NEW YORK CITY — GFI Realty Services has arranged the sale of 275A Malcolm X Boulevard in Brooklyn’s Bedford-Stuyvesant neighborhood. The four-story property, which features three residential units and a ground-floor retail unit, sold for $1.07 million. Constructed in 1927, the property is located within close proximity to the Utica Avenue and Hasley Street subway stations, which service the A, C and J lines. Yisroel Pershin of GFI represented the seller, while Daniel Shragaei, also of GFI, represented the buyer. Both parties were local investors.
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RED BANK, N.J. — Red Bank-based AEP Properties LLC has acquired a three-story, 6,600-square-foot office building located at 213 Route 35 in Red Bank for an undisclosed price. The buyer plans to renovate the building, which is currently vacant, to create a multi-tenant property. Once renovations are complete, Pereless Systems will expand its customer service and support teams into the property. Brian Murphy of Sitar Realty Company represented the buyer in the transaction.
WEST BEND, WIS. — Inland Real Estate Income Trust Inc. has acquired an 86,800-square-foot Pick ‘n Save-anchored shopping center in West Bend, approximately 40 miles north of Milwaukee, for $24 million. Inland REIT purchased the property from South Main Center Inc. The property is located at the intersection of South Main Street and Paradise Drive. Pick ‘n Save Shopping Center is 92.9 percent leased to five tenants, which include PNC Bank, Aspen Dental, Sport Clips and Cherry Berry Yogurt Bar. The property was built in 2011. Lou Quilici of IREIT Business Manager & Advisor Inc. assisted Matthew Tice of Inland Real Estate Acquisitions Inc. in the purchase of the property.
LAKE COUNTY, ILL. — Peak Construction Corp. has team up with IDI Gazeley — along with Colliers International, Heitman Architects and Jacob & Hefner Associates — to construct a 454,276 square foot industrial facility at the Antioch Corporate Center, a 100-acre master-planned business park in Lake County. The team will kick off the park’s re-ignited development with construction of Building A later this month. The LEED accredited building will feature a 36-foot clear height and 48-by-60 bays. As part of the multi-phased development located near I-94 and Route 45, Building A will cover 23 acres of approximately 100 acres available at the site. Peak Construction Corp. is a design-build general contractor that provides industrial, office, healthcare, hospitality and construction management services. IDI, based in Atlanta, and Gazeley, a London-based industrial real estate company, have formed a new $3.5 billion logistics property platform — IDI Gazeley, which co-brands two full-service industrial property companies under a single corporate umbrella, Brookfield Logistics Properties. Brookfield is an owner, operator and investor in real estate.
DETROIT — Banner Supermarket will soon expand its store in northwest Detroit. The $5.8 million project will bring the independent grocery store located at 14424 Schaefer Highway to 40,000 square feet. The expansion is a part of the Detroit Economic Growth Corp.’s Green Grocer Project (GGP).GGP aims to improve the quality of the grocery sector by assisting grocers in addressing operational and store development needs to ensure the highest-quality fresh affordable food in Detroit stores. Detroit Economic Growth Corp. is the primary economic development agency in the city of Detroit. Upon completion, the expansion project will add a pharmacy, a bakery, a hot food deli, and a seafood counter. The renovation includes a new entrance and parking lot and landscaping improvements. The store is staying open during both phases of construction. The first phase is expected to be completed in November and the second phase early next year. The store is expected to add 25 new jobs after the expansion. GGP provided a technical assistance grant and facilitated financing through Invest Detroit, Chase Bank and a New Market Tax Credit set up by Capital Impact Partners for the project.
DOWNERS GROVE, ILL. — Marcus & Millichap has brokered the $360,000 sale of a 4,329 square-foot, net-leased property in Downers Grove, a western suburb of Chicago. Accelerated Rehabilitation Centers will occupy space located at 1624 -1626 Ogden Ave. The property sold in 31 days at 90 percent of its original list price. Accelerated Rehabilitation Center has leased the property since 2003. Accelerated’ s lease includes annual rent increases of 4 percent. The property has been 100 percent occupied since 1975. Tammy Saia of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, in the transaction.
MILFORD, OHIO — Cooper Commercial Investment Group has arranged the $2.7 million sale of Milford Shoppes, a 12,000-square-foot retail center in Milford, a suburb of Cincinnati. The property, built in 2008, is shadow-anchored by Meijer, Kohl’s and Home Depot, and is fully occupied with triple-net leases in place. Dan Cooper of Cooper Commercial Investment Group’s Cleveland office represented the seller, an Ohio-based private investment firm. A Connecticut-based private investor purchased the property at full price, representing a 7.4 percent capitalization rate.
PHOENIX – The Motorcycle Mechanics Institute (MMI) Building in Phoenix has sold to Hyperion Fund LP for $6 million. The MMI Building is located at 2932 W. Deer Valley Road. It is fully leased to UTI on a long-term basis. The building is one of three structures that make up the MMI campus. Hyperion was represented by Eric Wichterman and Mike Coover of Cassidy Turley. The seller, 2932 DVR LLC, was represented by Barry Gabel and Chris Marchildon of CBRE’s Phoenix office.
LOS ANGELES – A four-property industrial portfolio located in Los Angeles has sold to an unnamed buyer for $5.7 million. The properties included in the transaction are 11918-11920 Jefferson Blvd., along with 11801-11807, 11811 and 11821 Teale Street. The portfolio includes a total of 18,000 square feet. Jack Whalen of Heger Industrial represented both the buyer and seller, Richard J. Laski, acting as a Trustee of the Kaman Estate, in this transaction.
SCOTTSDALE, ARIZ. – The SAARS Building, an 8,500-square-foot office building in Scottsdale, has sold to 4221 Scottsdale LLC / TradeCor LLC for $2.1 million. The Class B building is located at 4221 North Scottsdale Road in the Old Town Scottsdale entertainment district. It was built in 1982. Mark Bramlett, Eric Wichterman and Mike Coover of Cassidy Turley represented both the buyer and seller, Scottsdale Area Association of Realtors (SAARS), in this transaction.