SPRING LAKE HEIGHTS, N.J. — Marcus & Millichap has arranged the ground lease sale of Investors Bank, a net-leased property in Spring Lake Heights. The 3,921-square-foot property sold for $3.2 million. The property has a 20-year corporately guaranteed ground lease with 10 percent rental increases every five years. Additionally, the property is an absolute-net ground lease with no landlord management. Michael Shover and Matthew Gorman of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller. Shover and Gorman also secured and represented the buyer, a limited liability company, in the transaction. Michael Fasano, also of Marcus & Millichap, assisted with the transaction.
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NEW YORK CITY — GFI Realty Services has brokered the sale of 1365-69 St. Johns Place, two four-story apartment buildings in Brooklyn’s Crown Heights neighborhood. The properties, which feature 16 apartment units, sold for $2.8 million or 13 times the rent roll. Constructed in 1929, the properties total 13,760 square feet and are within close proximity to the 3, 4 and 5 subway lines and the Brooklyn Children’s Museum. Daniel Shragaei of GFI represented the buyer, while Shulem Paneth and Ohad Babo, also of GFI represented the seller in the transaction. Both the buyer and seller were local investors.
BLOOMFIELD, N.J. — Prism Capital Partners’ Parkway Lofts, a luxury residential property in Bloomfield, has reached 50 percent leased six months after welcoming its first move-ins. Originally built in 1915 by The General Electric Co., the six-story warehouse building has been redeveloped into a 360-unit apartment building offering a mix of studio, one- and two-bedroom loft-style and duplex residences. The apartments feature 12- and 17-foot ceilings, exposed columns and beams, views of the Manhattan skyline and the Watchung Mountains, 13-foot windows, washer/dryers and designer kitchens and bathrooms. On-site amenities include a 24/7 attended lobby, a rooftop deck with fire pit and seating area, a 5,000-square-foot fitness center, a 20-seat theater room, a private party and billiards room, and a dog run.
WEST DUNDEE, ILL. — The Opus Group has entered into a contract with King Shan LLC to build 45,000 square feet of new industrial and office space next door to King Shan’s existing facility in West Dundee, approximately 40 miles northwest of Chicago. The property is located at the intersection of Weseman Drive and Higgins Road.Opus constructed King Shan’s existing 35,000-square-foot facility in 2010. The new space will allow King Shan, a manufacturer of steel wire and metal fabrication products, to expand its production and distribution operations. The facility, which will be built directly adjacent to King Shan’s current facility, will feature approximately 41,000 square feet of warehouse space with 24-foot clear height ceilings, as well as 4,000 square feet of office space. The two facilities will be linked via a graded driveway, ensuring optimal integration and functionality. Construction will begin this fall, with completion slated for January 2015. Opus Design Build LLC is the project’s design-builder. Opus AE Group LLC is the architect and engineer of record. Noel Liston of Darwin Realty and Development represented King Shan and Opus in the transaction.
COLUMBUS, OHIO — The Cooper Commercial Investment Group has arranged the $2.2 million sale of an 18,900-square-foot Goodyear building in Columbus, Ohio. The property, located at 124 E. Spring St., sold at a 7.1 percent capitalization rate and at 99 percent of list price. This hard-corner location was the first Goodyear store opened in the United States. The tire retailer recently extended its absolute triple net lease for 10 years with a mid-term rental increase, instead of exercising its five-year option. Dan Cooper of Cooper Commercial Investment Group’s Cleveland office represented the seller, an Ohio-based private investment group. Colby Moore of Cassidy Turley represented the buyer, a California-based private investor.
BLOOMINGTON, MINN. — Doran Cos. has purchased a 34,649-square-foot, three-story office building in Bloomington for $2.2 million. Paramount IV LLC sold the property to the Bloomington, Minn.-based general contracting, development and management company. Various Doran entities currently occupy 10,970 square feet in the office located at 7803 Glenroy Road. Other tenants include United Sugars Corp. and several small businesses, including S.S.C. Technologies Inc., Consultis of MN Inc., Selective Site Consultants Inc., and Pennant Co. The building is 80 percent leased. Doran Co. will add a building monument sign along West 78th Street that will identify building tenants. It will also complete extensive interior and exterior renovations to the property. Some of the renovations include new HVAC systems, parking garage improvements including heat and ventilation, upgrades to the elevators, improved restrooms, a new building conference room and more.
HANOVER PARK, ILL. — Mid-America Real Estate Corp. has arranged the $700,000 sale of Church Street Station, a 5,897-square-foot, multi-tenant retail building in Hanover Park, a northwestern suburb of Chicago. A private investor purchased the property located at the northwest corner of U.S. Route 20 and Barrington Road. Church Street Station features retailers Subway and Lily Nails. Carly Gallagher and Ben Wineman of Mid-America Real Estate Corp. were the exclusive brokers in the transaction on behalf of the seller, a court-appointed receiver.
ELMWOOD PARK, ILL. — Marcus & Millichap has brokered the $695,000 sale of a nine-unit apartment property located in Elmwood Park, a western suburb of Chicago. The property is located at 7719 W. Fullerton Ave. The property consists of one- and two-bedroom units ranging from 750 to 850 square feet. The property also features a number of recent capital improvements including new windows, a newly paved parking lot, six off-street parking spaces, one storage space per unit and washers and dryers. Ryan Engle, Andrean Angelov and Jordan Gilbert of Marcus & Millichap’s Chicago Oak Brook office represented the seller and the buyer, both private investors.
PORTLAND, ORE. – A 49,946-square-foot office building has sold to Swift Real Estate Partners for $8.5 million. The building is located at 811 SW Naito Parkway. It sits on the waterfront of the Portland Central Business District. The property was built in 1982 and renovated in 2013. The seller, ATC Partners LLC, was represented by HFF’s Nicholas Kucha and Michael Leggett.
CHANDLER, ARIZ. — Crown Castle International has leased 70,000 square feet of Class A office space in Chandler. The property is located off Loop 202. The shared wireless infrastructure provider will occupy the space next July. The landlord, LGE Design Build, represented itself in this transaction. Crown Castle was represented by Keith Lambeth, Todd Noel and Ryan Timpani of Colliers International.