ATHOL, IDAHO — Marcus & Millichap has arranged the sale of a retail building located at 30601 N. Old Hwy 95 in Athol. A California-based private investor acquired the asset for an undisclosed price. Don McMinn of Marcus & Millichap represented the undisclosed seller in the deal. Dollar General occupies the 10,640-square-foot retail property, which was built in 2022, on a new 15-year triple-net lease. This location is the first Dollar General in the state of Idaho.
WASHINGTON, D.C. — JLL’s Hotels & Hospitality Group has negotiated the sale of Mandarin Oriental, Washington D.C., a luxury hotel in the city’s southwest district that spans nine stories and 373 rooms. The sales price was not disclosed. The buyer, London-based private equity real estate manager Henderson Park, has rebranded the hotel as Salamander Washington D.C. under the management of Middleburg, Va.-based Salamander Hotels & Resorts. Gilda Perez-Alvarado, Jeffrey Davis and Stephany Chen of JLL represented the seller, Mandarin Oriental Hotel Group International Ltd., in the transaction. Mark Fisher of JLL arranged an undisclosed amount of acquisition financing on behalf of Henderson Park. Built in 2004 and recently renovated, the hotel overlooks the Tidal Basin and the Washington Channel. Nearby attractions include the National Mall, Washington Monument, Martin Luther King Jr. Memorial, Thomas Jefferson Memorial and the Smithsonian National Museum of Natural History.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $8.7 million sale of a 56-unit apartment building in Harlem. The six-story building was originally constructed in 1909. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer, a private investor, and the seller, an entity doing business as 610 Realty Associates LLC, in the transaction. The deal traded at a cap rate of 4.8 percent.
ATLANTA — GID, the developer of the $2 billion High Street mixed-use project in Atlanta’s Central Perimeter district, has executed a lease with Parker Hospitality to bring a Hampton Social restaurant to the development. The coastal-inspired restaurant chain is part of the first phase of the 36-acre project and is set to open in 2024. Hampton Social will span 10,455 square feet across two levels and serve cocktails, its famed “rosé all day” menu and seasonal seafood food for lunch, dinner and weekend brunch. The Hampton Social has locations throughout the United States including Illinois, Florida and Tennessee, and High Street will be its first location in Georgia. Led by GID, High Street’s first phase is under construction and encompasses approximately 150,000 square feet of entertainment-driven retail and restaurant space, a central events plaza, 600 luxury apartments, 90,000 square feet of loft offices and 222,000 square feet of existing office space. Earlier this year, GID announced Puttshack as an entertainment anchor for High Street’s first phase. Molly Morgan is leading the retail leasing assignment for High Street, along with Allie Spangler and 10Twelve, JLL’s boutique agency leasing team.
HACKENSACK, N.J. — Law firm Archer & Greiner PC has signed a 22,382-square-foot office lease renewal at Court Plaza, a 335,000-square-foot office complex located at 35 Main St. in Hackensack. Amenities at the three-building complex include a fitness center, cafeteria and a conference room, as well as an onsite bank, dry cleaning service and car detailing shop. Stephen Jennings internally represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations. Jack Fatigati of Morford & Dodds Realty represented the tenant.
CHICAGO — Sterling Bay has broken ground on 225 N Elizabeth, a $155.6 million apartment development in Chicago’s Fulton Market district. The developer received $91.7 million in construction financing from Citizens and Old National Bank. The 28-story building will feature 350 units, 20 percent of which will be designated as affordable housing. Plans also call for roughly 9,000 square feet of retail space, 95 parking spaces and indoor and outdoor amenities on the third and top floors of the building. Sterling Bay is developing the project in partnership with Ascentris, a Denver-based private equity firm. Chicago-based McHugh Construction is the general contractor and Hartshorne Plunkard is the lead architect. Completion is slated for the second quarter of 2024.
PEORIA, ILL. — Northmarq has arranged the sale of Prairie Vista Apartments in Peoria for $45 million. Built in 2006, the 304-unit multifamily property features 38 buildings as well as a clubhouse, pool house and garages. The units are nearly fully occupied. Parker Stewart, Alex Malzone and Dominic Martinez of Northmarq brokered the sale. Dan Baker of Northmarq originated a $27 million Freddie Mac acquisition loan. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. California-based Prairie Vista SPE Owner LLC was the buyer.
PLYMOUTH, MINN. — Monument Capital Management, an A-Rod Corp. company, has acquired Talus in Plymouth, just west of Minneapolis. The purchase price was undisclosed. The 192-unit apartment community was built in 1974. Floor plans range from 800 to 1,100 square feet. Amenities include a dog area, walking paths, fitness center, outdoor pool, indoor heated pool, laundry centers, underground heated parking and a newly renovated clubhouse. Monument plans to upgrade units and amenities. Ted Abramson of CBRE represented the seller, Curtis Capital Group. This property is the first acquisition for Monument’s newly launched fund, Monument Opportunity Fund V. Monument now owns or manages eight communities in the Minneapolis market totaling more than 1,000 units.
HARTFORD, WIS. — Blue West Capital has negotiated the $2.9 million sale of Hartford Shops in Hartford, about 37 miles northwest of downtown Milwaukee. The 12,530-square-foot retail center is fully leased and is shadow anchored by Aldi. Some of the tenants include Dunkin’, H&R Block, Shopko Optical and Papa Murphy’s. Carly Kelly and Shawn Dickmann of Blue West Capital represented the seller, a Dallas-based private real estate company. The duo also procured the buyer, a Colorado-based private investor. The property sold at 95 percent of the list price.
NAPERVILLE, ILL. — The Boulder Group has brokered the sale of a restaurant property net leased to KFC and Taco Bell in the Chicago suburb of Naperville for nearly $2 million. The 2,982-square-foot building is located along Reflection Drive. Randy Blankstein and Jimmy Goodman of Boulder represented the buyer, a Midwest-based real estate investor completing a 1031 exchange. A Southeast-based real estate company was the seller.
