WEST NEW YORK, BAYONNE, N.J. — Marcus & Millichap has negotiated the sales of two apartment buildings in separate transactions in Hudson County, New Jersey, for a combined $3.5 million. In the first transaction, 5204 Palisade Ave., a 16-unit multifamily building in West New York, sold for $2.5 million. The property was 100 percent occupied at the time of sale. In the second deal, 265 Ave. B in Bayonne sold for $1 million. The property includes eight residential units and one storefront. Fahri Ozturk and Tyler Van Wagoner of Marcus & Millichap’s New Jersey office represented the sellers, both private individuals, in the two transactions.
WILLOW GROVE, PA. — J.G. Petrucci Co. has acquired five properties totaling six acres in Willow Grove in separate transactions brokered by CBRE. The sales price was not disclosed. Willow Grove is located about 13 miles north of Philadelphia. The developer plans to build a new $75 million mixed-use development on the site, which will be called Station at Willow Grove. Patrick McCabe of CBRE represented the buyer in all five transactions. The project will include 275 new apartment units and 30,000 square feet of commercial and retail space. Located across from the Willow Grove Southeastern Pennsylvania Transportation Authority train station, the development fits J.G. Petrucci’s penchant for transit-oriented residential projects. Construction is scheduled to begin on April 19 and is expected to be completed in the second quarter of 2019.
NEW YORK CITY — Cushman & Wakefield has negotiated the $17.5 million sale of a multifamily building in the Williamsburg neighborhood of Brooklyn. The buyer was Golden Lioness Corp. Located at 347 Berry St., the six-story, loft-style building includes 23 residential units and a 606-square-foot retail storefront as well as a partially enclosed parking lot that accommodates up to nine vehicles. The 21,500-square-foot building was converted from an ice cream factory into apartments in 2016. At the time of the sale, the multifamily portion of the building was fully leased. The retail space is occupied by Butler & Co., a café with a 10-year lease. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Ethan Stanton and James Berluti of Cushman & Wakefield represented the seller, Horrigan Development, in the transaction.
SYRACUSE, ROCHESTER, BUFFALO, N.Y. — Speedway LLC has signed an agreement to purchase 78 Express Mart store locations held by Petr-All Petroleum Consulting Corp. The stores are located primarily in the Syracuse, Rochester and Buffalo markets. Following the acquisition, the stores will be rebranded as Speedway locations. The transaction is expected to close by the end of the third quarter. Speedway, headquartered in Enon, Ohio, is the nation’s second largest company-owned and operated convenience store chain with approximately 2,740 stores located in 21 states. Speedway is a subsidiary of Marathon Petroleum Corp.
DALLAS — Transwestern has brokered the sale of Plaza Del Lago, a 320-unit multifamily community in Dallas. Built in 1982, the property is located on the city’s northwestern side near Dallas Love Field Airport. Amenities include two pools, outdoor grilling areas, on-site laundry facilities, a dog park and a playground. Taylor Snoddy, Philip Wiegand and James Roberts of Transwestern represented the seller, DIJ Plaza Del Lago LLC, in the transaction. The buyer and sales price were not disclosed.
HOUSTON — Henry S. Miller Brokerage Co. (HSM) has negotiated the sale of two warehouses totaling approximately 29,000 square feet in Houston. The two buildings are located at 10440 Windfern Road on the city’s northwest side. Sam Chang of HSM represented the buyer, GAC Windfern LLC, in the transaction. Adam Strauss of New Regional Planning represented the sellers, the estates of two private investors.
CHICAGO — HFF has arranged the sale of Optima Chicago Center in the city’s Streeterville neighborhood. The sales price was not disclosed. The 325-unit apartment tower is located at 200 E. Illinois St. Constructed in 2013 and designed by David Hovey, the 42-story property features a mix of one-, two- and three-bedroom units as well as two penthouses. The property includes a 233-space parking garage and 20,644 square feet of commercial space. Amenities include a rooftop, outdoor lounge, fitness center, yoga studio, pool, recreation area and concierge services. Sean Fogarty and Marty O’Connell of HFF marketed the property on behalf of the seller, a partnership comprising Optima Inc., DeBartolo Development LLC and OPTrust. The team also procured the undisclosed buyer. Danny Kaufman of HFF worked on behalf of the new owner to secure acquisition financing through Pacific Life Insurance Co.
CHICAGO — Marcus & Millichap has brokered the sale of a 53,931-square-foot mixed-use building and an adjacent development site in Chicago’s River West neighborhood for $11.3 million. The buyer, Tandem Development, plans to renovate the existing building and develop a 226-unit apartment tower on an adjacent parking lot. The 23-story tower will feature a parking garage and 2,300 square feet of first-floor retail space. Stephen Lieberman and Kyle Stengle of Marcus & Millichap represented the private seller and procured the buyer.
WAUKEGAN, ILL. — HSA Commercial Real Estate has sold a 218,500-square-foot industrial building in Waukegan for an undisclosed price. The property is located within the Delany Commerce Center, a 22.7-acre development. HSA developed the building in 2013 in partnership with Washington Capital Management Inc. The property is fully leased to Eagle Foods, a manufacturer and distributor of household food and snack products, and Trifinity Partners, a third-party logistics firm that serves major retailers. Mike Caprile, Ryan Bain and Zach Graham of CBRE represented the sellers in the transaction. A private investor purchased the asset.
APPLETON, WIS. — HREC Investment Advisors has arranged the sale of the 105-room Country Inn & Suites in Appleton for an undisclosed price. The hotel is located along U.S. Highway 41, which encircles the city and connects Appleton with Green Bay to the north and Milwaukee to the south. Scott Kaniewski of HREC represented the seller, a Midwest-based investment company. Duluth, Minnesota-based IGO Legacy Hotel Group LLC purchased the asset.