Property Type

CBRE Negotiates $18.9M Purchase of Garfield Park Apartments in Denver

by Amy Works April 17, 2020

DENVER — CBRE has arranged the acquisition of Garfield Park, a multifamily property located at 1300 and 1325 Garfield St. in Denver’s Congress Park neighborhood. Elterra Investments purchased the asset from an undisclosed seller for $18.9 million. Robert Bratley of CBRE’s Denver office represented the buyer in the deal. The 51,730-square-foot property features 78 apartments, a leasing office, fitness center, courtyard, storage areas, laundry room and abundant parking. Prior to the sale, the seller completed updates to several units, as well as common areas. Additionally, Cornerstone Apartment Services, the buyer’s property manager, took over management while the community was under contract and filled several vacancies prior to closing the sale. At the time of sale, the property was 93 percent leased.

April 17, 2020

Development Midwest Multifamily Wisconsin

M&R Development Breaks Ground on 236-Unit Luxury Apartment Community in Suburban Milwaukee

by Kristin Harlow April 17, 2020

ST. FRANCIS, WIS. — M&R Development has broken ground on 4200 On The Lake, a 236-unit luxury apartment community in St. Francis, a southern suburb of Milwaukee. M&R is co-developing the project with Campbell Capital Group LLC. Completion is slated for spring 2021. Located at 4200 S. Lake Drive, the development will feature a two-story clubhouse, 24-hour coffee bar, fitness center, yoga room, business center and self-service package room. A large courtyard will include a swimming pool with views of Lake Michigan. CIBC is providing project financing. Madison-based Stevens Construction is the general contractor. RMK Management will handle leasing and property management.

April 17, 2020

Illinois Industrial Leasing Activity Midwest

Sterling Bay Welcomes Two New Industrial Tenants to Spec Properties in Illinois

by Kristin Harlow April 17, 2020

AURORA AND DARIEN, ILL. — Sterling Bay’s industrial division, Sterling Bay Industrial, has welcomed two new tenants to its newest speculative distribution centers in Aurora and Darien. LGSTX Services, a national logistics company, has leased 335,384 square feet at 2350 Frieder Lane in Aurora. Sterling Bay completed development of the 503,244-square-foot facility at Butterfield Center for Business and Industry in partnership with Levy Family Partners and Development Resources Inc. It is now 65 percent leased. David Prell of CBRE represented the tenant, while Dominic DeRose and Charles Canale of Colliers International represented Sterling Bay. An undisclosed tenant signed a lease for 90,000 square feet at 1035 S. Frontage Road in Darien. Sterling Bay completed development of the 153,000-square-foot facility in partnership with DWS Group. It is now 60 percent leased. Jeff Fischer and John Whitehead of NAI Hiffman represented the landlord in the lease transaction. Premier Design + Build Group served as general contractor for the Darien project.

April 17, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5.2M Sale of CVS Pharmacy-Occupied Property in Suburban Chicago

by Kristin Harlow April 17, 2020

TINLEY PARK, ILL. — Marcus & Millichap has brokered the $5.2 million sale of a 14,421-square-foot property occupied by CVS Pharmacy in Tinley Park, a southern suburb of Chicago. Constructed as a build-to-suit for CVS, the building is located at 9551 171st St. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Texas-based institutional buyer purchased the asset.

April 17, 2020

Kansas Loans Midwest Multifamily

Dougherty Mortgage Provides $2.3M Refinancing for Multifamily Building in Wichita

by Kristin Harlow April 17, 2020

WICHITA, KAN. — Dougherty Mortgage has provided a $2.3 million Fannie Mae loan for the refinancing of Player Piano Lofts in Wichita. The 36-unit, market-rate multifamily building was originally constructed in 1901 and later renovated for residential and commercial use in 2015. The loan features a 12-year term and a 30-year amortization schedule. Player Piano Building LLC was the borrower.

April 17, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges $1.8M Sale of Apartment Property in Sturgis, Michigan

by Kristin Harlow April 17, 2020

STURGIS, MICH. — Greystone Bel Real Estate Advisors has arranged the $1.8 million sale of Colonial Crest Apartments in Sturgis in southern Michigan. Built in 1972, the 48-unit apartment property is located at 1000 E. Lafayette St. The Michigan-based buyer plans to complete interior unit renovations.

April 17, 2020

Acquisitions Massachusetts Northeast Office

Taurus Investment Purchases Office Building in Concord, Massachusetts, for $74.5M

by Alex Patton April 17, 2020

CONCORD, MASS. — Taurus Investment Holdings LLC has purchased 300 Baker Avenue, a 410,296-square-foot office building in Concord, a northwestern suburb of Boston. The sales price was $74.5 million. At the time of sale, the Class A building was 93.2 percent leased to 13 tenants, including the corporate headquarters of fruit juice manufacturer Welch’s and a satellite facility for Emerson Hospital. Amenities include a fitness facility, conference center, cafeteria and Starbucks kiosk. Robert Griffin and Edward Maher led a Newmark Knight Frank team that represented Taurus in the transaction. Novaya Real Estate Ventures was the seller.

April 17, 2020

Leasing Activity New York Northeast Office

Avison Young Negotiates 77,000 SF Office Lease Renewal in Midtown Manhattan

by Alex Patton April 17, 2020

NEW YORK CITY — Avison Young has negotiated the 12-year renewal of a 77,000-square-foot office space in Midtown Manhattan for investment and technology development firm D.E. Shaw. The space spans seven floors at Tower 45, a 458,446-square-foot, Class A office building located at 120 W. 45th St. The company has leased its space in the building since 2011. Arthur Mirante II, Mitti Liebersohn and John Ryan III of Avison Young represented the landlord, Kamber Management Co., in the lease negotiations. Timothy Dempsey, Roger Griswold and Munish Viralam of CBRE represented D.E. Shaw.

April 17, 2020

Acquisitions Civic New York Northeast

Transwestern Brokers Sale of Leasehold Interest for 65,000 SF Charter School in The Bronx

by Alex Patton April 17, 2020

NEW YORK CITY — Transwestern Real Estate Services has brokered the sale of the leasehold interest for a new charter elementary school at a 65,000-square-foot building in The Bronx. Located at 1919 Arthur Ave., the school will be called Zeta Bronx Tremont Park Elementary and will serve students in pre-K through fifth grade starting in August 2021. Lindsay Ornstein, Stephen Powers and Thomas Hines represented Zeta Charter Schools in the leasehold negotiations. The building ownership, Joyland Group, was represented internally in the transaction.

April 17, 2020

Acquisitions Industrial New York Northeast

MAG Capital Partners Acquires 42,700 SF Pie Factory in Rochester, New York

by Alex Patton April 17, 2020

ROCHESTER, N.Y. — MAG Capital Partners LLC (MAGCP), a Texas-based investment firm, has acquired a 42,700-square-foot frozen pie manufacturing facility in Rochester in a sale-leaseback deal. At the time of sale, SatisPie LLC occupied the property, which is located at 155 Balta Drive. An affiliate of SatisPie previously owned the property, and the frozen pie manufacturer has leased back its space. Mary Garnett of Barnes & Thornburg LLP represented MAGCP in the transaction. Luis Ortega and Kent Williams of Marcus & Millichap represented the seller. The sales price was undisclosed.

April 17, 2020

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