DALLAS — Michaelson Real Estate Group LLC and a private equity investor have acquired Chesapeake Apartments, a 126-unit multifamily community located at 11620 Audelia Road in Dallas. Built in 1982, the property offers one- and two-bedroom units and recently underwent renovations to its roof and exterior. Amenities include two pools, a business center, picnic area and covered parking. The property was 98 percent occupied at the time of sale.
AUSTIN, TEXAS — EDGE Realty Capital Markets has brokered the sale of The Grove at Lakeline, a 16,253-square-foot retail property in Austin. Located at the northwest corner of State Highway 183 and Ranch Road 620, the center houses tenants such as Mattress Firm, T-Mobile and Orangetheory Fitness. Brandon Beeson and Garrett Wood of EDGE represented the seller, 183-620 LP in the transaction. A limited liability firm purchased the asset for an undisclosed price.
CHICAGO — Marcus & Millichap will expand its downtown Chicago office by 6,000 square feet. Located at 333 W. Wacker Drive, the downtown office will support more than 80 sales professionals, originators and staff with three managers. Previously, the downtown location had 47 agents and staff members. The firm is also expanding personnel in its Oak Brook office, located at One Mid-America Plaza. The Oak Brook office is expanding from 34 agents and staff to approximately 45 employees in order to support more rapid suburban market penetration, according to Marcus & Millichap.
GAHANNA AND WESTERVILLE, OHIO — Hunt Mortgage Group has provided $21 million in refinancing for two multifamily properties in Columbus. The financing consists of a $19.5 million Fannie Mae loan and a $1.4 million mezzanine loan. The 10-year loans feature 30-year amortization schedules. The properties include The Reserve at Walnut Creek and The Ravines at Rocky Ridge. The Reserve is located at 5930 Sunbury Road in Gahanna, a northeast suburb of Columbus. Built in 2014, the property includes seven buildings and 148 units. Amenities include a clubhouse, movie theater, fitness center and pool. The Ravines is located at 5700 Rocky Ridge Landing Drive in Westerville, also a northeast suburb. Built in 2014, the property features 136 units. Amenities include a clubhouse, fitness center, recreation room and pool. Both properties are currently owned by single-asset entities.
THE WOODLANDS, TEXAS — Newcor Commercial Real Estate has negotiated an office lease renewal on behalf of law firm Cooper Hart Leggerio & Whitehead PLLC. The firm will continue to occupy 15,836 square feet at 2202 Timberloch Place in The Woodlands. Rob Banzhaf and Ryan Dierker of Newcor represented the tenant in the lease negotiations. Lisa Hughes of The J. Beard Real Estate Co. represented the landlord, Timberloch Inc.
CHICAGO — Interra Realty has brokered the sale of a multifamily property in Chicago’s Hyde Park for $6.5 million. The 75-unit property is located at 5736 S. Stony Island Ave. The building, which borders the University of Chicago, features 43 studio apartments, 29 one-bedroom and three two-bedroom units. Craig Martin of Interra represented both the buyer and seller. The purchaser was a privately held national real estate investment firm and the seller was a private owner.
FENTON, MO. — Alkem Laboratories and Beckwood Press Co. have signed industrial leases totaling 87,966 square feet at Fenton Logistics Park in Fenton. Alkem Laboratories, a pharmaceutical company, signed a 32,086-square-foot lease in the park’s first speculative building located at 2050 Fenton Logistics Blvd. Beckwood Press Co., a hydraulic equipment supplier, signed a 55,880-square-foot lease at the park’s second speculative building, which is currently under construction. Jon Hinds and Katie Haywood of CBRE represented the landlord and developer, KP Development. JLL and NAI Desco represented Alkem and Beckwood Press, respectively.
COLORADO SPRINGS, COLO. — A joint venture between Griffis/Blessing Inc. and Freshwater Investment has purchased the 280-unit Lamplight Square at the Park Apartments in Colorado Springs for $41.1 million. The community is located at 6236 Twin Oaks Drive. Lamplight Square was built in 1984. Community amenities include a clubhouse with leasing office and business center, fitness center, coffee bar, swimming pool, spa, picnic area, courtyard and covered parking.
PORTLAND, ORE. — A joint venture between Security Properties Development Co. and Beijing Jade Investment Group has purchased the PepsiCo Distribution Center in Portland for an undisclosed sum. The center is located between NE 25th and NE 27th avenues, and NE Holladay Street and NE Sandy Boulevard. The JV plans to redevelop the five-acre urban property under the City of Portland’s “Large Site Master Plan” designation, offering market-rate and affordable housing, office, retail and other real estate types over the next several years.
SACRAMENTO, CALIF. — Insight Realty Co. has purchased Park Plaza, a 73,000-square-foot office building in downtown Sacramento, for an undisclosed amount. The Class A building is located at 1303 J St. The firm partnered with local developer and investor Patrick Molloy, along with his firm Gavden Investments, to acquire the asset.
