REVERE, MASS. — NAI Hunneman has brokered the $6.3 million sale of 777 N. Shore Road, a 31,950-square-foot office/warehouse building located on Route 1A in Revere. The location will be the new headquarters location for AmQuip, a crane rental company. NAI Hunneman’s Trey Agnew represented the landlord, N.S. Realty Trust, while Steve Clancy of CBRE represented the buyer, Alterra LLC. The property includes a one- and two-story office and warehouse building, with the office component accounting for 25 percent. The warehouse component features 23-foot clear heights and 10 overhead doors.
CHICAGO — Essex Realty Group Inc. has brokered the sale of a 44-unit multifamily building in Chicago’s Sheridan Park neighborhood for $6.1 million. The property, located at 4706 N. Beacon St., consists of studio, one- and two-bedroom apartments. The building was fully renovated in 2007, including all major building systems. Doug Fisher of Essex represented the undisclosed seller. Doug Imber and Kate Varde of Essex represented the undisclosed buyer.
BROOKFIELD, WIS. — Marcus & Millichap has arranged the sale of Executive III office property in Brookfield for $3.3 million. The 55,863-square-foot, multi-tenant building is located at 125 N. Executive Drive adjacent to Brookfield Square Mall. Joe Powers and Frank Roti of Marcus & Millichap marketed the property on behalf of the seller, a loan servicer. The team also procured the buyer, a private investor based in Illinois.
CHICAGO — LM Commercial has brokered the sale of a 67,305-square-foot industrial building in Chicago’s Montclare neighborhood. The property is located at 2701 N. Normandy Ave. The listing price was $1.5 million, but the final sales price was not disclosed. Martha Winter, Mike Merry and Brian Wabick of LM Commercial brokered the transaction.
MILWAUKEE — The Dickman Co. Inc./CORFAC International has arranged the sale of a 13,718-square-foot industrial building in Milwaukee. The sales price was not disclosed. The property is located at 5711 West Douglas Ave. Samuel M. Dickman Jr., Samuel D. Dickman and Zach Hansen of the Dickman Co. represented the seller, Olympic Supply Co. Brett Deter and Joe Carollo of RFP Commercial represented the buyer, Bellot LLC.
COVINGTON, WASH. — A joint venture between Oakpointe Communities and Presidio Residential Capital has received unanimous approval from the City of Covington to develop LakePointe Urban Village, a $670 million mixed-use community in Covington, approximately 30 miles south of Seattle. Located at Highway 18 and Southeast 256th Street, the 214-acre master-planned community will include an 850,000-square-foot entertainment and lifestyle center, a 130-room hotel and up to 1,500 single-family and multifamily residences. The developers plan to break ground in early 2018. KTGY Architecture + Planning designed the centerpiece of the community, a peninsula extending into a 20-acre lake with retail shops, restaurants, single-family and multifamily homes, a pavilion park, open space and trails. “We are thrilled the City of Covington was so receptive to the overall vision and design of LakePointe,” says Brian Ross, CEO of Oakpointe Communities. “We are already in lease discussions with a variety of prospective tenants including major retailers, a multiplex theater, restaurants, outdoor cafés and coffee shops, wine bars and breweries, soft good retailers, specialty and boutique retailers as well as a gourmet grocer.” Kirkland, Wash.-based Oakpointe Communities is a land and commercial development company. Presidio Residential Capital, based in San Diego, provides capital in the …
Despite waves of new development and rebounding oil prices, the Fort Worth office market hasn’t changed. It reflects the city’s lifestyle and attitude — stable and patient — and optimistic as to what the future holds. As businesses come and go and vacancy rates fluctuate, the Fort Worth office market views the long-term potential of its investments and confidently forges ahead. Go West Much of the new development we are seeing is southwest of downtown. The West Southwest submarket accounts for 62 percent of the construction begun or underway in 2016, with The Offices at Clearfork accounts for 330,000 of the 734,000 square feet built after 2016. The new vision for the master-planned, 270-acre Clearfork development includes 2,500 apartment units, two million square feet of office space, and 1.2 million square feet of retail space anchored by Nieman Marcus. Fort Worth’s CBD is adding its first new building since Sundance Square, which was built in 2014. The property at 640 Taylor St. will add 280,000 square feet and will be 51.5 percent leased upon completion. Its owner, Jetta Operating Co. Inc., and namesake, Frost National Bank, will occupy 140,000 square feet. Effects of Westward Migration The Offices at Clearfork and …
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million first mortgage loan for the acquisition of a 90,000-square-foot development site located on Metropolitan Avenue and Graham Avenue in the Williamsburg neighborhood of Brooklyn. SL Development acquired the property, which operated as an umbrella factory since 1933. The financing also will also fund the conversion of the asset into a mixed-use property. Upon completion, the development will include 69 residential condominiums with 18 parking spaces and 20,000 square feet of retail. Rawlings Architects designed the project, which will also feature a resident gym and a roof deck. Construction is expected to begin this month and be completed in July 2019. Aaron Appel, Michael Diaz and Alex Witt from Jones Lang LaSalle sourced the deal to MRC and represented the borrower in the transaction.
NEW YORK CITY — The Britannia Group has negotiated the $23 million sale of a 41-unit apartment property in the South Williamsburg neighborhood of Brooklyn. Britannia’s Jacob Rogosnitzky and David Zlotnick represented the buyer, a German family, in the acquisition of the property at 218 S. 3rd St.
FORT LEE, N.J. — PMZ Realty Capital has arranged a $23.7 million construction loan for Hyatt Place Fort Lee. The 168-room property will offer rooms including work desks, refrigerators, coffee makers and an in-room safe. The hotel also features complimentary breakfast.