CHICAGO — SVN | Chicago Commercial has brokered the sale of two multifamily buildings in Chicago’s Beverly neighborhood for $9.5 million. The properties, which total 110 units, are located at 10206-30 S. Walden Parkway and 10500 S. Walden Parkway. Frank Micklin of SVN brokered the transaction on behalf of the undisclosed parties. The buyer completed a tax-deferred 1031 exchange.
EVANSTON, ILL. — Jameson Commercial has arranged the sale of a 12,050-square-foot medical office building in Evanston for $5.3 million. Access Community Health Network occupies the property. John Scuras of Jameson brokered the transaction. Neither the buyer nor the seller was disclosed.
FARMINGTON HILLS, MICH. — Encore Real Estate Investment Services has arranged the sale of a 5,000-square-foot retail property net leased to Sherwin Williams in Farmington Hills. The sales price was not disclosed. Sherwin Williams has 6.5 years left on its lease. Matt Weber, Deno Bistolarides, Brandon Hanna and Ryan Vinco of Encore represented the seller, a California-based limited liability company. A California-based private investor purchased the asset.
NEW YORK CITY — Boston-based Marcus Partners, in partnership with Dalan Management, has acquired two adjacent 12-story office buildings in Midtown Manhattan for $54.5 million. The buildings, which are located at 10-12 E. 33rd St., each contain 35,000 square feet of office space with 2,000 square feet of ground-floor retail. The properties are fully leased to a mix of tenants in industries such as technology, advertising, media and architecture. The loft-style buildings feature exposed brick, windows on three sides and provide small- to mid-size companies the opportunity to occupy an entire floor. Matthew Spiegel, Mo Beler, Glen Tolchin and Anthony Ledesma of JLL arranged the sale on behalf of the buyer. The seller was undisclosed.
NASHUA, N.H. — NKF Capital Markets has brokered the sale of Royal Ridge Center, a 220,000-square-foot shopping center in Nashua. The center is located just across the Massachusetts border within New Hampshire’s tax-free shopping environment. The buyer and sales price were not disclosed. Justin Smith and Robert Griffin of NKF Capital Markets represented the seller, O’Connor Capital, in the transaction. Royal Ridge Center is currently 100 percent occupied by a national tenant roster that includes Shaw’s, Marshalls, HomeGoods, PetSmart and Sierra Trading Post.
FRANKLIN PARK, N.J. — Marcus & Millichap has arranged the $12.7 million sale of Somerset Plaza Shopping Center, a 67,530-square-foot retail center in Franklin Park, located about 40 miles south of New York City. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller. The buyer was a local private investor. The tenant roster at the center includes Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank.
MOUNT LAUREL, N.J. — MidCap Financial has provided a $5.1 million acquisition loan for a 112,000-square-foot multi-tenant industrial property in Mount Laurel, just east of Philadelphia. MidCap provided Burton Real Estate with $5.1 million in floating-rate financing for the $6.3 million acquisition of the property. Other loan terms were not disclosed. Mike Klein of HFF’s New York office arranged the transaction.
REVERE, MASS. — Northeast Private Client Group has negotiated the $2.6 million sale of the Revere Beach Parkway Apartments in Revere. The property, which is located at 473 Revere Beach Parkway, consists of eight two-bedroom residential units. The sales price equates to $333,333 per unit at a capitalization rate of 5.9 percent based on current net operating income. Drew Kirkland and Francis Saenz of Northeast Private Group represented the seller, Boston-based Nine John Street LLC., in the transaction. The buyer was 7 Hills Living Community LLC.
NEW YORK CITY, MIAMI AND WASHINGTON, D.C. — Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has received $503 million in refinancing for a three-property hotel portfolio totaling 1,049 rooms in New York City, Miami and Washington, D.C. HFF arranged three floating-rate loans through Mack Real Estate Credit Strategies for the refinancing. The breakdown includes: a $290 million loan for The Manhattan at Times Square Hotel; a $132 million loan for the St. Regis Bal Harbour Resort in Miami; and an $81 million loan for the St. Regis Washington, D.C. Each loan carries a four-year term. Originally developed in 1952, The Manhattan at Times Square Hotel houses 685 rooms and 9,100 square feet of retail space. The 22-story hotel is located in Times Square at 790 7th Ave. ARTIC will continue to operate the hotel and plans to redevelop the property into a much taller mixed-use tower. Once redeveloped, the building will include 44,000 square feet of LED signage wrapping the base, 134,000 square feet of retail space, 250 hotel rooms and 150 luxury condominium residences. The St. Regis Bal Harbour is a 27-story luxury hotel in Miami with 192 guest rooms and 24 condo units. The hotel features the Remède Spa, two pools, a …
Self-storage properties have had a pretty good run in Texas over the last several years. Surging population growth has brought more material possessions into the state, boosting absorption of existing space. In addition, ample land for development has enabled builders to bring self-storage — a submarket-specific business — to new, underserved communities. The investment side of the business has flourished as well. A capital-rich environment has sustained a healthy pace of development and price escalation has kept cap rates low, incentivizing many owners to market their properties for sale. The building boom is still running hot. According to Tennessee-based research firm STR, as of June 2018, there were more than 300 self-storage facilities in the development pipeline in Texas. In the 12 months leading up to that point, 72 new facilities totaling almost 7 million square feet came on line. In addition, about 130 new properties are slated to open by June 2019, adding more than 9 million square feet, or 5.7 percent of the existing inventory. And those figures only encompass the seven biggest markets in Texas. According to The Houston Chronicle, the Dallas, Houston, Austin and San Antonio markets all feature about 8 square feet of storage space …
