AUGUSTA, GA. — Cushman & Wakefield has brokered the $15 million sale of Woodhill, a 182-unit apartment community in Augusta. Robert Stickel of Cushman & Wakefield represented the sellers, Intermark Management and King Management, in the sale to New York-based JEM Holdings. Constructed in 1986, Woodhill features a resort-style pool, fitness center, tennis courts and a clubhouse. JEM will implement capital improvements including upgraded unit interiors and an enhanced amenity package.
LOMBARD, ILL. — Mid-America Real Estate Corp. has brokered the sale of a Mariano’s ground lease in Lombard for $20 million. The 74,000-square-foot property is located at the intersection of Roosevelt and Finley roads. Mariano’s holds a 20-year ground lease corporately guaranteed by Kroger Co. Joe Girardi and Wes Koontz of Mid-America brokered the sale on behalf of the seller, Bradford Real Estate. A private investor purchased the property.
CHANNAHON, ILL. — Principle Construction Corp. has completed a 750,000-square-foot industrial facility in Channahon. The building, which sits on a 34-acre site, is the first building in the new Channahon Corporate Center, developed by IDI Gazeley. Building A features 86 dock doors, parking for 440 vehicles, 192 trailer parking spaces, an ESFR sprinkler system and a 185-foot concrete truck court. Principle will continue to build out infrastructure for the remaining 72 acres of the park. Jim Brucato, Darrin Dehmlow and Doug Brucato of Principle oversaw the project. Sparks Architects Inc. designed the site, while Jacob & Hefner was the civil engineer.
STANLEY, N.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Shopko Hometown in Stanley, located in northwestern North Dakota, for $4.8 million. The 26,004-square-foot property is located at 702 Westview Lane. There are over 13 years remaining on the Shopko lease, which expires in November 2030. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate institution. A Southwest-based real estate investment firm purchased the property.
CHICAGO — Interra Realty has brokered the sale of a 13-unit mixed-use property in Chicago’s Pilsen neighborhood for $3.1 million. The property, which comprises 12 residential units and one street-level retail space, is located at 1157 W. 18th St. The building underwent a full renovation in 2016, including all new kitchens and baths. The 2,300-square-foot retail space has a new facade with large windows, exposed brick walls, high ceilings and access to additional basement storage. Jeremy Morton and Ted Stratman of Interra represented both the undisclosed buyer and the seller, a local development group. At $238,462 per unit, this was the second highest price-per-unit sale in Pilsen history, according to Interra.
SHARONVILLE, OHIO — TNT Powerwash has unveiled plans to expand its operations in Sharonville. The company purchased a property located at 11910 Mosteller Road for $1 million with plans to demolish the existing truck terminal and redevelop the site. TNT plans to construct a new facility to house a truck dealership; maintenance, body and detail shop; and drive-thru truck wash. The $3.2 million project will create 20 new jobs, according to TNT. Erin Casey and John Gartner of Colliers International represented TNT in the transaction.
SAN JOSE, CALIF. — Community Preservation Partners (CPP) has completed rehabilitation of two affordable apartment complexes in San Jose. The rehabilitations occurred at the 144-unit Monte Vista Gardens and 81-unit Courtyard Plaza Apartments. The properties are situated a few blocks from each other. They will maintain below-market-rate rents for another 55 years. Monte Vista Gardens received $5.5 million in rehab efforts, including new kitchens, bathrooms, flooring, computer lab, media center and community kitchen. Courtyard Plaza received a $25 million rehabilitation, including new bathtubs, appliances, vanities, siding, windows, doors, and a remodeled community room and manager’s office.
LOS ANGELES — A local buyer has purchased a 30-unit apartment building in Santa Monica for $23.8 million. The community is located at 153 San Vincente Blvd. The asset was built in 1967. It was sold at auction after several months in bankruptcy court. Bidding began at $21 million. The building will begin a remodeling process, during which time current tenants in the 13 occupied units will be relocated. The buyer has plans to rehab all of the units, upgrade electrical and plumbing, construct a new rooftop observation deck, install a new pool and boost overall curb appeal. Shiva Monify of SVN- Rich Investment Real Estate Partners represented the buyer.
ESCONDIDO, CALIF. — Badiee Development and Exeter Property Group have partnered to develop a 10.9-acre industrial campus in Escondido. The campus will be located at 1925 and 2005 Harmony Grove Road. Construction on the campus is set to commence in the fourth quarter of 2017 with a completion date of summer 2018. Badiee sold the two industrial land parcels to Exeter Property Group. The group plans to develop a 200,000-square-foot industrial distribution building on the site in conjunction with Badiee as the project developer. Mike Erwin of Colliers International represented Badiee Development, while the firm’s Chris Holder and Mark Lewkowitz represented Exeter Property Group in this transaction.
CARSON CITY, NEV. — A limited liability company has acquired the 130-unit Tanglewood Village Apartments in Carson City for an undisclosed sum. The community is located at 919 S. Roop St. It is situated near Interstate 580 and U.S. Route 50. Amenities include a swimming pool, sundeck, tennis courts and a fitness center. It was built in 1978 to condominium specifications. Kenneth Blomsterberg, Ryan Rife and Benjamin Nelson of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.
