Property Type

74-76-Batterson-Park-Road-Farmington-Connecticut

CBRE Arranges $7.8M Sale of Multifamily Development Site in Farmington, Connecticut

by Taylor Williams March 7, 2023

FARMINGTON, CONN. — CBRE has arranged the $7.8 million sale of a development site in Farmington, a suburb of Hartford, that is approved for the construction of 204 multifamily units. The 10-acre site is adjacent to Pond View Corporate Center. Jeff Dunne, Simon Butler, Biria St. John, Eric Apfel, Stuart MacKenzie, John McLaughlin and Brian Bowler of CBRE represented the seller, New York-based Sovereign Partners, in the transaction. The buyer and developer was Connecticut-based Skala Partners. Information on floor plans and construction timelines was not disclosed, but the new community will feature amenities such as a pool, fitness center, business center, dog park, clubhouse and a package locker system.

March 7, 2023

Acquisitions Industrial New Jersey Northeast

Fennelly Associates Negotiates $7.7M Sale of Former Industrial Property in Plainsboro, N.J.

by Taylor Williams March 7, 2023

PLAINSBORO, N.J. — Locally based brokerage firm Fennelly Associates has negotiated the $7.7 million sale of an industrial property in Plainsboro, about 50 miles southwest of Manhattan. The facility, which sits on a 31-acre site and totals 50,150 square feet, was originally built in 1957 as a nuclear research facility and subsequently used for pharmaceutical research and development. Jerry Fennelly and Matt Fennelly of Fennelly Associates represented the seller, Turkey Island Corp., in the transaction and procured the buyer, Princeton Life Science Park.

March 7, 2023

Development Multifamily New Jersey Northeast

KRE Group, Russo Development Complete 78-Unit Multifamily Project in Northern New Jersey

by Taylor Williams March 7, 2023

ROCKAWAY TOWNSHIP, N.J. — A partnership between two locally based developers, KRE Group and Russo Development, has completed the latest phase of Rock Pointe, a multifamily project in the Northern New Jersey community of Rockaway. This phase adds 78 one- and two-bedroom units to the local supply, with rents starting at $2,250 per month. Rock Pointe now offers a total of 345 residences and amenities such as a pool, fitness center, children’s play area, outdoor grilling and dining stations, package lockers and a dog park.

March 7, 2023

Acquisitions Illinois Midwest Multifamily

CBRE Brokers $34.5M Sale of Multifamily Development Site in Chicago’s Fulton Market

by Kristin Harlow March 7, 2023

CHICAGO — CBRE has brokered the sale of a 1.7-acre site located at 420 N. May St. in Chicago’s Fulton Market neighborhood for $34.5 million. Tom Svoboda of CBRE represented the seller, an entity doing business as 420 May Acquisitions LLC. The buyer, Crescent Heights, has proposed a large multifamily project for the site. The Miami-based developer has been active in the Chicago market with multiple projects. In 2019, the firm completed construction of Nema Chicago, a 76-story, 800-unit skyscraper that is the tallest apartment building in the city.

March 7, 2023

Acquisitions Illinois Midwest Multifamily

ShainRealty Capital Sells 200-Unit Multifamily Portfolio in Chicago for $28.5M

by Kristin Harlow March 7, 2023

CHICAGO — ShainRealty Capital has sold a 200-unit multifamily portfolio in Chicago’s Kenwood neighborhood for $28.5 million. The value-add portfolio includes eight buildings located within a two-mile radius. Most of the properties feature two- and three-bedroom floor plans with an average unit size of 1,166 square feet. Lucas Fryman and Ted Stratman of Interra Realty brokered the transaction. A local Chicago syndicate led by Eagle Infinite Investments acquired the portfolio. The deal marks the first company disposition for ShainRealty Capital, a Los Angeles-based privately owned real estate investment firm. The buyer assumed in-place agency debt, which offers a 66 percent loan-to-value ratio and a 4.18 percent fixed interest rate for the remainder of the loan.

March 7, 2023

Development Leasing Activity Multifamily New Jersey Northeast

Coldwell Banker Begins Leasing 63-Unit Apartment Complex in Passaic, New Jersey

by Taylor Williams March 7, 2023

PASSAIC, N.J. — Coldwell Banker has begun leasing South Street Lofts, a 63-unit apartment complex located in the Northern New Jersey community of Passaic. The building offers studio, one- and two-bedroom units ranging in size from 755 to 1,885 square feet,. Amenities include a fitness center, resident lounge, business center, rooftop deck, outdoor grilling stations and a dog park. Rents start at $2,500 per month, and the complex is now 40 percent preleased. The owner/developer was not disclosed.

March 7, 2023

Acquisitions Midwest Multifamily Seniors Housing Wisconsin

JLL Negotiates Sale of 101-Unit Active Adult Community in Shorewood, Wisconsin

by Kristin Harlow March 7, 2023

SHOREWOOD, WIS. — JLL Capital Markets has arranged the sale of and acquisition financing for the Oaks of Shorewood, a 101-unit active adult community in Shorewood, a northern suburb of Milwaukee. Weidner Apartment Homes acquired the asset from Sherman Associates. The four-story, age-restricted building offers a mix of one- and two-bedroom units averaging 1,115 square feet. The Oaks of Shorewood is near Lake Michigan, the Milwaukee River, Hubbard Park & Beer Garden and the 50-acre Estabrook Park and Village’s main drive, which is known for eclectic boutiques and trendy restaurants. JLL worked on behalf of the new owner to originate a Fannie Mae loan to fund the purchase. Tom Wilson and Mike Brady of JLL represented the borrower, while Amanda Friant, Wick Kirby, Mox Gunderson and Jaime Fink of JLL represented the seller.

March 7, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $5.3M Sale of Retail Property in Merrillville, Indiana

by Kristin Harlow March 7, 2023

MERRILLVILLE, IND. — Marcus & Millichap has arranged the $5.3 million sale of Century Plaza in Merrillville, a city in Northwest Indiana. The 18,215-square-foot retail property is located at 3999 E. 81st Ave. and is home to tenants such as Panera. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, a limited liability company. The duo also secured and represented the buyer, a limited liability company.

March 7, 2023

Leasing Activity Michigan Midwest Retail

Destruction Depot Rage Room Signs 4,240 SF Retail Lease in Fenton, Michigan

by Kristin Harlow March 7, 2023

FENTON, MICH. — Destruction Depot Rage Room has signed a 4,240-square-foot retail lease at Fenton Town Center in Fenton, a far northwest suburb of Detroit. The space was formerly occupied by a hydroponics store. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Verus Development Group. VG’s Grocery anchors the shopping center. Destruction Depot Rage Room is an entertainment concept where users wear safety gear and get to smash items such as computers, TVs, vases and dishes.

March 7, 2023

Acquisitions California Industrial Western

Dunleer Sells Outdoor Storage Building in Santa Ana, California for $10.5M

by Amy Works March 7, 2023

SANTA ANA, CALIF. — Dunleer, a Los Angeles-based private real estate investment and development firm, has completed the disposition of a 2.5-acre industrial outdoor storage parcel that includes a single-story building, located at 4404 W. First St. in Santa Ana. The City of Santa Ana acquired the asset for $10.5 million and plans to use the property for city-related public services. The property features a fenced and secured yard area, a 3,900-square-foot building and quick access to interstates 5 and 405. Keith Greer, Ben Seybold, Sean Ward and Joshua Samuels of CBRE represented Dunleer, while the buyer was self-represented in the transaction.

March 7, 2023

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