KILLEEN, TEXAS — Austin-based Muskin Commercial LLC has brokered the sale of River Oaks Apartments, a 228-unit multifamily community in Killeen, about 65 miles north of Austin. Muskin Commercial represented the seller, 101 S. Twin Creek LLC, which acquired the asset in 2015 and upgraded the unit interiors and amenity spaces. Rich Heine of Southwest Investment Properties represented the buyer, California-based Redford Park LLC, in the transaction.
CHICAGO — Colliers International | Chicago has moved its downtown operations to 71 S. Wacker Drive. The 17,000-square-foot space will house the company’s valuation and advisory services, Chicago office advisory group and corporate solutions teams. The firm will continue to have a strong presence in Rosemont, where its industrial advisory, supply chain logistics, investment services and office leasing groups reside. The downtown office has 83 workspaces, of which 55 are workstations and 28 are private offices. In addition, the new office includes client workspace, wellness rooms and a café-style break area. The Irvine Company owns the 48-story, 1.5 million-square-foot office tower.
DETROIT — Bedrock has purchased The Broadway clothing store located at 1247 Broadway St. in Detroit. Pepper Martin, the store’s owner, has announced his retirement after more than 40 years in business. A liquidation sale at the 3,000-square-foot store began this week. The Broadway sells high-end and exotic clothes from around the world, including Italian suits and sweaters, alligator and ostrich shoes, fur and leather jackets and an assortment of shirts, jeans and dress pants. The store has served many national and local celebrities including Tony Bennett, Steve Harvey, Isiah Thomas, Detroit Mayor Coleman Young, Tommy Hearns, Kid Rock, The Temptations, George Clinton, Oral Roberts, Notorious BIG and Mike Epps. Financial details of the sale were not disclosed. The store will close in early spring, or when all the inventory is sold. Bedrock is the real estate arm of billionaire businessman Dan Gilbert.
CINCINNATI — City Club Apartments has executed a lease for a 6,000-square-foot rooftop restaurant and bar at its apartment property in Cincinnati. Scheduled to open in spring 2019, the 10th-floor restaurant will include indoor and outdoor seating, as well as handcrafted cocktails, wine and craft beer. The owners will share the concept’s name and additional details at a later date, according to Jonathan Holtzman, CEO of City Club Apartments. The apartment property includes 294 units and penthouses with 50 different floor plans. City Club Apartments had previously announced a 10,000-square-foot specialty market and a 1,000-square-foot wellness café on the first floor.
CEDAR PARK, TEXAS — Retail development and management firm The Woodmont Co. has begun work on a 13,500-square-foot project for Kiddie Academy in the northern Austin metro of Cedar Park. The project will convert an existing structure into a full-time childcare center for younger children that will include summer camps. The opening is slated for March 2019.
AUSTIN, TEXAS — Local artist and designer Lauren Cunningham will open The Commune, a 3,600-square-foot creative office space in central Austin. Set to open in February 2019, the space will be housed in an abandoned building at 101 E. North Loop Blvd. Individual features will include seven private studios, 10 dedicated desks and shared workspace.
LOWELL, MASS. — CBRE/New England has arranged the sale of Cabot Crossing, a 252-unit garden-style multifamily community in Lowell, for an undisclosed price. The property was built between 1987 and 1988 and comprises seven three-story buildings as well as a clubhouse and management office. The unit mix includes 28 studio, 131 one-bedroom and 56 two-bedroom apartments. Simon Butler and Biria St. John of CBRE/New England represented the seller, a joint venture between Taurus Investment Holdings and PhilMor Real Estate Investments, in the transaction. The buyer was Cabot Crossing Apartments Property Owner LLC, an affiliate of JRK Property Holdings.
HAMILTON, N.J. — Cushman & Wakefield has brokered the sale of Ibis Plaza, a two-building office complex in Hamilton. The price was not disclosed. Located at 3525-2525 Quakerbridge Road, the 119,000-square-foot property is currently 88 percent occupied by approximately 75 tenants. The building also features a 6,700-square-foot event venue available for rent to both tenants and off-site organizations. Cushman & Wakefield’s New Jersey capital markets team represented the seller, a private ownership entity, in the transaction. The buyer was IBIS Realty LLC.
CONCORD, MASS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing facility in Concord, a northwestern suburb of Boston. The facility was out of operation, after management challenges and a growing list of deferred capital expenditures forced its closing. The undisclosed seller sold the property to a substance abuse rehabilitation provider, which will renovate the property to serve that function. The price was not disclosed. Steve Thomes led the transaction for Blueprint.
ORO VALLEY, ARIZ. — Tucson, Ariz.-based Town West Realty has purchased Oracle Crossings, a neighborhood shopping center located in Oro Valley. Houston-based Weingarten Realty sold the property for $40.8 million. Sprouts Farmers Market, Kohl’s and Home Goods anchor the 251,194-square-foot asset, which is situated at the southwest corner of Oracle and Magee roads. At the time of sale, the property was 98.2 percent leased. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.
