BOSTON — Newmark has arranged the sale of 179 Lincoln Street, a 221,474-square-foot office building near downtown Boston. The newly renovated building offers proximity to Boston’s South Station transit hub. Robert Griffin, Edward Maher, David Douvadjian Sr., Matthew Pullen, James Tribble, Timothy O’Donnell, Samantha Hallowell and William Sleeper of Newmark represented the undisclosed seller in the transaction. The team also procured the buyer, locally based investment firm Synergy, which assumed $76.5 million of the seller’s outstanding debt on the property.
NEW YORK CITY — Marcus & Millichap has brokered the $5.6 million sale of a portfolio of three multifamily buildings totaling 56 units in Manhattan. The rent-stabilized buildings, two of which are contiguous, are located along West 111th Street near the edge of Central Park. Seth Glasser, Shaun Riney and Michael Fusco of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors who requested anonymity, in the transaction.
BELMONT, N.C. — Orlando-based Foundry Commercial has purchased Shopton Square, a 24,250-square-foot, unanchored retail center in Belmont, a southern suburb of Charlotte. The center was fully leased to 13 tenants at the time of sale. The seller and sales price were not disclosed. Shopton Square was originally developed and leased by the real estate arm of grocer Food Lion. The acquisition of Shopton Square marks the first for Foundry Commercial’s Retail Investment Platform, which was launched last year and prioritizes necessity-based retail properties.
MONTGOMERY, TEXAS — Versal, a self-storage brokerage firm with offices in Austin and Los Angeles, has negotiated the sale of a 64-unit facility in Montgomery, about 50 miles north of Houston. The facility, known as Spartan Storage, spans 19,998 net rentable square feet. Versal represented the buyer, Houston-based Lakewood Realty Investments, in the transaction. Ryan Dooley of CRD Realty represented the seller, a Texas-based limited liability company.
LOS ANGELES — Colliers has arranged the sale of an affordable apartment community located at 349 S. La Fayette Place in the La Fayette Park neighborhood of Los Angeles. The asset traded for $43.4 million, or $362,000 per unit. Kitty Wallace and Kalli Knight of Colliers represented the buyer and seller in the transaction. Situated on a 43,000-square-foot lot, the three-story property features 120 affordable apartments. The buyer paid cash to preserve the right to create and maintain affordable housing, and purchased the property with the intent of promoting and advancing workforce and affordable housing initiatives. Built in 1971 and extensively remodeled in 2017, the property features 120 subterranean parking spots with third-party billing for electric vehicle charging stations. Currently, 85 percent of the units are fully renovated. The units feature stainless steel appliances, in-suite washers/dryers, hardwood floors with carpeting in the bedrooms and mini-split air conditioners and heaters. Community amenities include a new roof, updated plumbing and boiler, a resurfaced and modernized pool, built-in barbecue area, redesigned fitness center, electric vehicle charging stations and elevator modernizations. All units also include 100-amp electrical panels and new plumbing to accommodate the installation of in-unit washers and dryers.
WESTMINSTER, CALIF. — A real estate fund managed by Ares Management has acquired a freestanding industrial distribution building in the Orange County city of Westminster from an undisclosed seller. Terms of the transaction were not released. Situated on 11.8 acres at 7400 Hazard Ave., the 258,506-square-foot building features 22- to 24-foot clear heights, ample dock-high and grade-level loading, abundant auto parking and 40 off-dock trailer parking stalls. At the time of sale, the property was 72.6 percent leased. Jeff Chiate, Jeffrey Cole, Rick Ellison and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group – West represented the seller in the deal. Randy Ellison and Kyle McGillen of Cushman & Wakefield provided leasing advisory and were retained by the buyer to continue leading project leasing for the asset. Additionally, Rob Rubano, Brian Share, Max Schafer and Becca Tse of Cushman & Wakefield Equity, Debt & Structured Finance secured acquisition financing for the buyer.
COOS BAY, ORE. — AlpHubbard LLC has purchased a restaurant property, located at 2021 Newmark Ave. in Coos Bay, from Ternik LLC for $1.9 million. Burger King occupies the 2,824-square-foot freestanding drive-thru building, which was constructed in 1992. Todd VanDomelen and Mike Brown of Portland, Ore.-based Norris & Steven Inc. represented the buyer, while Clayton Brown of Marcus & Millichap represented the seller in the deal. Coos Bay is a coastal city approximately 100 miles southwest of Eugene.
CHICAGO — Mid-America Real Estate Corp. has arranged the sale of North & Clybourn, a 68,121-square-foot retail center in Chicago’s Lincoln Park neighborhood, for an undisclosed price. North & Clybourn is anchored by Crate & Barrel and The Container Store, which have occupied the property for 25 years. Additional tenants include Potbelly, LensCrafters and Sweetgreen. Joe Girardi and Stan Nitzberg of Mid-America brokered the sale on behalf of the private seller. Hines U.S. Property Partners was the buyer.
INDIANAPOLIS — Capstone Cos. has brokered the sale of Oxford Terrace Apartments in Indianapolis for $1.8 million. The 40-unit, garden-style property was constructed in 1986 and is situated in the city’s Martindale-Brightwood neighborhood. Kevin Burns and David Funke of Capstone brokered the transaction between the sellers, Paul Shannon and Powell Chee, and the buyer, Razor Capital Group. The transaction included seller financing of $1.25 million at a 6 percent interest rate with interest-only payments over the term of three years. The new owner is poised to continue the previous owner’s value-add strategy, focusing on the renovation of the remaining 18 units.
HOMEWOOD, ILL. — Marcus & Millichap has arranged the sale of an 11,772-square-foot retail building in the Chicago suburb of Homewood for an undisclosed price. U.S. Bank anchors the property, which is located at 18300 Dixie Highway. U.S. Bank contributes to 68 percent of the property’s income stream, and the branch has been operating continuously as a bank since 2005. Austin Weisenbeck, Sean Sharko and Adrian Mendoza of Marcus & Millichap represented the seller, a limited liability company. The trio also secured and represented the all-cash buyer, a limited liability company.