CHICAGO — CIM Group has acquired two newly constructed buildings in Chicago’s Wicker Park for an undisclosed price. Built in 2016, 1643 N. Milwaukee Ave. is a mixed-use property comprising, residential, office and retail space. 1237 N. Milwaukee Ave., a mixed-use property consisting of residential and retail space, just received a certificate of occupancy. Together, the buildings include 96 apartment units, 23,000 square feet of street-level retail space and 17,400 square feet of office space.
CHICAGO — Essex Realty Group Inc. has arranged the sale of a 26-unit condominium building in Chicago’s Lincoln Park for $7.8 million. The property, located at 512 W. Belden Ave., includes a mix of one- and two-bedroom units. Steven Livaditis and Joe Scheck of Essex marketed the property for sale on behalf of the seller, 512 Belden Association. The team also represented the buyer, a local real estate investor.
CHICAGO — Marcus & Millichap has brokered the sale of Canal Street Self Storage in Chicago for an undisclosed amount. The 66,063-square-foot, 792-unit self-storage facility is located at 1601 S. Canal St. Canal Street Self Storage offers elevator access, 24-hour hour lockers, large truck and trailer access and two levels of docks for loading and unloading. The facility has a wide range of storage options such as eco-friendly storage containers, business documentation storage, climate-controlled units, uncovered boat/recreational vehicle parking spaces and wine storage. Sean Delaney and Michael Mele of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company based in the West.
SWANSEA, ILL. — BARBERMurphy Group has arranged the sale of a 108-unit apartment property in Swansea, about 15 miles east of St. Louis. The sales price was not disclosed. The building, located at Cantwell Lane and Old Collinsville Road, consists of 113,400 square feet. BARBERMurphy represented the seller, Dan L. Sheils LLC. Swansea Applegate Apartments LLC purchased the property.
CINCINNATI — Phillips Edison Grocery REIT I Inc. (OTC: PHLD) has entered into an agreement to acquire the real estate assets and third-party asset management business of its sponsor firm, Phillips Edison Limited Partnership (PELP), in a stock and cash transaction valued at roughly $1 billion. The transaction is expected to close during the fourth quarter. Upon closing, the transaction will create a non-traded shopping center REIT with a total enterprise value of approximately $4 billion. The new REIT will own 230 grocery-anchored shopping centers spanning roughly 25.5 million square feet across 32 states. Shareholders of Phillips Edison Grocery REIT I are expected to own approximately 80.2 percent of the new company, while PELP shareholders will own the remaining 19.8 percent. The company’s pro forma for the first quarter of 2017 suggests that funds from the transaction would have generated an 8 to 10 percent increase per share. At the end of that period, the REIT’s common stock was valued at $10.20 per share, based on third-party valuations. Under the terms of the deal, the REIT will refinance or assume approximately $501 million in outstanding debt. The new company is expected to have a total debt-to-enterprise value of 41.4 percent. …
WASHINGTON, D.C. — Citizens Bank has led the financing on two deals in the metropolitan Washington, D.C., area with The JBG Cos. totaling $90 million. The financing included the $49 million refinancing of Georgetown Center, two office buildings at 2115 and 2121 Wisconsin Ave. in D.C.’s Georgetown district, and a $41 million loan to finance the Old Centerville, a 171,631-square-foot, H-Mart-anchored shopping center on Braddock Road in Centerville, Va. Citizens was the administrative agent and sole lead arranger for both transactions.
CHARLESTON, S.C. — A joint venture between Spandrel Development Partners, Aspen Heights Partners and Northwestern Mutual plans to break ground on a 221-unit apartment community in downtown Charleston known as 511 Meeting Street. Situated in Charleston’s Upper King district, the project will feature more than 9,000 square feet of amenity space, two levels of structured parking and ground-floor retail space. The joint venture plans to break ground this month with completion expected by the second quarter of 2019. Including this project, Spandrel Development has $165 million in downtown Charleston developments underway, including two student housing projects in a partnership with Armada Hoffler Properties.
ALPHARETTA, GA. — Colliers International has brokered the $21.2 million sale of Mansell Commons Business Park, a nine-building, 223,251-square-foot business park located along Mansell Road in Alpharetta. The project includes office, showroom, retail and warehouse space. Roswell, Ga.-based Mimms Investment purchased the property from Atlanta Property Group LLC. Dennis Mitchell and Matt Wirth of Colliers represented the seller in the transaction.
LOUISVILLE, KY. — Baceline Investments has purchased Shoppes at Forest Green, a 48,716-square-foot shopping center located at 10001 Forest Green Blvd. in Louisville. A private investor sold the asset to Baceline for $7 million. The property was 84 percent leased at the time of sale to tenants such as Metro PCS, Nails on K, Four Season Barber Shop, ShowMe Crossfit, A Better Pizza, Mike’s Grill & Tap and Computer Depot.
HUNTSVILLE, ALA. — Dallas-based Venture Commercial Real Estate has arranged a 20,000-square-foot lease for Northern Tool + Equipment in Huntsville. The new store will be located at 7262 Governors West along Interstate 565. Clay Mote of Venture Commercial is the master broker for Northern Tool in all markets across the U.S. and represented the tenant in lease negotiations. Kathy Dennis of The Shopping Center Group’s Birmingham office represented the landlord, Sen LLC.