CRYSTAL LAKE, ILL. — Northmarq has brokered the $34.7 million sale of a freestanding grocery store property occupied by Mariano’s in the Chicago suburb of Crystal Lake. Built in 2018, the property spans 74,800 square feet. The grocery store features a Starbucks, sushi bar, pizza oven, oyster bar and sweets shop. Jason Maier of Northmarq represented the seller, a New York-based private investor. The New York-based buyer completed a 1031 exchange.
EVANSTON, ILL. — Interra Realty has arranged the sale of a 43-unit apartment building in Evanston for $10.3 million. Originally constructed in 1918, the property at 612 Sheridan Road was 95 percent occupied at the time of sale. There are 21 one-bedroom units, 13 two-bedroom units and nine three-bedroom units. Brad Feldman of Interra represented the buyer, a local real estate investor. Patrick Kennelly and Paul Waterloo of Interra represented the seller, a private family group that had owned the property for more than 80 years.
DAKOTA DUNES, S.D. — Cushman & Wakefield has negotiated the $7.6 million sale of Tower Medical Plaza in eastern Nebraska’s Dakota Dunes. The property totals 35,130 square feet and is fully leased by seven tenants, including Beth Bruening PC, Dunes Family Pharmacy, ENT Consultants, Fyzical, Kevin L. Preston DO, Dunes Pain Specialists and MercyOne. The building is attached to the Dunes Surgical Hospital. Gino Lollio and Travis Ives of Cushman & Wakefield’s healthcare capital markets team partnered with James Hain and Richard Secor of Cushman & Wakefield/The Lund Co. on the transaction. Florida-based Catalyst Healthcare Real Estate purchased the asset from SSC MOB1.
SAN ANTONIO — Newmark has arranged the sale of Gardens at West, a 252-unit apartment community in San Antonio. According to Apartments.com, the property was built in 1995 and features one-, two- and three-bedroom units ranging in size from 664 to 1,269 square feet. Amenities include a pool, fitness center, business center, clubhouse, dog park and outdoor grilling and dining areas. Matt Michelson and Patton Jones of Newmark represented the seller, Regional Investment & Management, in the transaction. The buyer, locally based development and investment firm Embrey, will implement a value-add program and rebrand the property as The Hayden on West Avenue.
SPRING, TEXAS — A joint venture between Braintree Properties and Cadence McShane is underway on construction of Aviva Terranova Independent Senior Living Community in Spring, a northern suburb of Houston. Plans call for a 140,000-square-foot campus comprising four-story, wood-framed structures housing 163 independent living units. Additional features will include a fitness center, pool, theater, library, cybercafé and a parking garage with 215 parking spaces. The project is scheduled for completion in late 2023. Integral Senior Living will operate the property.
SHENANDOAH, TEXAS — Locally based firm Pisula Development has completed Vision Park Medical Office Building, a 56,100-square-foot healthcare project in Shenandoah, about 40 miles north of Houston. The three-story building, which carried a price tag of $15.1 million, sits on 3.2 acres and includes 234 parking spaces. The building is currently 80 percent leased to tenants such as Woodlands Center for Specialty Surgery and Physicians Group of The Woodlands.
HOUSTON — Marcus & Millichap has brokered the sale of Bissonnet Beltway Plaza, a 29,205-square-foot retail property in southwest Houston. According to LoopNet Inc., the property was built on 5.6 acres in 1978. Alex Wolansky and Gus Lagos of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
DALLAS — Immersive Gamebox, a British entertainment concept centered on interactive digital gaming, will open a new venue at 2525 Elm St. in the Deep Ellum area of Dallas. Immersive Gamebox, which also has locations in San Antonio, The Woodlands and at the 433-acre Grandscape mixed-use development in metro Dallas, expects to open the Deep Ellum facility before the end of the month.
MONTGOMERY, N.J. — JLL has arranged a $26.3 million construction loan for The Somerset at Montgomery, a 115-unit multifamily project that will be located in Northern New Jersey. The property will comprise two four-story buildings that will house one-, two- and three-bedroom units with an average size of 1,221 square feet. Amenities will include a fitness center, playground, private office spaces and outdoor courtyards. Matthew Pizzolato, Jim Cadranell and Ryan Carroll of JLL arranged the three-year, floating-rate loan through an undisclosed regional bank on behalf of the borrower, Pennsylvania-based Country Classic Real Estate.
PHOENIX — Weidner Apartment Homes has completed the disposition of Trailside at Hermosa Pointe, an apartment community in Phoenix. Knightvest Capital acquired the asset for $91 million, or $270,833 per unit. Built in 1984, Trailside at Hermosa Pointe features 336 apartments with full-size washers/dryers, wood-style vinyl flooring, carpet, tile entryways, walk-in closets, fireplaces and private balconies or patios. Community amenities include three swimming pools, a two-story leasing office and clubhouse, 24-hour fitness center with cardio and weight equipment, community playground, and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
