CORTE MADERA, CALIF. — Throckmorton Partners and The Pratt Co. have completed the sale of Parc Marin, an apartment community located in Corte Madera. An undisclosed buyer acquired the property for $20.5 million, which equates to $640,625 per unit and $636 per square foot. Built in 1961 and renovated in 2017, Parc Marin features 32 boutique for-rent units. The property is situated on 3.4 acres. Erich Reinchenbach of Marcus & Millichap represented the sellers in the deal.
AVONDALE, ARIZ. — Phoenix-based First American Exchange Co. has purchased Rancho Santa Fe Center, a medical office asset located at 13033-13075 W. McDowell Road in Avondale. HH RSR, a company formed by Holualoa Cos. and The Plaza Cos., sold the property for $17.8 million. Constructed in 2004, the seven-building complex offers more than 73,961 square feet of medical office space on eight acres. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the transaction.
NEW YORK CITY — Ariel Property Advisors has arranged the $8.1 million sale of a nine-parcel residential development site in the Red Hook neighborhood of Brooklyn. Located at 185-199 Conover St. & 135 Dikeman St., the parcels offer a total of 27,436 developable square feet. Sean Kelly, David Khukhashvili and Jiani Zhou of Ariel Property Advisors represented the seller, Red Hook Building Co. The team also procured the buyer, Diamond Development Group.
SAN FRANCISCO — Ready Capital has closed a $14.5 million loan for the acquisition, renovation and lease-up of an approximately 30,000-square-foot, Class B office building located in San Francisco’s SOMA district. Upon acquisition, the undisclosed sponsor plans to implement capital expenditures to convert the building to premier creative office/industrial hybrid. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of a facility to provide future funding for capital expenditures, leasing costs and interest shortfalls.
CHICAGO — Help at Home LLC, a provider of in-home care and support for older adults and people with disabilities, has signed a 76,313-square-foot office lease at Sullivan Center in the Chicago Loop. The company will move its corporate headquarters from nearby 1 N. State St. later this year and occupy the entire fifth floor. Chicago-based Partners by Design is overseeing the office space design and layout. Cushman & Wakefield’s project and development services team is also assisting with the build-out of the new space. Jonathan Metzl, Jeff Samaras and James Stein of Cushman & Wakefield represented Help at Home in the lease transaction. Jamey Dix and Steve Dolz of Telos Group represented the landlord, 601W Cos.
CHICAGO — Ready Capital has closed on a $7.7 million loan for the acquisition, renovation and stabilization of a 52-unit, Class B multifamily and retail property within Chicago’s Edgewater neighborhood. The sponsor will complete capital improvements to all units, upgrade common-area amenities and renovate the ground-floor retail spaces. The nonrecourse, interest-only loan features a floating rate, 36-month term, two extension options, flexible pre-payment and is inclusive of a credit facility to provide future funding for capital expenditures, tenant leasing costs and interest shortfall. The name of the borrower and property were not disclosed.
WHEATON, ILL. — Marcus & Millichap has brokered the sale of an 8,808-square-foot retail building in Wheaton for $5 million. Located at 2040 S. Naperville Road, the newly constructed property is fully leased to four tenants. Dunkin’ anchors the building and maintains a 15-year lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a developer. The team also procured the buyer, a limited liability company.
PALOS HILLS, ILL. — Dougherty Mortgage LLC has provided a $2.6 million Fannie Mae supplemental loan for the refinancing of Green Oaks Apartments in Palos Hills, about 20 miles southwest of Chicago. The 384-unit apartment complex, built in 1965 and rehabbed in 1998, is comprised of 14 buildings. The loan features a five-year and one-month term and is amortized over 30 years. The borrower was Green Oaks at Palos Hills LP.
COLUMBUS, OHIO — The Silver Group and Quantum Real Estate Inc. have arranged the sale of a Jiffy Lube quick-service oil change facility in Columbus for $1.4 million. The 1,620-square-foot, freestanding building sits on a half-acre at 7007 E. Broad St. The tenant is Team Car Care, an operator of 520 Jiffy Lube locations nationally. There are approximately five years remaining on the 20-year lease. Barry Silver of Silver Group represented the San Francisco-based private seller. Dan Waszak of Quantum Real Estate represented the buyer, a New York City-based private real estate investor.
BOSTON — IQHQ Inc. has acquired 109 Brookline Avenue, a 285,000-square-foot office and lab building in Boston’s Fenway neighborhood. Equity Commonwealth sold the asset for $270 million. IQHQ, formerly Creative Sciences Properties, used funds from a $770 million capital raise to make the acquisition. The company, which specializes in life sciences real estate development, will use the rest of the funds to invest in life sciences projects in its core markets of Boston, San Francisco and San Diego in the United States, as well as the Golden Triangle in the United Kingdom (Cambridge, London and Oxford). “Boston’s amazing life sciences cluster keeps fueling demand for high-quality space,” says John Bonanno, chief investment officer of IQHQ. “109 Brookline checks a lot of boxes for us — it’s adjacent to Fenway Center, easily accessible by public transportation and in a neighborhood with a history of full occupancy and a bright future.” According to LoopNet Inc., the three-story building was originally developed in 1915 and renovated in 2000. The property is located along the corridor between Kenmore Square and the Longwood Medical Area, which is home to some of the country’s leading medical and research institutions. The property is situated two blocks from …
