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AcquisitionsGeorgiaMultifamilySoutheast

GREA Brokers $36.7M Sale of Aqua Sandy Springs Apartment Community in Metro Atlanta

by John Nelson

SANDY SPRINGS, GA. — Global Real Estate Advisors (GREA) has brokered the $36.7 million sale of Aqua Sandy Springs, an apartment community located at 100 Greyfield Lane in Sandy Springs, roughly 15 miles outside Atlanta. An entity doing business as Sandy Springs Residences II LLC acquired the property from an entity doing business as 29SC RN Property Owner LLC. Chandler Brown, Cory Sams and Taylor Brown of GREA represented the seller in the transaction. Built in 1985 and 2000, Aqua Sandy Springs features 219 units in one-, two- and three-bedroom floorplans. The new owner plans to implement a value-add program at the property, which is situated near Atlanta’s Central Perimeter district, downtown Roswell and Alpharetta.

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AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Arranges $10.8M Sale of Retail Center in Orlando

by John Nelson

ORLANDO, FLA. — Marcus & Millichap has arranged the $10.8 million sale of Turkey Lake Plaza, a retail center located at 7858 Turkey Lake Road in Orlando. Built in 2010, the property totals 19,719 square feet. Turkey Lake Plaza was leased to 12 tenants at the time of sale, including Gyu-Kaku Japanese BBQ. Tarek Chbeir of Marcus & Millichap procured the buyer, a local investor, in the transaction. The seller was also not disclosed.

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DevelopmentMultifamilyNew YorkNortheastStudent Housing

PX4 Development Completes $15M Student Housing Conversion Project on Long Island

by Taylor Williams

JERICHO, N.Y. — PX4 Development has completed a $15 million student housing conversion project on Long Island. The project converted a former 80-room hotel in Jericho into a 79-unit, 188-bed resident hall for students at The New York Institute of Technology.  Units come in one-, two- and three-bedroom floor plans, and amenities include private and communal study spaces, lounge and recreation areas and an indoor pool. TPG Architecture designed the project, construction of which began last October.

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AcquisitionsNew JerseyNortheastRetail

Montana Property Group Buys 84,933 SF Shopping Center in Voorhees, New Jersey

by Taylor Williams

VOORHEES, N.J. — New York City-based investment firm Montana Property Group has purchased Echelon Village Plaza, an 84,933-square-foot shopping center located in the Southern New Jersey community of Voorhees. The center was 92 percent leased at the time of sale to tenants such as Edge Fitness, Dollar Tree and Buffalo Wild Wings. Ohio-based REIT Site Centers sold the property for $8.5 million. Boston-based Atlantic Retail brokered the deal.

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Leasing ActivityNew JerseyNortheastOffice

Cole Schotz Signs 61,582 SF Office Lease Renewal in Hackensack, New Jersey

by Taylor Williams

HACKENSACK, N.J. — Cole Schotz PC has signed a 61,582-square-foot office lease renewal in the Northern New Jersey community of Hackensack. The law firm will remain at Court Plaza North, a 335,000-square-foot complex located in the city’s downtown area, where it has been a tenant since 1986, for an undisclosed period of time. New Jersey-based investment firm Alfred Sanzari Enterprises owns Court Plaza North. No third-party brokers were involved in the lease negotiations.

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Leasing ActivityNew JerseyNortheastRestaurantRetail

Wonder Opens 4,544 SF Food Hall in Livingston, New Jersey

by Taylor Williams

LIVINGSTON, N.J. — Delivery-first food hall concept Wonder has opened a new, 4,544-square-foot venue in the Northern New Jersey community of Livingston, marking its eighth location in the state. Wonder Livingston features more than 30 restaurants, including Alanza, Bellies, Bobby Flay Steak, Chai Pani, Di Fara Pizza, Fred’s Meat & Bread, Tejas Barbecue and Wing Trip. Patrons can order through a proprietary app, with pick-up and limited dine-in options also available.

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AcquisitionsMidwestMissouriMultifamily

Northmarq Negotiates Sale of 212-Unit Westpark Multifamily Property in St. Louis

by Kristin Harlow

ST. LOUIS — Northmarq has negotiated the sale of Westpark Apartment & Townhomes, a 212-unit garden-style multifamily property in St. Louis. Located at 11409 Tivoli Lane, the community was largely built between 1996 and 2006 with a portion developed in 1969. Units range from 800 to more than 2,000 square feet. Amenities include a pool, fitness center, playground and basketball court. Dominic Martinez, Parker Stewart, Charlie McKee and Alex Malzone of Northmarq represented the seller, a locally based private investor, and the buyer, a national owner/operator of multifamily properties.

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AcquisitionsIowaLoansMidwestMultifamily

Marcus & Millichap Capital Corp. Arranges $13.4M Acquisition Loan for Apartment Complex in Decorah, Iowa

by Kristin Harlow

DECORAH, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.4 million loan for the acquisition of Briar Grove Apartments in Decorah, a city in northeast Iowa. The newly constructed, 92-unit apartment complex is located at 2342 Sweet Parkway Road. The luxury property features a mix of studio to two-bedroom layouts and is situated adjacent to the new Toppling Goliath Brewery & Taproom. Robert Bhat of MMCC arranged the five-year loan, which features an interest rate of 5.48 percent, three years of interest-only payments and a loan-to-value ratio of 65 percent. The lender and borrower were undisclosed.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $4M Sale of Apartment Building in Chicago’s Kenwood Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 31-unit apartment building in Chicago’s Kenwood neighborhood for $4 million. Located at 4915 S. Drexel Blvd. and originally built in 1926, the property features 10 one-bedroom, 15 two-bedroom and six three-bedroom layouts. The building has undergone several improvements in recent years, including plumbing upgrades, a new reflective roof coating, tuckpointing and window replacements. Brad Feldman of Interra represented the seller, a local operator, and the buyer, a local private partnership that completed a 1031 exchange. The buyer plans to transition operations of the building from market-rate to affordable housing. The transaction marks the first time the property has traded hands in over 20 years.

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AcquisitionsIllinoisIndustrialMidwest

SVN Core 3 Arranges Sale of 11,060 SF Industrial Building in Bloomington, Illinois

by Kristin Harlow

BLOOMINGTON, ILL. — SVN Core 3 has arranged the sale of an 11,060-square-foot industrial building located at 4 Currency Drive in Bloomington for $1.2 million. The property features overhead doors, office spaces, three restrooms, a retail front, warehouse in the back and ample parking on three sides. The transaction involved local buyers and sellers. Jill Spratt of SVN Core 3 represented the seller, while Patrick and Dan Kniery of Re/Max Rising represented the buyer.

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