CHICAGO — Essex Realty Group Inc. has brokered the $3.6 million sale of a 46-unit apartment complex in Chicago. The property is located at 1331 W. Loyola Ave., one block west of Loyola University. The property includes studio and one-bedroom apartments with updated bathrooms, kitchens and hardwood floors. The building also underwent capital improvements, including the addition of windows, electrical service and exterior porches. The apartment complex is within walking distance of the Loyola CTA train station at the intersection of Sheridan Road and Loyola Avenue. Doug Fisher and Jason Fishleder represented the undisclosed seller. Fisher also represented the undisclosed buyer in the transaction.
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CHICAGO — Marcus & Millichap has brokered the $2.9 million sale of a seven-unit apartment property in Chicago. The property is located at 1525 W. Addison St. Kyle Stengle of Marcus & Millichap represented the seller, a limited liability company. Bill Bailey and John Bailey of Marcus & Millichap represented the buyer, an offshore investor.
ALLENTOWN, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed the disposition of South Mall for $23.6 million. Located in Allentown, the 406,000-square-foot mall is anchored by Stein Mart and Bon-Ton. Sales at the shopping center were $227 per square foot and the non-anchor occupancy was 90.6 percent as of March 31, 2014. Additionally, PREIT has entered into a sales agreement for the disposition of Nittany Mall in State College, Pa., and North Hanover Mall in Hanover, Pa. The 534,000-square-foot Nittany Mall is anchored by JC Penney, Sears, Bon-Ton and Macy’s and has sales of $230 per square foot and non-anchor occupancy of 74.8 percent as of end of March. The 452,000-square-foot North Hanover Mall is anchored by JC Penney, Sears, Dick’s Sporting Goods and Burlington Coat Factory. Sales at the North Hanover Mall were $275 per square foot and non-anchor occupancy was 79.3 percent as of March 31, 2014. The sales and occupancies at these properties are below PREIT’s portfolio average of $377 per square foot of sales and 90.3 percent non-anchor occupancy, making the properties ideal candidates for the company’s disposition program. The buyers have not been disclosed.
MONTVALE, N.J. — Cushman & Wakefield’s Metropolitan Area Capital Markets Group has brokered the acquisition of 102 Chestnut Ridge Road in Montvale. JD Companies purchased the property from an institutional seller for an undisclosed price. The buyer plans to relocate its headquarters to the two-story, 50,000-square-foot office building. Situated on five acres, the property is 76 percent occupied by Community Blood Services and NJ Lenders Corp. under long-term leases. Gary Gabriel, Andrew Merin, David Bernhaut and Brian Whitmer of Cushman & Wakefield negotiated the transaction.
NEWARK, N.J. — Meridian Capital Group has arranged an $18 million loan to refinance 570 Broad Street, a 200,000-square-foot office building in Newark. The borrower, Berger Organization, received a seven-year loan featuring a 4.25 percent fixed rate, which was provided by a regional balance sheet lender. The 15-story office building is located within minutes of the Garden State Parkway, New Jersey Turnpike, Routes 1, 9, 21 and 22, and Interstates 280 and 78. Tal Bar-Or and Kyle Kite of Meridian’s New York City office negotiated the refinancing.
NEWTON, MASS. — Beth Israel Deaconess (BID) Healthcare-Chestnut Hill, a new major outpatient medical center, is slated to open in July, following the opening of BID’s Advanced Urgent Care Center. Both services occupy the fourth floor of 200 Boylston St. in Newton’s 240,000-square-foot Chestnut Hill Square development, which is owned by New England Development,. The 30,000-square-foot, state-of-the-art facility will offer primary care and 20 medical and surgical specialties with physicians and staff from Beth Israel Deaconess Medical Center. Specialties offered at the BID Healthcare-Chestnut Hill will include OB/GYN and women’s health, sports medicine with orthopedics, physical and occupational therapy, imaging with CT scanning, on-site labs, a spine center, acupuncture, and yoga. In addition, the center will offer surgical specialties including oncology, a breast clinic, colorectal and podiatry.
WEST BRIDGEWATER, MASS. — Fantini & Gorga has arranged $5.5 million in financing for the development of The Turn at River Bend, a multifamily community in West Bridgewater. Located on SR 106 between South Main and East streets, the development will consist of four three-story buildings, each offering 12 one- and two-bedroom apartments, with one quarter of the units designated for affordable housing. Casimir Groblewski of Fantini & Gorga arranged the financing with a Massachusetts-based cooperative bank for the borrower, 322 East Center Street LLC, an affiliate of The Battaglino Family LP.
AUSTIN, TEXAS — Adolfson & Peterson Construction has topped out the $90 million Forest Park Medical Center in Austin. Adolfson & Peterson is serving as the general contractor for the hospital, which is being developed by Neal Richards Group. The project is being built on an 8.5-acre site inside of a 59-acre master campus located near state highway 45 and La Frontera Boulevard in Williamson County. The 145,000-square-foot, four-story hospital will feature 46 private inpatient rooms, including 12 family suites, six intensive care rooms and 10 fully integrated operating suites. Also part of the development is an 80,000-square-foot medical office building and an 181,000-square-foot garage.
HOUSTON — Q10|Kinghorn, Driver, Hough & Co. has secured $3 million in permanent financing with a 20-year term for a group of 20 commercial condominium buildings made up of one- and two-story structures. The 93,000-square-foot complex, which is located just off of Highway 290 in northwest Houston, is 100 percent leased. Rudolph Ernst Krueger owns WWT International Inc. and was the borrower.
HOUSTON — TTS Marine Inc. has leased 14,560 square feet of industrial space at the Vickery Industrial Plaza, located at 14730 Vickery in Houston. Travis Land of NAI Houston represented the landlord, United Equities. Bruce Fehn of DTZ represented TTS Marine.