CHICAGO — Kiser Group has negotiated the sale of a 155-unit luxury apartment property in Chicago’s Andersonville neighborhood for $53.5 million. Named Anderson Point, the property located at 5700 N. Ashland Ave. is the adaptive reuse of the Edgewater Medical Center. The seller, MCZ Edgewater Development LLC, transformed the former hospital into a luxury apartment community. Amenities include indoor parking, in-unit laundry, a fitness center, roof deck, golf simulator, tenant lounges and private workspaces. Lee Kiser, Katie LeGrand and Jacob Price of Kiser brokered the transaction. The buyer, Lake Street Lofts LLC, completed a 1031 exchange.
Acquisitions
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Lex, a 144-unit multifamily property located in the Lake Highlands area of Dallas. The Lex was built in 1984 and offers six different floor plans with an average size of 825 square feet. Amenities include a pool and outdoor grilling and dining stations. Taylor Hill, Drew Kile, Joey Tumminello, Michael Ware, Will Balthrope and Cameron Purse of IPA represented the seller, GVA Real Estate Group, in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk, also with IPA, arranged acquisition financing on behalf of the buyer, Los Angeles-based investment firm Dunleer.
ST. CHARLES, ILL. — Cushman & Wakefield has brokered the sale of River Glen of St. Charles, located within the former Delnor Hospital, which was built in St. Charles in 1939. Located approximately 35 miles west of Chicago, the senior living community features 106 units of independent living, assisted living and memory care. The original hospital building has been converted into a modern, well-amenitized campus. Bridge Investment Group sold the asset to Citrine Senior Communities, a joint venture between affiliates of Citrine Investment Group and Jaybird Capital, for $20 million. Jaybird Senior Living will take over operations. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Tim Hosmer and Jack Griffin arranged the transaction.
HAMMOND, IND. — Marcus & Millichap has arranged the $4.6 million sale of a 14,158-square-foot retail center in Hammond, a city in Northwest Indiana. Built in 2017, the property is located at 1001 5th Ave. and is home to retail and medical tenants, including American Renal Associates. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, a developer based in Hobart, Ind. The property sold to a 1031 exchange investor.
HOFFMAN ESTATES, ILL. — Belle Tire Distributors has purchased a 1.7-acre lot in the Chicago suburb of Hoffman Estates for $1 million. Rick Scardino of Lee & Associates represented the seller, Prairie Point Center Development LLC c/o Conor Commercial. Dave Chopp of DRC Realty represented Belle Tire.
ALLEN, TEXAS — JLL has negotiated the sale of Twin Creeks Marketplace, a 43,134-square-foot shopping center located in the northeastern Dallas suburb of Allen. Sprouts Farmers Market anchors the center, which was built in 2016 and was fully leased at the time of sale. Other tenants include Starbucks, Verizon Wireless, ATI Physical Therapy and Advancial. Chris Gerard, Adam Howells, Caroline Binning, Pauli Kerr and Cole Sutter of JLL represented the undisclosed seller in the transaction. The buyer was also not disclosed.
MIDDLETON, MASS. — Nashville-based brokerage firm Matthews Real Estate Investment Services has negotiated the $7.7 million sale of a 14,440-square-foot retail property that is net leased to Walgreens in Middleton, a northern suburb of Boston. Grant Korn and Maxx Bauman of Matthews Real Estate represented the locally based seller, Newport Property Corp., in the transaction. A New York-based private investor acquired the asset via a 1031 exchange.
CLINTON, N.J. — Marcus & Millichap has brokered the $6.2 million sale of Hunterdon Shopping Center, a 26,176-square-foot retail property in Clinton, about 60 miles west of New York City. The property was built on 2.4 acres in 1957 and was fully leased at the time of sale. Walgreens anchors the center and recently signed a 10-year lease extension. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller, a limited partnership, and procured the buyer, a New Jersey-based private investor, in the deal.
CHICAGO — Kiser Group has negotiated the sale of a 155-unit luxury apartment property in Chicago’s Andersonville neighborhood for $53.5 million. Named Anderson Point, the property located at 5700 N. Ashland Ave. is the adaptive reuse of the Edgewater Medical Center. The seller, MCZ Edgewater Development LLC, transformed the former hospital into a luxury apartment community. Amenities include indoor parking, in-unit laundry, a fitness center, roof deck, golf simulator, tenant lounges and private workspaces. Lee Kiser, Katie LeGrand and Jacob Price of Kiser brokered the transaction. The buyer, Lake Street Lofts LLC, completed a 1031 exchange.
ST. CHARLES, ILL. — Cushman & Wakefield has brokered the sale of River Glen of St. Charles, located within the former Delnor Hospital, which was built in St. Charles in 1939. Located approximately 35 miles west of Chicago, the senior living community features 106 units of independent living, assisted living and memory care. The original hospital building has been converted into a modern, well-amenitized campus. Bridge Investment Group sold the asset to Citrine Senior Communities, a joint venture between affiliates of Citrine Investment Group and Jaybird Capital, for $20 million. Jaybird Senior Living will take over operations. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Tim Hosmer and Jack Griffin arranged the transaction.