NAGS HEAD, N.C. — CBRE | Hampton Roads has arranged the $2.7 million sale of South Beach Plaza, a two-building retail property located at 2424 S. Croatan Highway in Nags Head, part of North Carolina’s Outer Banks barrier islands. The 20,872-square-foot property’s tenants include Dunkin’ Donuts, Viva Mexican Restaurant, Sweet Frog Premium Yogurt and Jersey Mike’s. Patrick Gill and Joanna Hastings of CBRE | Hampton Roads represented the seller in the transaction.
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LISLE, ILL. — The Opus Group has completed Avant at the Arboretum, a 310-unit, luxury mid-rise residential development in Lisle, a suburb of Chicago. The four-story apartment building features in-unit washers and dryers, stainless steel appliances, private balconies, granite countertops, nine-foot ceilings, USB charging stations, deep kitchen sinks and 42-inch cabinets. The development offers nine different floor plans and 310 indoor parking stalls. The community also features an outdoor heated swimming pool, patio area, communal gas grills, outdoor fire pit, fitness center, business center, conference center, club room, bike storage area and dog park. Lincoln Property Cos. Manages the property. Opus Development Co. LLC served as the developer; Opus Design Build LLC was the contractor; and BSB Design Inc. was the project architect.
CHICAGO AND ROLLING MEADOWS, ILL. — The Canyon Multifamily Impact Fund has acquired two apartment properties in the Chicago area. York Terrace, a 331-unit apartment complex on Chicago’s southside and the 662-unit Woodfield Crossing apartment community in Rolling Meadows will undergo a series of improvements during the next year. The Canyon Multifamily Impact Fund is a joint venture between Canyon Capital Realty Advisors and Citi Community Capital that addresses the need for higher quality workforce housing in underserved communities across the United States. The joint venture’s improvement program for York Terrace will focus on addressing deferred maintenance and creating new amenities, including a community multi-purpose room, gym, business center and laundry room. Canyon’s improvement program for Woodfield Crossing will include new roofs and more energy-efficient heating and plumbing systems.
CHICAGO — Summit Design + Build LLC has completed two tenant build outs at Cumberland Centre, a 330,000-square-foot office complex in Chicago. Glenstar Properties owns and manages the complex, which is located at 5440 N. Cumberland Ave. Summit completed a 5,000-square-foot build out for Dr. Wiener. The board-certified plastic surgeon formerly occupied a facility at Resurrection Medical Center and is relocating to Cumberland Centre to accommodate his growing practice. The Interior Design Group provided architectural services for the project. The firm also completed a 10,572-square-foot office and training center for BIR, an English-language instruction company.
ANN ARBOR, MICH. — Colliers International Ann Arbor has arranged the sale of the Ashley Square Building located at 123 N. Ashley St. in downtown Ann Arbor. The Ashley Square Building includes 25,000 square feet of office space and 42 on-site parking spaces. The building is located one block from Main Street and is situated within the D1 zoning overlay district. Jim Chaconas and Brendan Cavender of Colliers International Ann Arbor represented both the seller, Amper, LLC, and the buyer in the transaction.
MORRISTOWN, N.J. — A joint venture between Onyx Equities LLC and Artemis Real Estate Partners has acquired Mount Kemble Corporate Center, a 229,500-square-foot, Class A office complex in Morristown. The purchase price was undisclosed. Built in 2001, the office complex is 64 percent occupied and home to tenants such as Couglin Duffy Kelly, The Willis Group, Liberty Mutual Taisho Pharmaceutical and Massey Quick. The new ownership plans to reposition the complex and reintroduce it to the marketplace as a high-quality, low-cost alternative to the other Class A properties in Morristown. The joint venture will upgrade the complex’s landscaping, concrete walkway, parking lot and bathrooms.
PHILADELPHIA — Marcus & Millichap Capital Corp. has arranged a $2.5 million construction loan for a 17-unit multifamily development in Philadelphia. The five-year loan includes a fixed interest rate of 5.63 percent. The property is located at 1509-11 W. Girard Ave. in the Francisville neighborhood of Philadelphia.
NORWOOD, N.J. — RainMen USA Inc., a manufacturer and importer of high-quality umbrellas, has signed a long-term lease for more than 52,000 square feet at an industrial complex in Norwood. The manufacturer is relocating its headquarters from Northvale and is increasing its footprint by 15,000 square feet. Mitch Helfman of MRH Real Estate Services represented the property’s owner, Alfred Sanzari Enterprises, in the transaction. Hal Lichtenstein of Cassidy Turley represented the RainMen USA.
CONROE, TEXAS — Jones Lang LaSalle (JLL) has brokered the sale of Montgomery Plaza, a shopping center totaling 304,867 square feet in Conroe, approximately 40 miles north of Houston. Academy Sports & Outdoors, Big Lots, Conn’s Appliances and Petco are among the tenants of the property, which was 95 percent leased at the time of the transaction. George Cushing and Wendy Vandeventer of JLL represented the seller, Weingarten Realty. American National Insurance Co. purchased the asset.
CORPUS CHRISTI, TEXAS — Institutional Property Advisors (IPA) has brokered the sale of Baypoint Resort, a 350-unit multifamily property in Corpus Christi. The complex, built in 1998 on 30 acres, offers one- and two-bedroom floor plans and amenities such as volleyball courts, two swimming pools, a business center and fitness center. Located at 1802 Ennis Joslin Road, the apartments are in close proximity to Corpus Christi Bay. Will Balthrop and Scott Lamontagne of IPA, a multifamily brokerage division of Marcus & Millichap, represented the seller, an East Coast REIT. An acquisition firm based in Austin purchased the property.