Acquisitions

CHICAGO — Marcus & Millichap has brokered the $4.4 million sale of 2525 North Clark Street in Chicago’s Lincoln Park neighborhood. Totaling 7,851 rentable square feet, the asset includes 12 multifamily units and three commercial storefronts anchored by Starbucks. Kyle Stengle of Marcus & Millichap represented the seller. Mitchell Kiven of Marcus & Millichap procured the buyer, The Shiner Group, a Wilmette, Ill.-based developer and investor. The buyer plans to keep the current retailers in place and make targeted improvements to the apartment units for continued rent growth.

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Academy Sports + Outdoors

SHREVEPORT, LA. — SRS Real Estate Partners has negotiated the $10.4 million sale of a single-tenant retail property in Shreveport leased to Academy Sports + Outdoors. The Texas-based sporting goods retailer occupies the 72,525-square-foot building on an absolute triple-net, corporate-guaranteed lease with 13 years remaining. Built in 2018, the property is situated on roughly 7.7 acres. Michael Berk, Patrick Nutt and Chip Watson of SRS’ Capital Markets team represented the seller, a private investor, in the transaction. The buyer was a publicly traded REIT. Both parties requested anonymity.

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AKRON, OHIO — SVN Summit Commercial Real Estate Advisors has negotiated the $2.7 million sale of a two-building, multi-tenant industrial property at 555-557 E. Tallmadge Ave. in Akron. Graydon Fox of SVN Summit represented the seller, while Jerry Fiume of SVN Summit represented the buyer. Situated in the North Hill industrial corridor, the 68,369-square-foot property features convenient access to State Route 8. FedEx Ground is a longtime anchor tenant at the facility.

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NEW YORK CITY — JLL has brokered the $54.3 million sale of a multifamily development site in Brooklyn. The site at 970 Franklin Ave. is located in the Crown Heights neighborhood and is approved for the development of up to roughly 290,000 buildable square feet of product across 355 apartments, all within a 10-story building. The Continuum Co. sold the site to private investor Isaac Schwartz. Andrew Scandalios, Ethan Stanton, Brendan Maddigan and Michael Mazzara of JLL represented both parties in the transaction.

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DOVER, DEL. — NAI Emory Hill, in partnership with NS Development Partners, has purchased a 46-acre industrial development site in Dover. The parcel is located within Garrison Oak Technology Park and is zoned for manufacturing, logistics and technology uses. The seller and sales price were not disclosed. According to Becker Morgan Group, the architecture and engineering firm that designed Garrison Oak Technology Park, the development spans 389 acres across 15 parcels.

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MILFORD, MASS. — Marcus & Millichap has negotiated the $4.1 million sale of a 39,424-square-foot healthcare property in Milford, located southwest of Boston. Built on 3.5 acres in 1985, Hill Office Park was 76 percent leased at the time of sale to 12 tenants, including Milford Regional Medical Center, Metro West Oral Surgery and Asthma Allergy Physicians. Harrison Klein of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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DALLAS — Marcus & Millichap has brokered the sale of Infinity on the Mark, a 373-unit apartment community located in the Lake Highlands area of North Dallas. The garden-style property sits on a 10-acre site and offers one- and two-bedroom units with an average size of 760 square feet. Amenities include three pools, a covered outdoor kitchen, fitness center and a clubhouse. A California-based limited liability company sold the property to Archway Equities for an undisclosed price. Wes Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap, in conjunction with Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware and William Hubbard of Institutional Property Advisors, a division of Marcus & Millichap, represented both parties in the transaction.

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2401-Fountain-View-Drive-Houston

HOUSTON — Colliers has negotiated the sale of a 178,495-square-foot office building in West Houston. According to LoopNet Inc., the 10-story building at 2401 Fountain View Drive was built in 1981 and renovated in 2017 and offers amenities such as a conference center and an onsite restaurant. David Carter of Colliers represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

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RIVERHEAD, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage and Singer Financial have co-arranged a $16 million acquisition loan for Riverhead Medical Office Park on Long Island. Riverhead Medical Office Park consists of six single-story buildings totaling 101,949 square feet that were fully leased at the time of the loan closing. Andrew Stewart and Brandon Szwalbenest of Cronheim Mortgage, in conjunction with Gregg Singer of Singer Financial, arranged the fixed-rate loan on behalf of the owner, Miami-based Candor Capital. The direct lender was an undisclosed life insurance company.

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READING, PA. — NAI Emory Hill, in partnership with NS Development Partners, has purchased a 105,000-square-foot industrial building in Reading, located northwest of Philadelphia. The site at 3030 Kutztown Road spans 8.3 acres, and the facility can support both manufacturing and warehousing uses. Building features include a clear height of 24 feet, seven loading docks, 140 parking spaces and 25,000 square feet of office space. The building was 80 percent leased at the time of sale, with industrial communications systems provider GAI-Tronics serving as the anchor tenant.

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