SUNNYSIDE, N.Y. — Marcus & Millichap has arranged the sale of Sunnyside Gardens, an apartment building located at 41-05 Skillman Ave. in Sunnyside. A limited liability company acquired the 16-unit apartment building for $4.3 million. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, in the transaction.
AVON, CONN. — E.N.E. Realty Associates has acquired an office building located at 172 W. Main St. in Avon. Avonwood Enterprises LLC sold the 10,318-square-foot property for an undisclosed sum. The multi-tenant investment property was 100 percent occupied at the time of sale. The main tenant is Berkshire Hathaway HomeServices New England Properties. Gayle Erickson and Bruce Cagenello of Berkshire Hathaway HomeServices were the sole brokers in the transaction.
WATERBURY, CONN. — Great American Aquaculture has signed a long-term lease for 54,426 square feet of industrial space at 64 Avenue of Industry in Waterbury. The 66,400-square-foot building is situated on 10.3 acres. Sentry Commercial, in association with Hartford Group International, represented the landlord, 64 AOI LLC, while Colonial Realty represented the tenant in the transaction.
OAK BROOK, ILL. — Ryan Cos. has acquired 11 acres of land in Oak Brook, approximately 20 miles west of Chicago, for a future office and medical campus development. Ryan Cos. acquired the land from Convergent Capital Partners for an undisclosed price. The cost of the development — including the medical and office buildings, various amenities and structured parking — is estimated at $70 million. Ryan Cos. will build and own the project and will also provide real estate management services. Wright Heerema Architects will provide the architectural services. The site currently contains an industrial building with surrounding parking lots that will be razed this summer when construction is set to begin.
CHICAGO — Associated Bank, serving as lead arranger, has provided a $45.8 million construction loan for the development of a multifamily property in the Logan Square neighborhood of Chicago. Henry Street Partners and 2293 NMA LLC were the borrowers. The transit-oriented development, to be located at 2293 N. Milwaukee Ave., will consist of two buildings that will be 11 and 12 stories. The 217-unit project will also include 8,373 square feet of ground floor retail. Krista Casper of Associated Bank arranged the loan.
ORLAND PARK AND NAPERVILLE, ILL. — The Missner Group will construct two retail spaces totaling 14,000 square feet in suburban Chicago. In the first project, The Missner Group will build a 10,000-square-foot facility in Orland Park, about 26 miles southwest of Chicago. Two existing buildings will be demolished to make room for the new building, which will house a Mattress Firm store and restaurant State & Main. The center, which will be located at 29 E. Orland Square Drive, will be an outlot of Orland Square Mall. Ireland Architects is serving as the architect for the project. In the second project, The Missner Group will demolish an existing building in Naperville, about 35 miles southwest of Chicago, to construct a 4,000-square-foot, freestanding building for a Mattress Firm. Oliveri Architects is providing the architectural services for this project. The Missner Group will also construct a parking lot and complete landscaping and utilities for both projects. United Growth is the developer for the retail properties, which will be completed this spring.
DOWNERS GROVE, ILL. — SVN | Chicago Commercial has brokered the $1.6 million sale of an 11,919-square-foot retail property in Downers Grove, approximately 23 miles west of Chicago. Drendel Commons, built in 2008, is located at 2561-2593 Ogden Ave. and features tenants such as Hertz, National Guard, Downers Grove Chiropractic & Acupuncture and NY Pizza Pie. Tim Franz of SVN | Chicago Commercial was the sole broker in the transaction. Both the buyer and seller in the deal were undisclosed.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged the sale of a 10,000-square-foot office building in Grand Rapids for an undisclosed price. Refined Marketers Inc. purchased the asset, located at 5360 Cascade Road SE, from Aardema Whitelaw PLLC. The purchase was done as part of a 1031 exchange. Kurt Kunst of NAI represented the buyer in the transaction, and Scott Morgan of Colliers International represented the seller.
PORTLAND, ORE. — TMT Development has received $130 million in permanent financing for Park Avenue West, a 391,795-square-foot, mixed-use tower in downtown Portland. The tower is located at SW Park Avenue and SW 9th Avenue. The development is situated one block west of Pioneer Square, directly across from Nordstrom in the city’s Central Business District. The tower sits atop a six-story subgrade parking garage. Park Avenue West will contain 24,233 square feet of first- and second-floor retail; 202 residential units on Floors 3 through 17; and 193,914 square feet of Class A office space on Floors 18 through 30. The office component is 92 percent leased to tenants like Stoel Rives, Washington Trust Bank, Morgan Stanley and Charles Schwab. TMT Development is developing the project. HFF’s Casey Davidson worked on behalf of the firm to secure the 20-year, fixed-rate, non-recourse loan through MetLife. Loan proceeds will be used to pay off an existing construction loan.
CEDAR CITY AND ST. GEORGE, UTAH, AND PARKER, COLO. — Senior Living Investment Brokerage Inc. has arranged the sale of three skilled nursing facilities — Crown Crest of Parker in the Denver suburb of Parker, Kolob Regional Care in Cedar City and Rehab and Kolob Care in St. George — for $31.8 million. Both Utah facilities are located in the southwest corner of the state near the Nevada and Arizona borders. The portfolio totals 454 beds, representing a price per bed of $70,000. The purchase represents a capitalization rate of 8.7 percent. The buyer is a real estate investor in the Midwest that leased the communities to local operators. The seller is a private owner based in Illinois looking to exit the seniors housing sector. Ryan Saul and Patrick Burke of Senior Living Investment Brokerage led the transaction.
