MOUNT PROSPECT, ILL. — Monument Capital Management has acquired The Residences at 1450 in Mount Prospect for $24.1 million. Located at 1450 Busse Road, the nine-building property comprises 222 garden-style units. Some units feature private entrances and patios. Amenities include a clubhouse, pool, grill area, playground, dog park, volleyball court, fitness center and business center. The seller was not disclosed. The buyer plans to implement a value-add program and update the unit interiors.
CHICAGO — Marcus & Millichap has brokered the sale of a 7,018-square-foot property net leased to DaVita in Chicago for $4.4 million. The building is located at 4323 N. Pulaski Road. The kidney care company has signed a new 15-year, double-net lease with 10 percent rent increases every five years. Austin Weisenbeck, Sean Sharko and Valerie Cook of Marcus & Millichap marketed the property on behalf of the seller, a developer. The buyer was not disclosed.
CERRITOS, CALIF. — NKF Capital Markets has negotiated the sale of an office building located at 12800 Center Court Drive South in Cerritos. West Coast Capital Partners acquired the property from an affiliate of Transpacific Development Co. for an undisclosed price. Built in 2009, the five-story, 105,000-square-foot property is 91 percent occupied by five tenants. Kevin Shannon, Paul Jones, Ken White, Blake Bokosky and Brandon White of NKF Capital Markets represented the seller, while the buyer was self-represented in the 1031 exchange transaction.
PHOENIX — Kasten Long Commercial Group has arranged the sale of Azura, a 387-unit apartment complex located at 2800 W. Sahuaro Drive in Phoenix. An undisclosed buyer acquired the asset for $38.2 million, or $139.84 per square foot. Built in 1980, the property features 43 studio/one-bath units, 232 one-bedroom/one-bath apartments, 24 two-bedroom/one-bath units and 88 two-bedroom/two-bath layouts. The average unit size is 706 square feet. Linda Fritz-Salazar and Scott Trevey of Kasten Long Commercial Group handled the transaction.
MIDVALE, UTAH — Alpha Wave Investors has purchased Park Station Apartments, a multifamily property located at 7155 High Tech Drive #3 in Midvale, a suburb of Salt Lake City. A Northern California-based private investor sold the property for an undisclosed price in an off-market transaction. Constructed in 1974, Park Station Apartments features 94 two-bedroom/one-bath apartment units. Alpha Wave plans to invest $1.5 million in capital improvements at the property. Renovations will include the addition of a swimming pool, fitness center and leasing office. The company will also address deferred maintenance and renovate exteriors and interiors, including adding washers and dryers to each unit. Brock Zylstra and Danny Shin of Marcus & Millichap represented the buyer and seller in the deal. David Walkin of Meridian Capital Group arranged acquisition financing, provided by Texas-based ReadyCap, for the buyer.
NEW YORK CITY — A joint venture between Deutsche Finance America and BLG Capital have acquired the upper floors of 685 Fifth Ave., an office tower known as the “Gucci Building” in Midtown Manhattan. Other purchasing partners include developer Michael Shvo, The Wings Group and Latner Partners. The sellers are GGP and Thor Equities. The purchase price was $135 million, according to the New York Post. The buyers raised $155 million of equity for the acquisition and will seek approximately $100 million of debt financing to fully capitalize the project. The partnership is also looking at the potential for redevelopment, according to Sven Neubauer, chief investment officer for Deutsche Finance Group. Built in 1926, the 20-story building features more than 100,000 square feet of office space. Coach, Stuart Weitzman and Tag Heuer occupy the multi-level retail space at the property. GGP will continue to own the first through fourth floors. In its second-quarter results released on July 31, the company disclosed the refinancing of a consolidated floating-rate loan of $340 million for 685 Fifth Ave. Deutsche Finance America is a subsidiary of Germany-based Deutsche Finance Group. BLG Capital is a division of Bilgili Group, which focuses on hotel and lifestyle investments. — Kristin …
STAMFORD, CONN. — Northeast Private Client Group has arranged the $35 million sale of The Moderne Apartments, a 116-unit, two-building multifamily community in Stamford. The sales price equates to a capitalization rate of 5.4 percent based on the first year of net operating income. Bradley Balletto, Rich Edwards and Jeff Wright of Northeast Private Client Group represented the seller, RMS Cos., in the transaction. The buyer was Navarino Acquisitions LLC.
PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the $6.4 million sale of a four-building, 56-unit multifamily portfolio in Plainfield. The properties include 1003 Park Ave., 122-124 E. 7th St., 128 E. 7th St. and 138 E. 7th St. Adam Zweibel of Gebroe-Hammer represented the seller, Plainfield MF LLC., in the transaction. The buyer was undisclosed.
DELRAN, N.J. — Marcus & Millichap has negotiated the sale of a 10,000-square-foot net-leased retail property in Delran. The property, which is occupied by a day care franchisee, sold for $3.6 million. Michael Lombardi and Greg Babaian of Marcus & Millichap represented the seller, a private investor, in the transaction. The seller was undisclosed.
MILWAUKEE — Colliers International has brokered the sale of a 750,300-square-foot Caterpillar manufacturing campus in South Milwaukee. The sales price was $13.3 million, according to the Milwaukee Business Journal. Caterpillar used the eight-building campus, located at 1022 and 1100 Milwaukee Ave., for its global mining operations. The company is in the process of vacating the property, but still has an ongoing lease. Tom Shepherd, Jennifer Huber-Bullock, Steve Sewart and Sal Strehlow of Colliers represented the seller, New York-based OLP JV Milwaukee LLC. Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Company Inc./CORFAC International represented the buyer, New York-based 1100 Milwaukee Ave. LLC. Reich Brothers Holdings LLC was the managing partner for the buyer.