Property Type

Law Firm Renews 99,756 SF Lease at Office Tower in Chicago

by Kristin Harlow May 9, 2017

CHICAGO — Law firm Barack Ferrazzano Kirschbaum & Nagelberg LLP has renewed its 99,756-square-foot office lease at 200 W. Madison in Chicago’s West Loop. The firm is the largest tenant within the 928,040-square-foot building and will occupy the space through 2032. Barack Ferrazzano Kirschbaum & Nagelberg moved into the space 10 years ago, replacing Hyatt Hotels Corp. as the anchor tenant. Kyle Kamin, Cal Wessman and Mark Cassata of CBRE represented the tenant in the lease transaction. Jeff Dowdell, Katie Steele, Courtney Rosoff and Michael Lirtzman of Transwestern brokered the lease on behalf of the owner, Bentall Kennedy’s U.S. core fund. Transwestern has managed the property since 2011. A recent $5 million renovation included an updated lobby, modernized elevators, new tenant lounge and expanded fitness center with yoga room.

May 9, 2017

Midwest Multifamily Nebraska

Marcus & Millichap Brokers $10.3M Sale of Apartment Property in Grand Island, Nebraska

by Kristin Harlow May 9, 2017

GRAND ISLAND, NEB. — Marcus & Millichap has brokered the sale of Continental Gardens in central Nebraska for $10.3 million. The 150-unit apartment property is located at 3111 College St. Built in 1977 with 120 units, the property was expanded in 2016 with an additional 30 units. Bradley Barham and Max Helgeson of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a local private investment partnership.

May 9, 2017

Midwest Office Wisconsin

CBRE Negotiates $8M Sale of Two Office Buildings in West Allis, Wisconsin

by Kristin Harlow May 9, 2017

WEST ALLIS, WIS. — CBRE has negotiated the sale of Lincoln Center II and III in suburban Milwaukee for $8 million. The two office buildings total 121,388 square feet. Lincoln Center II is located on a three-acre site at 2514 S. 102nd St., while Lincoln Center III is located at 10150 W. National Ave. The buildings were more than 87 percent occupied at the time of sale with tenants including Verizon, Acuity, Cognex and Eye Care Specialists. Eric Rapp and Patrick Gallagher of CBRE represented the seller, Somerset Properties. Sara Investment Real Estate LLC purchased the properties.

May 9, 2017

Illinois Midwest Retail

Baum Arranges $4.5M Sale of Chase Bank Ground Lease in Chicago

by Kristin Harlow May 9, 2017

CHICAGO — Baum Realty Group has arranged the sale of a Chase Bank ground lease in Chicago for $4.5 million. The 4,195-square-foot retail property is located at 7180 W. Grand Ave. and includes four drive-thru lanes. Patrick Forkin and Brad Teitelbaum of Baum brokered the sale on behalf of the seller, a private West Coast investor. An institutional buyer purchased the property.

May 9, 2017

Midwest Ohio Retail

Cooper Group Brokers $1.4M Sale of Property Net Leased to AutoZone in Chesterland, Ohio

by Kristin Harlow May 9, 2017

CHESTERLAND, OHIO — The Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to AutoZone in Chesterland, about 30 miles east of Cleveland, for $1.4 million. The lease has approximately 10 years remaining. Dan Cooper of Cooper Group represented the buyer, a private investor based in Ohio. The seller was a Louisiana-based private investment group.

May 9, 2017

Multifamily New York Northeast

Eastern Consolidated Negotiates $100M Sale of Property for Condominiums in NYC

by Haisten Willis May 9, 2017

NEW YORK CITY — Eastern Consolidated has negotiated the $100 million sale of a residential development assemblage in the NoMad neighborhood of Manhattan to the Rockefeller Group. The assemblage includes 170,000 square feet across three contiguous buildings at 30-36 E. 29th St. and includes surrounding air rights. The existing buildings will be razed to make room for a ground-up condominium development with just under 100 feet of frontage on East 29th Street. Eastern Consolidated’s Brian Ezratty represented the three sellers: Extell Development, the owner of 30-32 E. 29th St.; W Brothers, the owner of 34 E. 29th St.; and 29th Street Partners LLC, the owner of 36 E. 29th St. Ezratty and Eastern Consolidated’s Ron Solarz procured the buyer, the Rockefeller Group.

May 9, 2017

Industrial New Jersey Northeast

Stro Cos. Acquires Five Industrial Properties in New Jersey for $14.7M

by Haisten Willis May 9, 2017

UNION, MOONACHIE AND FAIRFIELD, N.J. — The Stro Cos. has acquired five industrial buildings totaling 210,000 square feet in New Jersey for $14.7 million. The properties were purchased in separate transactions from different sellers including: 1110 Springfield Road, 50 Milltown Road and 60 Milltown Road in Union. The three-building, 128,000-square-foot industrial park is located near Route 22, I-78, The Garden Parkway and Newark Liberty Airport. The park is 98 percent occupied and features industrial units ranging from 10,000 to 30,000 square feet. Stro acquired the property for $7 million. Millington Bank financed the acquisition. 111 Moonachie Ave. in Moonachie. The 52,000-square-foot industrial building features seven units. Located in the Meadowlands, the property is directly across the street from Teterboro Airport. The property was acquired for $5.3 million with one 7,000-square-foot vacancy. Malvern Bank financed the acquisition. 18 Industrial Road in Fairfield. The multi-tenant industrial building spans 30,000 square feet. Stro plans to install upgrades to the exterior of the property, which is accessible from Route 46 and I-80. Bank of New Jersey financed the $2.4 million acquisition.

May 9, 2017

New Jersey Northeast Retail

Azarian Group Purchases Livingston Town Center in New Jersey for $21.3M

by Haisten Willis May 9, 2017

LIVINGSTON, N.J. — The Azarian Group has acquired Livingston Town Center in Livingston from an affiliate of Onyx Equities for $21.3 million. Livingston Town Center is located at the intersection of East Mount Pleasant Avenue and North Livingston Avenue and includes 65,000 square feet of retail space. Tenants include Destination Maternity, 7-Eleven, Anthony’s Coal Fired Pizza, Wells Fargo, Fit 36, Restore Cold Press Juices, X-Tend Barre and 19 others. Amenities include fountain and sitting areas, a parking garage and 114 attached townhomes. Livingston Town Center is 94 percent occupied.

May 9, 2017

Industrial Loans New Jersey Northeast

MMCC Arranges $5.6M Loan for Industrial Warehouse in Linden, N.J.

by Haisten Willis May 9, 2017

LINDEN, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.6 million industrial warehouse loan for a 161,000-square-foot building located at 601-721 W. Linden Ave. in Linden. Eric Seidel, a director in MMCC’s New Jersey office, arranged the debt placement.

May 9, 2017

Multifamily New Jersey Northeast

Cushman & Wakefield Brokers $4.8M Acquisition of Apartment Portfolio in Newark, N.J.

by Haisten Willis May 9, 2017

NEWARK, N.J. — Cushman & Wakefield has brokered the $4.8 million acquisition of a 68-unit apartment portfolio in Newark. Cushman & Wakefield’s Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack and Ryan Dowd represented the buyer, a private investor. The portfolio includes two communities located one block from each other on Roseville Avenue. Both properties are three stories tall and were built in the early 1970s. The first, 467-479 Roseville Ave., contains 46 units and totals 37,000 square feet on 0.46 acres. The second, 385-391 Roseville Ave., includes 22 units and totals 17,600 square feet on 0.3 acres.

May 9, 2017

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