Property Type

Cushman & Wakefield Brokers Sale of The Woodmere Club in Woodmere, N.Y.

by Haisten Willis April 28, 2017

WOODMERE, N.Y. — Cushman & Wakefield has brokered the sale of The Woodmere Club, a golf and country club in Woodmere, to a joint-venture real estate investment entity. Cushman & Wakefield’s metropolitan area capital markets group orchestrated the deal. Weiss Properties and 2020 Acquisitions purchased the 110-acre property, which is located at 99 Meadow Drive. The club features the original clubhouse built in 1908, 18 holes of golf, six tennis courts, a swimming pool, fitness center and several dining options.

April 28, 2017

Multifamily New York Northeast

Besen & Associates Negotiates $11.4M Acquisition of Multifamily Property in NYC

by Haisten Willis April 28, 2017

NEW YORK CITY — Besen & Associates has negotiated the $11.4 million acquisition of a multifamily property located at 24-10 through 24-20 29th St. in the Astoria neighborhood of Queens. The property includes three four-story buildings containing 27 units. There are eight two-bedroom apartments and 19 three-bedroom apartments. The buildings total 25,000 square feet on a 15,000-square-foot lot with 150 feet of street frontage. The property was built in 1935 and is located two blocks from subway lines N and Q. Greg Corbin and Aaron Kline of Besen & Associates represented the buyer in the transaction.

April 28, 2017

New Jersey Northeast Retail

M&M Arranges $2.1M Sale of Net Leased Family Dollar in Orange, N.J.

by Haisten Willis April 28, 2017

ORANGE, N.J. — Marcus & Millichap has arranged the $2.1 million sale of an 8,020-square-foot property net leased to Family Dollar in Orange. Ben Sgambati, Alan Cafiero and David Cafiero of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, a developer. The team also secured and represented the buyer, a private investor. The building is located at 605 Scotland Road at its intersection with Tremont Avenue.

April 28, 2017

Connecticut Multifamily Northeast

Lyman Real Estate Arranges $1.4M Sale of Land for Apartment Property in Essex, Conn.

by Haisten Willis April 28, 2017

ESSEX, CONN. — Penny Parker of Lyman Real Estate has arranged the $1.4 million sale of three contiguous parcels of land totaling 3.8 acres at 21-29 Plains Road in Essex. The buyer, Essex Holdings, plans to develop a 52-unit multifamily property known as Essex Station. Parker represented both the buyer and the sellers, Truehold Essex LLC, which sold one parcel, and Costa Family LLC, which sold the other two. Essex Station will include one- and two-bedroom units with porches, nine-foot ceilings, gas fireplaces, marble bath vanities, granite countertops and stainless steel appliances.

April 28, 2017

Loans Midwest Mixed-Use Ohio

Fairmount, DiGeronimo Receive $142M Construction Loan for 650,000 SF Mixed-Use Property in Cleveland Suburb

by Kristin Harlow April 28, 2017

ORANGE VILLAGE, OHIO — Fairmount Properties and the DiGeronimo Cos. have received a $142 million loan for the construction of Pinecrest, a 650,000-square-foot mixed-use project in the Cleveland suburb of Orange Village. More than 400,000 square feet of retail and restaurant space will include Whole Foods, REI, Silverspot Theaters, Pinstripes, West Elm, Williams Sonoma, Pottery Barn, Vineyard Vines and Kona Grill. The Offices at Pinecrest will consist of two adjoining 75,000-square-foot Class A office buildings, which will be positioned above the retail and restaurant component. Pinecrest will also feature a 145-room AC Hotel by Marriott, 87 high-end luxury apartments and a one-acre town center. The project is slated for completion in spring 2018. Trey Morsbach, Danny Kaufman and Jim Curtin of HFF arranged the loan with a syndicate of banks led by Huntington Bank, which also included KeyBank, First National Bank, First Commonwealth Bank and Flagstar Bank. HFF also assisted the developer in securing joint venture equity for the project in June 2016.

April 28, 2017

Illinois Midwest Retail

Baum Arranges $7M Sale of 32,171 SF Retail Center in Harwood Heights, Illinois

by Kristin Harlow April 28, 2017

HARWOOD HEIGHTS, ILL. — Baum Realty Group has arranged the sale of a 32,171-square-foot retail center in Harwood Heights, approximately 13 miles northwest of Chicago, for $7 million. The property, 4600 Plaza, is located at 4600 N. Harlem Ave. The center was owned by an affiliate of Chicago-based Next Realty LLC. The company has completed major renovations and retenanting at the center over the past 18 months. Danny Spitz and Greg Dietz of Baum represented Next in the sales transaction. The buyer was an out-of-state investment group.

April 28, 2017

Loans Midwest Multifamily Wisconsin

Walker & Dunlop Provides $5.3M Loan for Refinancing of Multifamily Property in Waukesha, Wisconsin

by Kristin Harlow April 28, 2017

WAUKESHA, WIS. — Walker & Dunlop Inc. has provided a $5.3 million loan for the refinancing of Clearwater Apartments in Waukesha. The 55-unit multifamily property was newly constructed in 2015. The property features one- and two-bedroom units as well as a fitness center and barbecue stations. Jeff Schmidt and Tim Cotter of Walker & Dunlop originated the 15-year loan. The transaction served to refinance a bank construction loan.

April 28, 2017

Illinois Midwest Mixed-Use

33 Realty Negotiates Sale of Historic Weyland Building in Chicago

by Kristin Harlow April 28, 2017

CHICAGO — 33 Realty has negotiated the sale of the historic Weyland building located at 1970-84 N. Milwaukee Ave. in Chicago’s Logan Square neighborhood. Designed by Chicago architect John Ahlschlager and built in 1907, the three-story property includes four apartments and approximately 5,000 square feet of ground-floor retail space. CRG Real Estate Solutions, a wholly owned subsidiary of Clayco Inc., purchased the property with plans to transform it into 132 apartments and 7,000 square feet of retail space. Chet Kondas of 33 Realty represented the seller, Armitage Milwaukee Development. Justin Moore of Chicago Real Estate Resources represented the buyer. The sales price was not disclosed, but the asking price was $5 million.

April 28, 2017

Illinois Midwest Multifamily

Essex Brokers $5M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow April 28, 2017

CHICAGO — Essex Realty Group Inc. has brokered the sale of three multifamily properties in Chicago for $5 million. 2137 N. Sheffield is a four-unit building located in Lincoln Park. The units vary in size from 800 to 1,000 square feet. 3052 N. Seminary is a five-unit building with units ranging from one- to four-bedrooms. 821 W. Newport Ave. is a six-unit building located in Chicago’s Lakeview neighborhood. The units vary in size from 650 to 1,150 square feet. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. Neither the buyer nor the seller was disclosed.

April 28, 2017

District of Columbia Office Southeast Top Stories

UNIZO Acquires Two Office Buildings in Washington, D.C. for $259M

by Kristin Harlow April 28, 2017

WASHINGTON, D.C. — UNIZO Holdings Co. Ltd. has acquired two Class A office buildings in Washington for $259 million. The buildings, 1325 and 1341 G St., total 440,419 square feet and are located two blocks from the White House. Built in 1969 and renovated in 2017, 1325 G. St. consists of 307,705 square feet. Originally built in 1903 and also known as The Colorado Building, 1341 G. St. consists of 132,714 square feet of office and retail space. Andrew Weir, Stephen Conley, Jim Meisel, Dek Potts and Matt Nicholson of HFF arranged the sale on behalf of the sellers, Westbrook Partners LLC and TIER REIT Inc. HFF also procured the buyer. In June 2015, HFF arranged the joint venture between Westbrook and TIER REIT. The partners repositioned the properties with a lobby renovation. Westbrook is a real estate investment management company with more than $14 billion of equity in over $50 billion of real estate transactions. TIER REIT (NYSE: TIER) is a real estate investment trust based in Dallas with a focus on owning quality office properties. With this sale, TIER REIT has announced its exit from the Washington, D.C. market. UNIZO is a real estate company based in Tokyo. …

April 28, 2017

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