NEW YORK CITY — Ariel Property Advisors has arranged the $11 million sale of a mixed-use development site in the Gowanus area of Brooklyn. The transit-served site at 604 Union St. formerly housed the Dinosaur Bar-B-Que restaurant and can support 41,406 square feet of buildable product. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel brokered the deal. The buyer, Zelig Weiss, and seller, Simon Vays, are both local developers and investors.
LOMBARD, ILL. — Mid-America Real Estate Corp. has negotiated the sale of High Point Centre, a 240,345-square-foot shopping center in Lombard. The property presents a value-add opportunity, as it is 68 percent leased. Tenants include LA Fitness, Altitude Trampoline Park, Ace Dental, Burger King, Mango Mango Desserts, Sport Clips, Seoul Bites Korean BBQ, Souq Market and Tropical Smoothie Café. Ben Wineman of Mid-America represented the seller, a publicly traded REIT. A private investment group was the buyer.
NEW YORK CITY — National general contractor JT Magen has completed construction of a 15,000-square-foot cinema project in Manhattan’s Chelsea district. Designed by Weiss Architecture, the two-story venue at 131 Eighth Ave. is known as Metro Private Cinema and is a retrofit of a former Duane Read drugstore. The venue features 20 individual private movie suites that can each accommodate between four to 20 viewers, as well as a full kitchen and bar.
LAKE SAINT LOUIS, MO. — Lawrence Group has completed its work on the renovation and expansion of SSM Health St. Joseph Hospital’s Cancer Center in Lake Saint Louis. Lawrence Group’s healthcare studio provided architecture and interior design services on the recent multi-million-dollar project aimed at increasing treatment capacity and improving the patient experience for individuals navigating cancer care. A ribbon cutting ceremony took place July 28. The expanded center features space for additional clinical staff and new exam rooms, plus semi-private infusion bays complete with floor-to-ceiling windows for patients to view the nearby lake while receiving treatment. The building’s pharmacy, laboratory and waiting areas were also expanded.
NAPERVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the $7.3 million sale of a 23,000-square-foot retail center in Naperville. Located at 175 W. Jackson St., the property consists of eight suites. The buyer was a Chicago-based family office, and the seller was a private family that had owned and managed the property for over 30 years. Brett Berlin of Quantum brokered the transaction. At the time of sale, the asset featured two vacancies.
SANTA CRUZ, CALIF. — Jonathan Rose Cos. has purchased La Posada Apartments, a 150-unit mixed-income multifamily property located at 609 Frederick St. in Santa Cruz, with plans to extend the existing Project Based Section 8 Housing Assistance Payment (HAP) contract that provides federal support for 122 of the units. The original developers sold the property for $85 million. The contract was set to expire in 2028, but the acquisition will extend the federal support for an additional 20 years. The buyer will also implement an additional regulatory agreement with the California Municipal Finance Authority, further restricting 40 percent of units at 80 percent of the area median income for 55 years. Originally built in 1980, La Posada Apartments features a pool, community garden, library, community room with kitchenette, fitness center and a dining room, as well as an onsite independent elementary school. Additionally, the property provides onsite meals and other services focused on resident care. The new ownership plans to renovate the property, including upgrades to building systems and unit interiors, improvements to the community spaces, the addition of a dedicated fitness space and energy efficiency enhancements. The firm will also introduce a resident services plan, executed with the continued …
SAN LUIS OBISPO, CALIF. — First Washington Realty has sold Marigold Center, a grocery-anchored shopping center in San Luis Obispo, about 200 miles north of Los Angeles, to Nuveen Real Estate for $58.2 million. Gleb Lvovich, Geoff Tranchina, Daniel Tyner and Eric Kathrein of JLL Capital Markets represented the seller in the deal. Located at 3900 Broad St., Marigold Center offers 174,428 square feet of retail space. Situated on 17.5 acres, the property was 91.6 percent leased at the time of sale. Tenants include Vons, CVS/pharmacy and Planet Fitness, as well as a mix of grocery, pharmacy, fitness, sporting goods, restaurant, medical and service-oriented tenants.
GOLDEN, COLO. — Unique Properties/TCN Worldwide has negotiated the sale of 2801 Youngfield Street, an 97,992-square-foot office building in Golden, a western suburb of Denver. HGN Realty sold the asset to an undisclosed buyer for $6.5 million. Rachel Colorosa and Zach Schuchman of Unique Properties/TCN Worldwide represented the seller in the off-market transaction.
SAN FRANCISCO — Marcus & Millichap has brokered the sale of a portfolio of two multifamily properties at 1159-1169 and 1067-1071 Union St. in San Francisco’s Russian Hill neighborhood. The properties sold for a combined $6.3 million after approximately 50 years under the same family ownership. Philip Batlin, Clinton Textor, Sam Runco and Jordan Tong, investment specialists in Marcus & Millichap’s San Francisco office, represented seller in the transaction and procured the buyer, local firm Ballast. Built in 1925, the 9,123-square-foot property at 1159-1169 Union St. consists of six two-bedroom, one-bath units on a 0.12-acre parcel. The property features two flats per floor across three residential levels, six garage spaces and rear access from Warner Place. Built in 1908, the 6,075-square-foot property at 1067-1071 Union St. consists of five two-bedroom, one-bath units and is situated on a 0.07-acre parcel. The property includes two buildings on a single lot with frontage on Union Street and Macondray Lane.
SPARROWS POINT, MD. — American defense contractor Anduril Industries has selected the 3,300-acre Tradepoint Atlantic logistics and industrial park in Maryland’s Baltimore County for the site of a new $3.7 billion shipbuilding operation. Dubbed Arsenal-2, the 2 million-square-foot facility will be developed on the former Bethlehem Steel site in Sparrows Point and will expand the U.S. Navy’s submarine industrial base. The facility is expected to directly create 3,100 permanent jobs in Maryland and support more than 14,000 jobs overall. The project is estimated to generate more than $2 billion in annual economic output, including $312 million in wages. Arsenal-2 represents the largest single private investment in Maryland and the state’s largest job creator in over a decade, according to the State of Maryland. “With this facility, thousands of Marylanders will have new pathways to work, wages and wealth through advanced training and high-skilled maritime manufacturing jobs,” says Maryland Gov. Wes Moore. “We thank Anduril for choosing Maryland, and we’re ready to build the future of the aerospace and defense economy together.” “Sparrows Point helped build the fleet that won World War II,” adds Brian Schimpf, co-founder and CEO of Anduril. “With Arsenal-2, Anduril will return large-scale shipbuilding to a site …