NEW YORK CITY — Marcus & Millichap has brokered the $6 million sale of a five-story, five-unit apartment building located at 83 Warren St. in Manhattan’s Tribeca neighborhood. Matt Fotis and Colton Traynham of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company, in the transaction. Both parties requested anonymity.
ROSEMONT, ILL. — Rosemont-based Venture One Real Estate has formed a joint venture with DRA Advisors for the recapitalization of a 2.7 million-square-foot industrial portfolio. The venture bought the portfolio from Venture One’s VK Industrial V fund. The $369 million transaction encompasses all the remaining assets within that fund, including 54 infill, last-mile and logistics properties throughout metro Chicago, New Jersey, Long Island and Philadelphia. The partnership plans to continue to add value to the properties through leasing and building improvements. Webster Bank, CIT, Wintrust and Byline Bank provided financing. Michael Caprile, Zach Graham, Ryan Bain, Brad Ruppel and Brian Fiumara of CBRE represented Venture One. VK Industrial is a series of funds managed by Venture One and Kovitz Investment Group.
LISLE AND NORTHBROOK, ILL. — Greenstone Partners has arranged the sale of a 117,000-square-foot industrial portfolio in suburban Chicago for $9.4 million. The three-property portfolio includes 2200 Ogden Ave. and 1997 Ohio St. in Lisle as well as 3170-3190 MacArthur Blvd. in Northbrook. The properties are fully leased to 10 tenants in industries such as healthcare, technology, marketing services, e-commerce, wholesale distribution and custom design/build. Paul Tesdal and Jason St. John of Greenstone represented the seller, a Chicago-based investment group. Greenstone also procured the buyer, a West Coast-based real estate investment group.
WENTZVILLE, MO. — Marcus & Millichap has negotiated the $3.5 million sale of a 14,213-square-foot medical office building in Wentzville, a far west suburb of St. Louis. Schroeder Creek Dental is the anchor tenant at the property, which is located at 1000 Schroeder Creek Blvd. Other tenants include an endodontics center, an orthopedic group and an oral maxillofacial and implant surgery center. Alec Coronado of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
IRVINE, CALIF. — CBRE has arranged the $43.5 million sale of 16355 Laguna Canyon Road, a 113,882-square-foot office building in Irvine. Concordia Irvine Holding was the buyer. The three-story building sits on 6.6 acres at the southwest corner of Laguna Canyon Road and Alton Parkway in the Irvine Spectrum. Built in 1998, it features a flexible floor plan, patios and balconies, and nearly 700 parking spaces. The transaction is one of Southern California’s largest recent office sales. It is also Orange County’s highest price-per-square-foot trade in 2023, as of the sale date. The seller was not disclosed.
LOS ANGELES — Keller Williams has negotiated the sale of Glassell Apartments, a 35-unit multifamily asset in Los Angeles. A 1031 exchange investor bought the property for $8.6 million. The community is located at 3367 Andrita St. in Glassell Park, near Glendale and Eagle Rock. Built in 1989, the property is subject to rent control and was more than 60 percent vacant at the time of sale. The seller was a family trust that owned the asset for more than 20 years. Andres Diaz of Keller Williams’ office in downtown Los Angeles represented the seller and procured the buyer.
FARMERS BRANCH, TEXAS — Locally based private equity firm KeyCity Capital has acquired Villa Gardens, a 142-unit apartment complex located in the northern Dallas suburb of Farmers Branch. According to Apartments.com, the property was built in 1969 and offers studio, one-, two- and three-bedroom units, as well as amenities such as a pool, playground, business center and onsite laundry facilities. Doug Banerjee, Jack Stone, Andrew Mueller and Sterling Warren of Greysteel represented KeyCity and the undisclosed seller in the transaction.
CONROE, TEXAS — SVN | J. Beard Real Estate — Greater Houston has arranged the sale of a portfolio of nine retail buildings and one office building totaling 50,335 square feet in Conroe, about 40 miles north of Houston. Jeff Beard and Bonnie Pfrenger of SVN | J. Beard represented the seller, a locally based limited partnership, in the transaction. Kristi Delafuente of JNK Property Group represented the buyer, a private investor. Both parties requested anonymity.
EL PASO, TEXAS — Marcus & Millichap has brokered the sale of a 7,714-square-foot restaurant property in El Paso that is net leased to Red Lobster. The building was originally constructed on a 1.2-acre site in 1994 and subsequently renovated in 2012. Alan Lipsky and Barry Wolfe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a private investor. Both parties requested anonymity. Tim Speck of Marcus & Millichap assisted in closing the deal as the broker of record.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $8.8 million sale of a 24-unit apartment building located at 109 Ludlow St. on Manhattan’s Lower East Side. The six-story building houses one-, two- and three-bedroom units, as well as two retail spaces. Michael Tortorici and Shimon Shkury of Ariel Property Advisors represented the buyer in the transaction. Michael DeCheser and Bryan Hurley of Cushman & Wakefield represented the seller. Both parties requested anonymity.