Property Type

Marcus & Millichap Brokers Sale of 253-Unit Multifamily Asset in West Chicago

by Kristin Harlow April 13, 2021

WEST CHICAGO, ILL. — Marcus & Millichap has brokered the sale of Aspen Ridge in West Chicago for an undisclosed price. The 253-unit multifamily asset is situated in a wooded area near DuPage County Forest Preserve. Built in 1967 on 12 acres, the property features an Olympic-size pool, fitness center and playground. There are 77 one-bedroom units and 176 two-bedroom units. Ryan Engle, Andrean Angelov and Zack Mahoney of Marcus & Millichap represented the seller and procured the buyer. Both parties were private investors.

April 13, 2021

Acquisitions Illinois Industrial Midwest

Dalfen Industrial Acquires 174,300 SF Industrial Facility in Aurora, Illinois

by Kristin Harlow April 13, 2021

AURORA, ILL. — Dalfen Industrial has acquired a 174,300-square-foot industrial facility located at 1103 Butterfield Road in Aurora. Built in 2004, the property is known as Butterfield Logistics Center and offers convenient access to I-88. Brendan Sheahan and Nick Krejci of Darwin Realty/CORFAC International represented Dalfen in the transaction and will lead marketing efforts for the building. Seller information and the purchase price were undisclosed. A Dallas-based industrial owner and operator, Dalfen focuses on urban infill warehouses and distribution buildings.

April 13, 2021

Leasing Activity Midwest Nebraska Office

Omaha National Insurance Group Signs 53,274 SF Office Lease in Omaha

by Kristin Harlow April 13, 2021

OMAHA, NEB. — Omaha National Insurance Group has signed a 53,274-square-foot office lease at Embassy Plaza in Omaha. The insurance group will occupy space within Suite 300 of the property, which is located at 9110 W. Dodge Road. Connor Lund and Spencer Secor of Cushman & Wakefield | Lund Co. represented the landlord, Horse CF-Embassy LLC. Marc Siemers and Eric Renner of OMNE Partners represented the tenant, which is moving from another location.

April 13, 2021

Loans Midwest Multifamily Wisconsin

Ready Capital Closes $9.2M Loan for Condo Deconversion in Madison, Wisconsin

by Kristin Harlow April 13, 2021

MADISON, WIS. — Ready Capital has closed a $9.2 million loan for the acquisition, renovation and deconversion of a 152-unit fractured condominium property in Madison. The undisclosed borrower plans to acquire 84 of the Class B property’s units and implement a capital improvement plan. Planned upgrades include landscaping, amenity and common area improvements and painting. The floating-rate loan features a 36-month term and includes a facility to provide future funding for capital expenditures and additional unit buyouts.

April 13, 2021

Acquisitions Michigan Midwest Office

Dominion Arranges Sale of 9,744 SF Office Building in Southfield, Michigan

by Kristin Harlow April 13, 2021

SOUTHFIELD, MICH. — Dominion Real Estate Advisors has arranged the sale of a 9,744-square-foot office building in Southfield for an undisclosed price. Located at 17251 W. Twelve Mile Road, the property will become the new home of Grand and Grand PLLC, a law firm engaged in debt collection and landlord/tenant representation. Eric Banks of Dominion represented the buyer, Carpco Development LLC. Kevin Jappaya of KJ Commercial represented the seller, SS&A Property Management LLC.

April 13, 2021

Acquisitions Connecticut Multifamily Northeast

Monday Properties, Neo Capital Buy Multifamily Asset in Stamford, Connecticut, for $73M

by Taylor Williams April 13, 2021

STAMFORD, CONN. — A partnership between New York City-based Monday Properties and Neo Capital, an investment advisory firm based in London, has acquired Harbor Landing, a 218-unit multifamily asset in Stamford. The sales price was $73 million. Built in 2018, Harbor Landing features studio, one- and two-bedroom units and amenities such as a pool, fitness center and outdoor grilling areas. Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Ryan Robertson of JLL represented the seller, a joint venture between Building & Land Technology and Lubert Adler Real Estate Funds, in the transaction. Michael Gigliotti and Peter Rotchford of JLL arranged acquisition financing for the new ownership. Harbor Landing is part of a 14-acre mixed-use community that features two restaurants, a waterfront boardwalk, marinas with slips for yachts and boats and four office buildings, that include 66,314 square feet of newly redeveloped lab space.

April 13, 2021

Development Healthcare Hospitality New York Northeast

Fleet Financial Group to Develop 104,000 SF Healthcare Facility in Queens

by Taylor Williams April 13, 2021

NEW YORK CITY — New York-based Fleet Financial Group will develop Eastern Mirage Medical Center, a 104,000-square-foot healthcare facility in the Flushing neighborhood of Queens. The facility will be located within an 18-story building that will also house a 208-room hotel with amenities including a pool, spa, fitness center and meeting rooms. The healthcare facility is slated to open in the third quarter, the same time that Fleet Financial expects to deliver the building.

April 13, 2021

Acquisitions Massachusetts Northeast Retail

IPA Negotiates $15.8M Sale of Retail Space in Boston’s Jamaica Plain Neighborhood

by Taylor Williams April 13, 2021

BOSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $15.8 million sale of a 25,349-square-foot retail space within Vita, a luxury condo building in Boston’s Jamaica Plain neighborhood. The sales price equates to $626.72 per square foot. James Koury of IPA represented the seller, J.P. Property One LLC, in the transaction and procured the undisclosed buyer. The retail space is fully leased to Beth Israel Hospital, Pure Dental, Third Cliff Bakery, The Cooperative Bank and Planet Fitness.

April 13, 2021

Development Massachusetts Multifamily Northeast Seniors Housing

Salmon Health Prepares to Open 57-Acre Campus in Medway, Massachusetts

by Taylor Williams April 13, 2021

MEDWAY, MASS. — Salmon Health & Retirement has started taking reservations at Salmon at Medway, a 57-acre seniors housing campus in the Boston suburb of Medway. The community will offer cottage and apartment-style independent living together with apartment-style assisted living and memory care. The number of units was not disclosed.

April 13, 2021

Development Multifamily New York Northeast

JK Equities Receives Municipal Approval for 54-Unit Apartment Project in Roslyn, New York

by Taylor Williams April 13, 2021

ROSLYN, N.Y. — Locally based developer JK Equities has received approval from the Village of Roslyn, located on Long Island, to proceed with construction of a 54-unit apartment project at 281-301 Warner Ave. The site is zoned for commercial use and currently houses vacant retail space; the new building will also feature retail space on the ground floor. Mojo Stumer Associates is the architect for the project, which will also feature 104 parking spaces. Construction is scheduled to begin in the third quarter and to be complete early in the second quarter of 2023.

April 13, 2021

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