CHICAGO — Brennan Investment Group LLC has acquired the Cumberland Metro Office Park, a portfolio of 12 multi-tenant, single-story office/flex buildings totaling approximately 164,448 square feet in Chicago’s O’Hare submarket. The purchase price and seller were undisclosed. The office park is located on nearly 15 acres, less than two miles from O’Hare International Airport. The O’Hare submarket has demonstrated strong real estate fundamentals, evidenced by 12 consecutive quarters of positive net absorption, according to Kevin Brennan, vice president of acquisitions at Rosemont, Ill.-based Brennan Investment Group. The private real estate firm, which acquires, develops and operates industrial properties nationally, currently owns and manages nearly 20 million square feet of industrial properties in 22 states.
ELGIN, ILL. — Lee & Associates of Illinois has arranged the lease of a 69,175-square-foot warehouse/distribution space for Communication Test Design Inc. in Elgin. The property is located at 2380 Galvin Drive. John Sharpe and Steve Bass of Lee & Associates of Illinois represented the landlord, Stockbridge. David Mackey of Jackson Cross Partners represented the tenant in the transaction.
MADISON HEIGHTS, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of 32333 Mally Lane, a 25,377-square-foot industrial building in Madison Heights, a Detroit suburb. The property is located at 32333 Mally Lane. The seller, Mally Corp., sold the building to Michigan Motorz, which provides marine engines and marine engine parts. Ryan Cavanagh of Friedman represented both the buyer and seller in the transaction.
ORLANDO, FLA. — CBRE has brokered the $26.5 million sale of a 124,500-square-foot, single-tenant office building in Orlando fully leased to Kaplan University. The two-story property is located in the Central Florida Research Park at 12650 Ingenuity Drive and features a 25-foot glass atrium, open spiral staircase and a cafeteria. Kaplan University signed a 13-year lease for the entire building in 2008. Ronald Rogg and Chip Wooten of CBRE represented the seller, RT Ingenuity LLC, in the transaction. City Office REIT Inc. purchased the property.
MIAMI — Continental Real Estate Cos. (CREC) has brokered the $19.2 million sale of a 57,406-square-foot office building in Miami’s Edgewater neighborhood. The property is located at 3000 Biscayne Blvd., two blocks from Biscayne Bay. Peter Mekras and Andrew Remick of CREC represented the seller, Legal Services of Greater Miami, a nonprofit organization that has owned and occupied a large portion of the property since 1997. The buyer was 3000 Property LLC, which is managed by principals of Miami-based Crescent Heights. William Bloom and Shawn Amuial of Holland & Knight’s Miami office provided legal counsel to the seller. Robert Berrin of Capital Realty Services Inc. acted as the owner’s representative.
DORAL, FLA. — Riviera Point Development Group has begun construction on Riviera Point Business Center at Doral, a $9.5 million, 41,000-square-foot office building in Doral, an affluent suburb of Miami. Corrales Group Architects designed the two-story lakefront property, which is slated for completion in the first quarter of 2016. The office project is fully funded through the U.S. Immigrant Investor program, also known as EB-5. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Riviera Point Business Center at Doral is $500,000.
MOBILE, ALA. — Banyan Investment Group and Investra Investments have acquired an 86-room Homewood Suites hotel on Providence Park Drive in Mobile. The hotel features a business center, fitness center, outdoor pool, barbecue area, onsite convenience store and 400 square feet of meeting space. Loxi Hospitality provided advisory services with the transaction. Banyan and Investra plan to implement a $2.7 million renovation to upgrade the hotel.
PHILADELPHIA — Accesso Partners LLC has closed on its $85 million acquisition of 1515 Market Street in downtown Philadelphia. The 20-story, 500,000-square-foot office tower sold for $85 million. The property was sold by a joint venture between Winthrop Realty Trust of Boston and Stockton Real Estate Advisors of Philadelphia. Renovated in 2007, the Class A property is currently 87 percent leased to a variety of tenants, including Temple University; Heffler, Radetich & Saitta; Sweeney & Sheehan; Simon & Simon; Rocco Law; the Commonwealth of Pennsylvania; Citizens Bank; and First Trust Bank. Douglas Rodio and Jim Galbally of Jones Lang LaSalle brokered the transaction. Hallendale Beach, Fla.-based Accesso Partners is formerly known as Beacon Investment Properties.
MIDDLETOWN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Hunters Crossing, an apartment community located in Middletown’s Westlake district. Hunters Crossing LLC purchased the 198-unit community for $16.4 million, or $82,800 per unit, from Middletown Apartment Associates LLC. Located at One Russet Lane, the community features 60 studios, 114 one-bedroom units and 24 one-bedroom loft/garden-style apartments. Community amenities include a swimming pool with sundeck and cabana, a beach volleyball court, a picnic and grilling area, on-site laundry facilities and a nature trail. Steve Witten, Victor Nolletti and Eric Pentore of IPA represented both the seller and buyer in the transaction.
PHILADELPHIA — The Feil Organization, as managing partner of the partnership of Feil, Chera & Goldman, has completed the disposition of One & Olney Square, shopping center located in North Philadelphia. Wharton Realty Group purchased the ShopRite-anchored center for an undisclosed price. Situated on 26 acres at 5675 North Front St., the 340,000-square-foot center is 85 percent leased to national and regional tenants, including Modell’s, Conway and Ashley Stewart. The property was built in 1986 and acquired by the Feil partnership in 2002. James Galbally of JLL represented The Feil Organization, while Wharton Realty Group was represented in-house for the transaction.