ELMWOOD PARK, ILL. — Marcus & Millichap has brokered the sale of an apartment building located at 2646-50 N. Harlem Ave. in Elmwood Park. The 12-unit property sold for $850,000. The property consists of two one-bedroom/one-bath units, two two-bedroom/one-bath units and eight two-bedroom/one-bath units. Andrean Angelov, Ryan Engle and Jordan Gilbert of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer, a limited liability company, in the transaction.
CHESTERFIELD, MO. — St. Louis-based Hilliker Corp. has arranged a 5,250-square-foot lease for B&G Industries, a material handling solution provider. The company relocated to 717 Crown Industrial Court from 744 Spirit of St. Louis Blvd. in Chesterfield. The new location offers 1,500 square feet of office space and 3,750 square feet of warehouse storage space. Will Aschinger of Hilliker represented the tenant, while Scott Properties represented the landlord, Scott Family Properties, in the transaction.
RIVER FOREST, ILL. — Mid-America Asset Management Inc. has brokered a 28,220-square-foot retail lease at 7501 W. North Ave. in River Forest. Fresh Thyme Farmers Market, a natural grocer, will occupy the space, a former Dominick’s supermarket location. Mike George and Richard Spinell of Mid-America represented the landlord, while Andy Robbins and Al Rodenbostel of ARCORE Real Estate Group represented the tenant in the lease transaction.
MANVEL, TEXAS — Allied Orion Group has broken ground on Southfork Lake, a 328-unit apartment complex located in Manvel. Scheduled to open in summer 2016, Southfork Lake is the first multifamily property Allied Orion Group has built in the Manvel/Pearland area. Steinberg Design Collaborative Architects designed the complex. Southfork Lake will be located at 3333 Southfork Parkway, near local retail, dining and entertainment destinations. Floor plans range from one to three bedrooms and will feature granite countertops with under-mount sinks, stainless steel appliances and nine-foot ceilings. Amenities will include a swimming pool with cabanas, courtyard with grilling stations and a fitness center. The community will also offer a pond and walking track, an air-conditioned pet care center, a dog park with 6,000 square feet of space with separate areas for large and small dogs and both attached and detached garages.
BRYAN, TEXAS — Kurt Dennis and Ken Lawrence of LMI Capital has arranged $7 million in debt for the refinancing of a student housing complex in Bryan. The Class B property is located a few blocks from the Texas A&M campus. On behalf of the borrower, Dennis obtained a 10-year, fixed-rate nonrecourse loan that provided cash out proceeds to the client and features a three-year interest-only period.
LEAGUE CITY, TEXAS — Marcus & Millichap has arranged the sale of Laurel Bay Center, a 22,286-square-foot retail property located in League City. Nik Kapetanakis, Gus Lagos and Keith Lloyd of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a bank/financial institution. Laurel Bay Center is located at 2660 Marina Bay Drive.
ROUND ROCK, TEXAS — CBRE has arranged the sale of five freestanding tilt-wall industrial buildings in the Forest Commons Business Park at 3912 – 3920 Gattis School Road in Round Rock. Long View Equity Partners, an Austin-based real estate investment firm, acquired the assets from HOWMAT Development LP. Totaling 160,830 square feet, the buildings were designed and built by HOWMAT’s parent company, Central Texas Tiltwall LP, an Austin-based design-build firm. Long View expects the transaction to be immediately accretive for its third co-mingled investment fund. The facilities are 100 percent leased to a variety of industrial and flex office tenants. Long View plans to hold the property long-term. Greg Marberry of CBRE represented the seller in the transaction.
DALLAS — Four new retailers are joining Village on the Parkway, a 357,731-square-foot retail center situated on 31 acres in Dallas, and will open their doors at the property over the next few months. Vestar, a privately held real estate company, currently handles property management, leasing and marketing at the center. Leasing for this project is done in partnership with Venture Commercial brokers Easley Waggoner and Tim Henson. The new retailers include: Soma, a women’s intimate apparel boutique which will occupy 2,549 square feet; Francesca’s, a women’s clothing and accessory store which will occupy 1,400 square feet; Chico’s, offering branded clothing and accessories for women which will occupy 3,453 square feet; Beauty Brands, a salon and spa superstore which will occupy 6,844 square feet. With these four tenants, Village on the Parkway is now 92 percent leased. Additional major tenants include Whole Foods Market, AMC Theatres, Ra Sushi, Gloria’s Latin Cuisine, Yard House, AT&T and 24 Hour Fitness.
NORWOOD, MASS. — Summit Hotel Properties Inc. has acquired the Hampton Inn Boston-Norwood, a 139-room hotel located at 434 Providence Hwy. in Norwood for $24 million. The company plans to spend $2.3 million on capital improvements, which will include a conversion to a Hampton Inn & Suites by Hilton, at the property during the second half of 2016. Additionally, the company has entered into a management agreement with Interstate Hotels & Resorts to manage the property. The name of the seller was not released.
NEW YORK CITY — Madison Realty Capital and Siguler Guff have acquired a retail condo property located at One Hanson Place in Brooklyn’s Fort Greene neighborhood. The joint venture purchased the 41,400-square-foot property for $20.4 million. The property sits at the base of the 41-story One Hanson Place, which was built in 1972. The name of the seller was not released.