NORMAL, ILL. — AXIS 360 Commercial Real Estate Specialists has arranged the sale of a 30,421-square-foot office condominium in Normal near Bloomington for an undisclosed price. The asset is located at 420 Wylie Drive within the Crossroads Center, which was formerly the Bloomington Normal Factory Stores. Chestnut Health Systems acquired the property in 2007, converting the former retail space into a functional office setting. The space features a research library, large training room, kitchen facilities, office and conference rooms and a mezzanine level with private offices. The facility served as an office for Chestnut’s research division, Lighthouse Institute, for nearly two decades. Lighthouse will relocate to its headquarters on Martin Luther King Jr. Drive in Bloomington. Meghan O’Neal-Rogozinski and Michael O’Neal of AXIS 360 marketed the property for sale. The buyer was undisclosed.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 23,639-square-foot restaurant building located at 611 Houston St. in downtown Fort Worth. The building was originally constructed in 1939 and includes an 8,100-square-foot basement with potential for future redevelopment. The building was fully leased at the time of sale to The Library Bar and Pete’s Dueling Piano Bar, which have occupied the space for more than two decades. Joe Santelli of Marcus & Millichap represented the seller and procured the buyer, both of which were local investment groups that requested anonymity, in the transaction.
WINTHROP, MASS. — Marcus & Millichap has brokered the $10.7 million sale of Shore Drive Apartments, a multifamily complex in Winthrop, located northeast of Boston. Shore Drive Apartments currently houses 71 units in studio, one- and two-bedroom formats, and plans are underway for the addition of another 27 units as part of a reconstruction effort following a fire at the property last year. Evan Griffith, Tony Pepdjonovic and Will Sanborn of Marcus & Millichap Boston represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
WALL TOWNSHIP, N.J. — New Jersey-based brokerage firm Sitar Realty Co. has arranged the sale of a 27-unit apartment building in Wall Township, located near the Jersey Shore. The sales price was $3.1 million. According to the property website, the building at 2538 Allaire Road exclusively houses one-bedroom units that are reserved for residents age 55 and above who meet certain income restrictions. Ronald Schrader Jr. of Sitar Realty represented the buyer and seller, both of which were limited liability companies, in the transaction.
BOWLING GREEN, KY. — Pearlmark has provided a mezzanine loan for the acquisition of Midtown at WKU, a 534-bed student housing community located adjacent to Western Kentucky University in Bowling Green. Eagle Realty Group provided the senior loan on behalf of the borrower, ABCampus. Greg Young of Colliers Mortgage arranged the financing. Located on Center Street, Midtown at WKU features 189 units with bed-to-bath parity, as well as an amenity package that includes a fitness center, rooftop pool, study center, 24-hour maintenance staff, courtyard, clubhouse and private study rooms.
BUFORD, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built restaurant located at 4996 Lanier Islands Parkway in Buford, a northeast suburb of Atlanta. Quick-service restaurant chain Arby’s has a 15-year ground lease at the restaurant, which was delivered last year at the entrance of a 1.1 million-square-foot Amazon fulfillment center. The Arby’s restaurant sits on 1.6 acres and totals 2,577 square feet in size. Don McMinn and Andrew Koriwchak of Taylor McMinn Retail Group represented the seller, a developer based in Florida, in the transaction. The buyer was a 1031 exchange investor based in California. The names of the buyer and seller were not released, along with the sales price. “This was part of a multi-parcel development we are marketing in Buford,” says McMinn. “We first sold a Whataburger and now the Arby’s, and in both cases we were able to leverage our national platform and local reach to generate strong interest and multiple cash offers.”
DENVER — Equity Commonwealth (NYSE: EQC) is under contract to sell 1225 Seventeenth Street, an office property in Denver, for a gross sales price of $132.5 million. The 709,402-square-foot property is Equity Commonwealth’s last remaining property. The net purchase price is expected to be approximately $124.4 million after credits primarily for contractual lease costs. The undisclosed buyer has completed due diligence, and the earnest money deposit is non-refundable. The sale is scheduled to close later this month. The transaction is subject to customary closing conditions, and there is no assurance that the transaction will close.
SACRAMENTO, CALIF. — Developer and operator ONELIFE Senior Living has acquired The Woodlake Senior Living, a 137-unit community located in Sacramento. Amenities at the property, which offers assisted living and memory care residences, include a movie theater, game room, fitness center, salon, library and arts and crafts room. The acquisition marks the fourth senior living community in California for ONELIFE, which merged with Ally Senior Living earlier this year. “The Woodlake Senior Living represents a strategic expansion of our California presence,” says Dan Williams, CEO of ONELIFE. According to the company, the state’s population of individuals age 65 and older is expected to reach 9 million by 2040. Denver-based ONELIFE was founded in 2009.
COLORADO SPRINGS, CALIF. — Lafayette, Colo.-based Alloy Real Estate Capital has purchased Tech Center VI, a midrise office building at 5575 Tech Center Drive in Colorado Springs. Tech Center VI, an entity managed by Ogilvie Properties, sold the asset for $17.2 million. At the time of sale, the three-story 104,702-square-foot property was 97 percent leased to 17 tenants, most in the aerospace and defense contractor industries. Aaron Johnson, Jon Hendrickson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the deal.
CHESTER, N.Y. — Marcus & Millichap has brokered the sale of an 80-room hotel in Chester, located near the New York-New Jersey border. The Holiday Inn & Suites Chester-Monroe-Goshen, which sold for $10.5 million, offers amenities such as an indoor pool, fitness center and a business center. Jerry Swon of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.