TOMBALL, TEXAS — The J. Beard Real Estate Co. has brokered the sale of Preserve Plaza, an 11,000-square-foot medical retail building in Tomball, a northern suburb of Houston. Lisa Hughes and Cathy Young of J. Beard represented the seller, EPB Land Developments LP, in the transaction. Duke Iqbal of IQ Realty Group represented the buyer, Spectre Innovations LLC. The property is currently leased to a dental practice, and the new owner will occupy the remaining space
CHICAGO — Hines and McCaffery Interests have opened The Apartments at Lincoln Common, a 538-unit apartment property on Lincoln Avenue in Chicago. Skidmore, Owings and Merrill and Antunovich Associates designed the two-tower property, which features one-, two- and three-bedroom units as well as penthouses. Amenities include a coworking lounge, game room, clubroom, fitness center, yoga studio, 20th-floor rooftop lounges and concierge services. Monthly rents start at $1,814 for studios.
GRIMES, IOWA — R&R Realty Group has completed a 300,000-square-foot speculative warehouse in Grimes, 16 miles northwest of Des Moines. Known as Prairie III, the building is the most recent addition to Prairie Business Park, an 800,000-square-foot development located near the intersection of Highway 141 and I-80. Two other warehouses have been completed and a fourth is planned. Each building has a clear height of 32 feet and an ESFR system.
EVANSTON, ILL. — Marcus & Millichap has negotiated the sale of 820 Davis St., a 76,239-square-foot office building in Evanston, for $10.6 million. The five-story building is located four blocks south of Northwestern University. Stephen Lieberman of Marcus & Millichap marketed the property on behalf of the seller, a North Shore-based private family that had owned the property for nearly 20 years. Lieberman also procured the buyer, Free Market Ventures, a Chicago-based private investment group. The buyer plans to do an extensive renovation and modernization of the building.
JOHNSTOWN, OHIO — Cooper Commercial Investment Group has brokered the sale of Kyber Run in Johnstown near Columbus for $2.7 million. The 15,292-square-foot retail center is home to five tenants and is shadow anchored by Kroger. Bob Havasi and Dan Cooper of Cooper represented the seller, an East Coast-based private investment group. The sales price represents a cap rate of 7.95 percent.
NEW BERLIN, WIS. — Founders 3 Real Estate Services has arranged the sale of a 21,761-square-foot industrial building in New Berlin for $1.8 million. The property is located at 5462-5482 S. Westridge Drive. Brett Deter of Founders 3 represented the buyer, Olive Square Realty LLC. WLC Properties LLC was the seller.
MONTCLAIR, N.J. — The Hampshire Cos., along with joint venture partner Pinnacle Cos., have announced plans to redevelop Lackawanna Plaza in Montclair. The planned 216,772-square-foot mixed-use development is expected to revitalize the complex through the development of a range of modern retail, office and residential spaces while preserving historical elements of the station. Originally built in 1913, Lackawanna Plaza was a stop on the Delaware, Lackawanna, and Western Railroad until the station’s closure in 1981. The redevelopment plan seeks to reactivate the Plaza through the creation of retail, residential and office spaces while preserving the unique history of the existing buildings. The site will be anchored by a 28,509-square-foot Lidl grocery store. In addition to Lidl, the plan calls for 35,714 square feet of retail space and 21,032 square feet of office space. A 153-unit mixed-use residential building is also planned for the east side of the site along Grove Street. Construction is slated to start later this year.
LEHIGH VALLEY, PA. — One Wall Partners has acquired a portfolio of 996 rental apartments in the Lehigh Valley of Pennsylvania for an undisclosed price. The portfolio, which is currently 98 percent occupied, features garden-style complexes as well as a rental townhome community. Amenities include outdoor pools, fitness centers and clubhouses. One Wall Partners plans to spend more than $500,000 on energy efficient upgrades and deferred maintenance on the properties. One Wall Partners was represented in-house, in the transaction. The undisclosed seller was represented by CBRE.
NEW YORK CITY — Cushman & Wakefield has brokered the $6.1 million sale of a 16-unit multifamily property in the Bayside neighborhood of Queens. Located at 191-02 35th Ave., the property consists of one- and two-bedroom duplex units as well as three-bedroom triplex units. The two-story property in located nearby the Auburndale Long Island Rail Road station. Daniel Abbondandolo and Dimitri Mastrogiannis of Cushman & Wakefield represented the seller, The DiNoto Group, in the transaction. The property was purchased by Fairfield Properties.
NEWARK, N.J. — Strategic Storage Trust IV Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has acquired a 1,900-unit self-storage facility in Newark. The sales price was undisclosed. The facility consists of approximately 100,000 net rentable square feet, as well as 58,000 net rentable square feet of warehouse space, and is situated on 6.25 acres of land. The seller was undisclosed. Strategic Storage Trust currently owns 16 self storage facilities comprising approximately 11,000 self storage units and 1.3 million net rentable square feet of storage space, as well as two parcels of land under development.
