PHOENIX — Dalan Management has purchased the 224-unit Sterling on 28th Apartments in Phoenix for $14.3 million. The community is located at 11821 N. 28th Drive. The property is situated near Metrocenter mall and the North Mountain Redevelopment Area. Dalan plans to renovate the unit interiors to reposition the asset. David and Steve Gebing of Marcus & Millichap’s Institutional Property Advisors represented both the buyer and seller, Pacific Real Estate Partners, in this transaction.
TUCSON, ARIZ. — MCR Development has completed renovation work on the 91-room TownePlace Suites by Marriott Tucson Airport. The hotel is situated less than a mile from the Tucson International Airport. The newly renovated hotel features fully updated guest rooms and new furniture, flooring, décor and artwork in the lobby. Additional improvements include upgraded patio furniture surrounding the pool and new exercise equipment in the fitness center.
LOS ANGELES — An unnamed buyer has acquired a 20-unit apartment complex in the Koreatown district of Los Angeles for $2.1 million. The community is located at 859 S. New Hampshire Ave. The asset was purchased as a value-add play. Adam Peterson of RE/MAX Commercial represented the seller, a family trust, in this transaction.
CHICAGO — American Realty Advisors (ARA) has acquired The Madison at Racine, a 216-unit luxury apartment community in Chicago’s West Loop. The purchase price was not disclosed. The 216-unit property is located at 1164 W. Madison St. The community features one- and two-bedroom apartments, as well as a rooftop with a sun deck, pool, hot tub and fire pits. Other amenities include a coffee bar, dog park and concierge services. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the seller, a partnership between Boston-based Intercontinental Real Estate Corp. and Chicago-based Ascend Real Estate Group.
WEST BLOOMINGTON, MINN. — CBRE has brokered the sale of Bristol Village in West Bloomington for an undisclosed price. The 290-unit apartment and townhome community is located at 7301 Bristol Village Drive. The property includes a 119-unit apartment building and 11 buildings of townhouse-style rental units. Amenities include a clubhouse, community room, fitness center and pool. The community was 98 percent occupied at the time of sale. Dominium, who originally developed the property in 1988, was the seller. An affiliate of TH Real Estate was the buyer. Keith Collins, Abe Appert and Laura Hanneman of CBRE represented Dominium in the transaction.
DES PLAINES, ILL. — Riddell Inc. has signed approximately a 27,000-square-foot office lease in Des Plaines, about 20 miles northwest of Chicago. The producer of football helmets and protective equipment will occupy the space at 1700 W. Higgins Road. The new location will serve as the company’s headquarters and also feature a testing lab to advance the design and development of football gear. Riddell will be vacating its current space located at 9801 W. Higgins Ave. in Rosemont later this year. Jon Springer, Paul Diederich and Andrew Kaplan of CBRE represented Riddell in the lease transaction.
JANESVILLE, WIS. — Coldwell Banker Commercial McGuire Mears & Associates has arranged the sale of a 10,164-square-foot industrial building in Janesville in southern Wisconsin. The sales price was not disclosed. The former PPG building is located at 461 W. Conde St. PPG Industries Inc. vacated the premises in June 2016 after shutting down its Janesville operations. Milwaukee-based Aerial Work Platforms, which sells, leases and services scissor lifts and booms used in the construction industry, purchased the building. Aerial Work Platforms will be relocating from a 5,000-square-foot location on McCormick Drive in Janesville. Bill Mears of Coldwell Banker represented both the buyer and the seller in the transaction.
TROY, MICH. — Clear Rate Communications has entered into a 16,201-square-foot office lease in Troy. The telecommunication services provider will occupy the Class A space located at 2600 W. Big Beaver Road. Kevin Jappaya of KJ Commercial represented Clear Rate Communications in the lease transaction. Jeffrey Bell and Daniel Morse of CBRE represented the landlord, Sovereign Partners.
MADISON AND SHORT HILLS, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has acquired a 1.1 million-square-foot office portfolio that includes six Class A properties in northern New Jersey for $368 million. The sales price of the portfolio is one of the highest ever recorded statewide in the office sector, according to a news release. RXR Realty LLC sold the portfolio, which includes 1, 3 and 7 Giralda Farms in Madison and 51, 101 and 103 JFK Parkway in Short Hills. The portfolio is 91 percent leased to tenants such as KPMG, Wells Fargo, Merrill Lynch, UBS, Dun & Bradstreet, Investors Bank, Citibank, Franklin Mutual Advisors, Pfizer and Prudential. All of the properties are located in the Route 24 corridor and benefit from a strong retail amenity base, including The Mall at Short Hills, the downtown areas of Morristown, Madison and Summit and the retail offerings along Route 10. “This acquisition signifies Mack-Cali’s substantially expanded presence in the affluent Short Hills submarket — positioning us as the owner of nearly all of the Class A office space, as well as some of the most premier assets in the Madison submarket,” said Michael J. DeMarco, president of Mack-Cali, in a press release. “This transaction exemplifies …
MIAMI BEACH, FLA. — Meridian Capital Group has arranged a $26 million loan to refinance the 253-room Holiday Inn located at 4333 Collins Ave. in Miami Beach. Jacob Schmuckler and Steve Adler of Meridian Capital Group arranged the 10-year CMBS loan, which features interest-only payments for the full term. The property, which was fully renovated in 2009, offers an on-site bar and restaurant, fitness center, laundry facilities and a business center.
