NEW YORK CITY — Marcus & Millichap has brokered the sale of a two-building multifamily portfolio located at 128 and 130 First Ave. in Manhattan’s East Village. HUBB NYC acquired the assets from a private investor for $12.2 million. The two five-story walk-up buildings feature 16 one-bedroom apartments and three ground-floor commercial units. John Stewart, James O’Leary, Dylan Torey and David Thurston of Marcus & Millichap represented the seller and secured the buyer in the deal.
BETHESDA, MD. — AXA Investment Managers – Real Assets has acquired a majority stake in Montgomery Tower, a 367,000-square-foot office building in Bethesda, for $139.8 million. The firm acquired the interest from a joint venture between Rockpoint and MRP Realty, which will retain its ownership interest and continue to manage the property as AXA’s new joint venture partner. The 12-story, LEED Gold-certified building was constructed in 1980 and was recently renovated. Amenities include an updated lobby, breakout areas, conference center, 4,000-square-foot fitness center, modernized elevators, outdoor seating terrace, electric car charging stations and bike storage. Located six miles north of Washington, D.C., the asset is one block from the WMATA Bethesda Metro Station.
CHARLOTTE, N.C. AND ORLANDO, FLA. — GCP has acquired a 1.2 million-square-foot industrial portfolio in Charlotte and Orlando for $74 million. The portfolio includes two warehouses within Legacy Park West in Charlotte: a 126,000-square-foot facility fully leased to Elite Logistics and a recently completed, 432,000-square-foot building. Avison Young will handle the new building’s leasing efforts. The portfolio also includes Lake County Distribution Center, a 706,722-square-foot property in Orlando that is fully leased to Samsung SDS America and Niagara Bottling. The facility serves as Samsung’s new Southeast distribution center and as Niagara’s distribution hub that services its bottling facility less than a mile away.
CHARLOTTE, N.C. — ZOM Living has unveiled plans to develop Hazel SouthPark, a 203-unit multifamily community in Charlotte’s SouthPark neighborhood. The Orlando-based multifamily developer will break ground on the six-story community early next year. Located at 4401 Barclay Downs, the site includes a former 38,300-square-foot office building that will be redeveloped. ZOM recently acquired the 2.7-acre site for $13.2 million, and Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, a partnership of private investors. Amenities at Hazel SouthPark will include an attached parking garage and a rooftop pool deck. In addition, the community will feature 6,000 square feet of ground floor restaurant space, 8,000 square feet of ground floor retail and 8,400 square feet of amenity space. Hazel SouthPark is located adjacent to the SouthPark Mall and within walking distance to numerous dining, shopping and offices. ZRS Management LLC will manage the property. TD Bank and Santander Bank provided construction financing for the project. CBG Building Co. is the general contractor, and Cline Design Associates is the project’s architect. Hazel SouthPark is slated to deliver in the fourth quarter of 2019, with preleasing starting in the third quarter of 2019.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of Ridges of Cascade Apartments in Grand Rapids for $57 million. The 237-unit luxury apartment community opened in August 2016 at 100 percent occupancy. The $240,506 per unit represents the highest price per unit ever recorded in Michigan for a suburban market-rate multifamily asset, according to NAI Wisinski. Craig Black and Scott Nurski of NAI Wisinski represented both the buyer, a Michigan-based private equity group, and the seller, a local developer.
EDWARDSVILLE, ILL. — PCCP has formed a joint venture with TriStar Properties to develop a 593,940-square-foot industrial building in Edwardsville, about 25 miles northeast of St. Louis. Situated on 54 acres, the project is located within Gateway Commerce Center, which consists of 15.7 million square feet. The building will feature 36-foot clear heights and 185-foot truck courts. Construction is underway and completion is slated for February 2018. Gateway Commerce Center is 100 percent leased to tenants such as Procter & Gamble Co., Unilever, Amazon.com and Geodis, part of SNCF Logistics.
CHICAGO — JDL Development has opened SixForty North Wells, a 250-unit luxury apartment tower in Chicago’s River North neighborhood. The 23-story building is currently 41 percent leased and 37 percent occupied. Floor plans vary from studios to three-bedroom units and range in size from 500 to 1,600 square feet. Rents range from $1,850 to $5,820. Amenities include a rooftop deck, kitchen, gaming lounge, fitness center, golf simulator and grill area with fire pits. The Habitat Co. manages the property.
BOERNE AND HELOTES, TEXAS — Bellomy & Co. has arranged the sale of two self-storage facilities totaling 1,223 units in the San Antonio metros of Boerne and Helotes. Ten Oaks Self Storage Boerne is a 756-unit, Class A property situated on 7.5 acres at 131 Old San Antonio Road, and Ten Oaks Self Storage Helotes is a 467-unit facility located at 16304 Bandera Road. The properties offer a combined 186,859 net rentable square feet. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the Boerne-based seller in the transaction.
ALGONQUIN, ILL. — Realty Metrix Commercial has negotiated the sale of Algonquin Town Center in Algonquin, a northwest suburb of Chicago. The sales price was not disclosed. The 103,266-square-foot center is located at 3120-1440 E. Algonquin Road. Built in 1988, the property sits on 11 acres. Chase Bank, Dollar Tree, Goodwill and the U.S. Post Office anchor the property. Linda Kost and Dave Schmidt of Realty Metrix represented the seller, Nickels Quarters LLC. Millennium Properties represented the buyer, RMS Properties.
STERLING HEIGHTS, MICH. — Bernard Financial Group has arranged a $2.9 million loan for the refinancing of a 37,321-square-foot office building in Sterling Heights. David Dismondy of Bernard Financial arranged the loan for the borrower, Roncelli Investment Co. LLC. General contractor Roncelli Inc. occupies the property, which is located at 6471 Metro Parkway. Symetra Life Insurance Co. provided the loan.
