TUCSON, ARIZ. — Taylor Street Advisors has arranged the sale of Fort Lowell Casitas, a multifamily community located at 1501-1503 E. Fort Lowell Road in Tucson. An out-of-state investor acquired the property for $1.5 million, or $116,153 per unit. The Class B property features 13 two-bedroom/one-bath units. The seller was not disclosed.
REXBURG, IDAHO — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the purchase of StorageBay Rexburg, a self-storage facility located at 322 W. Fourth South in Rexburg. Terms of the transaction were not released. Jordan Farrer and Adam Schlosser of Marcus & Millichap, with Paul Ryan of Marcus & Millichap serving as the broker of record, procured the buyer in the deal. Situated on nearly one acre, StorageBay Rexburg consists of 12,652 net rentable square feet totaling 167 self-storage units. The property was built in 2008 and features best-in-class construction and amenities.
ST. PETER, MINN. — Kraus-Anderson has begun the $60 million expansion of the Lund Center at Gustavus Adolphus College in St. Peter, about 70 miles southwest of Minneapolis. Designed by BWBR Architects, the 72,000-square-foot project includes new and improved spaces for wellness and academic programs in health and exercise and athletic training. Academic programs within Lund Center prepare students for careers in healthcare, education, coaching, athletic training and strength and conditioning. Phase I, which is expected to cost $21.6 million and be completed in spring 2022, will expand wellness facilities and include an expanded weight room as well as cardio and group fitness spaces. A new academic wing will house improved classrooms and faculty offices. A third-floor student lounge and recruitment area will be added for student and faculty use. Phase II calls for the construction of a new human performance lab, a 53,000-square-foot field house, a 118-seat lecture hall and locker rooms.
CHICAGO — Kiser Group has brokered a condo deconversion sale in Chicago’s Lakeview neighborhood for $32.2 million. Known as The Barry Quad, the three-building condominium property includes 115 units. Andrew Friedman and Jake Parker of Kiser represented both the seller, Barry Quadrangle Condominium Association, and the buyer, North Park Ventures. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner.
SPENCER, IND. — Bradley Co./RESOURCE has arranged the sale of a 258,375-square-foot medical manufacturing facility in Spencer, about 17 miles northwest of Bloomington. The sales price was undisclosed. Boston Scientific has occupied the building, located at 780 Brookside Drive, since 1988 and uses the site for producing instruments for its endoscopy and urology divisions. An expansion of the property began in July 2019. Boston Scientific will utilize the new space for administrative functions to free up more production space. Joshua Abrams, Sam Smith and Mitch Doner of Bradley, along with Camille Renshaw and Tim Hain of B+E Net Lease, represented the undisclosed seller.
BEACHWOOD, OHIO — Industrial Commercial Properties (ICP) has acquired a 112,000-square-foot office and industrial building located at 23550 Commerce Park Drive in Beachwood, an eastern suburb of Cleveland. The purchase price was undisclosed. ICP has already begun a renovation and restoration of the property, including a new façade, flooring and LED lighting. It will be available for lease by early summer. This transaction represents ICP’s 10th acquisition in 2021 and its first in Beachwood. The company’s portfolio includes more than 150 properties totaling 42 million square feet in five states.
CHICAGO — Parkview Financial has provided a $9.8 million loan for the construction of a 48-unit apartment project in Northwest Chicago. The two-building, four-story development will also include 10,400 square feet of ground-floor retail space and 56 parking spaces. A joint venture between Noah Properties and MPM Holdings is developing the project. Construction has commenced and completion is slated for late 2021.
UNION, N.J. — G.S. Wilcox, a commercial mortgage banking firm based in Northern New Jersey, has arranged a $49.8 million construction loan for a 266-unit multifamily project in Union, a suburb of Newark. The project represents Phase II of an existing multifamily development. Gretchen Wilcox, Albert Raymond and Wesley Wilcox of G.S. Wilcox arranged the floating-rate loan on behalf of the undisclosed borrower. The direct lender was also not disclosed.
WINDSOR, N.Y. — Coldwell Banker Commercial has brokered the $6.6 million sale of a 65,800-square-foot industrial building that is situated on a 3.1-acre lot in Windsor, located just outside of Binghamton. The property was built in 1977 and includes 3,540 square feet of office space. Steven Shell of Coldwell Banker represented the undisclosed seller in the transaction. Additional terms of sale were not disclosed.
NEW YORK CITY — Alpha Realty has negotiated the $5 million sale of a 15-unit multifamily building located at 78-80 Christopher St. in Manhattan’s West Village neighborhood. Lev Mavashev and Shai Egison of Alpha Realty represented the buyer and seller in the off-market transaction. Both parties were locally based private investors who requested anonymity.
