HAMMOND, IND. — Marcus & Millichap has arranged the $4.6 million sale of a 14,158-square-foot retail center in Hammond, a city in Northwest Indiana. Built in 2017, the property is located at 1001 5th Ave. and is home to retail and medical tenants, including American Renal Associates. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, a developer based in Hobart, Ind. The property sold to a 1031 exchange investor.
HOFFMAN ESTATES, ILL. — Belle Tire Distributors has purchased a 1.7-acre lot in the Chicago suburb of Hoffman Estates for $1 million. Rick Scardino of Lee & Associates represented the seller, Prairie Point Center Development LLC c/o Conor Commercial. Dave Chopp of DRC Realty represented Belle Tire.
GREER, S.C. — Advenir Oakley Capital LLC has begun site work for LEO Jamestown, a $78 million build-to-rent (BTR) residential community in Greer, part of the Greenville-Spartanburg metropolitan area in Upstate South Carolina. The 296-unit project will span nearly 35 acres at the corner of South Main and Roscoe Drive, about one mile outside of downtown Greer. LEO Jamestown will feature a mix of one-, two- and three-bedroom cottages with nine-to-15-foot ceilings, wood-grain flooring, in-unit washers and dryers, a smart-home technology package, private backyards, on-call maintenance and optional enclosed garage parking. Neighborhood amenities will include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, fitness center, dog park and valet trash. One-bedroom homes will average 882 square feet and rent for approximately $1,800 per month; two-bedroom units will average 912 square feet and rent for $2,100; and three-bedrooms will come in 1,510-square-foot floor plans and rent for $2,600. Advenir Oakley expects to fully deliver the property by December 2024, with first deliveries currently scheduled for this October. The design-build team includes Birmingham-based Nequette Architecture & Design and general contractor Capstone Building Corp. Advenir Living will be the property manager.
ALEXANDRIA, VA. — PRP has completed the conversion of an office building at 4900 Seminary Road in Alexandria into a 212-unit apartment tower. The high-rise, dubbed the Sinclaire on Seminary, features apartments averaging 850 square feet in size with ceilings exceeding 10 feet in height. Amenities include ground-level retail space, a dog park, individual storage spaces, indoor parking garage connected by a covered walkway and outdoor lounge areas with firepits, a bocce ball court and outdoor recreational opportunities. Kettler is the property manager of Sinclaire on Seminary. Monthly rental rates range from $1,770 to $3,500, according to the property website.
NEWPORT NEWS, VA. — Cushman & Wakefield has brokered the $25 million sale of Hickory Point, a 175-unit, townhome-style rental community located at 399 Hickory Point Blvd. in Newport News. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, AION Partners, in the transaction. The buyer was not disclosed. Hickory Point comprises two- and three-bedroom apartments with private entrances, modern kitchen and bathrooms, built-in microwaves and washer and dryer connections. Amenities include a swimming pool and cabana.
NEW PORT RICHEY, FLA. — Franklin Street has arranged the sale of a 104,201-square-foot, single-tenant retail property located in New Port Richey, roughly 40 miles northwest of Tampa. Built in 1987 and situated within the Pasco Square shopping center, the building is fully occupied by retailer Bealls. Grant Equities LLC acquired the property for $7.2 million. Bryan Belk, John Tennant and Zack McNamara of Franklin Street represented the seller, an affiliate of Vanguard Associates Inc., in the transaction. McNamara previously negotiated a new, long-term lease with Bealls on behalf of the landlord, and Michael Conlon of Franklin Street Insurance Services secured the property, casualty and flood insurance policies on behalf of the buyer.
PANAMA CITY BEACH, FLA. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $1.5 million sale of a retail property in Panama City Beach triple-net leased to Green Dragon, a chain of retail cannabis dispensaries in Florida and Colorado. The 5,164-square-foot store is located at 917 Harrison Ave. and has a new 10-year lease in place. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, a Florida-based private investor, as well as the buyer, a private 1031 exchange buyer, in the transaction. Both parties requested anonymity. The sale of the Panama City Beach Green Dragon is the 17th transaction of a cannabis dispensary that SRS has brokered in the state of Florida, for a total of just under $50 million.
EAST RUTHERFORD, N.J. — Asian-American grocer H Mart has opened a 38,000-square-foot store within American Dream, a megamall and entertainment destination located within the Meadowlands sports complex in Northern New Jersey. Chuck Lanyard of The Goldstein Group and Jeff Chaus of Chaus Realty represented H Mart, which now operates more than 100 stores worldwide, in the lease negotiations. Canadian conglomerate Triple Five Group owns American Dream.
KANSAS CITY, MO. — Co-developers Brain Group and Mercier Street are underway on the conversion of the former Westport Middle and Westport High School campuses in Kansas City into Park 39, a $250 million mixed-use development. The live-work-play campus will be situated on 16 acres at 39th and McGee streets in the city’s Midtown district. Anchoring the project is The Residences at Park 39, a 138-unit apartment community within the four-story former Westport High School. Upon completion, The Residences will include flexible work areas, a fitness center and mailroom, auditorium transformed into modules, conference rooms and library and event spaces for groups large and small. Individual residences will have open floor plans with high ceilings and modern finishes for kitchens, bathrooms and living areas. Each unit will have its own washer and dryer and will range from 400 square feet to 1,600 square feet in size, with expected monthly rents ranging from $950 to $2,000. The building’s new infrastructure will include smart technology and updated electrical, plumbing and fire alarm and protection systems. The original brick-and-stone façade and the front entry of the 1908-era high school are being preserved and restored, as are the original hardwood floors and ceramic tile. …
HOUSTON — Berkadia has arranged the sale of Metro Greenway, a 309-unit apartment community in Houston’s Greenway/Upper Kirby neighborhood. Developed in 2008 by The Dinerstein Cos., Metro Greenway is a four-story building that sits on a two-level parking garage. Units come in one- and two-bedroom floor plans and range in size from 709 to 1,272 square feet. Amenities include a pool, fitness center, outdoor kitchen, pet park, coffee bar and a resident lounge. Todd Marix, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Denver-based Simpson Housing, in the transaction. Dallas-based investment firm Westdale acquired the asset for an undisclosed price.