CHICAGO — Mid-America Real Estate Corp. has brokered the sale of a former funeral home in the Lakeview neighborhood of Chicago. Stonestreet Partners LLC purchased the 12,500-square-foot building and 0.33 acres of land. The subject property is located at the northeast corner of Lincoln, Southport, and Wellington avenues. Stonestreet plans to redevelop the former funeral home into a space that will include retail and residential property. Paul Bryant and Andrew Becker of Mid-America represented the seller, a private family and land trust. Kevin Boyd of SRS Real Estate represented the buyer.
YORK, PA. — Ridgeline Property Group has partnered with Cabot Properties to develop a 423,300-square-foot speculative industrial building in York. Situated on 51 acres on Second Amendment Drive, Susquehanna Logistics Center will offer tenants immediate access to Interstate 83. The facility will feature 32-foot clear heights, 87 dock doors, 52-foot by 54-foot column spacing, ESFR fire sprinklers and parking for 179 cars and 146 trailers. Construction is slated to begin in late March with completion scheduled for December. Patrick McBride and Gerry Blinebury of Cushman & Wakefield have been retained to market the property.
NEW YORK CITY — Shamah Properties has acquired an eight-building multifamily portfolio for $44 million from Brooklyn, N.Y.-based E&M Associates. Located in Manhattan’s Washington Heights neighborhood, the 138,214-square-foot, 184-unit portfolio includes 535-539 West 162nd Street, 522-536 West 147th Street and 521-523 West 156th St. Steven Vegh of Westwood Realty Associates represented both the seller and buyer in the transaction. Additionally, Edward Setton of Shamah Properties negotiated the purchase and financing on behalf of the buyer. Shamco Management, Shamah Properties’ in-house management company, will manage the assets.
PHILADELPHIA — Mack-Cali and its Roseland subsidiary have formed a joint venture with Parkway Corp. to develop a multifamily property at 709 Chestnut Square in Philadelphia. Located in Center City, preliminary plans for the 32-story development include 300 luxury residential units and 11,000 square feet of indoor and outdoor amenity space, as well as an on-site 125-car parking garage. Currently in the planning and permitting stages, the development is slated to commence construction by the end of 2015.
NEW YORK CITY — CPEX has arranged the sale of a retail property located at 2038-2050 Flatbush Ave. in Brooklyn. The 15,000-square-foot property sold for $4.5 million, or $300 per square foot. The four-unit property was 76 percent occupied at the time of sale. Current tenants are Telco Stores and Sports Physical Therapy of NY. Andre Sigourney and Harrison Balisky of CPEX’s retail sales team represented the seller and buyer in the transaction. The names of the seller and buyer were not released.
CAMBRIDGE, MASS. — Akamai Technologies, a provider of cloud services, has signed a 10-year lease for 67,000 square feet at 50 Hampshire in Cambridge. The company will occupy the entire sixth and seventh floors of the building and use the space to expand its Cambridge office, which serves as its U.S. headquarters. BioMed Realty owns the property, which will be 50 percent leased once Akamai takes occupancy. Terms of the transaction were not released.
CHATSWORTH, CALIF. – Rexford Industrial Realty has purchased a 153,984-square-foot distribution building in Chatsworth for $14.1 million. The building is located at 9401 De Soto Ave. It was built in 1983. The building was the former corporate headquarters, manufacturing and distribution center for Topco Sales. David Young and Chad Gahr of NAI Capital’s Encino office represented both the buyer and seller, 9401 De Soto LLC, in this transaction.
MISSION VIEJO, CALIF. – La Paz Gateway, a 6,000-square-foot retail center in the Orange County submarket of Mission Viejo, has sold to an unnamed buyer for $5.5 million. The Class A center is located at the intersection of Muirlands Boulevard and La Paz Road, off Interstate 5. It is fully occupied by three tenants, including Roberto’s Taco Shop, Ortho Mattress and Beach Hut Deli. La Paz Gateway was built in 2007. Both the buyer and seller were represented by Scott Hook of Hook Retail Advisors/Coldwell Banker Commercial (CBC) Alliance Orange County.
LOS ANGELES – Human Services Agency of Ventura County has leased 57,200 square feet of office space at Younan Executive Center in the Los Angeles submarket of Simi Valley. The Class A space is located at 2900 Madera Road. The new lease will allow the county agency to consolidate some of its departments under one roof. The landlord, Younan Properties, was represented by Mark T. Leonard, Cory Richmond and Jared Smits of Lee & Associates-LA North/Ventura.
LOS ANGELES – Whalerock Industries has leased space at the RedBuilding in West Hollywood’s Pacific Design Center. The center is located at 8687 Melrose Ave. The independent media/technology company will be relocating from nearby Santa Monica. The company was represented by Gayle Landes and Mike Geller of First Property Realty Corp. The 400,000-square-foot RedBuilding is the newest addition to the Cesar Pelli designed Pacific Design Center. The center is owned and developed by Charles S. Cohen.