WORCESTER, MASS. — Worcester Building Systems Inc. has acquired a land parcel at 100 Wall St. in Worcester. City View Apartments LLC sold the site, which is the former site of the El Morocco Restaurant, for $850,000. The buyer plans to develop a 60-unit residential apartment building on the site. Drew Higgins and Paul Matt of Kelleher & Sadowsky Associates represented the seller in the transaction.
CHICAGO — Mid-America Real Estate Corp. has brokered the sale of the Roosevelt Galleria in Chicago. Acadia Realty Trust purchased the 40,306-square-foot retail property for $19.6 million. Tenants include Golfsmith, Petco, Sleepy’s, United Healthcare and The Vitamin Shoppe. Joe Girardi and Stan Nitzberg of Mid-America were the sole brokers in the transaction and represented the seller, Ravine Park Partners and Development Resources.
CHICAGO — In separate transactions, Interra Realty has arranged the sale of two apartment properties on the north side of Chicago for a total of $3.9 million. A 12-unit property located at 3748 W. School St. in Avondale sold for $2 million, or $170,000 per unit. The 13,300-square-foot building was constructed in 1918 and renovated in 2007. The property was originally slated to be condos. The building has been operating as a rental property for the last eight years. A 19-unit property located at 6971 N. Greenview Ave. in Rogers Park sold to an undisclosed cash buyer for $1.9 million, or $100,000 per unit. The 15,200-square-foot property traded at a cap rate of 5.1 percent and was built in 1930. James Clough and Joe Smazal of Interra represented both undisclosed parties in the transactions.
MERRILLVILLE, IND. — Quantum Real Estate Advisors Inc. has brokered the sale of a 36,800-square-foot, multi-tenant retail building located at 5160-5210 E. 81st Ave. in Merrillville, approximately 40 miles southeast of Chicago. The property, Madalyn Plaza, sold for $1.9 million and is comprised of two multi-tenant retail buildings and two warehouse units. The two retail buildings, which total 22,406 square feet, are currently 71 percent occupied. Chad Firsel of Quantum was the sole broker in the transaction.
Consumers’ desire for shopping convenience and lower prices is driving online retail sales up, accounting for 7.2 percent of total U.S. retail sales so far in 2015, according to the U.S. Census Bureau. And that percentage is expected to double by 2020. It’s no wonder that the popularity of online shopping also is spurring growth in the industrial segment of commercial real estate, particularly in central Indiana. Over the past three years, the growth of e-commerce has accounted for 55 percent of total industrial net absorption in the United States. In 2015 alone, e-commerce has been responsible for 31 percent of industrial net absorption year to date. During the current expansion, the Indianapolis industrial market ranks eighth among all U.S. industrial markets in terms of total net absorption, according to Cushman & Wakefield. In the second quarter of this year, net absorption for modern bulk space totaled 1.6 million square feet, more than any other industrial segment in the market. Since 2013, nearly 15 percent of industrial square footage leased in metro Indianapolis has been related to e-commerce. The FedEx Factor With a compound annual growth rate of 14 percent since 2008, e-commerce has driven retailers to establish dedicated dot-com …
PLANO, TEXAS — Lincoln Property Co. has debuted its latest Plano properties, named Legacy VI and VII. Built by Bob Moore Construction, Legacy VI and VII include 245,508 square feet of speculative office and tech center space on a 24-acre, three-building campus. Legacy VI includes two 60,428-square-foot flex/tech centers. Legacy VII is a 124,652-squre-foot, two-story office building. The building’s corners and main entrances include spandrel glass curtain wall windows. The lobby is finished with glass, steel, wood and tile. All three buildings were constructed with tilt-up construction. The campus also includes 1,463 parking spaces spanning 582,522 square feet.
WEST CONCORD, MASS. — Oaktree FX, a partnership between Oaktree Development and FX Investments, has opened Brookside Square, a transit-oriented, mixed-use development in West Concord. The $32 million property features 74 luxury apartments and 36,000 square feet of commercial and office space within a short walking distance to the West Concord Commuter Rail Station. The property features a mix of studio, one- and two-bedroom units priced from $1,755 to $3,265. On-site amenities include an underground parking garage, community room with gas fireplace and WiFi access, fitness center and a community deck overlooking Nashoba Brook. The property is managed by WinnResidential.
BEAUMONT & HUMBLE, TEXAS — Deason Financial Group has arranged financing for the acquisition of two self-storage properties. In the first transaction, Deason secured financing for the acquisition and expansion of a 42,475-square-foot facility in Humble. The $2.6 million acquisition loan was structured at a 75 percent loan-to-value ratio, with a five-year term and 25-year amortization schedule. Deason also arranged a $2 million construction loan for the 70,000-square-foot expansion of the facility. The loan featured two years of interest-only payments, converting to principal and interest payments for months for the third year. Built in 2005, 68 percent of the facility’s units are climate controlled. In the second deal, Deason arranged $4.5 million in financing for the acquisition of an 82,390-square-foot facility in Beaumont. The loan included a 75 percent loan-to-value ratio, with a 10-year term, 30-year amortization schedule and three years of interest-only payments. Built in 2010, the facility has a total of 632 units and 83 percent are climate controlled. Todd Kelsey of Deason Financial Group handled each transaction.
HAMILTON, N.J. — Mercer Realty LLC has completed the disposition of Nottingham Shopping Center in Hamilton. An affiliate of PAG Investments purchased the 24,396-square-foot retail center for $6.4 million. Situated on approximately six acres at 2021 Nottingham Way, three-building property is occupied by a freestanding Walgreens, Dunkin’ Donuts and Aromaz Carpet. Chris Munley and Jose Cruz of HFF represented the seller, while Chaim Dahan of The Dahan Law Firm represented the buyer in the transaction.
FORT WORTH, TEXAS — Ventures Development Group (VDG) has begun construction on the first multifamily development in the Near Southside Community of downtown Fort Worth. The 2.1-acre parcel is located at the corner of Jennings and Broadway avenues across the street from the Broadway Baptist Church. In conjunction with the development, the local tax increment district has approved infrastructure improvements, updated streetscapes and environmental remediation. VDG has engaged the multifamily division of Stream Realty Partners to manage the five-story, 209-unit community, which will also include 2,600 square feet of ground-floor retail space and four live/work studio lofts. South 400 Apartments will include amenities such as a sky lounge overlooking the Fort Worth skyline and private terraces.