AUSTIN, TEXAS — JLL has brokered the sale of Nine One Six, a two-story, 55,216-square-foot office property located at 916 S. Capital of Texas Highway in Austin. Jeff Coddington, Kevin Kimbrough and Brent Powdrill of JLL represented the seller, San Francisco-based JMA Ventures LLC, in the transaction. Austin Stone Community Church purchased the asset for an undisclosed price. The sale includes the 5.2 acres on which the property is situated.
COLUMBUS, OHIO — Colliers International has brokered the sale of Sterling Place in Columbus for $32.5 million. The 300-unit multifamily property was built in 1991. Will Mathews and Russ Williamson of Colliers represented the seller, CORE Realty Holdings Management Inc. The Conor Group purchased the property.
INDIANAPOLIS — CBRE has arranged a $3.1 million loan for the refinancing of Cherry Tree Crossing in Indianapolis. The 13,400-square-foot retail property is home to tenants such as QDoba Mexican Grill, Gentle Dentist and T-Mobile. Jason Brown and Dan Gable of CBRE arranged the 10-year loan, which includes a 30-year amortization schedule. EverBank provided the loan for the undisclosed borrower.
CHICAGO — Essex Realty Group Inc. has brokered the sale of a condominium building in Oak Park, a suburb of Chicago, for $2 million. The property, located at 922-924 Ontario St., features 13 one-bedroom units. Ontario Association purchased all of the units in what is known as a condo deconversion. Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement. Owners then have the option to either move out or to leaseback from the new owner. Jim Darrow and Jordan Gottlieb of Essex arranged the sale on behalf of the buyer.
CHICAGO AND LAKE BLUFF, ILL. — The Missner Group has completed renovations for the Illinois Bone & Joint Institute (IBJI) in Chicago and Lake Bluff, Ill. At 111 N. Canal St. in Chicago, renovations included the addition of a 2,900-square-foot physical therapy space, private consultation suite and a new reception and waiting lounge. At 101 Waukegan Road in Lake Bluff, a 6,000-square-foot renovation featured the build-out of both physical therapy and clinic space. The facility now consists of a renovated reception area, private examination rooms and 2,800 square feet of space for physical therapy. Heath Yarger and Steve Bulger of Missner Group led the project team. Stephen Rankin & Associates provided architectural services. With more than 20 locations, IBJI specializes in the diagnosis, treatment and management of injuries and diseases of the musculoskeletal system.
MARYLAND HEIGHTS, MO. — Universal Windows Direct has signed an 8,250-square-foot industrial lease in Maryland Heights. The property is located at 11993 Borman Drive. This is the first Missouri location for the Cleveland-based window installation and home improvement company. Scott Martin of Hilliker Corp. represented the tenant in the five-year lease transaction. Pace Properties represented the undisclosed landlord.
KNOXVILLE, TENN. — Michaelson Real Estate Group LLC, in partnership with Eklund Development, has acquired The Metropolitan, a 520-unit multifamily community in the Cedar Bluff neighborhood of Knoxville, for $48.1 million. Constructed in 1986, the property includes one- and two-bedroom floor plans with an average size of 800 square feet. Units feature wood-style flooring, stainless steel appliances, granite countertops and private balconies or patios. Community amenities include a heated indoor swimming pool, outdoor resort-style pool, clubhouse, fitness center, sports courts and a picnic area with grills. The property was updated in 2015 to include repaved parking lots, new roofs and interior and exterior renovations.
NEW YORK CITY — Madison International Realty and Forest City Realty Trust have signed definitive agreements for Madison’s acquisition of Forest City’s 51 percent interest in a 2.1 million-square-foot retail portfolio. The transaction is valued at $1 billion. Scattered across Manhattan, Brooklyn, Queens, the Bronx, Staten Island and Northern New Jersey, the 12-property portfolio is 95 percent leased. Madison plans to engage Cushman & Wakefield as the third-party property management and leasing team for the portfolio. The transaction is expected to close in the fourth quarter.
BOSTON — Fortis Property Group has purchased Dock Square Garage, a parking garage and retail property located adjacent to Faneuil Hall in downtown Boston, for $170 million. The property features 698 parking spaces and 16,100 square feet of retail space, which is leased to Hard Rock Café. The asset also offers three to four stories of additional development potential. Robert Griffin, Edward Maher, Matthew Pullen and James Tribble of Newmark Knight Frank represented the seller, Dock Square Parking Associates, in the transaction.
HUNTSVILLE, ALA. — Watkins Real Estate Group has signed a 45,600-square-foot lease with Publix Super Markets Inc. to anchor The Pinnacle at Providence, a 59,600-square-foot retail center under development in Huntsville’s Providence neighborhood. The Atlanta-based retail and multifamily development company acquired the 9.2-acre site in 2016 and recently secured construction financing through BB&T Corp. In addition to Publix, the tenant lineup includes Courtney Murray DDS, Allure Nails Spa and an additional 9,800 square feet of shop space. Watkins is pursuing other retail, dining and service tenants to fill the remaining space. The new Publix will be the Lakeland, Fla.-based grocer’s third location in the market. The Pinnacle at Providence is slated for completion in the first quarter of 2018.
