Property Type

Cushman & Wakefield Arranges $9.6M Sale of Workforce Housing Asset in Gurnee, Illinois

by Kristin Harlow February 3, 2020

GURNEE, ILL. — Cushman & Wakefield’s Midwest Multifamily Advisory Group has arranged the $9.6 million sale of Carriage House Apartments in Gurnee, about 40 miles north of Chicago. Constructed in the 1970s, the 17-building, 136-unit workforce housing property is located at 4344 McClure Ave. Brad Smith, Jason Stevens and Todd Stofflet of Cushman & Wakefield represented the seller, California-based Steadfast Apartment REIT III Inc. Wisconsin-based GP Property Management purchased the asset. Steadfast had acquired the property in 2016 and completed unit upgrades. The new owners are planning additional improvements. At the time of sale, the property was 97 percent occupied. Workforce housing refers to housing that is affordable to households earning 60 to 120 percent of the area median income, according to the Urban Land Institute. It’s often utilized for public employees, such as teachers, police officers and firefighters.

February 3, 2020

Acquisitions Healthcare Iowa Midwest

Stan Johnson Co. Brokers $4.1M Sale of Fresenius Kidney Care-Occupied Property in West Des Moines

by Kristin Harlow February 3, 2020

WEST DES MOINES, IOWA — Stan Johnson Co. has brokered the sale of a 9,536-square-foot property occupied by Fresenius Kidney Care in West Des Moines for $4.1 million. The dialysis facility is located at 9080 University Ave. Built in 2019, the property sits on two acres near other medical centers. Blaise Bennett and BJ Feller of Stan Johnson represented the seller, Hurd Real Estate. Cedar Rapids-based Midwest Equity Investors purchased the asset.

February 3, 2020

Illinois Leasing Activity Midwest Restaurant Retail

Jeni’s Splendid Ice Creams Joins Retail Tenant Lineup at Apartment Project in Chicago’s Logan Square

by Kristin Harlow February 3, 2020

CHICAGO — Jeni’s Splendid Ice Creams has signed a lease for 1,556 square feet of ground-floor retail space at Logan Apartments in Chicago’s Logan Square. The new apartment development is located at 2480-2522 N. Milwaukee Ave. Jeni’s joins Target and Big Wig Tacos at the project. Jeni’s Logan Square location, its eighth Chicago-area store, is expected to open this summer. Logan Apartments is slated to open in March. Fifield Cos. is the project developer.

February 3, 2020

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Brokers $2.7M Sale of Property Net Leased to Jason’s Deli in Schaumburg, Illinois

by Kristin Harlow February 3, 2020

SCHAUMBURG, ILL. — Marcus & Millichap has brokered the sale of a 5,145-square-foot property net leased to Jason’s Deli in Schaumburg for $2.7 million. The building is located at 1530 McConnor Parkway. It was constructed as a build-to-suit for Jason’s Deli in 2011. There are three years remaining on the lease. Austin Weisenbeck, Sean Sharko and Brian Munn of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Joseph Sigal of Marcus & Millichap represented the buyer, a private investor.

February 3, 2020

Development Multifamily Texas

Southern Properties Begins Leasing 144-Unit Chelsea Apartments in Beaumont

by Taylor Williams February 3, 2020

BEAUMONT, TEXAS — Southern Properties Capital, a subsidiary of Dallas-based Transcontinental Realty Investors Inc., has begun leasing Chelsea Apartments, a 144-unit community in Beaumont. Southern Properties acquired the property in 2018 and implemented a value-add program. Chelsea Apartments offers one-, two- and three-bedroom units ranging in size from 618 to 1,239 square feet. Amenities include a pool, fitness center, business center, resident clubhouse, spa and outdoor grilling stations.

February 3, 2020

Acquisitions Hospitality Texas

Marcus & Millichap Arranges Sale of 101-Room Homewood Suites Arlington Hotel

by Taylor Williams February 3, 2020

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of the 101-room Homewood Suites Arlington hotel, located near the University of Texas at Arlington and the Arlington Entertainment District. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, Dallas-based DPG Partners, in the transaction. The duo also procured the buyer, Northwest Airport Management LP.

February 3, 2020

Industrial Leasing Activity Oklahoma Texas

CBRE Negotiates 80,246 SF Industrial Lease Renewal in Oklahoma City

by Taylor Williams February 3, 2020

OKLAHOMA CITY — CBRE has negotiated an 80,246-square-foot industrial lease renewal at 5001 SW 36th St. in Oklahoma City. According to LoopNet Inc., the property was built in 1982, spans 125,000 square feet and is located near Interstate 44 and Will Rogers International Airport. David Portman of CBRE represented the landlord, Sealy OKC Metropolitan I LLC, in the lease negotiations. The representative of the tenant, Biagi Warehousing Inc., a full-service logistics and transportation firm, was not disclosed.

February 3, 2020

Connecticut Industrial Loans Northeast

Winstanley Enterprises Acquires Industrial Portfolio in South Windsor, Connecticut, for $44M

by Alex Patton February 3, 2020

SOUTH WINDSOR, CONN. — Winstanley Enterprises LLC, a Massachusetts-based development and investment firm, has acquired a two-property industrial portfolio totaling 460,000-square-foot in South Windsor, a northeastern suburb of Hartford. The sales price was $44 million. The first property, located at 135 Sullivan Ave., is a 292,000-square-foot dry goods distribution center leased to Mobis Parts of America. The second property, located at 175 Sullivan Ave., is a 168,00-square-foot cold storage distribution center leased to Performance Food Group Inc. Both tenants will continue their leases with Winstanley as the new landlord. Brad Ruppel and Lauren Dawickiof of CBRE represented Winstanley in the transaction. The seller was undisclosed.

February 3, 2020

Loans Multifamily New York Northeast

Morgan Stanley Provides $43.8M Loan to Refinance Bronx Multifamily Portfolio

by Alex Patton February 3, 2020

NEW YORK CITY — Morgan Stanley has provided a $43.8 million loan to refinance a six-property multifamily portfolio in the Bronx. The loan, which Morgan Stanley provided to Timberger East Real Estate, features a fixed rate of 3.74 percent and ten years of full-term, interest-only payments. The properties include 305 total units and are located at 104 W. 190th St., 1055 Grand Concourse, 1354 Commonwealth Ave., 2085 Valentine Ave., 2264 Creston Ave. and 3425 Knox Ave. Bryan Manz, Rob Serra and Emil DePasquale of Black Bear Capital Partners secured the loan.

February 3, 2020

Development Massachusetts Northeast Office

Marcus Partners Completes $25M Redevelopment of 5 Branch Street Office Building in Methuen, Massachusetts

by Alex Patton February 3, 2020

METHUEN, MASS. — Marcus Partners has completed the $25 million redevelopment of 5 Branch Street, a 94,125-square-foot office building in Methuen, located approximately 30 miles north of Boston. The developer transformed the building into a medical facility with a built-in café. The anchor tenant with approximately 61,000, Dana-Farber Cancer Institute, will offer cancer and blood disorder care. Michael Greeley of Newmark Knight Frank is leading the leasing effort for the remaining space.

February 3, 2020

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