Property Type

Summit Design + Build Completes Conversion and Renovation of Apartment Building in Chicago

by Kristin Harlow January 24, 2018

CHICAGO — Summit Design + Build LLC has completed the conversion of an 18-story mixed-use building into apartments in Chicago’s Uptown neighborhood. Montrose Apartments, formerly known as Pensacola Place, underwent a phased conversion and renovation of floors one through three, which were vacant offices and retail space. Developer Waterton Associates purchased the property in 2015 with plans to modernize and refresh the building. Summit started construction in the summer of 2016, beginning with the conversion and new construction of 23 studio and one-bedroom apartments. Summit also renovated the lobby and first-floor leasing center, and added new tenant amenity spaces including a fitness center and third-floor urban lounge. Summit completed construction while the building was fully operational and occupied. Chicago-based Brininstool + Lynch provided architectural services for the project.

January 24, 2018

Illinois Industrial Midwest

Merit Partners Brokers Sale-Leaseback of 38,543 SF Industrial Building in Mundelein, Illinois

by Kristin Harlow January 24, 2018

MUNDELEIN, ILL. — Merit Partners LLC has brokered the sale-leaseback of a 38,543-square-foot industrial building in Mundelein. Venture One Real Estate acquired the property through its acquisition fund, VK Industrial IV LP, which is a partnership between Venture One and Kovitz Investment Group. The building is situated on three acres at 939 Tower Road. The sale-leaseback was completed with American Marketing Services & Consultants Inc. (AMSC) David Liebman of Merit Partners brokered the sale-leaseback. He also represented AMSC in the original site acquisition and build-to-suit transaction. The property features a clear height of 24 feet, four exterior docks, one drive-in door and 6,281 square feet of office space.

January 24, 2018

Multifamily New York Northeast

Eastern Consolidated Facilitates $27.6M Sale of Manhattan Apartment Portfolio

by Amy Works January 24, 2018

NEW YORK CITY — Eastern Consolidated has negotiated the sale of a 68,200-square-foot Section 8 multifamily portfolio located at 14-18 W. 107th St. in Manhattan’s Upper West Side. A private real estate investment firm acquired the assets for $27.6 million. Comprised of two elevator buildings, the properties feature 60 units in a mix of studio, one-bedroom and two-bedroom units. Ron Solarz of Eastern Consolidated represented the seller, a private owner, and procured the buyer. Gary Meese, also of Eastern Consolidated, served as analyst for the transaction.

January 24, 2018

New Jersey Northeast Retail

Prestige Properties Acquires 117,000 SF Retail Center in Metro NYC for $25.4M

by Amy Works January 24, 2018

EAST BRUNSWICK, N.J. — Prestige Properties and Development has purchased a grocery-anchored retail center located at 50 Race Track Road in East Brunswick. A partnership between MCB Real Estate and Alex Brown Realty sold the property for $25.4 million. Aldi, Burlington, AutoZone and Jersey Fine Wines occupy the 117,000-square-foot retail center. The recently renovated center also includes a new building that is occupied by Starbucks, Supercuts and Five Guys. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal.

January 24, 2018

New York Northeast Office Retail

Cushman & Wakefield Arranges $21M Sale of Office, Retail Property in Manhattan

by Amy Works January 24, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a multi-tenanted commercial office and retail building located at 224 Fifth Avenue in Manhattan. An undisclosed buyer acquired the property for $21 million. Originally built in the mid-19th century and significantly altered in 1980, the six-story building features 15,949 square feet of office and retail space. The building has floor plates that range from 2,600 square feet to 2,827 square feet and is currently leased to three office tenants and one retail tenant, 7-Eleven. John Ciraulo and Craig Waggner of Cushman & Wakefield represented the undisclosed seller in the transaction.

January 24, 2018

Massachusetts Northeast Office

Chatham Investment Sells 66,825 SF Office Building in Metro Boston for $13.9M

by Amy Works January 24, 2018

NEWTON, MASS. — Chatham Investment has completed the disposition of an office building located at 29 Crafts St. in Newton. Capasso Realty acquired the property for $13.9 million. Anchored by W.T. Rich Co., Steward Health Care System and Capital Advisors Group, the five-story property features 66,825 square feet of office space and 190 on-site parking spaces. Robert Griffin, Edward Maher, Matthew Pulled, Samantha Hallowell, Christian Brannelly and Drew Nelson of NKF represented the seller in the deal.

January 24, 2018

Northeast Office Pennsylvania

CBRE Arranges $12.5M Sale of Office Plaza in West Chester, Pennsylvania

by Amy Works January 24, 2018

WEST CHESTER, PA. — CBRE has brokered the sale of West Chester Office Plaza, a five-building office portfolio located at 790 E. Market St. in West Chester. High Associates sold the complex to Maguire Hayden Real Estate Co. for $12.5 million. Situated on 8.3 acres, the 116,621-square-foot complex is currently 90 percent occupied by 48 tenants, including American Precision Industries, ESCFederal, Women’s Health Care Group of PA and BackOffice Thinking and Kinetic Prosthetics. Stephen Marzullo and Adam Silverman of CBRE represented the seller in the transaction.

January 24, 2018

Multifamily Washington Western

IPA Arranges $39M Sale of 139-Unit Apartment Complex in Washington

by Nellie Day January 24, 2018

MILL CREEK, WASH. — Institutional Property Advisors has arranged the sale of the 139-unit Monterra in Mill Creek apartment complex just south of Everett for $39 million. The community is located at 13401 Dumas Road. Neither the buyer nor seller were disclosed. Monterra in Mill Creek was built in 2003. It contains one- to three-bedroom units with an average unit size of 974 square feet. The new ownership plans to increase revenue through expiration of below-market leases while participating in the rent growth currently experienced and projected to continue in Mill Creek. Pete Shelton and Kim Grant of Institutional Property Advisors represented both the buyer and seller in this transaction.

January 24, 2018

Arizona Loans Multifamily Western

KeyBank Provides $31.2M in Financing for 354-Unit Apartment Community in Arizona

by Nellie Day January 24, 2018

NEW RIVER, ARIZ. — KeyBank Real Estate Capital has provided $31.2 million in Fannie Mae financing for the 354-unit Bela Rosa Apartment Homes in New River, northeast of Peoria. The Class A community is located at 3825 W. Anthem Way in the master-planned community of Anthem. Bela Rosa was built in 2007. It contains 37 townhome-style apartment buildings. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the financing with a 10-year term and 30-year amortization schedule. The first-mortgage loan was used to refinance existing debt.

January 24, 2018

California Office Western

Positive Investments Acquires Towne Centre Office Building in Arcadia for $25.6M

by Nellie Day January 24, 2018

ARCADIA, CALIF. — Positive Investments has acquired Towne Centre Office Building, an 83,250-square-foot office building in Arcadia, for $25.6 million. The eight-story building is located at 150 N. Santa Anita Ave. The asset is 97 percent leased. Bank of America anchors the property, which was built in 1972. Mark Evanoff and Andrew Berk of Avison Young represented the seller, a San Francisco-based family trust, in this transaction. The buyer represented itself.

January 24, 2018

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