CHICAGO — Interra Realty has brokered the sale of an apartment building in Chicago’s Wicker Park neighborhood for $2.3 million at a 6.2 percent cap rate. The Interra team of Ted Stratman and Jeremy Morton were hired by the seller to market the apartment building. The five-unit property, located at 2144 W. Potomac Ave., was recently renovated with new porches, heating and air conditioning, granite countertops, stainless steel appliances, hardwood floors, electrical updates and copper plumbing.
NEW YORK CITY — Tishman Speyer, in partnership with Qatar Diar, is moving ahead with the construction of a 1.1 million-square-foot office and retail project in Long Island City. The project concludes Tishman Speyer’s purchase of 1.8 million square feet of development rights from New York City, which included a 700,000-square-foot office building that the company completed in 2011. Designed by MdeAS Architects, the new commercial project will comprise two 27-story towers connected by a four-story podium featuring a mix of retail, food hall, restaurant and parking garage space. Construction is slated to begin in early 2017, with completion scheduled for 2019. More than 800,000 square feet of the available office space in the development has been preleased, including 250,000 square feet to WeWork, a shared office space provider. Fried Frank acted as counsel to Tishman Speyer in the closing of the company’s $770 million transaction to develop the two towers. The transaction included the acquisition of the site from the New York City Economic Development Corp., an equity investment by Qatari Diar, construction financing and tax benefits from the New York City Industrial Development Agency. The Fried Frank team included Jonathan Mechanic, Tal Golomb, Michael Barker, Michael Werner, Janice Mac …
CAROL STREAM, ILL. — SVN | Chicago Commercial has brokered the $1.8 million sale of Elk Trail Center, a 16,299-square-foot shopping center located at 257-81 Elk Trail Road in Carol Stream, a village in DuPage County roughly 33 miles west of Chicago. Tim Franz of SVN | Chicago Commercial represented the undisclosed seller in the transaction. The buyer was an out-of-state entity. Elk Trail Center’s tenant roster includes Allstate Insurance, Maytag Laundromat, Papa Ray’s Pizza, Sul Realty, White Bridge Cleaners, Village View Barber Shop and the Carol Stream Food Mart.
NORMAN, OKLA. — Old Capital has secured a $2.8 million loan for the purchase of Country Village Apartments in Norman. The 20-year loan includes a 4.5 percent interest rate and a 30-year amortization schedule. Texas-based buyers acquired the 100-unit, semi-stabilized property at an 80 percent loan-to-value ratio.
BEAUMONT, TEXAS — UT Physicians has leased 12,000 square feet for a retail health center at Gateway Shopping Center in Beaumont. The property is located at the intersection of Stagg Drive and College Street. Nelson Spitz represented the landlord, Lombard Texas Holdings, and Mark Davis of Davis Commercial Real Estate represented UT Physicians. UT Physicians is the clinical practice of The University of Texas Medical School in Houston.
FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of Forty Oaks Shopping Center, a 37,500-square-foot retail property located in Fort Worth. Blake Burnett and Chance Hales of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Lisa Estrada, also of Marcus & Millichap, procured the buyer, an individual/personal trust. Forty Oaks Shopping Center is located at 5405-5425 E. Lancaster Ave., just off Grandview Drive. Built in 1958, the asset is situated on 3.5 acres near Loop 820 and I-30. Family Dollar anchors the shopping center, which was 100 percent leased at the time of sale.
SUNBURY, PA. — Weis Markets Inc., a Mid-Atlantic grocery retailer, has reached an agreement with Food Lion LLC to purchase 38 Food Lion supermarket locations in Maryland, Virginia and Delaware. The assets include 21 stores in Maryland, 13 in Virginia and four in Delaware. This transaction marks Weis Markets’ entry into Virginia and Delaware. Upon completion of the transaction and the purchase of five Mars Super Markets in Baltimore County, Weis will have increased its store count by 25 percent and will operate 202 stores in seven states — Pennsylvania, Maryland, Virginia, New York, New Jersey, Delaware and West Virginia. Weis Markets will convert the 38 stores to its brand upon completion of the transaction. The portfolio sale is part of a previously announced merger agreement between Delhaize Group, a Belgian food retailer with a presence in seven countries on three continents, and Koninklijke Ahold, a Dutch food retailer whose grocery brands include Stop & Shop and GIANT. The international retailers have agreed for their U.S. subsidiaries to sell 86 of their stores to other food retailers such as Sunbury-based Weis Markets.
MEBANE, N.C. — Wal-Mart Stores Inc. has opened a new $100 million distribution center in Mebane, roughly 23 miles west of Durham. The new industrial property is expected to create 550 jobs. The Mebane Walmart Distribution Center will be used to supply and distribute perishable food products for more than 55 Walmart stores in North Carolina and Virginia. This new facility is Wal-Mart’s fourth distribution center in North Carolina. Wal-Mart Stores held a grand opening ceremony on Wed., July 13 attended by North Carolina Gov. Pat McCrory and other local officials.
RICHMOND, VA. — Colliers International has arranged the $81 million sale of a three-property, 818-unit multifamily portfolio in Richmond. The properties include Champions Club, Park West End and Hickory Creek. Will Mathews, Jason Hetherington, Bruce Milam and Jackie Noel of Colliers’ east region multifamily advisory group represented the seller, CORE Realty Holdings Management, in the transaction. Richmond-based McCann Realty Partners purchased the 294-unit Hickory Creek, while Irvine, Calif.-based MDO Capital purchased Champions Club and Park West End Apartments.
ATLANTA — Parkside Partners has formed a joint venture with Payscape, a financial technology firm that provides payment processing software for small to mid-size businesses, to purchase and renovate a 43,430-square-foot office building in Midtown Atlanta. The companies will renovate the two-story asset located at 1438 W. Peachtree St. for Payscape’s new headquarters. Payscape will triple its square footage following its move from its current location at 729 Lambert Drive in Atlanta. The joint venture purchased the property from Lyrasis, which signed a long-term lease prior to the sale for 9,200 square feet of office space at the property. Additionally, AlliedBarton Security Services currently occupies 11,475 square feet in a long-term lease. The asset will be 80 percent leased when Payscape takes occupancy in the fall. MSTSD is the architect of the $8 million renovation, which is expected to wrap up by the first quarter of 2017. The renovations include painting the building’s brick exterior, transforming the office suites to a loft-style design, renovating the lobby, installing skylights on the second floor and landscaping the grounds. Howard Boyd of Hailey Realty represented the joint venture in the purchase, and Iberia Bank provided acquisition financing on behalf of the new ownership. …
