BOSTON — Colliers International has negotiated the $42.5 million sale of Trac 75, an 80-unit apartment community in Boston’s Allston neighborhood. Located at 75 Braintree St., the property consists of a mix of studio, one-, two- and three-bedroom units. Colliers represented the seller, a joint venture between affiliates of The Grossman Cos. and The Waypoint Cos. Coldwell Banker Residential Brokerage represented the buyer, a private family office. Dolben will continue to manage Trac 75.
NEW YORK CITY — Greystone has arranged a $54.8 million Freddie Mac loan for The Dean, a 120-unit multifamily community in the Crown Heights neighborhood of Brooklyn. Located at 1040 Dean St., the eight-story property features a roof deck, lounge, fitness center and onsite parking. Anthony Cristi of Greystone arranged the 10-year, fixed-rate Freddie Mac CME loan, which is designed for new construction assets nearing stabilization. Yoel Goldman of All Year Holdings owns the building.
NEW YORK CITY — Cushman & Wakefield has brokered the $8 million sale of a 49,790-buildable-square-foot development site in Long Island City. Stephen R. Preuss, Denise Prevete-Tempone and Andreas Efthymiou of Cushman & Wakefield represented both the buyer, Midpiece 9th Street LLC., and the seller, J&N Development, in the transaction. The property is located at 3823-3829 9th St.
ATLANTA — Bridge Office Fund Manager LLC, a subsidiary of Salt Lake City-based Bridge Investment Group, has acquired Lenox Park, a 32-acre office campus located in Atlanta’s Buckhead district. The 1 million-square-foot development includes five buildings and serves as the corporate hub for AT&T. The seller and sales price were not disclosed, but the Atlanta Business Chronicle reports Bridge acquired the campus from an affiliate of Fortress Investment Group for at least $225 per square foot, or up to $225 million. Bridge plans to renovate the recently vacated 1277 Lenox Park Blvd., a seven-story, 153,093-square-foot building located on the site. David Tennery of JLL arranged the transaction on behalf of the seller. Kevin Lott, Kim Caswell and Stewart Thrash of Bridge Commercial Real Estate — the office operating subsidiary of Bridge Investment Group — will handle Lenox Park’s leasing assignment.
KENNESAW, GA. — NKF Capital Markets has brokered the $73.3 million sale of TownPark Commons, a 350,000-square-foot office campus in Kennesaw, located roughly 27 miles northwest of Atlanta. Matt Tritschler of NKF Capital Markets arranged the transaction on behalf of the buyer, Adventus Opportunity Fund. Eastdil Secured represented the seller, TSP TownPark LLC. TownPark Commons includes four, four-story buildings located within the TownPark mixed-use development. The buildings were constructed in 1997 and 1998. TownPark Commons was 99 percent leased at the time of sale to tenants such as Enercon Services, INVISTA and HCC Life Insurance Co.
BELMONT, N.C. AND NORTH CHARLESTON, S.C. — Berkadia has arranged the sales of two multifamily communities located in Belmont and North Charleston. In Belmont, roughly 14 miles west of Charlotte, Berkadia arranged the $16.7 million sale of Abbey Court, a 176-unit community. Texas-based Napali Capital LLC acquired the asset from Raleigh-based American Residential Investment Management. The community includes one- and two-bedroom units and features a pool, playground, grilling and picnic area and a laundry facility. In North Charleston, Berkadia arranged the $31 million sale of Legends at Charleston Park, a 232-unit community that includes a mix of one- to three-bedroom units. Memphis, Tenn.-based Fogelman Properties acquired the asset from Macon, Ga.-based United Residential Properties. The community features a playground, barbecue station, clubhouse, fitness center, pool and garages. Mark Boyce and Blake Coffey of Berkadia represented the sellers in both transactions.
CHICAGO — CIM Group and Golub & Co. have sold a 40-story apartment tower located at 1001 S. State St. in Chicago’s South Loop neighborhood. The companies jointly developed the 397-unit building, which was completed in August 2016. Amenities include a communal workspace, game room, outdoor pool, fitness center, yoga studio, dog run and services such as dry cleaning. Neither the sales price nor the buyer was disclosed, but Crain’s Chicago Business reports that an investment arm of the Mormon church was the buyer.
OAK PARK, ILL. — SRS Real Estate Partners has negotiated the sale of a 22,000-square-foot retail real estate property occupied by Target in Chicago’s Oak Park. The small-format Target features a full-service CVS Pharmacy and a Starbucks. Built in 2017, the store is the ground-floor retail component of The Emerson, a mixed-use development that includes 271 residential units. Britt Raymond, Matthew Mousavi, Patrick Luther and Kyle Fant of SRS represented the New York-based buyer, who completed a 1031 tax-deferred exchange. Ben Wineman and Wes Koontz of Mid-America represented the seller, a Chicago-based developer. Target launched its new small-format concept three years ago and now has eight stores open in Chicago, with two more slated to open this year and four scheduled to open in 2019.
OSHKOSH, WIS. — Mid-America Real Estate Corp. has brokered the sale of Oshkosh Center II for $10.2 million. The 107,456-square-foot shopping center is located at the northeast corner of 20th Avenue and Koeller Street in Oshkosh, nearly 90 miles northwest of Milwaukee. Anchor tenants include Pick ’n Save and Office Max. The sale also includes a 4,150-square-foot outlot building for a total of 111,606 square feet. Carly Gallagher, Rick Drogosz and Dan Rosenfeld of Mid-America brokered the transaction on behalf of the seller, Marlin Properties. Cincinnati-based Midland Atlantic purchased the asset.
RAPID CITY, S.D. — Marcus & Milichap has brokered the sale of Northgate Plaza in Rapid City for $4.3 million. The 173,678-square-foot retail center is located at 1111 E. North St. Kmart and Family Dollar anchor the property, which is 74 percent occupied. Karly Iacono of Marcus & Millichap represented the seller, a private investor, and the buyer, a developer.
