Property Type

Bussel Realty Corp. Arranges $7.8M Acquisition of Industrial Property in Piscataway, New Jersey

by Amy Works February 8, 2017

PISCATAWAY, N.J. — Bussel Realty Corp. has brokered the acquisition of an industrial property located at 4100 New Brunswick Ave. in Piscataway. ACMY acquired the property from AK Piscataway Associates for $7.8 million. Situated on 11.7 acres, the 95,483-square-foot property features ceiling heights up to 24 feet, 4,890 square feet of office space, 100 covered parking spaces, six tailboards and one drive-in loading door. David Blitt and Robert Sager of Bussel Realty represented the buyer in the transaction.

February 8, 2017

Multifamily Northeast Office Vermont

Battell Block Partners Acquires 68,200 SF Office, Apartment Building in Vermont

by Amy Works February 8, 2017

MIDDLEBURY, VT. — Battell Block Partners has acquired the historic Battell Block building, which houses office and residential apartment space, located at 10 Merchants Row in downtown Middlebury for an undisclosed price. The seller was Battell LLC. Commercial tenants at the property include Community College of Vermont, Edgewater Gallery, Sabai Sabai, Carol’s Hungry Mind Café and Middlebury College’s restaurant 51 Main. The buyer intends to redevelop parts of the building. The buyer is a partnership between Doug Nedde, Alain Youkel and Fernando Cresta of Nedde Real Estate.

February 8, 2017

Indiana Midwest Multifamily

Marcus & Millichap Negotiates Sale of Two Manufactured Home Communities in Elkhart, Indiana

by Kristin Harlow February 8, 2017

ELKHART, IND. — Marcus & Millichap has negotiated the sale of two manufactured home communities in Elkhart, 15 miles southeast of South Bend, for $24.4 million. Together, Parke Place Estates and Boardwalk Retirement Community feature 559 homesites on 155 acres. The properties are located at 2231 Osolo Road. Jonathon McClellan, Kyle Baskin and Michael DiCillo Jr. of Marcus & Millichap represented the undisclosed seller and procured the buyer, UMH Properties Inc.

February 8, 2017

Illinois Industrial Midwest

NGKF Brokers Sale of 95,000 SF Manufacturing Facility in East Moline, Illinois

by Kristin Harlow February 8, 2017

EAST MOLINE, ILL. — Newmark Grubb Knight Frank (NGKF) has arranged the sale of a 95,000-square-foot manufacturing facility in East Moline, part of the Quad Cities area. The Quad Cities includes Rock Island and Moline, Ill., and Davenport and Bettendorf, Iowa. The acquisition was valued at more than $5 million. The building is located at 500 36th St., and comprises 87,320 square feet of warehouse space and 7,680 square feet of office space. The property features eight dock doors, two drive-in doors and 16-foot clear heights. The facility is 100 percent leased to JMF Co., a subsidiary of Zheijiang Hailiang Co. LTD. Jeffrey Miller of NGKF and Ben Yeggy of Gomez May LLP represented the undisclosed buyer in the acquisition. Chris Wilkins of NAI Ruhl Commercial Co. and Dick Davidson of Lane & Waterman LLP represented the seller, Bears in Bettendorf LC.

February 8, 2017

Loans Midwest Mixed-Use Ohio

NorthMarq Arranges $7.5M Loan for Refinancing of Mixed-Use Property in Cincinnati

by Kristin Harlow February 8, 2017

CINCINNATI — NorthMarq Capital has negotiated a $7.5 million loan for the refinancing of Montgomery Gateway in Cincinnati. The 39,560-square-foot property consists of retail and office space, and is located at 9366-9386 Montgomery Road. The 10-year loan features a 30-year amortization schedule. Noah D. Juran and Susan Branscome of NorthMarq arranged the financing through a CMBS lender.

February 8, 2017

Illinois Midwest Retail

Cushman & Wakefield Brokers $2M Sale of Retail Site in Chicago

by Kristin Harlow February 8, 2017

CHICAGO — Cushman & Wakefield has brokered the sale of a 1.2-acre retail site on Chicago’s southwest side for $2 million. The buyer, a private investor and developer, plans to redevelop the site into a retail shopping center. The property, located at 5501 S. Kedzie Ave. in Chicago’s Gage Park, was most recently home to a Bank of America branch. The area is traveled by more than 54,000 vehicles per day, and more than 62,000 people live within a mile of the site. Nicholas Kanich of Cushman & Wakefield represented both the buyer and the seller, 5501 S. Kedzie LLC. The buyer plans to break ground on the shopping center this spring.

February 8, 2017

Midwest Ohio Retail

Fit Food Stop Signs 2,400 SF Lease for Second Cincinnati Location

by Kristin Harlow February 8, 2017

COLUMBIA-TUSCULUM, OHIO — Fit Food Stop has signed a 2,400-square-foot lease at 3528 Columbia Parkway in Columbia-Tusculum, a neighborhood east of downtown Cincinnati. The company produces pre-cooked, individually portioned food that is organic and gluten-free. This is the second location for the company, which opened its first store in Oakley last year. The store in Columbia-Tusculum is set to open this spring. Tori Sunderman of CBRE represented the landlord in the transaction.

February 8, 2017

Mixed-Use Multifamily Retail Texas

Morgan Breaks Ground for Whole Foods-Anchored Multifamily Development in Houston

by Amy Works February 8, 2017

HOUSTON — Morgan, a multifamily development, construction and property management firm, has broken ground for the construction of its latest Pearl apartment development in Houston’s Midtown district. Located at 3120 Smith St., the project will feature a 40,000-square-foot Whole Food Market on the ground floor and 264 apartment units above. Slated to open in 2019, the new development will be located across the street from the first phase of Morgan’s Pearl Midtown, which opened in 2014. Amenities at the development will include a dog park and wash area, bike storage room, Uber waiting room, sky lounge, pool and a fitness center. Ziegler Cooper is serving as architect, while Carnegis Group is providing interior design services.

February 8, 2017

Retail Texas

Howard Hughes Opens 654-Unit Self-Storage Facility in The Woodlands

by Amy Works February 8, 2017

THE WOODLANDS, TEXAS — The Howard Hughes Corp. and its wholly owned subsidiary The Woodlands Development Co. have opened a self-storage property located on College Park Drive in The Woodlands. The 654-unit property is the company’s initial national venture into self-storage operations. The company is also developing a second self-storage facility along FM 2978 in The Woodlands totaling 784 units. The second facility is set to open in April. CubeSmart will manage both facilities. The properties will feature gated entries, video surveillance and individual entry alarms on each unit.

February 8, 2017

Retail Texas

Marcus & Millichap Negotiates Sale of 163,992 SF Retail Property in Metro Houston

by Amy Works February 8, 2017

PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Pasadena Park Shopping Center, a retail property located at 6801 Spencer Highway in Pasadena. A limited liability company sold the 163,992-square-foot property for an undisclosed price. At the time of sale, the property was 91 percent leased by a variety of tenants, including Big Lots, Dollar Tree, Surplus Warehouse and Harbor Freight. Jerry Goldstein of Marcus & Millichap represented the seller and secured the buyer, a limited liability company, in the deal.

February 8, 2017

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