HIGHWOOD, ILL. — Interra Realty has negotiated the $11 million sale of a 37-unit multifamily property in the Chicago suburb of Highwood. The newly constructed building is located at 546 Green Bay Road. Craig Martin of Interra represented the seller, Sy Oko. Martin also represented the buyer, HP Ventures Group-Development Services LLC, a development and property management company that specializes in mid-rise apartment buildings and townhomes.
OTTAWA, ILL. — Marcus & Millichap has arranged the $6.1 million sale of the Comfort Inn hotel in Ottawa, about 80 miles southwest of Chicago. The 69-room hotel is located at 120 W. Stevenson Road directly off I-80. The three-story property, built in 1995, features a business center, fitness center, complimentary breakfast and meeting facilities. Scott Havericak and Robert Hunter of Marcus & Millichap represented the seller, Ottawa Hospitality Group LLC. The duo also procured the buyer, Akal Hotels.
ROCHESTER HILLS, MICH. — Fitness concept Crossfit Maven has signed a 17,123-square-foot retail lease at Winchester Center in Rochester Hills. Michael Murphy, Bill McLeod and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, RPT Realty. John Salsberry of Colliers represented the tenant. Winchester Center, anchored by Dick’s Sporting Goods, Marshall’s and Burlington, is located on Rochester Road just south of Avon Road.
SYRACUSE, N.Y. — Pyramid Brokerage Co., a division of Cushman & Wakefield, has negotiated the $15.8 million sale of a 51-unit multifamily property in Syracuse. The building was originally constructed in 1910 as a theater and converted into office space in the 1960s. The redevelopment to multifamily took place in 2018. Jonathan Weinstein of Pyramid Brokerage, along with Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch of Cushman & Wakefield, brokered the deal. A locally based limited liability company sold the asset to a New York City-based family office.
TRENTON, N.J. — NAI Fennelly has brokered the $1.8 million sale of a 27,362-square-foot industrial building located at 480 Lalor St. in Trenton. The building features a clear height of 12 feet and one loading dock. Jerry Fennelly and Matt Fennelly of NAI Fennelly represented the seller, Switlik Survival Products Inc., in the transaction. The buyer was New Jersey-based Howco Management.
PORTLAND, ORE. — Greystar has unveiled plans to develop a two-building apartment property in Portland’s Slabtown neighborhood. Spanning two blocks between Northwest 19th and 20th avenues, the 364-unit project is slated to break ground later this month with completion scheduled for 2024. SERA Architects designed the development, which will include a five-story, 151-unit building and a seven-story, 213-unit building, both featuring brick exteriors. The project team of Greystar, SERA and Lango Hensen worked with neighboring St. Patrick’s Catholic Church officials to ensure the new project would not overshadow the 130-year-old historic landmark. ING Capital provided an undisclosed amount of construction financing for the project.
DENVER — Berkadia has arranged the sale of University Lofts, a mixed-use student housing community in Denver. California-based Amplify Development Co. sold the asset to an undisclosed buyer for $24.5 million. Located at 2372 E. Evans Ave., University Lofts features 36 units totaling 98 beds in a mix of studio, two- and four-bedroom layouts. Community amenities include a newly renovated student lobby, heated underground parking and street-level retail. Kevin Larimer, Brandon Buell, Nick Steele, Tyler King and Nate Moyer of Berkadia represented the seller in the transaction.
SAN DIEGO — Brookwood Financial Partners has completed the disposition of a six-building office portfolio in North San Diego. MCS Guardian Properties, an affiliate of M.C. Strauss, acquired the portfolio for an undisclosed price. The properties include Carlsbad Executive Plaza, a four-building office park totaling 133,000 square feet, and The Plaza I & II, a two-building complex totaling 89,000 square feet. Carlsbad Executive Plaza offers a campus-like environment and is recognized as Carlsbad’s premier multi-tenant incubator office project, according to Brookwood. The Plaza I & II features creative speculative suites, remodeled lobbies and is only one of three Class A buildings in the market that offers subterranean parking. Brookwood originally acquired the assets in June 2015.
TUCSON, ARIZ. — Cushman & Wakefield|PICOR has brokered the sale of Tierra Alegre Apartments, a multifamily property in Tucson. Equilibrium Cordova Village Tierra Alegre LLC acquired the asset from Ryder Family Real Estate for $8.5 million. Located at 3355 E. Fort Lowell Road, the 37,684-square-foot building features 72 units. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield|PICOR represented both parties in the transaction.
WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a multifamily property, located at 3330 Ames St. in Wheat Ridge. The building traded for $4.5 million, or $203,182 per unit. The names of the seller and buyer were not released. Built in 1958, the building features 22 apartments. Chris Knowlton and Mark Knowlton of Pinnacle’s Knowlton Lawson Team represented the seller, while Josh Newell of Pinnacle’s Newel Team represented the buyer in the deal.
