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20-Bushes-Lane-Elmwood-Park-NJ
IndustrialNew JerseyNortheast

NAI Hanson Arranges Sale of 15,700 SF Industrial Building in Elmwood Park, New Jersey

by Amy Works

ELMWOOD PARK, N.J. — NAI James E. Hanson has brokered the sale of an industrial/flex building located at 20 Bushes Lane in Elmwood Park. RH Foster Associates sold the 15,700-square-foot property to 20 Bushes Lane LLC for an undisclosed price. Renovated in 2015, the property features two loading docks with heavy lift levelers and ample parking. The buyer plans to use the property to manufacture valves and regulators. Joshua Levering and Nicholas DePaolera of NAI Hanson represented the seller, while Andrew Somple, also of NAI Hanson, represented the buyer in the deal.

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IndianaMidwestMultifamily

Steadfast Acquires Apartment Property in Indianapolis for $44.6M

by Kristin Harlow

INDIANAPOLIS — Steadfast Apartment REIT III Inc. (STAR III) has acquired Avery Point Apartments in Indianapolis for $44.6 million. Built in 1986, the 512-unit apartment property consists of 58 two-story buildings. The unit mix includes one- and two-bedroom apartments as well as two-bedroom townhomes averaging 900 square feet. Rents average $778 per month. The community is currently 94 percent occupied. Amenities include a clubhouse, business center, fitness center, swimming pool, community patio with grilling stations, tennis courts, a volleyball court, dog park and covered parking. STAR III plans to renovate 75 percent of the units at the property with upgrades to kitchen appliances, cabinet fixtures, faucets, kitchen counters and bedroom carpets. STAR III also plans to upgrade common areas and amenities, including enhancements to landscaping, signage and the fitness center. The undisclosed seller previously renovated 25 percent of the units.

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MidwestMinnesotaMultifamily

Colliers Brokers $27.4M Sale of Two Multifamily Properties Near the University of Minnesota

by Kristin Harlow

MINNEAPOLIS — Colliers International has brokered the sale of Solhaus and Solhaus Tower in Minneapolis for $27.4 million. The student housing properties, totaling 150 units, are located at 2428 Delaware St. SE and 515 Huron Blvd. SE near the University of Minnesota. Ted Bickel, Jeff Budish and Brady DeVore represented the seller, Denver-based Forum Real Estate Group. San Francisco-based FPA purchased the buildings. FPA now owns 10 multifamily assets in Minneapolis.

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IllinoisMidwestOffice

Farpoint, Greco/DeRosa Investments to Redevelop 135,000 SF Loft Office Building in Rosemont, Illinois

by Kristin Harlow

ROSEMONT, ILL. — Farpoint Development and Greco/DeRosa Investments have unveiled plans to redevelop a 135,000-square-foot loft office building located at 6300 North River Road in Rosemont. The $6 million core/shell renovation of the seven-story building is expected to begin immediately and be completed by mid-2018. The redevelopment of the property will include a fully renovated lobby, replacement of all exterior windows and staining of the exterior brick. The Class A office building will include a new fitness center, yoga room, conference facilities, tenant lounge and food market with outdoor seating. Jason Simon and Jonathon Connor of Colliers International will market the property for lease.

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MidwestMinnesotaMixed-Use

CBRE Arranges Sale of Two Mixed-Use Properties Totaling 95,895 SF in Minneapolis

by Kristin Harlow

MINNEAPOLIS — CBRE has arranged the sale of The Broadway and Icehouse Plaza in Minneapolis for an undisclosed price. Together, the mixed-use properties total 95,895 square feet and are 98 percent leased. The Broadway, located at 945 Broadway St. NE, is a 56,156-square-foot, two-story building, which was originally constructed in 1922 and renovated in 2013. Major tenants include Spyhouse Coffee, 612Brew and CorePower Yoga. Icehouse Plaza includes two office and retail buildings totaling 39,739 rentable square feet with 13 multifamily units and an outdoor plaza. Renovated in 2011, the properties are located at 2550 and 2548 Nicollet Ave. South. Tenants include Icehouse, Eat Street Social, Black Sheep Pizza and Vertical Endeavors. Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz of CBRE arranged the sale on behalf of the seller, Minneapolis-based developer First & First. Northpond Partners purchased the assets.

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IndustrialMidwestWisconsin

Tribe 9 Foods Signs 50,814 SF Industrial Lease in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — Tribe 9 Foods LLC has signed a 50,814-square-foot industrial lease in Madison. The manufacturer of grain-free foods, gluten-free foods, nut butters and pastas will occupy the space at 2901 Progress Road. Andy Hess of Founders 3 represented the tenant in the lease transaction. Scott Revolinski of Founders 3 represented the landlord, LCM Funds 40 Madison LLC.

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MultifamilyTexas

JPI Sells 362-Unit Apartment Community in Austin

by Taylor Williams

AUSTIN, TEXAS — Irving-based development firm JPI has sold Sur512, a 362-unit multifamily community situated on 8.9 acres at 5010 S. Congress Ave. in Austin. The Class A property offers a mix of one-, two- and three-bedroom units and amenities such as two pools, two fitness centers, grilling and picnic areas, a business center and an internet café and lounge. The buyer and sales price were not disclosed.  

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OfficeTexas

HFF Brokers Sale of 124,543 SF Office Building in Houston

by Taylor Williams

HOUSTON — HFF has brokered the sale of 2400 Augusta Place, a 124,543-square-foot office building located in the West Loop/Galleria area of Houston. The four-story property was 85 percent leased at the time of sale to tenants in the engineering, legal, healthcare and communications industries. Marty Hogan of HFF represented the seller, Houston-based investment firm Interra Capital Group, in the sale. The buyer and sales price were not disclosed.

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MultifamilySoutheastVirginia

Donaldson Group, Angelo, Gordon Acquire Multifamily Community in Metro D.C. for $111M

by Camren Skelton

ALEXANDRIA, VA. — The Donaldson Group, in partnership with Angelo, Gordon & Co., has purchased Cityside at Huntington Metro, a 569-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C., for $111 million. Bill Roohan, Bob Dean, Jonathan Greenberg, Tom Leachman and Yalda Ghamarian of CBRE arranged the all-cash transaction on behalf of the seller, an affiliate of The Carlyle Group. The community was constructed in 1968 and 1974 and features a mix of studio to three-bedroom floor plans. Community amenities include a rooftop fitness center, rooftop lounge, pool and sundeck, outdoor patio and grill area, playgrounds and a dog park. In addition, the community is located within walking distance to the Huntington Metro Station. The new ownership plans to renovate the property with a modernized leasing center, enhanced signage, new windows, common area and entryway improvements, exterior façade renovations and interior unit upgrades.

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IndustrialTexas

Colliers Negotiates 28,219 SF Industrial Lease in Houston

by Taylor Williams

HOUSTON — Colliers International has negotiated a 28,219 SF industrial lease within Northway Park II in Houston on behalf of Campbell Fittings Inc., a manufacturer of fittings and sleeves for industrial hoses. Walter Menuet and Judd Harrison of Colliers International represented the tenant in the lease negotiations. Kelly Landwermeyer of Holt Lunsford Commercial represented the landlord, CenterPoint Houston UCET LLC.

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