NEW YORK CITY — Marcus & Millichap has brokered the $9.4 million sale of a 6,250-square-foot retail building in Brooklyn’s Clinton Hill neighborhood that is leased to Bank of America. The financial institution has occupied the building since 2006, and the lease is corporately guaranteed through 2034 and includes multiple renewal options. Scott Plasky and Alexander Arustamian of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.
VALPARAISO, IND. — Marcus & Millichap has arranged the receivership sale of a 43,450-square-foot medical office building in Valparaiso, a city in northwest Indiana. Located at 1425 Glendale Ave., the building is about 75 percent completed. Litigation with a neighboring owner tied up the property in the legal system for an extended period, during which interest rates climbed 525 basis points, says Julia Evinger of Marcus & Millichap. Evinger marketed the property for sale on behalf of the court appointed receiver. The new owner plans to complete and lease the building to medical office tenants.
HEBRON, ILL. — Entre Commercial Realty has brokered the sale of a 12,013-square-foot industrial facility in Hebron, a city in northeast Illinois. The sales price was undisclosed. The property features additional land suitable for outdoor storage or future expansion. The facility once served as the headquarters of KBI Custom Case, a manufacturer specializing in casework for the commercial sector. Elisabeth Lazzara and Kevin Kaplan of Entre represented the seller, while Kevin Kaplan of Entre represented the buyer, CTS Group of Cos. The trucking and logistics company plans to utilize the space as its new headquarters.
REFUGIO, TEXAS — Marcus & Millichap has brokered the sale of Affordable Mini Storage, a 126-unit self-storage facility in Refugio, about 40 miles north of Corpus Christi. The site spans 2.5 acres at 908 Bayou Road and can support additional expansion. The facility was built in 2014 and offers 14,700 net rentable square feet. Jon Danklefs of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, Kingcrest Communities.
LONG BEACH, CALIF. — Faris Lee Investments has negotiated the $5.4 million sale of Time Square Center, an 11,790-square-foot retail strip center in Long Beach. Located at the intersection of Clark Avenue and Spring Street, the property was fully leased at the time of sale, primarily to restaurant tenants on triple-net leases. Nick Miller of Faris Lee represented the buyer, an Orange County, Calif.-based investor, in the transaction. The seller was not disclosed. The Faris Lee team also secured acquisition financing through a local credit union.
DENVER — NorthPeak Commercial Advisors has brokered the sale of The Glenwood, a 24-unit multifamily property located at 1280 Albion St. in Denver. The sales price was $6.1 million, or $254,166 per unit. Greg Johnson and Connor Piretti of NorthPeak Commercial Advisors represented the seller in the transaction, and Compass Realty represented the buyer. Both parties requested anonymity.
SALEM, ORE. — Colorado-based investment firm Brinkman Real Estate has purchased Autumn Woods Apartments & Townhomes in Salem. The newly constructed, 10-building property offers two- and three-bedroom apartments and townhomes. Units feature private yards, patios and attached garages, as well as individual washers and dryers. Jason Bond and Grant Bailey of Berkadia provided an undisclosed amount of Fannie Mae acquisition financing for the deal. The seller and sales price were also not disclosed.
MACHESNEY PARK, ILL. — Marcus & Millichap has brokered the $4.2 million sale of a 14,490-square-foot retail property net leased to Walgreens in Machesney Park, just north of Rockford. Constructed in 2008, the building is located at 1680 W. Lane Road. Joe Sparano, Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, a limited liability company. Steven Weinstock of Marcus & Millichap assisted in closing the transaction. The asset sold to a local buyer completing a 1031 exchange.
LAKE LUZERNE, N.Y. — Locally based brokerage firm Muroff Hospitality Group has negotiated the sale of the Lamplight Inn Bed & Breakfast in Lake Luzerne, about 60 miles north of Albany. The property was built in 1890 and consists of 12 suites, a dining room and an owner’s apartment. Mitch Muroff of Muroff Hospitality Group represented the seller and procured the buyer, both of which were private investors, in the transaction. The sales price was approximately $1.2 million.
STONE MOUNTAIN, GA. — JLL has arranged the sale of a three-building, 220,380-square-foot industrial property located at 4600-4680 Lewis Road in Stone Mountain, about 21 miles east of Atlanta. Dennis Mitchell, Britton Burdette, Matt Wirth and Jim Freeman of JLL represented the seller, Brennan Investment Group, and procured the buyer, Faropoint. The sales price was not disclosed. The property is located on 9.8 acres about a half-mile south of U.S. Highway 78 and 3.5 miles from I-285. New WinCup Holdings Inc., a manufacturer of foodservice products with more than 60 years in business, is the sole tenant.