CHICAGO — Essex Realty Group Inc. has arranged the sale of a 12-unit apartment property for $3.2 million. Located at 3507-11 N. Elston Ave., the property consists of three contiguous buildings, which contain a mix of two-bedroom and three-bedroom units. The buildings were completed in 2015 and include 12 parking spaces. Matt Welke of Essex Realty Group brokered the transaction. Neither the buyer nor the seller was disclosed.
NEW YORK CITY — Eastern Consolidated has arranged the sales of three properties in Queens totaling $12 million. In the first transaction, a real estate investment group acquired a 16,470-square-foot multifamily property located at 45-50 48th St. in the Sunnyside area of Queens. A private investor sold the property for $6.8 million. Jacob Tzfanya and Ted Volynets of Eastern Consolidation represented the seller and procured the buyer. In the second deal, Christos Savvinidis of Eastern Consolidated represented a private investor in the sale of a development site consisting of two residential properties at 2577-2579 31st St. in the Astoria neighborhood of Queens. A real estate investment firm acquired the properties, which offer 50 feet of frontage and 21,538 buildable square feet. In the final transaction, Chad Sinsheimer and Ali Rossland of Eastern Consolidated represented the seller, a private investor, and the buyer, a private investor, in the sale of a vacant 1,728-square-foot building located at 12-07 40th Ave. in Long Island City for $1.1 million. The property offers 6,075 buildable square feet.
ATLANTA — Franklin Street Properties Corp., a Wakefield, Mass.-based office REIT, has purchased Pershing Park Plaza in Midtown Atlanta for $45.5 million. The nine-story, 160,000-square-foot, Class A office building is located at 1420 Peachtree St. N.E. Franklin Street Properties plans to invest $1.8 million in capital improvements for Pershing Park Plaza, which is currently 97 percent leased to three tenants. International law firm Jones Day occupies roughly 88 percent of the office building’s rentable square footage. The acquisition brings Franklin Street Properties’ Midtown Atlanta office portfolio to more than 780,000 square feet.
BELLEVILLE, N.J. — J.G. Petrucci Co., a design/build development firm, has acquired a multifamily property located at 256 Belleville Ave. in Belleville. A private investor sold the three-story, garden-style apartment building for an undisclosed price. First Choice Bank arranged acquisition financing for the transaction. Lauren Federgreen of Rose Real Estate represented the undisclosed seller in the deal. This transaction is the first multifamily acquisition for J.G. Petrucci.
MIAMI — Canyon Partners Real Estate LLC has provided a $24.3 million construction loan for Design 41, a seven-story, 46,000-square-foot mixed-use building in Miami’s Design District. Designed by Enrique Norten of Ten Arquitectos, the project will feature ground-floor retail, parking on the second and third floors, showroom space, offices with 14-foot ceilings and a rooftop restaurant. Canyon provided the loan to the developer, Design District Development Partners (DDDP). Construction of Design 41 is 70 percent completed, and DDDP plans to deliver the project in December.
PRINCE GEORGE, VA. — The Hollingsworth Cos. has designed and constructed the 190,462-square-foot expansion of a manufacturing facility within SouthPoint Business Park in Prince George. Hollingsworth completed the expansion of the aluminum remelt facility occupied by Service Center Metals (SCM). In addition to the expansion, SCM will invest in additional equipment at the facility and expand the current workforce by 35 employees.
GREENSBORO, N.C. — Charlotte-based Grubb Properties has purchased a 380,000-square-foot, Class A office campus located on 46.7 acres at 4161 Piedmont Parkway in Greensboro. Grubb Properties purchased the asset from Cornerstone Real Estate Advisers, which was acting on behalf of an institutional investor, for $6.1 million, according to the Triad Business Journal. Originally built in 1994 as a build-to-suit for NationsBank, Bank of America leases roughly 75 percent of the three-story building. On-site amenities include a cafeteria, high-tech infrastructure, conference and training rooms and a card-reader security system at all entrances. Jonathan Smith of CBRE|Triad and Ben Kilgore of CBRE|Raleigh represented Cornerstone Real Estate Advisers in the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use building located at 5617 Fifth Ave. in Brooklyn. An individual/personal trust purchased the 5,836-square-foot property from a private investor for $2.1 million. John Brennan of Marcus & Millichap represented the buyer and seller in the deal.
WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of a 10,780-square-foot tract of land located at 2027 Rhode Island Ave. N.E. in Washington, D.C. The site currently houses a 3,739-square-foot mixed-use property. An unnamed developer purchased the site for $1.9 million with plans to develop more than 30 multifamily residences. Benjamin Wilson, Ryan Smith and Josh Feldman of Marcus & Millichap represented the seller in the transaction. Wilson, Smith and Feldman, along with Cameron Webb of Marcus & Millichap’s Washington, D.C., office, secured the buyer.
SCOTTSDALE, ARIZ. — Cushman & Wakefield has arranged the $47 million sale of Silverstone Marketplace, a newly constructed, 78,000-square-foot shopping center located in Scottsdale. The Sprouts-anchored shopping center is fully leased to tenants including Einstein Bagels, Verizon, Mattress Firm, 1st Bank, Tenet Urgent Care, Massage Green, Eddie Merlot’s Steakhouse, Firehouse Subs and Pacific Dental. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the buyer, Chicago-based LaSalle Investment Management. Ryan Amato and Jason Eisenberg of the Eisenberg Co. of Phoenix represented the seller, RHVT Limited Partnership.
