NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has agreed to sell its ownership interest in the office condos and parking garage at 110 East 42nd Street in Midtown Manhattan for $117 million. SL Green is selling its stake, the size of which was not disclosed, to Meadow Partners in a deal that is expected to close before the end of the year. The office condos, which comprise a portion of the ground floor and the sixth through 18th floors, were originally built in 1923. The property is located across from Grand Central Station and One Vanderbilt, SL Green’s 1.7 million-square-foot office skyscraper. The locally based investment and development firm previously sold the office condos in 2007 and regained control of that component of the site in 2011. SL Green acquired the garage in 2013.
EVANSTON, ILL. — JLL Capital Markets has arranged the sale of 1717, a 175-unit apartment complex in Evanston. The sales price of $71 million represented the biggest multifamily deal in the northern suburbs in nearly two years, according to Crain’s Chicago Business. Built in 2013, the property features amenities such as a pool, sundeck, picnic area, fitness center, resident lounge, business center and cybercafé. Located at 1717 Ridge Ave., the complex is situated just south of the convergence of Green Bay Road and Ridge Avenue. Kevin Girard, Matthew Lawton and Mark Stern of JLL represented the seller, Invesco Real Estate. CBRE Investment Management acquired the asset on behalf of the CBRE Strategic Partners U.S. Value 9 fund.
BLUE ASH, OHIO — OA Development has sold Hawthorne Center in the Cincinnati suburb of Blue Ash for $26.5 million. Acquired in 2012, Hawthorne Center is a five-story, Class A office building totaling 135,413 square feet. Belcan LLC, a global supplier of engineering, supply chain, technical recruiting and IT services, fully occupies the property. Cushman & Wakefield represented OA in the sale. The buyer was undisclosed.
AURORA, ILL. — The Laramar Group has purchased Covey at Fox Valley in Aurora for an undisclosed price. Built in 1988, the 216-unit apartment community is located at 2160 Walcott Road. Laramar plans to make interior and exterior renovations to the property, which is located adjacent to Rush Copley Medical Center. The seller was not provided.
CHICAGO — Skender has completed the interior buildout of 43,000 square feet of spec suites in the North building of the Old Post Office in Chicago’s West Loop. A spec suite is ready for move-in and saves tenants the time that is typically associated with office buildouts. The 11 divisible office suites provide lease options ranging from 1,000 to 7,000 square feet. The accompanying amenity space includes two conference rooms, a reading room and library. As with most of the space in the redeveloped Old Post Office, the new spec suites feature unique historic touches, including mosaic tiles and salvaged doors. Skender worked closely with building owner 601W Cos., architect Partners by Design and project manager JLL.
CHICAGO — Interra Realty has brokered the $16.9 million sale of a two-building multifamily portfolio totaling 50 units in Chicago’s Uptown neighborhood. The properties are located at 4714 N. Sheridan Road and 843 W. Agatite Ave. Combined, the two buildings were 96 percent occupied at the time of sale. Jon Morgan, David Goss and Joe Smazal of Interra represented the seller, Chicago-based Mavrek Development, which developed the properties in 2019 and 2021. Colin O’Malley of Interra represented the private buyer.
PHILADELPHIA — Wharton Industrial, an investment arm of New York-based Wharton Equity Partners, has acquired a portfolio of seven industrial properties totaling roughly 450,000 square feet in the Philadelphia area. Four of the properties are located in the Pennsylvania markets of Croydon, Boothwyn and Reading. The other three are located in the Southern New Jersey communities of Marlton, Moorestown and Pennsauken. The seller and sales price were not disclosed.
EASTON, MASS. — Atlantic Capital Partners has arranged the sale of Highland Plaza, a 112,869-square-foot shopping center in Easton, located about 30 miles south of Boston. Regional grocer Big Y anchors the property, which was 96 percent leased at the time of sale, with a 56,519-square-foot store. Other tenants include T.J. Maxx and Liberty Mutual. Justin Smith, Chris Peterson, Sam Koonce, Molly Lynch and Ben Starr of Atlantic Capital Partners represented the seller, Cincinnati-based shopping center REIT Phillips Edison & Co. (NASDAQ: PECO), in the deal. The team also procured the undisclosed buyer.
NEW YORK CITY — Berkadia has provided a $22.6 million HUD loan for the permanent refinancing of Scheuer House of Manhattan Beach, a 149-unit Section 8 seniors housing property in Brooklyn. The property consists of one eight-story building and two five-story buildings that were respectively constructed in 1964 and 1932. Laura Smith of Berkadia originated the loan through HUD’s 223(f) program. The borrower, New York-based nonprofit JASA, will use a portion of the proceeds to fund capital improvements and preserve affordability.
BOSTON — Wayfair (NYSE: W), a Boston-based e-commerce firm specializing in furniture, will open three brick-and-mortar stores in the Boston area in 2022. The first two stores will be located within open-air centers in Lynnfield and Dedham that are owned by WS Development and will carry the company’s AllModern brands. The third store will be located within Simon Property Group’s Burlington Mall and will carry the Joss & Main brand. Wayfair plans to open more stores to support other brands over the next two years.