Property Type

Kiser Arranges $43M Sale of Chicago Multifamily Property

by Kristin Harlow September 7, 2021

CHICAGO — Kiser Group has arranged the sale of a 188-unit multifamily property located at 5815 N. Sheridan Road in Chicago for $43 million. Lee Kiser of Kiser represented both the buyer, TLC Management, and the seller, Greenstone Property Group. The property last sold in 2018 for $27.2 million. Greenstone completed a condo deconversion at that time and renovated 70 percent of the units, which range in size from 515 to 780 square feet. TLC plans to continue updating units and add more amenities. The property fronts Lake Michigan and features private beach access.

September 7, 2021

Acquisitions Illinois Midwest Office

JLL Brokers Sale of Two-Building Office Property in Suburban Chicago

by Kristin Harlow September 7, 2021

NORTHBROOK, ILL. — JLL Capital Markets has brokered the sale of Edens Corporate Center, a two-building office property in the northern Chicago suburb of Northbrook. The sales price was undisclosed. Located on Dundee Road, Edens Corporate Center rises four stories and spans 188,040 rentable square feet. The two buildings were constructed in 1987 and 1988 and renovated from 2016 to 2019. Amenities include heated parking, an outdoor terrace, café, fitness center, yoga room and bike room. Patrick Shields, Sam DiFrancesca, Jaime Fink, Jeff Bramson and Bruce Miller of JLL represented the seller, KBS. Bradford Allen Investment Advisors was the buyer.

September 7, 2021

Loans Michigan Midwest Multifamily

Dwight Capital Provides $23M Construction Loan for City View Apartments in Lansing, Michigan

by Kristin Harlow September 7, 2021

LANSING, MICH. — Dwight Capital has provided a $23 million loan for the construction of City View Apartments in Lansing. Upon completion, the five-story building will include 117 apartment units and 3,500 square feet of ground-level retail space. Amenities will include a fitness center and parking garage. Adam Sasouness of Dwight originated the loan on behalf of the undisclosed borrower.

September 7, 2021

Affordable Housing Development Indiana Midwest Multifamily Seniors Housing

TWG Opens $11M Affordable Seniors Housing Project in Indianapolis

by Kristin Harlow September 7, 2021

INDIANAPOLIS — TWG has opened Line Lofts Apartments, an $11 million affordable seniors housing project on the east side of Indianapolis. Located at 1145 E. Washington St., the property features 63 two-bedroom units. One-fifth of the units are designed and reserved for seniors with visual impairments, as part of a partnership between TWG and local nonprofit Visually Impaired Preschool Services (VIPS). The property includes specific features to aid visually impaired residents, including oversized elevator buttons, tactile markings, dedicated ride sharing pickup spots and a park area for service animals. Line Lofts will also serve as the new home for the VIPS Simon and Estelle Knoble Family Resource Center, a 6,000-square-foot center that will offer services for blind or visually impaired children such as early intervention, orientation and mobility, preschool transition assistance, advocacy training and parent events. Low-income housing tax credits from the Indiana Housing and Community Development Authority helped fund the project.

September 7, 2021

Acquisitions Healthcare Midwest Minnesota

Davis Negotiates Sale of 19,124 SF Medical Office Building in Suburban Twin Cities

by Kristin Harlow September 7, 2021

SHAKOPEE, MINN. — Davis has negotiated the sale of Dean Lakes Health Building in Shakopee, a southwest suburb of the Twin Cities. The sales price was undisclosed. The 19,124-square-foot medical office building rises one story and is located at 4201 Dean Lakes Blvd. Allina Health, Edina Eye Physicians & Surgeons PA and Caravel Autism fully occupy the property. Jill Rasmussen of Davis represented the undisclosed seller. A partnership between Chicago-based Harrison Street and Minneapolis-based MedCraft Healthcare Real Estate was the buyer.

September 7, 2021

Acquisitions Multifamily New York Northeast

GAIA Real Estate Acquires Multifamily Portfolio in Manhattan’s East Village for $49.5M

by Taylor Williams September 7, 2021

NEW YORK CITY — New York City-based GAIA Real Estate has acquired a portfolio of three multifamily buildings totaling 71 units in Manhattan’s East Village for $49.5 million. The buildings are located at 50-58 E. Third St. and primarily feature two- and three-bedroom units. The seller was a locally based limited liability company that is affiliated with Anbau Enterprises. The portfolio, which includes about 15 rent-controlled units, was 97 percent occupied at the time of sale. The property traded in an off-market transaction.

September 7, 2021

Acquisitions Affordable Housing Multifamily New York Northeast

Ariel Property Advisors Brokers $25.3M Sale of Harlem Affordable Housing Community

by Taylor Williams September 7, 2021

NEW YORK CITY — Locally based firm Ariel Property Advisors has brokered the $25.3 million sale of Johanna Apartments, a 60-unit Section 8 multifamily property located at 104-110 W. 144th St. in Central Harlem. The four-building complex spans 51,560 square feet and consists entirely of two-bedroom units. Victor Sozio and Courtney Lee of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

September 7, 2021

Loans Mixed-Use New York Northeast

Emerald Creek Capital Provides $15M Bridge Loan for Mixed-Use Building in Queens

by Taylor Williams September 7, 2021

NEW YORK CITY — Locally based lender Emerald Creek Capital has provided a $15 million first mortgage bridge loan for a 300,000-square-foot mixed-use building located in the Flushing neighborhood of Queens. The property consists of 22 floors of hotel space, 10 levels of medical office space and 50,000 square feet of retail and event space. The building also features 300 below-grade parking spaces. Dean Wang of Emerald Creek Capital originated the financing on behalf of the borrower, Fleet Financial Group.

September 7, 2021

Acquisitions Industrial New Jersey Northeast

Restaurant Supplies Provider Buys 71,280 SF Warehouse in Pennsauken, New Jersey

by Taylor Williams September 7, 2021

PENNSAUKEN, N.J. — Brooklyn-based restaurant supplies distributor BakeDeco/Kerekes has purchased a 71,280-square-foot warehouse located at 6950 Sherman Lane in Pennsauken, located outside of Philadelphia. Ian Richman and Marc Isdaner of Colliers International represented the buyer in the transaction. The buyer will also occupy the building, which features a clear height of 24 feet and nine loading docks. Marc Policarpo of Westfield Real Estate represented the undisclosed seller.

September 7, 2021

Acquisitions Multifamily New York Northeast Seniors Housing

SLIB Negotiates $8M Sale of Manor Hills Assisted Living Facility in Wellsville, New York

by Taylor Williams September 7, 2021

WELLSVILLE, N.Y. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Manor Hills Assisted Living for $8 million. Located in Wellsville, near the New York-Pennsylvania border, the asset features 89 assisted living and memory care units and was built in 1989. The seller was a private owner that previously divested its skilled nursing portfolio. The privately held buyer was an Albany, N.Y.-based seniors housing owner-operator. Dave Balow from SLIB handled the transaction.

September 7, 2021

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