MARICOPA, ARIZ. — Marcus & Millichap has brokered the sale of a retail property located on 1.7 acres at the intersection of North John Wayne Parkway and West Smith Enke Road in Maricopa. An out-of-state buyer acquired the asset from the estate of a Northern California family for $5.7 million. Walgreens occupies the 14,820-square-foot retail building on a net-leased basis. Sanford Burstyn of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.
PORTLAND, ORE. — Norris & Stevens has arranged the sale of a retail space located at 2251 NE Glisan in Portland. Colton-based First Church of Christ, Scientist, Portland acquired the property from Taoist Tai Chi Society of The United States of America Inc. for $2.4 million. Originally built as a warehouse in 1946, the 4,000-square-foot property has undergone extensive renovations and features a full commercial kitchen and hood, refinished wooden beams, ADA-compliant bathrooms and ample private parking. The property was most recently used as a Taoist shrine and center for the teaching and practice of Taoist Tai Chi. The First Church of Christ, Scientist intends to use the property as a bookstore and learning center. Matt Lyman and Jack Schaub of Portland-based Norris & Stevens represented the seller, while Jim Lewis of Cushman & Wakefield represented the buyer in the transaction.
NAPERVILLE, ILL. — The Connor Group has sold Glenmuir of Naperville, a 321-unit apartment property in suburban Chicago. BH Equities purchased the asset for roughly $103 million, according to Crain’s Chicago Business. The deal marked the second-largest property sale in Connor’s nearly 30-year history, according to the company, which acquired the asset in 2014. Connor, which owns and operates 45 apartment communities across 16 markets, says it intends to continue operating in the Naperville submarket long-term.
DALLAS — New Jersey-based mortgage banking firm Progress Capital has arranged an $8 million acquisition loan for Crossings at Lake Highlands, a 98-unit apartment complex in the Lake Highlands area of Dallas. The property offers amenities such as a pool, outdoor kitchen, coffee bar and a dog park. Abe Mann of Progress Capital placed the nonrecourse loan, which was structured with a three-year term plus two one-year extension options and a 78 percent loan-to-cost ratio, through a national debt fund. The borrower, RFM Property Group, plans to implement a capital improvement program.
CHICAGO — Preservation of Affordable Housing (POAH) has acquired Island Terrace Apartments in Chicago for $29.5 million. The 240-unit apartment community is located at 6430 S. Stony Island across from the planned Obama Presidential Center and serves residents at a variety of income levels. The seller, PNC Bank, had owned the property since 2015. The allocation of 9 percent low-income housing tax credits from the Illinois Housing Development Authority along with a financial commitment from the City of Chicago made the purchase possible. POAH will also finance the acquisition with a loan from Merchants Capital and its own equity. POAH will take over property management through its affiliate, POAH Communities. A renovation of the apartment complex, which was built in 1969, will begin next year. The work will include improvements to the building’s major systems, modernization of the units and upgrades to resident community space.
CINCINNATI — Grandin Properties has renovated The Strietmann Center in Cincinnati’s Over the Rhine district. Located at 231 W. 12th St., the building includes 77,434 square feet of Class A office space and 13,848 square feet of retail and restaurant space. Originally built in 1899, the property is now LEED Gold certified and includes the first solar panels installed in Cincinnati’s urban core. Tenants can now enjoy a rooftop terrace, bike storage, showers and access to a newly renovated YMCA adjacent to the property. Michelle Klingenbert of JLL is leading leasing efforts for the office portion.
ST. CHARLES, ILL. — NorthMarq has arranged the sale of Haven St. Charles for an undisclosed price. The 71-unit multifamily complex is located at 1909 Oak St. in St Charles, about 40 miles west of Chicago. Parker Stewart, Dominic Martinez and Alex Malzone of NorthMarq’s St. Louis office represented the seller, Chicago-based Tricap Residential. Chicago-based Evergreen Real Estate Group was the buyer. Tricap spent about $1.5 million in capital improvements over the last few years for the property, which was originally built in 1974. It was 97 percent occupied at the time of sale. Kevin McCarthy, Brett Hood and Sue Blumberg of NorthMarq secured acquisition financing through Freddie Mac.
SOUTHLAKE, TEXAS — EVO Entertainment, an Austin-based entertainment concept that combines bowling, movies, games and food and beverages, will open a 68,733-square-foot venue at Southlake Town Square, a 130-acre mixed-use development near Fort Worth. The entertainment center, which is scheduled to open at the end of the year, will be EVO’s first in the Dallas-Fort Worth metroplex. This location will feature a full restaurant and bar with outdoor patio space, seven movie screens, arcade games, bowling lanes, a laser tag arena, rock climbing wall, ropes course and private party rooms. Retail Properties of America, an Illinois-based REIT, owns Southlake Town Square.
MONROE, MICH. — Cohn Commercial Properties has brokered the sale of a former Target store spanning 96,000 square feet in Monroe, about 40 miles southwest of Detroit. The building is located at 2121 N. Monroe St. The sales price and seller were undisclosed. Harry Cohn of Cohn Commercial represented the buyer, Richmond Main LLC, which will occupy the building for its auto parts business.
KING OF PRUSSIA, PA. — Jack Lingo Asset Management (JLAM) has acquired a 102,000-square-foot office building at 211 S. Gulph Road in King of Prussia, a northern suburb of Philadelphia. The single-story building was renovated in 2018 and was 97 percent leased at the time of sale. Mike Margolis and David Dolan of Newmark represented the undisclosed seller in the transaction. Nick Scribani and Ben Kroll of Newmark arranged acquisition financing through Wells Fargo on behalf of JLAM.