JOLIET, ILL. — Marcus & Millichap has arranged the sale of 421 and 521 Kungs Way and 2414 Douglas, a 16-unit apartment property located in Joliet. The property includes one-, two- and three-bedroom units. The property features ample off-street parking. Andrean Angelov, Ryan Engle and Adam Fortino of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and the buyer, a limited liability company.
LOMBARD, ILL. — Bradford Allen has arranged the sale of a 52,564-square-foot office building in Lombard. The three-story property is located at 1910 S. Highland Ave. and is 37 percent leased. Ryan Moen of Bradford Allen represented the undisclosed buyer in the transaction. Bill Novelli and Derek Fohl of CBRE represented the seller, RBS Citizens Bank. Bradford Allen will serve as the leasing agent and property manager for the property.
LONG ISLAND, N.Y. — KeyBank Real Estate Capital has provided $93.75 million in Fannie Mae loans to finance a portfolio of four assisted-living communities in Long Island. The borrower was NorthStar Healthcare Income Inc., which acquired the 570-unit portfolio in September of 2014. The portfolio includes The Arbors at Bohemia, The Arbors at Islandia, The Arbors at Hauppauge and The Arbors at Westbury, located in Jericho, N.Y. The properties are 100 percent leased to Arcadia Management Inc. Monique Bimler of KeyBank arranged the financing.
VICTOR, N.Y. — Federal Capital Partners (FCP) and Horizon Land Co. has acquired an 11-community, 2,413-site manufactured housing portfolio in Western New York. The companies purchased the portfolio for $88 million from an undisclosed buyer. The portfolio includes Gypsum Mills, a 560-site community in Victor. M&T Bank provided senior debt financing for the acquisition. The acquisition brings FCP/Horizon’s total manufactured housing holdings to a 32 communities with approximately 5,600 sites.
PITTSBURGH — Tryko Partners LLC has acquired Duff Manor, an age-restricted affordable housing property in Pittsburgh from Crossgates Inc. Located at 50 Duff Road, the 10-story Duff Manor Apartments building features 100 one-bedroom residences with air conditioning and a patio or balcony. On-site amenities include intercom-controlled access, a community room and laundry facilities. Marcus & Millichap brokered the transaction. Tryko Partners secured financing for the acquisition through M&T Bank. The acquisition price was not released.
NEW YORK CITY — GFI Realty Services has arranged the sale of a corner mixed-use building in the Dyker Heights section of Brooklyn. Located at 910 81st St., the multifamily and retail property sold for $8.9 million, or $182,000 per residential unit. The four-story walk-up features 43 residential units and two retail spaces. Ben Katz of GFI Realty Investment Sales represented the undisclosed seller, while Erik Yankelovich, also of GFI, represented the buyer, a local investor, in the transaction.
MARLTON, N.J. — NAI Mertz has arranged the sale of a multi-tenant industrial building located at 4 East Stow Road in Marlton. Plymouth Industrial REIT Inc. purchased the 156,280-square-foot facility for an undisclosed price. The property is currently 97 percent leased to a variety of tenants, including Cherry Hill Photo, RiverTech Solutions and MBO America. Situated on 14.54 acres, the property features 22-foot ceiling heights, 22 tailgate loading doors and eight drive-in loading doors. Jonathan Klear and Fred Meyer of NAI Mertz negotiated the transaction. The name of the seller was not released.
It is great to be in Las Vegas and witness the city’s strong recovery from the economic lows of a few years ago. Exciting projects like the $500-million LINQ entertainment and retail promenade, the 1.6-million-square-foot Downtown Summerlin lifestyle center and the market’s first IKEA, now under development, are filling the region with promise. Las Vegas added more than 25,000 jobs between 2013 and 2014, a 3.3 percent increase, representing the third highest growth rate in the country during that time. As opposed to the previous economic boom that was largely driven by construction growth, the job growth in this recovery has been evenly spread across several sectors like general services (retail), professional/business, education, healthcare and leisure/travel. Las Vegas also hit a milestone in 2014 when it reached a record-setting 41.1 million visitors for the year. Those visitors included 5.2 million conventioneers, the highest total since 2008. As the Las Vegas economy continues to expand, retail is leading the pack with taxable sales that have already increased an astounding 29.4 percent from the recession low, including an 8.1 percent year-over-year increase in the past 12 months. Total taxable spending in the region is near its highest levels in history, reaching $36.2 …
CONCORD, N.C. — Griffin Capital Essential Asset REIT II Inc., a non-traded REIT sponsored by Griffin Capital Corp., has purchased the Owens Corning Building in Concord, part of Charlotte’s Northeast industrial submarket. The 61,200-square-foot, Class A industrial property is under a long-term lease agreement with Owens Corning. Patrick Gildea, Anne Johnson and Bryan Crutcher of CBRE represented the undisclosed seller in the transaction.
MARIETTA, GA. — Atlanta-based Bull Realty has brokered the $9.2 million sale of Barrett Creek Plaza, a 28,841-square-foot shopping center in Marietta, a northwest suburb of Atlanta. The property is located at 125 Ernest Barrett Parkway, roughly two miles from Kennesaw State University. Barrett Creek Plaza was 83 percent leased at the time of sale to tenants such as Axiom Staffing, Buffalo Wild Wings Grill & Bar, Chase Bank, Cheeseburger Bobby’s, Moe’s Southwest Grill and T-Mobile. PMC Fund LLC purchased the shopping center from MRK Barrett Creek LLC. John Harrison and Kermit Hairston of Bull Realty brokered the transaction.