CHICAGO — Greenstone Partners has brokered the sale of 821 W. Eastman, a 23,150-square-foot multi-tenant property in Chicago’s Lincoln Park neighborhood. The British International School of Chicago anchors the building, occupying 65 percent of the rentable square footage with 17 years remaining on its lease. Other tenants include Bright Horizons, a provider of early education that has occupied the space since 2007, and Hill Family Pet Care, which offers daycare, boarding, grooming and training services. Danny Spitz of Greenstone represented the seller and procured the buyer, a partnership between Honore Properties and Peerless Development.
Acquisitions
TROY, MICH. — L. Mason Capitani/CORFAC International has negotiated the sale of a 70,000-square-foot office building in Troy for an undisclosed price. The three-story property is located at 950 Stephenson Highway with convenient access to I-75. Amenities include ample parking, onsite property management, day porter service, shared conference rooms, a shared common area kitchen and an auditorium on the first floor. Robert Gojcaj of L. Mason Capitani represented the buyer, which plans to undertake cosmetic improvements.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of an 86-room hotel in North Austin. The Best Western Plus Executive Residency Austin — Round Rock was built on 2.7 acres in 2019 and offers amenities such as a pool, fitness center and onsite laundry facilities. Chris Gomes of Marcus & Millichap represented the seller in the transaction and procured the buyer with support from Allan Miller of Marcus & Millichap. Both parties requested anonymity.
SPRING HILL, FLA. — SRS Real Estate Partners has brokered the $4.1 million sale of a new restaurant located at 10377 County Line Road in Spring Hill, about 50 miles north of Tampa. Chipotle Mexican Grill leases the 2,489-square-foot property on a 20-year, corporate-guaranteed lease. The restaurant is an outparcel to Seven Hills Center, a shopping center anchored by Publix, and is situated a half-mile from Tampa General Hospital Spring Hill. Patrick Nutt and William Wamble of SRS represented the seller, a developer based in Florida, in the transaction. A private investment firm based in Colorado purchased the restaurant at a 4.66 percent cap rate.
FAIR LAWN, N.J. — Locally based development and investment firm Atkins Cos. has purchased a 150,000-square-foot office building in the Northern New Jersey community of Fair Lawn for $22 million. Summit Health anchors the three-story building via a 78,000-square-foot footprint. Jeff Dunne, Doug Rodio, Travis Langer, Dan Blumenkrantz, Brannan Knott and Chris Bodnar of CBRE represented the seller, metro Philadelphia-based Keystone Development + Investment, in the transaction. The team also procured Atkins Cos. as the buyer. Upon closing, the new ownership also secured leases with law firm Gottlieb & Greenspan (6,000 square feet) and SportsCare Physical Therapy (4,600 square feet), bringing the property to full occupancy.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $11.8 million sale of a 29,975-square-foot mixed-use building in East Harlem. The building is located at 1875 Lexington Ave. and comprises 30 multifamily units and six commercial spaces. Shimon Shkury, Victor Sozio and Alexander Taic of Ariel represented the undisclosed seller in the transaction. The buyer was locally based private equity firm Tahari Capital.
IRVINE, CALIF. — J+R Group has completed the sale of 2525 Main Street, an office building in Irvine, to Pacific Tree Capital for $37.6 million, or $262 per square foot. Situated on 3.7 acres, 2525 Main Street offers 143,269 square feet of office space. At the time of sale, the property was 98 percent leased to nine tenants. Prior to sale, J+R Group invested significant capital into all aspects of the building, including all common areas, tenant spaces, a brand new six-story parking garage and approved residential entitlements on excess land. Jeffrey Cole, Nico Napolitano, Kevin Nolen, Jason Kimmel and Kristen Schottmiller of Cushman & Wakefield represented the seller in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the $4.6 million sale of a 10-unit apartment building in Queens. The elevator-served building at 18-10 Astoria Blvd. offers studio and one-bedroom units, as well as a landscaped rooftop terrace. Sean Fopeano, Shaun Riney, Louis Zarif and David Cornejo of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
GLENDALE, ARIZ. — Echo Real Estate Capital, in joint venture with Grandview Partners, has completed the sale of Echo Park 303 – Building A in Glendale to LBA Logistics for an undisclosed price. Will Strong, Molly Hunt, Michael Matchett, Madeline Warren and Jack Stamets of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the transaction. Located at 9701 N. 151st Ave., the freestanding building offers 220,240 square feet of industrial space on 13.7 acres. The asset is park of a larger 38.6-acre industrial business park that also includes a 455,936-square-foot building. Echo Park 303 was originally designed by LGE Design Build.
LAS VEGAS — CBRE has brokered the sale of an industrial building located at 3670 W. Oquendo Road in Las Vegas. HS Property NV LLC acquired the asset from NOR Oquendo Road LLC for $7.9 million. The 28,420-square-foot building features a high-image, 6,534-square-foot two-story HVAC office space with an elevator, 12 covered parking spaces (34 total), 3,000 amps, three-phase power and a 28-foot clear height. Tyler Ecklund of CBRE represented the seller in the deal.