LONG ISLAND CITY, N.Y. — Marcus & Millichap has brokered the sale of a multifamily property located at 34-27 37th St. in Long Island City. A private investor acquired the eight-unit apartment building for $2.4 million. Matthew Fotis, Zachary Golub and Lazarus Apostolidis of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
NEW YORK CITY — ARM Real Estate has brokered the sale of a 5,150-square-foot residential building located at 17-01 Stanhope St. in the Ridgewood neighborhood of Queens. The three-story, six-unit apartment building sold for $1.6 million in an off-market transaction. Anand Melwani and Harrison Zavala of ARM represented both the seller, a long-term owner, and the buyer, Stanhope Purchaser LLC, in the transaction.
GROVE CITY, OHIO — Hamilton Point Investments LLC has acquired Collier Park, an apartment property in Grove City, about 10 miles southwest of Columbus. The purchase price was $14.6 million. Built in 2001, Collier Park is a 232-unit apartment complex located directly off I-71 and I-270. Collier Park features one- and two- bedroom apartment homes with lake views and a variety of amenities including fully equipped kitchens, washer/dryer connections, air conditioning and spacious closets. Hamilton Point Investments, based in Old Lyme, Conn., has plans to make modest interior and exterior upgrades at the property over the coming year. George Skaff of ARA Newmark represented the seller, Champion Cos., in the transaction.
MINNEAPOLIS — Dougherty Mortgage LLC has closed a $3.5 million HUD 221(d)(4) loan for the rehabilitation of The Cameron, a 44-unit affordable housing property located in the North Loop of Minneapolis. Dougherty’s Minneapolis office arranged the 40-year permanent financing loan for Cameron Building Ltd. Partnership. The owner is renovating the 40,000-square-foot building, which is listed on the National Register of Historic Places. The Cameron will offer much-needed workforce housing in a neighborhood where the demand is strong, according to Dougherty. Located just minutes from downtown Minneapolis and Target Field, the site provides convenient access to transportation and neighborhood amenities. When completed, the project will consist of 44 studio, one- and two-bedroom apartments. Rents will range from $596 to $1,100 per month, and units will be set aside for tenants earning 50 percent and 60 percent of area median income. Building amenities will include a fitness room, a Wi-Fi lounge, bicycle storage, and storage lockers. Additional sources of funding include low-income housing tax credits, federal and state historic tax credits, the Hennepin County Affordable Housing Incentive Fund, Minneapolis Community Planning & Economic Development, Minneapolis Affordable Housing Trust Fund, Metropolitan Council Local Housing Incentives Account, Minnesota Housing Finance Agency Challenge, Metropolitan Council Tax …
CHICAGO — MB Real Estate (MBRE) has won the assignment to manage and lease the Illinois Tollway Oases, six properties servicing commuters and travelers along the Illinois Tollway system. The tollway oases offer patrons a variety of convenient food options, a wide range of services and are directly accessible from the tollway with on-off ramps. Properties include the Belvidere Oasis along I-90; the Lake Forest Oasis on I-94; the DeKalb Oasis on I-88; the Chicago Southland Lincoln Oasis along I-80/I-294; the Hinsdale Oasis on I-294; and the O’Hare Oasis, also on I-294. Current tenants of the oases include the Illinois Tollway, McDonald’s, Starbucks, Best Buy Express, Subway, Illinois Lottery and Sbarro, among others. Kathleen Bertrand of MBRE will serve as the leasing representative for the six properties, which offer a variety of spaces available for lease.
WEST BEND, WIS. — The Dickman Company Inc./CORFAC International has brokered a 160,000-square-foot industrial lease for Gardner Pet Group Inc. in West Bend, about 38 miles northwest of Milwaukee. A pet food distributor, Gardner is moving its manufacturing operations and up to 60 jobs from China to West Bend, according to the Milwaukee Business Journal. The property is located at 2845 Wingate St. The landlord is Wingate Ventures LLC, care of Phoenix Investors LLC. Gardner selected the location in West Bend to add to its current operations in Juneau, Wis. Nick Keys, Samuel M. Dickman Jr. and Samuel D. Dickman negotiated the lease.
BRADLEY, ILL. — Mid-America Real Estate Corp. has brokered the sale of Village Square Shopping Center in Bradley, 57 miles south of Chicago. A private California-based buyer purchased the 85,002-square-foot center for an undisclosed price. Village Square Shopping Center is located at the northwest corner of Illinois Route 50 and East North St. The retail center is leased to a diverse mix of both national and local retailers, including Jo-Ann Fabrics, Dollar Tree, Premier Rental, Advance America and Carquest. Carly Gallagher and Ben Wineman of Mid-America Real Estate brokered the transaction on behalf of the seller.
ROCKVILLE, MD. — Finmarc Management Inc. has purchased Travilah Square Shopping Center, a 61,496-square-foot property located at the intersection of Darnestown and Travilah roads in Rockville. Finmarc purchased the property from Walgreens for $22.4 million. Travilah Square comprises five buildings and includes a freestanding Burger King and 16,000 square feet of commercial office space, which is currently vacant. Built in 1988, the shopping center is in close proximity to the University of Maryland Shady Grove campus. Including this purchase, Finmarc and its partners have acquired or disposed of more than $400 million worth of properties.
WEST KENDALL, FLA. — HFF has closed the $12.5 million real estate owned (REO) sale of Lucky Start Executive Plaza, a two-building office park totaling 55,658 square feet at 8765 S.W. 165th Ave. in West Kendall, a suburb of Miami. The office park comprises two office buildings that are 54.1 percent leased to medical and office tenants, as well as a vacant pad site for the future development of a three-story, 89,000-square-foot office building. HFF marketed the property on behalf of a regional bank, which previously purchased the asset in a foreclosure auction. IMC Property Management Inc. was the buyer. Marty Busekrus, Jorge Portela and Manny de Zárraga of HFF brokered the transaction.
MIAMI — Colliers International has brokered the $10.8 million sale of a former art gallery located at 2534 N. Miami Ave. in Miami’s Wynwood neighborhood. Built in 1950 and formerly housing the Zadok Art Gallery, the two-story, 18,870-square-foot property includes retail space on the ground floor and office space on the second floor. Ivo Tsinev and Achikam Yogev of Colliers International’s South Florida office represented the seller, Zadok Real Estate Holding, in the transaction. Michael Tobin of Rothman & Tobin PA represented the buyer, Badjer LLC, which plans to lease the vacant building for retail use.
