HARRISBURG, PENN. – Institutional Property Advisors (IPA), a division of Marcus & Millichap, has been retained as the exclusive advisor for the sale of The Shoppes at Susquehanna Marketplace, a 110,365-square-foot shopping center in Harrisburg. The property is listed at $38.2 million. Bill Rose, Mark Taylor and Rick Lechtman of IPA are representing the seller, an institutional advisor. The Shoppes at Susquehanna is home to tenants such as Athleta, Banana Republic, Chico’s, J. Crew, JoS A. Banks, Harvest Seasonal Grill & Wine Bar, Loft, Ramano’s Macaroni Grill, Talbots, White House Black Market and Williams-Sonoma.
FRANKLIN PARK, N.J. – Marcus & Millichap has arranged the sale of Somerset Plaza Shopping Center, a retail property located on 8.99 acres at 3151 Route 27 retail corridor in Franklin Park. A private investor acquired the property for $12.8 million. Eleven tenants, including Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank, occupy the 67,530-square-foot shopping center. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the buyer in the deal.
CHICAGO — Interra Realty has brokered the $30 million deconversion sale of a 15-story condominium building in Chicago’s Lakeview East neighborhood. The property is located at 445 W. Wellington Ave. The buyer, Beal Properties, plans to turn the 65-year-old building’s 117 condos into rental apartments. All 117 units contain one bedroom and one bath. David Goss, Jon Morgan and Joe Smazal represented both the buyer and the seller, Wellington Place 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. Sellers then have the option to either move out or lease back the unit from the new owner. “The deconversion trend will continue as demand for apartment buildings, especially in desirable North Side neighborhoods, keeps outpacing the available supply of buildings for investors,” says Smazal. “The deconversion trend still has legs, but there are headwinds (rising interest rates and slower rent growth) that should create a sense of urgency for associations which are considering a deconversion.”
FLINT, MICH. — Signature Associates has negotiated the sale of a 180,000-square-foot retail property in Flint for an undisclosed price. The building is located at 4403 Clio Road. The sale is part of a federal court seizure. Grant Bruce of Signature Associates represented both the seller, Treasure Enterprise LLC, and the buyer, Rock Property Management LLC. The buyer is in the process of getting the property rezoned for industrial use.
JOLIET, MORRIS AND NEW LENOX, ILL. — Avison Young has brokered the sale of a four-building, 74,422-square-foot medical office portfolio in suburban Chicago. The sales price was not disclosed. The properties include: 2614 W. Jefferson St. and 254 Republic Ave. in Joliet; 668 Cedar Crossing Drive in New Lenox; and 1600 W. Route 6 in Morris. All four buildings are fully leased to national healthcare tenants. Erik Foster and Mike Wilson of Avison Young represented the seller, a partnership of physicians associated with Joliet Oncology–Hematology Associates Ltd. The buyer was Franklin, Tenn.-based Community Healthcare Trust.
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Escape, an apartment complex located at 4700 N. 16th St. in downtown Phoenix. P.B. Bell sold the property to Weidner Apartment Homes for $58.3 million, or $239,139 per unit. Built in 2016, the property features 244 apartment units, a resident lounge with billiards tables and views of Camelback Mountain. Steve Gebing and Cliff David of IPA represented the seller and procured buyer in the transaction.
SACRAMENTO, CALIF. — Greystone has provided a $28.5 million Fannie Mae DUS loan for the acquisition of Carmel Pointe in Sacramento. Located at 7826 Center Parkway, the garden-style multifamily property features 22 two-story buildings offering a total of 332 residences. On-site amenities include two outdoor swimming pools, a spa, fitness center, clubhouse, playground, dog park, tennis court and five laundry rooms. Simon Herrmann, Todd Vitzthum and Cody Field of Greystone arranged the financing for the undisclosed borrower.
TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Bellevue Winstel Apartments, an apartment building located at 3737 E. Bellevue St. in Tucson. Gould Family Properties VIII LLC sold the property to 3737 E. Bellevue Street LLC for $2.1 million. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield|PICOR handled the transaction.
ALLEN AND CARROLLTON, TEXAS — Disney Investment Group (DIG) has brokered the sale of two shopping centers totaling 57,135 square feet in metro Dallas for a combined $17.1 million. The sold assets include McDermott Towne Crossing, a 42,651-square-foot, Kroger-anchored shopping center in Allen, and Carrollton Retail Center, a 14,484-square-foot center in Carrollton. David Disney and Adam Crockett of DIG represented the seller, Los Angeles-based Westwood Financial Corp., in the transaction. The duo also procured the buyer of both centers, a Texas-based private investor.
LUFKIN, TEXAS — Marcus & Millichap has closed the sale of Lufkin Plaza, a 5,943-square-foot retail center in Lufkin, roughly halfway between Houston and Shreveport, La. Philip Levy of Marcus & Millichap represented the buyer, a Texas-based investor that acquired the property via a 1031 exchange. A West Coast-based investor sold the center, which was 100 percent leased at the time of closing.