DALLAS — Lee & Associates has brokered the sale of an 82,098-square-foot civic property in South Dallas. The five-building property spans 11.9 acres at 330-340 E. Ann Arbor Ave. and previously housed a school. Ally Tanghongs and George Tanghongs of Lee & Associates represented the seller, an entity doing business as Kim & K Development LLC, in the transaction. The undisclosed buyer plans to redevelop the property into an industrial facility.
MINNETONKA, MINN. — CBRE has arranged the sale of Gates at Carlson Center, a 435-unit apartment community in Minnetonka, a western suburb of Minneapolis. The sales price was undisclosed. Located at 300 Carlson Parkway, the property is 96.8 percent occupied and 98 percent of its units have been renovated since the original construction in 1990. Floor plans consist of one- and two-bedroom units averaging 910 square feet. Amenities include an outdoor heated pool, sun deck, dog park, clubhouse, fitness center and walking trails. Abe Appert, Keith Collins and Ted Abramsom of CBRE represented the seller, a global investment advisor. FPA Multifamily was the buyer.
CHICAGO — Mid-America Real Estate Corp. has brokered the sale of The Chicago High-Street Retail Portfolio, a collection of 16 street retail buildings totaling over 75,000 square feet in Chicago’s Lincoln Park and Bucktown neighborhoods. Tenants within the portfolio include Lululemon, Warby Parker, Blue Mercury, Summer House Santa Monica, Ramen-San, Barry’s Bootcamp, One Medical, Little Green Tree House, OVME, Lush Cosmetics and Bond Vet. Joe Girardi and Rick Drogosz of Mid-America represented the institutional seller. The sales price and buyer were undisclosed.
CHICAGO — The Apartment Source (TAS) has begun pre-leasing efforts for The Ivy, a newly rehabbed apartment building in Uptown Chicago. TMG Management owns the 63-unit property, which features seven studios, 54 one-bedroom units and two two-bedroom units. The renovated apartments feature high-efficiency stainless steel appliances, in-unit laundry and Italian cabinetry. Amenities include a fitness center, bike room and laundry room. TMG acquired the asset in May 2022. The building is set to reopen in early 2024.
CHICAGO — Red Oak Capital Holdings LLC has provided a $4.2 million bridge loan for a multi-tenant industrial property in Chicago. The funds will be used to refinance and upgrade the Class B facility, which is located at 3850 W. Cortland St. The loan was underwritten under Red Oak’s Opportunistic Bridge Program, one of four commercial real estate loan programs the company introduced earlier this year. The program is a higher-leverage, fixed-rate option for assets with a substantial value-add component. The debt for 3850 W. Cortland St. features a note rate of 10.5 percent and a 12-month term with two six-month renewal options. The financing represents 66.41 percent of the asset’s “as-stabilized” value of $6.4 million. The 92,511-square-foot building was constructed in 1960 and last renovated in 2019. Building features include 37,249 square feet of office space, clear heights ranging from 12 to 22 feet, four dock-high doors and six drive-in doors. Having acquired the asset in late 2019 for nearly $3.7 million, the borrower plans to use part of the debt proceeds to pay off a matured loan. The balance will go toward capital expenditure improvements as well as leasing commissions and tenant improvements to stabilize the property prior …
MIDDLETON, WIS. — Cardinal Capital Management Inc. has opened The Social at Middleton Market in Middleton, a northwest suburb of Madison. The bar is located within the Middleton Market Food Hall, which is connected to Aviary at Middleton Market Apartments. The Social provides residents and visitors a space to enjoy crafted beverages. Under the guidance of Nancy Allen, general manager of Middleton Market, and Lynn Haker of Babes Grill & Bar in Madison, The Social offers a curated menu of signature cocktails, locally sourced beers, an extensive selection of wines and shareable appetizers.
LONG BRANCH, N.J. — A developer doing business as Ocean Cooper Revitalization LLC has opened Ocean Gate, a 170-unit apartment complex in the Northern New Jersey community of Long Branch. Designed by Monteforte Architectural Studio, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and tile backsplashes. Outdoor amenities include a heated pool and sundeck, fire pits, private grilling and dining areas and a movie wall. Residents also have access to a clubhouse with a lounge, catering kitchen, coworking spaces, game room and a children’s play area, as well as a fitness center, pickleball and volleyball courts, a package room and a dog run. Rents start in the low $3000s per month for a one-bedroom apartment.
MIDDLEBOROUGH, MASS. — JLL has brokered the sale of the 100-room Fairfield Inn & Suites Raynham Middleborough/Plymouth hotel in southern Massachusetts. The hotel sits on 2.4 acres at 4 Chalet Road and offers amenities such as a fitness center, business center and a lobby market. The property also underwent a $3.3 million capital improvement program in 2018. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the seller, JNR, in the transaction. Additional terms of sale were not disclosed.
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $9 million loan for the refinancing of an industrial property in The Bronx. According to LoopNet Inc., the property at 656 E. 133rd St. was built in 1930 and totals 124,000 square feet. Matt Polci, Justin Natalizio and Eric Anton of IPA arranged the financing through Citibank on behalf of the borrower, New York-based private investor Guy Roberts.
WEST NEW YORK, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $4 million sale of 5414 Park Avenue Apartments, a 22-unit apartment building in West New York, located just outside Manhattan. The five-story, transit-served building consists of 13 one-bedroom units and nine two-bedroom units. David Betesh of Gebroe-Hammer represented the buyer and seller, both of which requested anonymity, in the transaction.