AKRON, OHIO — The Cooper Commercial Investment Group has negotiated the sale of a 10,125-square-foot retail property occupied by CVS Pharmacy in Akron for $2.1 million. CVS has more than 18.5 years remaining on its lease term. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investor. A private Texas-based investor purchased the asset at a cap rate of 6 percent.
EVERGREEN PARK, ILL. — Mid-America Real Estate Corp. has brokered the $1.1 million sale of an outlot at Evergreen Marketplace in Evergreen Park, about 15 miles south of Chicago. The 5,851-square-foot retail building is home to Cousins Subs, Hair Cuttery and The Crazy Crab. Ben Wineman and Emily Gadomski of Mid-America represented the seller, Sterling Bay. A private buyer purchased the asset.
LAS VEGAS — Waterton has acquired Vegas Towers, a multifamily property located at 1061 E. Flamingo Road in Las Vegas. Terms of the transaction, including the name of the seller and acquisition price, were not released. Built in 1974, Vegas Towers consists of two 10-story towers featuring a total of 264 one-bedroom/one-bath units and 192 two-bedroom/two-bath apartments, as well as a two-story clubhouse. Community amenities include an outdoor courtyard space with cabanas, grilling areas, pool and hot tub. Additionally, the property features laundry rooms on every floor, gathering spaces with a variety of seating options for group entertaining, workspaces for business needs and a fitness center. The buyer plans to implement a combination of renovation strategies that will include interior renovations to upgrade living rooms and bathrooms throughout the property. Select residences will receive quartz countertops, upgraded lighting and plumbing fixtures, new hardware, two-inch blinds and ceiling fans. CBRE represented the undisclosed seller in the deal.
VERNAL, UTAH — MidCap Financial and Ashley Creek Village II have completed the disposition of a two-property multifamily portfolio in Vernal, in the eastern part of the state near the Colorado border. DLP Real Estate Capital acquired the assets, which offer a total of 296 units, for an undisclosed price. Completed in 2013 and 2015, the portfolio comprises 13 buildings with garden-style construction. At the time of sale, the portfolio was 95 percent occupied. The portfolio includes the 96-unit Ashley Creek Village, located at 210 E. 500 South, and the 128-unit Willow Park, located at 110 N. 2500 West. Ashley Creek Village features private garages, a clubhouse, 24-hour fitness center, outdoor basketball court, playground and firepit. Willow Park features outdoor space with private garages, walking and biking trails, a playground area and a clubhouse. Patrick Bodnar and Eli Mills of CBRE’s Salt Lake City office represented the sellers in the deal.
PHOENIX — HB Foothills Gateway has completed the sale of Foothills Gateway Corporate Center, a multi-tenant office building located at 4505 E. Chandler Blvd. in Phoenix. Equity Advantage purchased the property for $11.5 million. Located in the Southeast Valley neighborhood of the Ahwatukee Foothills, the 68,198-square-foot building was 85 percent occupied at the time of sale. Built in 1999, the office building features frontage and signage along Chandler Boulevard, as well as quick access to Interstate 10 and Loop 202 South Mountain Freeway. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the buyer and seller in the deal.
NEW YORK CITY — Newmark Knight Frank (NKF) has arranged a $145 million loan for the acquisition of 111 Wall Street, formerly known as the Citibank Building, in Manhattan. SL Green and an undisclosed lending partner provided the fixed-rate loan to the buyer, a partnership of Nightingale Properties and Wafra Capital Partners. The 24-story building comprises 1.1 million square feet of office space and was built in 1968 as the headquarters of First National City Bank. Dustin Stolly and Jordan Roeschlaub led an NKF team that secured the loan, and Jimmy Kuhn of NKF represented the seller, Zurich Insurance.
MOUNT LAUREL, N.J. — JLL has brokered the $11 million sale of The Mount Laurel Office Center, an 83,216-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. Situated at 530, 532 and 534 Fellowship Road, the property was 100 percent leased at the time of sale to six tenants, including the United States Government’s General Services Administration. Brett Segal, Doug Rodio and Brett Grifo of JLL represented the seller, Pennmark Properties, in the transaction. The team also procured the buyer, a private investor.
PHILADELPHIA — Coworking office space provider Hana, a subsidiary of CBRE Group Inc., will open a 50,000-square-foot space in Philadelphia. The office will occupy two floors at 1818 Market Street, a 981,000-square-foot office building in the Center City district. Slated for to come on line in 2020, the space will provide rentable coworking office space as well as conference rooms and event space. Shorenstein Properties is the owner of the building.
FAIR LAWN, N.J. — NAI James Hanson has arranged the sale of a 6,100-square-foot office condo at 17-10 River Road in Fair Lawn, a northwestern suburb of New York City. Ho-Ho-Kus Inc., a designer and manufacturer of latching and clamping systems for commercial, business and military applications, acquired the asset in order to house its growing staff. Darren Lizzack and Randy Horning of NAI Hanson represented the seller, RPM 1, in the transaction. The sales price was undisclosed.
MONTGOMERYVILLE, PA. — Math tutoring company Mathnasium Learning Centers has signed a 1,862-square-foot retail lease at 202 Marketplace, a shopping center in Montgomeryville, located approximately 25 miles north of Philadelphia. The center will tutor students in introductory and advanced math skills. Other tenants of the shopping center include Outback Steakhouse, The MAX Challenge of Montgomeryville and Five Points Pizza. Brandon Anapol of Metro Commercial brokered the lease.
