SCRANTON, PA. — Hinerfeld Commercial Real Estate has negotiated the sale of the Mount Pleasant Medical and Professional Center in Scranton for $6.4 million. The two-story, 30,750-square-foot office building sits on a three-acre parcel and is located at 521 Mt. Pleasant Drive. Geisinger-Community Medical Center purchased the property. The seller was undisclosed. The building was fully occupied at the time of sale to a tenant roster that includes Valley Oral & Maxillofacial Surgery, Physicians Health Alliance and LabCorp.
CHICAGO — Meridian Design Build has completed construction of a 75,000-square-foot industrial build-to-suit for Banner Wholesale Grocers in Chicago. The new facility is located on the north bank of the Chicago River at 2639 S. Damen Ave. The property features a clear height of 36 feet, LED lighting, a fully air-conditioned sales floor, freezer space, eight loading docks and a covered van platform with 16 loading positions. Banner Wholesale Grocers has been servicing independent grocers since 1926. Schmidt Design Inc. provided architectural services while Kimley-Horn performed civil engineering work. Baker Development Corp. was the developer.
CHICAGO AND EVANSTON, ILL. — Interra Realty has brokered the sale of three multifamily buildings in the Chicago area for $10.1 million. Located in Evanston, 222-240 Asbury Ave. is a three-story, 34-unit condominium building. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra brokered the $4.8 million deconversion sale. An Illinois-based investor purchased the asset from 222-240 Asbury Condominium Association with the intent to convert the units into rentals. The second transaction was a 23-unit apartment building located at 3149 N. Springfield Ave. in Chicago’s Avondale community. The property, built in 1932, was 96 percent occupied at the time of sale. Smazal represented the buyer and the seller, both of which were Illinois-based investors. The asset sold for $3.1 million. A third building, a 19-unit multifamily building in Chicago’s Rogers Park neighborhood, sold for $2.2 million. Built in 1917 and located at 7735-57 N. Sheridan Road, the property features 16 studios and three one-bedroom units. The buyer plans to upgrade some of the units in the building, which is 95 percent occupied. Smazal represented the buyer and the seller, both of which were Illinois-based investors.
BENSENVILLE, ILL. — Lee & Associates has negotiated the $5 million sale of a 73,594-square-foot industrial building in Bensenville, about 20 miles northwest of Chicago. The multi-tenant property is located at 100-300 Devon Ave. At the time of sale, the property was 97 percent leased to 16 tenants. Jay Farnam and Terry Grapenthin of Lee & Associates represented the seller, VJW Investments LLC. A private buyer purchased the asset.
CHICAGO — Snap36 has expanded and relocated its headquarters to more than 42,000 square feet at 219 N. Paulina St. in Chicago’s Fulton Market district. Snap36 specializes in product photography. The company’s new space is six times the size of its previous office in a different corner of Fulton Market. Adam McCostlin and Jordan Decker of Cushman & Wakefield represented Snap36 in the lease transaction. Mitch Adams of CBRE represented the undisclosed landlord.
MENOMONEE FALLS, WIS. — Founders 3 Real Estate Services has arranged the $2.8 million sale of Shenandoah Center in Menomonee Falls, about 20 miles northwest of Milwaukee. The 46,727-square-foot flex industrial facility is located on Whittaker Way. Ned Purtell and Paul McBride of Founders 3 represented the seller, Burke Business Park LLC. BW Management LLC was the buyer.
PHILADELPHIA — Marcus & Millichap has brokered the sale of Victory Square, a 38,234-square-foot retail center in Philadelphia. The property sold for $9.2 million. Derrick Dougherty, Scott Woodard and Mark Taylor of Marcus & Millichap represented the seller, Post Brothers, and the out-of-market buyer, in the transaction. Victory Square is located at 4424 N. Broad St in North Philadelphia. The shopping center is fully leased and is anchored by an 18,500-square-foot Save-A-Lot grocery store. The tenant roster also includes Dollar Tree, Taco Bell and a laundromat. Originally constructed in 1980, the two-acre property was renovated in 2016.
NEWPORT, R.I. — E4H Environments for Health Architecture has started a $12.5 million renovation on the emergency department of Newport Hospital in Newport. The five-phase renovation and expansion is slated for completion in September 2019. Once completed, the new 21,000-square-foot emergency department will provide 35 total treatment areas including a rapid treatment area with six exam rooms. Other features of the renovated emergency department will include an open reception desk and waiting area, expanded staff lounge and conference room and energy-efficient LED lighting with dimming controls for occupants.
SAN JOSE, CALIF. — Greystone has provided a $70.8 million Fannie Mae DUS loan to refinance a newly constructed multifamily property located at 251 Brandon St. in San Jose. Simon Herrmann, Todd Vitzthum and Cody Field of Greystone’s Northern California Advisory team secured the financing for the undisclosed borrower. The loan carries a fixed rate for 10 years, eight years of interest-only payments and a 30-year amortization period. The multifamily property features 271 apartments, an outdoor entertaining space, business resources and event spaces.
DEL MAR, CALIF. — LPC West has acquired Polo Plaza, a mixed-use property located at 3702 and 3790 Via De La Valle in Del Mar, approximately 20 miles north of San Diego. An undisclosed local seller sold the property for $27.5 million. At the time of sale, the two-building 57,253-square-foot property was 92 percent occupied. Ben Tashakorian and Bradley Peters of Marcus & Millichap represented the seller, while LPC West represented itself in the transaction. LPC West plans to renovate the Mediterranean-style office and retail property to include a new paint scheme, monument sign, exterior lighting, furniture and landscaping, as well as complete parking lot upgrades. The renovated property will feature small ExecuOffices and on-site amenities, including a café offering coffee, breakfast and lunch.