Property Type

Greysteel Arranges $13.7M Sale of Apartment Complex in D.C.

by Alex Tostado February 14, 2020

WASHINGTON, D.C. — Greysteel has arranged the $13.7 million sale of Glenwood Apartments, a 90-unit apartment complex in Washington, D.C.’s Edgewood neighborhood The property was originally built in 1942 at 2315-2321 Lincoln Road NE, two miles northeast of downtown D.C. The community offers studio, one- and two-bedroom floor plans and amenities including a courtyard, package services, dog park and a grilling area. The seller, Stonebridge Investments, recently invested $1.5 million to upgrade the lobbies, hallways, leasing office, courtyard, dog park and approximately 37 units prior to the sale. Ari Firoozabadi, Kyle Tangney, Herbert Schwat and Dutch Seitz of Greysteel represented the seller in the transaction. The buyer was not disclosed.

February 14, 2020

Acquisitions Illinois Midwest Multifamily

Cagan’s Realty Brokers $94M Condo Deconversion Sale in Des Plaines, Illinois

by Kristin Harlow February 14, 2020

DES PLAINES, ILL. — Cagan’s Realty Inc. has brokered the condo deconversion sale of Heritage Village Pointe in Des Plaines for $94 million. The transaction represents the largest deconversion sale by units in the state of Illinois, according to Cagan’s. The 154-building, 924-unit property sits on six acres and was originally developed in 1973. It will be renovated from condos into apartments via a planned, multi-year schedule. Current residents will be able to stay in their units until their buildings come up for rehabilitation. New Jersey-based CLK LLC was the buyer. Mirela Dulu and Heather Gallagher of Cagan’s, an affiliate of Cagan Property Management Inc., represented CLK and worked closely with the condominium association. Unit owners were motivated by the above-market purchase price offer as well as the prospect of expensive monthly assessments that would be required for deferred maintenance at the property, according to Dulu.

February 14, 2020

Development Midwest North Dakota Retail

CBL Properties Unveils Redevelopment Plans for Former Herberger’s Store in Bismarck, North Dakota

by Kristin Harlow February 14, 2020

BISMARCK, N.D. — CBL Properties has unveiled the first phase of redevelopment plans for the former Herberger’s department store at Kirkwood Mall in Bismarck. Three fast-casual restaurants, including Five Guys, Blaze Pizza and Chick-fil-A, will join the mall. As part of the project, roughly 40,000 square feet of the former Herberger’s will be demolished. The remaining 52,000 square feet will be utilized in future phases of redevelopment. An additional pad site will be created in the parking area. Construction is set to begin this spring.

February 14, 2020

Acquisitions Midwest Missouri Retail

Block & Co. Arranges $9.2M Sale of Grocery Asset in Grain Valley, Missouri

by Kristin Harlow February 14, 2020

GRAIN VALLEY, MO. — Block & Co. Inc. Realtors has arranged the $9.2 million sale of a 60,000-square-foot shopping center in Grain Valley, about 25 miles east of Kansas City. Price Chopper and Starbucks occupy the property, which is situated on 7.3 acres on McQuerry Road. William Glasgow of Block & Co. represented the undisclosed buyer as well as the seller, Star Development Corp., which constructed the building in 2017.

February 14, 2020

Acquisitions Civic Midwest Missouri

Avison Young Brokers Sale of Historic School Building in St. Louis

by Kristin Harlow February 14, 2020

ST. LOUIS — Avison Young has brokered the sale of 9221 Minnesota Ave., a 22,259-square-foot, historic school building in St. Louis, for an undisclosed price. Known as Carondelet School, the property was built in 1871 and is listed on the National Register of Historic Places. It underwent a $4.8 million renovation in 2009. The buyer, goBrandgo, is a marketing and brand management firm. Steve Stradal of Avison Young represented the seller, Carondelet Holdings LLC. Gershman Commercial Real Estate represented the buyer.

February 14, 2020

Illinois Leasing Activity Midwest Office

Hometown America Signs 9,443 SF Office Lease at Bank of America Tower in Chicago

by Kristin Harlow February 14, 2020

CHICAGO — Hometown America LLC has signed a 9,443-square-foot office lease at the new Bank of America Tower under development at 110 N. Wacker Drive in Chicago. The privately held company, which owns and operates more than 120 residential land-lease communities across the United States and Australia, will relocate to the 45th floor of the tower in May 2021 from its current space at 150 N. Wacker Drive. Michael Marrion of Colliers International represented the tenant in the lease transaction.

February 14, 2020

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Tryko Partners Acquires Lutheran Crossings Community in Moorestown, New Jersey

by Alex Patton February 14, 2020

MOORESTOWN, N.J. — Private equity investment firm Tryko Partners has acquired Lutheran Crossings at Moorestown, a seniors housing community in Moorestown, an eastern suburb of Philadelphia. Situated on 14 acres, the property features 201 beds of skilled nursing and a 63-unit assisted living campus. The new ownership will implement a two-phase, $12 million capital improvement campaign and will rebrand the property as Cambridge Rehabilitation & Healthcare Center and Cambridge Enhanced Senior Living. Immediate improvements, valued at approximately $4 million, will include the modernization and reintroduction of two units housing 81 skilled nursing beds. Further improvements will include the incorporation of a therapy gym, renovations to the facility’s lobby and common areas and upgrades to mechanical systems and roofs. Marquis Health Services, Tryko Partners’ healthcare affiliate, will manage the community. The sales price was undisclosed.

February 14, 2020

Development New York Northeast Retail

Topgolf to Open $25M Facility on Long Island

by Alex Patton February 14, 2020

HOLTSVILLE, N.Y. — Dallas-based sports and entertainment company Topgolf will open a $25 million driving range and restaurant facility in Holtsville, a city located on the eastern part of Long Island. The facility will feature three levels of entertainment and dining space on a 26.6-acre site. The facility will be Topgolf’s first venue in New York and is expected to bring 500 new full-time jobs to the state. Construction is slated for completion in early 2021.

February 14, 2020

Acquisitions Industrial Northeast Pennsylvania

CBRE Arranges Sale of 172,071 SF Industrial Facility in Garnet Valley, Pennsylvania

by Alex Patton February 14, 2020

GARNET VALLEY, PENN. — CBRE has arranged the sale of a 172,071-square-foot industrial facility in Garnet Valley, located approximately 25 miles southwest of Philadelphia. Situated at 1515 Garnet Mine Road, the property comprises 48,000 square feet of office space and 124,071 square feet of manufacturing and warehouse space, with ceiling heights ranging from 16 to 24 feet. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller, Evergreen Private Finance, in the transaction. Steve Italiano of Italiano Commercial Real Estate Services LLC also assisted with the sale. BHN Associates LLC acquired the property for an undisclosed price.

February 14, 2020

NEW YORK CITY — Lexington Partners LP, a manager of secondary acquisition and co-investment funds, has signed a 48,000-square-foot office lease at 399 Park Avenue, a Class A office building in Manhattan. Lexington Partners will occupy the entire 20th and 21st floors at the 1.7 million-square-foot building on a 15-year lease. The company is relocating from its previous office at 660 Madison Avenue. Martin Horner, Jim Wenk and Kirill Azovtsev of JLL represented Lexington Partners in the lease negotiations. Peter Turchin, Gregg Rothkin and Arkady Smolyansky led a CBRE team that represented the building owner, Boston Properties.

Leasing Activity New York Northeast Office

Lexington Partners Signs 48,000 SF Office Lease in Manhattan

by Alex Patton February 14, 2020

NEW YORK CITY — Lexington Partners LP, a manager of secondary acquisition and co-investment funds, has signed a 48,000-square-foot office lease at 399 Park Avenue, a Class A office building in Manhattan. Lexington Partners will occupy the entire 20th and 21st floors at the 1.7 million-square-foot building on a 15-year lease. The company is relocating from its previous office at 660 Madison Avenue. Martin Horner, Jim Wenk and Kirill Azovtsev of JLL represented Lexington Partners in the lease negotiations. Peter Turchin, Gregg Rothkin and Arkady Smolyansky led a CBRE team that represented the building owner, Boston Properties.

February 14, 2020

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