Property Type

JOINT VENTURE SELLS OFFICE COMPLEX IN SUBURBAN CHICAGO

by admin September 26, 2013

OAK BROOK, ILL. — The Davis Cos., on behalf of an affiliate, and Arthur Goldner & Associates have sold The Crossings of Oak Brook in suburban Chicago for $35.7 million, or approximately $117 per square foot. Vancouver, Canada-based Adventus Realty Trust was the buyer. The Crossings of Oak Brook includes 1420 and 1520 Kensington Road, two three-story properties that total 303,510 square feet. The Davis Cos. and Arthur Goldner & Associates acquired the property in January 2010. The joint venture then implemented a capital improvement plan and increased the occupancy from 66 percent to 95 percent. HFF represented the seller and procured the buyer and NAI Hiffman acted as the leasing agent.

September 26, 2013

33-UNIT CHICAGO APARTMENT BUILDING SELLS FOR $4.9M

by admin September 26, 2013

CHICAGO — Essex Realty Group Inc. has arranged the $4.9 million sale of 3348 W. Wilson Ave., a fully renovated, 33-unit multifamily building in the Albany Park neighborhood of Chicago. Units in the brick building feature granite countertops, black appliances, new cabinets, central air and iron porches. The property is situated on the north side of Wilson Avenue in between Kimball and Kedzie avenues. Jim Darrow and Jordan Gottlieb of Essex Realty represented the seller and Doug Imber and Kate Varde of Essex Realty represented the buyer in the transaction.

September 26, 2013

Midwest Mixed-Use

MIXED-USE BUILDING IN CHICAGO SELLS FOR $1.6M

by admin September 26, 2013

CHICAGO — A 14,000-square-foot mixed-use building in Chicago has sold for $1.6 million. The eight-unit building located at 2643-51 N. Milwaukee Ave. is in the Logan Square neighborhood. Michael Weber and Ian Feinerman, senior commercial brokers for @properties Commercial, represented the buyer, a real estate investor, and the seller, two private sellers. The building includes four apartments and four storefronts, two of which were vacant at the time of the sale. The other two were leased to a pet groomer and a convenience store.

September 26, 2013

Industrial Midwest

DICKMAN CO. ARRANGES SALE OF TWO INDUSTRIAL BUILDINGS

by admin September 26, 2013

MILWAUKEE — The Dickman Co. Inc./CORFAC International has completed the sale of two industrial buildings totaling 105,000 square feet in Milwaukee. 3745-75 Richards Industrial LLC purchased the property from Johnson Bros. Beverages Inc. The industrial buildings are located at 3745-3775 North Richards St. Samuel M. Dickman Jr. and Samuel D. Dickman were the brokers in the transaction.

September 26, 2013

Northeast Retail

NORTHMARQ ARRANGES $24.2M LOAN FOR WATER TOWER SQUARE

by admin September 26, 2013

MONTGOMERYVILLE, PA. — NorthMarq Capital has arranged $24.2 million in refinancing for Water Tower Square, a 262,788-square-foot retail center Montgomeryville, a northern suburb of Philadelphia. Home Depot, OfficeMax and Planet Fitness anchor the property. A CMBS lender provided the 10-year loan, which includes a 30-year amortization schedule. Philip Deeter, senior vice president and managing director of NorthMarq’s Philadelphia regional office, arranged the financing.

September 26, 2013

Industrial Northeast

INDUSTRIAL BUILDING IN METRO BOSTON SELLS FOR $4M

by admin September 26, 2013

LOWELL, MASS. — Hudson Advisors LLC has sold 121 Hale St., a 60,700-square-foot industrial/research and development building in Lowell, to Calare Properties Inc. for $4 million. M/A-COM Technology Solutions (MACOM), a supplier of high-performance RF, microwave and millimeter wave products, fully occupies the building. Chris Skeffington, senior vice president, Roy Sandeman, senior analyst, and James Lipscomb, senior vice president of Richards Barry Joyce & Partners LLC, represented the building’s seller and procured the buyer.

September 26, 2013

Industrial Northeast

NAI HANSON COMPLETES 18,710 SF LEASE RENEWAL, EXPANSION

by admin September 26, 2013

WHIPPANY, N.J. — NAI James E. Hanson has completed an 18,710-square-foot industrial lease renewal at Whippany Business Center, located at 1 Apollo Drive in Whippany. Z&Z Supply Inc. expanded its lease by 5,500 square feet for the wholesale distribution of HVAC equipment and small motors. Owned by IndCor Properties Inc., the one-story, 120,000-square-foot industrial building also includes a 5,500-square-foot outbuilding situated on 6.6 acres. The property offers 14- to 22-foot clear ceiling heights, drive-in loading, as well as ample parking. Steven Leitner, vice president of NAI Hanson, represented the tenant, while Howard Weinberg, formerly of Cassidy Turley, represented the landlord.

September 26, 2013

Hospitality Texas

CASCADE INVESTMENT ACQUIRES FOUR SEASONS HOTEL HOUSTON

by admin September 26, 2013

HOUSTON — Cascade Investment, a privately held investment company controlled by Bill Gates, has purchased the Four Seasons Hotel Houston from private real estate investment fund Maritz, Wolff & Co. Located at 1300 Lamar Street in the city’s central business district, the property offers 404 rooms, 64 rental apartments and amenities including a swimming pool and fitness facility. Toronto-based Four Seasons Hotels and Resorts will continue to manage the hotel.

September 26, 2013

Healthcare Texas

VIBRA HEALTHCARE PURCHASES VICTORIA HOSPITAL IN $20.7M DEAL

by admin September 26, 2013

VICTORIA, TEXAS — Vibra Healthcare LLC has purchased two long-term acute care hospitals, including the former Kindred Hospital Victoria approximately 110 miles southeast of San Antonio, from Kindred Healthcare for $20.7 million. The facility will now be operated by Camp Hill, Pa.-based Post Acute Medical, an affiliate of Vibra. The other hospital acquired in this transaction was located in Milwaukee. Vibra purchased 14 other Kindred Healthcare hospitals earlier this month for $168.5 million.

September 26, 2013

Multifamily Texas

MIG REAL ESTATE ACQUIRES PINE CREEK RANCH APARTMENTS IN THE WOODLANDS

by admin September 26, 2013

THE WOODLANDS, TEXAS — MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, has acquired Pine Creek Ranch, a 240-unit apartment community in The Woodlands. Located at 3600 College Park Drive, the property offers one-, two- and three-bedroom layouts plus a swimming pool, fitness center, barbecue area, billiards room and more. David Oelfke of ARA Real Estate Investment Services represented the seller, the name of which was not disclosed, in the transaction. Greystar will manage Pine Creek Ranch on behalf of MIG, which represented itself in the deal and has now acquired three Texas multifamily assets since mid-2012.

September 26, 2013

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