitions Retail Texas

Retail Solutions Brokers Sale of 6,600 SF Single-Tenant Property in Metro Austin

by Taylor Williams November 7, 2018

CEDAR PARK, TEXAS — Retail Solutions has brokered the sale of a 6,600-square-foot, single-tenant retail property leased to Dave’s Ultimate Automotive in Cedar Park, a northern suburb of Austin. According to LoopNet Inc., the property was built in 1986. Alan Rust and Dave Burggraaf of Retail Solutions represented the seller in the transaction. David Stojanik of NAI Partners represented the buyer. Both parties requested anonymity.

November 7, 2018

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $4.5M Condo Deconversion Sale in Chicago

by Kristin Harlow November 7, 2018

CHICAGO — Kiser Group has brokered the $4.5 million condo deconversion sale of a 20-unit property in Chicago’s East Lincoln Park neighborhood. Originally built in the late 1950s as a condominium development, the property features four studio, 14 one- and two two-bedroom units. The units range from 550 to 1,200 square feet. The property is located at 512 W. Wrightwood Ave. An affiliate of Horizon Realty Group purchased the property from 512 Wrightwood Condominium Association. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

November 7, 2018

Acquisitions Industrial Michigan Midwest

Friedman Arranges Sale of 33,077 SF Industrial Building in Dearborn, Michigan

by Kristin Harlow November 7, 2018

DEARBORN, MICH. — Friedman Real Estate has arranged the sale of a 33,077-square-foot industrial building in Dearborn for an undisclosed price. The property is located at 13250 Rotunda Drive. Bob Dabrowski, Greg Hornby and Todd Hawley of Friedman represented the seller, Restaurant Leasing LLC. Rotunda Ventures LLC purchased the property.

November 7, 2018

Acquisitions Alabama Retail Southeast

Boyle Investment Sells Whole Foods-Anchored Retail Center in Metro Birmingham

by Amy Works November 6, 2018

HOOVER, ALA. — Boyle Investment Co.’s Midsouth Capital Fund has completed the sale of Whole Foods Market Plaza, a retail property situated on 18.9 acres at 3780 Riverchase Village in Hoover, a suburb of Birmingham. TH Real Estate, an affiliate of Nuveen, purchased the assets for an undisclosed price. Originally developed in 1980 and renovated in 2016, the 175,673-square-foot property is occupied by Whole Foods Market, PetSmart, Best Buy, Bella’s Bridal and Formal and Newk’s Eatery. Jim Hamilton and Shea Patrick of HFF represented the seller in the deal.

November 6, 2018

Acquisitions Multifamily Washington Western

Decron Properties Enters Seattle Apartment Market with $173M Acquisition

by Amy Works November 6, 2018

BOTHELL, WASH. — Decron Properties has purchased Avana 522 Apartments, a multifamily property located at 18101 126th Ave. NE in Bothell, for $173 million. The transaction marks the Los Angeles-based firm’s entry into the Pacific Northwest real estate market. Situated on 56 acres, the 558-unit property was built in 1988 and expanded in 1999. The garden-style community features a mix of one-, two- and three-bedroom units. Community amenities include two outdoor pools, one indoor pool, two clubhouses, two fitness center, four playgrounds, indoor and outdoor basketball courts, tennis courts, picnic and barbecue areas, two pet parks, and an indoor movie theater. Decron plans to implement a capital improvement program, including upgrading all unit interiors with stainless steel appliances, new kitchen cabinet doors and quartz countertops, and upgraded plumbing and electrical fixtures. The program will also upgrade the community areas, including the renovation of the clubhouses and pool areas, adding fire pits, new playground equipment and modernizing the two dog parks. Additionally, Decron plans to expand the capacity of the package locker facility. Frank Bosl, Eli Hanecek and Jon Hallgrimson of CBRE’s Seattle office represented the undisclosed seller in the transaction.

November 6, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Brokers $2.3M Sale of Value-Add Apartment Asset in Pueblo, Colorado

by Amy Works November 6, 2018

PUEBLO, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a value-add multifamily asset located at 1024-1026 Oxford St. and 28 Amherst Ave. in Pueblo. An undisclosed buyer acquired the asset for $2.3 million. Built in 1971, the property features 35 units and is within walking distance of Safeway and King Soopers. Chris Knowlton of Pinnacle Real Estate represented the buyer and undisclosed seller in the deal.

November 6, 2018

Acquisitions Multifamily New York Northeast

Avison Young Brokers $7M Sale of Development Site in Manhattan

by David Cohen November 6, 2018

NEW YORK CITY — Avison Young has brokered the $7 million sale of a vacant development site in the East Village of Manhattan. Located at 14 Second Ave., the property offers 15,042 buildable square feet. James Nelson, Brandon Polakoff and Toku Saito of Avison Young represented the undisclosed seller in the transaction. The buyer was developer Station Cos. The developer plans to build a 10-story residential building with full-floor condominium units on the property.

November 6, 2018

Acquisitions Illinois Industrial Midwest

Bridge Development Purchases 741,586 SF Industrial Park in Bolingbrook, Illinois for $73.5M

by Kristin Harlow November 6, 2018

BOLINGBROOK, ILL. — Bridge Development Partners has purchased Fountain Square Commerce Center, a four-building industrial business park in Bolingbrook, for $73.5 million. Jeff Devine and Steve Disse of Colliers International represented the seller, Conor Commercial and partner LaSalle Investment Management. The buildings span 741,586 square feet. At the time of sale, two of the buildings were fully leased. The remaining 439,099 square feet are available for lease. Completed in 2016, the buildings feature a clear height of 32 feet. Bridge Development plans to develop a 216,320-square-foot speculative facility on the adjoining 12 vacant acres, which were also included in the sale.

November 6, 2018

Acquisitions Midwest Missouri Multifamily

Marcus & Millichap Brokers $18.5M Apartment Portfolio Sale in Independence, Missouri

by Kristin Harlow November 6, 2018

INDEPENDENCE, MO. — Marcus & Millichap has brokered the $18.5 million sale of a 455-unit apartment portfolio in Independence, about 10 miles east of Kansas City. The three properties include the 193-unit Cimmaron, the 108-unit Hillside Apartments, and the 154-unit Sterling 24 Apartments. The portfolio was more than 95 percent occupied at the time of sale. Bradley Barham and Logan Weaver of Marcus & Millichap brokered the 1031 tax-deferred exchange. Neither the buyer nor the seller was disclosed.

November 6, 2018

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