MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $8.7 million sale of an 8,700-square-foot mixed-use property at 1609 Alton Road in Miami Beach’s South Beach neighborhood. Scott Sandelin and Alejandro D’Alba of Marcus & Millichap’s Miami office represented both the seller, a limited liability company based in Miami Beach, and the buyer, a limited liability company based in New York. The two-story asset comprises 4,500 square feet of retail space and 4,200 square feet of office space. The property was fully leased at the time of sale to a nail salon, liquor store and medical office tenant.
CHAPEL HILL, N.C. — Unison Realty Partners has purchased Chatham Crossing, a 96,155-square-foot neighborhood shopping center in Chapel Hill. The property was 90 percent leased at the time of sale to tenants such as Lowes Foods and CVS/pharmacy. Unison Realty’s plans for the property include stabilizing existing tenants, updating the façade of the building and leasing up the shopping center’s remaining vacancies. Berkeley Capital Advisors brokered the acquisition. Chatham Crossing is Unison Realty’s first acquisition in North Carolina.
STAMFORD, CONN. — A consortium consisting of Anbang Insurance Group Co., J.C. Flowers & Co. and Primavera Capital Limited has increased its bid to acquire Starwood Hotels & Resorts Worldwide (NYSE: HOT) to $82.75 in cash per share of Starwood common stock from the previous non-binding proposal of $81 per share bid, which was made on March 26. Starwood’s board of directors has concluded that this revised, non-binding proposal from the consortium is a superior proposal as defined in Starwood’s merger agreement with Marriott International Inc. (NASDAQ: MAR), according to a press release issued Monday by Starwood. The new proposal is valued at $14 billion versus Marriott’s previous offer of $13.6 billion. The Starwood board, in consultation with its legal and financial advisors, will carefully consider the outcome of the discussion with the consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders, the news release stated. Under the terms of the consortium’s current revised proposal, the consortium will acquire all the outstanding shares of common stock of Starwood for $82.75 per share in cash, an increase of $4.75 per share from its initial binding proposal of $78 per share …
LEXINGTON, MASS. — Rockwood Capital has completed the disposition of two hotels: an aloft and an element, located on a 12.7-acre site at 727 Marrett Road in Lexington, a northwest suburb of Boston. An undisclosed buyer acquired the hotels for $54 million, unencumbered by management. The 136-room aloft features grab-and-go dining, the w xyz bar, an indoor swimming pool, business center, game room, fitness room, meeting room and complimentary shuttle service. The 123-room element features complimentary breakfast, an indoor swimming pool, business center, fitness room, meeting room and complimentary shuttle service. The hotels were developed in 2008 as prototypes for the Starwood brand. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction.
RAMSEY, N.J. — Prestige Management Services has acquired an industrial facility located at 133 Williams Drive in Ramsey. Kislevitz Family LLC sold the 175,438-square-foot property for $16 million. Prestige will occupy the entire building starting in spring 2018. Constructed in 1980 and renovated in 2012, the building features 21,000 square feet of office space, 27-foot clear ceiling heights, 32-foot column spacing and parking for 245 vehicles. Chris Max and Daniel Foley of Savills Studley brokered the transaction.
NEW YORK CITY — TerraCRG has arranged the sale of a multifamily property located at 310 12th St. in Brooklyn’s Park Slope neighborhood. The five-story asset sold for $9.2 million, or $628 per square foot. The 14,644-square-foot building features one four-bedroom apartment with side yard access, six three-bedroom apartments and 13 two-bedroom units. Of the 20 units, eight are fully renovated, free-market units and 12 are rent stabilized. Adam Hess, Sam Shalumov, Eddie Setton and Kirill Galperin of TerraCRG brokered the transaction. The names of the seller and buyer were not released.
NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building located at 1072 Woodycrest Ave. in the Bronx’s Highbridge section. An institutional investor acquired the 49-unit asset for $7.7 million. Marco Lala and Chris Wynne of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer in the transaction.
CHICAGO — A joint venture between M&R Development and Bucksbaum Retail Properties LLC has acquired a 2.3-acre site in Chicago’s Lakeview neighborhood for the future development of an apartment building. Addison & Clark, slated for completion in 2018, will contain 148 luxury units and 150,000 square feet of retail space across from Wrigley Field. Demolition of existing structures will take place over the next two months. The retail component, which will be located on the first three floors, will contain a multi-screen theater, health and fitness club and several dining options. The units at Addison & Clark will consist of studio, one- and two-bedroom apartments. The transit-oriented building will be located a block west of the Chicago Transit Authority’s Red Line and will also feature a 405-space parking garage. Solomon Cordwell Buenz will design the LEED-certified building, and Power Construction will serve as the general contractor.
BOLINGBROOK, ILL. — The Opus Group has unveiled plans for a 112,000-square-foot speculative warehouse and office building in Bolingbrook, approximately 30 miles southwest of Chicago. The project, known as 1325 Remington, will be located on nine acres within the Carlow Corporate Center along the I-55 corridor. The building will feature 28-foot clear heights, ESFR sprinklers, three drive-in doors, 11 loading docks and parking for 242 cars. The development will be able to accommodate single or multi-tenant occupancy and is slated for completion this October. Opus Development Co. will be the developer, Opus Design Build will be the design-builder and Opus AE Group will be the architect and structural engineer of record. Dominic Derose and Vern Schultz of Colliers International will market the property for lease.
LAKE BLUFF, ILL. — Avison Young has negotiated a long-term, 190,925-square-foot industrial lease in Lake Bluff, approximately 35 miles northwest of Chicago. Homewerks Worldwide, a global supplier of home and commercial plumbing and HVAC products, will move its headquarters into the 256,300-square-foot building at 45-85 Albrecht Drive. Globe Corp. is the landlord. The facility, built in 1995, is situated on 19 acres and features 28-foot clear heights, 20 dock doors and parking for 410 cars. Keith Puritz, Brett Kroner and Eric Fischer of Avison Young represented the landlord in the transaction.