Property Type

McShane Completes 112,065 SF Food Preparation Facility in Des Plaines, Ill.

by Danielle Everson November 19, 2014

DES PLAINES, ILL. — McShane Construction Co. has completed the 112,065-square-foot renovation of an industrial building transforming it into a food preparation facility for DO & CO Chicago Catering Inc. The property is located at 2150 Frontage Road in Des Plaines. McShane enhanced the overall shell of the building to support new refrigeration components, kitchen equipment and upgraded building and safety systems. The facility’s office, warehouse and production areas were modernized with contemporary features to optimize operational efficiencies. Harris Architects Inc. provided architectural services for the project. DO & CO is a catering company based in Vienna, Austria, active in airline, train and international events catering. The foodservice firm has expanded its services to O’Hare International Airport.

November 19, 2014

Midwest Multifamily Wisconsin

M&M Arranges Sale of 24-Unit Apartment Building in Osceola, Wis.

by Danielle Everson November 19, 2014

OSCEOLA, WIS. — Marcus & Millichap has arranged the $980,000 sale of Scenic Valley Apartments, a 24-unit apartment property in Osceola, 42 miles northeast of Minneapolis. The property is located at 290 Zindaus St. The single, freestanding apartment building includes 24 one- and two-bedroom units located on 1.2 acres. Evan Miller, Dan Linnell, Mox Gunderson and Jon Ruzicka, of Marcus & Millichap’s Minneapolis office represented the seller and buyer, both limited liability companies. Matthew Fitzgerald of the firm’s Milwaukee office assisted in closing the transaction.

November 19, 2014

Retail Texas

Kennedy Wilson Arranges $1.3M Sale of Retail Property in New Braunfels

by Danielle Everson November 19, 2014

NEW BRAUNFELS, TEXAS — Kennedy Wilson has arranged the sale of a 6,000-square-foot retail building in New Braunfels, 15 miles north of San Antonio, for $1.3 million. The property is located at 490 S. Business IH-35 and is fully leased to Advance Auto Plus, a provider of aftermarket automotive parts. Ernest Brown and Jorge Rodriguez of Kennedy Wilson’s San Antonio office represented the unnamed buyer. John Heeren of SMPO Real Estate LLC represented the seller, Mitchell Leigh Potash, trustee of the Mitchell Leigh Potash Dynasty Trust. Retailers located near the property include Sears, Hobby Lobby, CVS Pharmacy and Domino’s Pizza.

November 19, 2014

Hospitality Texas

CBRE Brokers Sale of Homewood Suites Hotel in Brownsville

by Danielle Everson November 19, 2014

BROWNSVILLE, TEXAS — CBRE Hotels has brokered the sale of the 86-room Homewood Suites hotel in Brownsville, 15 miles north of the Mexico border. Blue Star Hospitality LLC purchased the property, which is located at 3759 N. Expressway from an unnamed California-based company. The new owner plans to renovate the hotel and maintain the Homewood Suites brand. Bert Stevens of CBRE Hotels’ Dallas office represented the seller. The hotel features a business center, 630-square-foot meeting room, gym, pool, sports court and barbecue area. The property is located near the Port of Brownsville, Brownsville-South Padre Island International Airport and the University of Texas at Brownsville.

November 19, 2014

Multifamily Texas

Phoenix Capital Partners Purchases Apartment Complex in Houston

by Danielle Everson November 19, 2014

HOUSTON — Phoenix Capital Partners LTD, a Dallas-based private equity firm, has purchased The Villas at West Oaks, a 342-unit apartment complex located in Houston. This will be the first acquisition investment for Phoenix Capital Realty Fund VI LP, which is sponsored by Phoenix Capital.

November 19, 2014

Multifamily Texas

Lubert-Adler Sells 320-Unit Apartment Complex in Houston

by Danielle Everson November 19, 2014

HOUSTON — Lubert-Adler has sold Tiburon, a 320-unit Class A apartment complex in Houston, to a private individual. ARA Real Estate Investment Services represented Lubert-Adler in the transaction. Lubert-Adler acquired Tiburon in 2011 from its original developer, UDR Inc., as part of a larger value-add multifamily investment strategy. Tiburon was built in 2008 and is located just off Beltway 8, less than two miles from U.S. Highway 290. Amenities include a clubhouse, business center, gym and swimming pool.

November 19, 2014

Northeast Retail Rhode Island

Salt Pond Shopping Center Sells for $39.2M in Rhode Island

by Amy Works November 19, 2014

NARRAGANSETT, R.I. — A subsidiary of Dividend Capital Diversified Property Fund Inc. has purchased Salt Pond Shopping Center for $39.2 million. Located at 91 Point Judith Road in Narragansett, the property is occupied by Stop & Shop, Marshalls/HomeGoods, Sports Authority, West Marine and Dollar Tree. Chris Angelone, Bill Moylan, Nat Heald and Bruce Lusa of CBRE/NE represented the undisclosed seller and the buyer in the transaction.

November 19, 2014

Multifamily New York Northeast Retail

Rosewood Realty Brokers Sale of Four-Building Portfolio in Brooklyn for $24.1M

by Amy Works November 19, 2014

NEW YORK CITY — Rosewood Realty Group has arranged the sale of a four-building portfolio in Brooklyn. A long-term investor purchased the assets for $24.1 million from a local seller. The portfolio includes 256 E. 37th St., 2902 Cortelyou Road, 3613 Avenue D and 414 East 34th St. The portfolio features 164 apartment units and six commercial units. David Berger of Rosewood Realty represented the buyer, while Aaron Jungreis, also of Rosewood, represented the seller in the transaction.

November 19, 2014

Multifamily New York Northeast

Marcus & Millichap Brokers $2M Sale of West Harlem Apartment Building

by Amy Works November 19, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 533 W. 142nd St. in New York City’s West Harlem neighborhood. The seven-unit building sold for $2 million. The property has been completely renovated to turnkey condition and is now 100 percent free market. Peter Von Der Ahe, Scott Edelstein, Matthew Fotis and Seth Glasser of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer, a private investor, in the transaction.

November 19, 2014

Civic New Jersey Northeast

CBRE Group Brokers $1.24M Sale of New Jersey Church Facility

by Amy Works November 19, 2014

PLAINFIELD, N.J. — CBRE Group has brokered the sale of 1020 West Seventh St. in Plainfield. The 14,632-square-foot church facility sold for $1.24 million. The new owner plans to occupy the church, which includes a fellowship hall, kitchen, offices and classrooms. Charles Berger and Elli Klapper of CBRE Tri-State Investment Properties represented the seller in the transaction. Both the seller and buyer were not disclosed.

November 19, 2014

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