SPRINGFIELD, N.J. — The KRE Group and Avenue Realty Capital have acquired Summit Hill, a 228-unit rental community in Springfield, for $70 million. Summit Hill, located at 100 Stone Hill Road, is a garden-style apartment community near routes 78 and 24 in western Union County.
ESSEX, CONN. — Lyman Real Estate has brokered the $1.4 million sale of three contiguous parcels of land totaling 3.8 acres at 21-29 Plains Road in Essex. Essex Holdings was the buyer and will develop the property as Essex Station, a 52-unit luxury apartment community. Penny Parker of Lyman Real Estate represented both the buyer and the sellers. Truehold Essex sold one parcel and Costa Family LLC sold the other two. All of the one- and two-bedroom units will feature porches, nine-foot ceilings, gas fireplaces, marble bath vanities and granite countertops. Sixteen of the Essex Station units will have a maximum qualifying household income and a monthly rent limit.
NEW YORK CITY — LargaVista Cos. has purchased 30-10 41st Ave. in Long Island City for an undisclosed price. The property is a 65,000-square-foot office building adjacent to Sunnyside Yards at the intersection of Northern Boulevard and 41st Avenue. LargaVista also owns the adjacent building at 29-42 Northern Blvd. and is considering a creative office conversion and expansion, though exact plans are not yet complete. TriState Capital Bank provided financing for the transaction.
NEW YORK CITY — TerraCRG has arranged the $2.2 million sale of 205 Wyckoff Ave., a mixed-use building located between Harman Street and Greene Avenue in the Bushwick neighborhood of Brooklyn. TerraCRG’s Matt Cosentino, Eric Satanovsky and Fred Bijou handled the transaction. The three-story brick building includes five residential units and a retail space located near the DeKalb Avenue L train and the Myrtle-Wyckoff M&L trains. The buyer and seller were not disclosed.
NEW YORK CITY — ARM Real Estate group has negotiated the sale of 31-52 Steinway St. in the Astoria neighborhood of Queens for $1.8 million. The two-story, 1,944-square-foot retail building was delivered vacant at closing and the new owner has put the asset up for lease. The property, built in 1930, sits between Broadway and 31st Avenue, two blocks away from the M and R subway stops. Anand Melwani and Alexandre Goulet of ARM Real Estate Group represented both parties in this transaction. Alexandre Geis was the seller and 31 Steinway 52 LLC was the buyer.
BROOKLYN CENTER, MINN. — CBRE has arranged the sale of the Brookdale Corporate Center I and II, a pair of office buildings located in Brooklyn Center near Minneapolis, for $14.3 million. New York-based Sovereign Capital purchased the 230,000-square-foot portfolio. The six-story buildings were constructed in 1982 and 1985 and renovated in 2004. The buildings were 77 percent occupied at the time of sale to tenants such as the University of Minnesota Physicians, Brooklyn Center Independent School District headquarters, Qualcomm, National American University and Aerotek. Sonja Dusil, Ryan Watts, Judd Welliver and Tom Holtz of CBRE represented the undisclosed owner in the transaction.
SOUTH BEND, IND. — RD Management LLC has sold a former Sears Essentials building located at 4640 S. Michigan St. in South Bend. A national retailer purchased the 112,900-square-foot property for an undisclosed price. The vacant building sits on 16 acres near U.S. Highway 31. A Ford dealership and Aldi supermarket are adjacent to the property, and Erskine Commons and Erskine Plaza centers are nearby. RD Management sold the asset as part of the company’s strategy to reposition its portfolio as a more diversified group of properties.
DAVENPORT, IOWA — Binswanger has arranged the sale of a nearly 160-acre land site in Davenport for an undisclosed price. Sterilite Corp. purchased the land from the Greater Davenport Redevelopment Corp. Sterilite, a manufacturer of plastic storage containers, plans to build a new manufacturing and distribution center on the site. The center, slated to open in early 2018, will employ approximately 500 employees. As part of the transaction, the Scott County Board of Supervisors and the City of Davenport will provide a multimillion-dollar incentive package for moving to the Quad Cities. Tim O’Callaghan and Larry Spinelli of Binswanger arranged the sale on behalf of Sterilite. The team also helped negotiate the incentive package.
PLAINFIELD, IND. — HSA Commercial, in a joint venture partnership with Great Point Investors, has begun development of a 151,220-square-foot speculative industrial building in Plainfield, a southwest suburb of Indianapolis. Gateway Industrial IV is currently under construction, with delivery scheduled for this June. It will be the fifth and final building developed by HSA Commercial in the 40-acre Gateway Business Park. The PrivateBank provided the project financing. HSA Commercial and Great Point Investors previously partnered on the development of Gateway Industrial III, an adjacent 220,000-square-foot building that was completed in 2015 and is now fully leased. When complete, Gateway Industrial IV will feature 30-foot clear heights, 16 expandable truck docks, four drive-in doors and parking for 156 vehicles. The development is located just west of the Indianapolis International Airport and is designed to accommodate users as small as 25,000 square feet. John Hanley, Terry Busch and Jared Scaringe of CBRE are handling leasing for Gateway Industrial IV. Fishers, Ind.-based Meyer Najem is the general contractor for the project. West Lafayette, Ind.-based KJG Architecture designed the building.
GRAND RAPIDS, MICH. — NAI Wisinski has arranged the sale of a 5,720-square-foot restaurant building in Grand Rapids. Georgina’s Fusion Cuisine, a Traverse City-based Asian and Latin taqueria, purchased the two-story building for an undisclosed price. Located at 724 Wealthy St., the property will feature a 2,860-square-foot restaurant on the first floor and two apartments on the second floor. The building will undergo major renovations for the full-service restaurant before an anticipated opening this summer. This will be Georgina’s second location in Michigan. Todd Leinberger of NAI Wisinski arranged the sale on behalf of Georgina’s. Dave Zeemering of Victory Realty represented the seller, who is retiring from his retail business, Phil’s Stuff.
