MONTGOMERY, ILL. — Shaker and Associates Inc., an Oak Park, Ill.-based investment real estate company, has sold Holly Ridge Apartment Complex in Montgomery for $5 million. A privately held investment group purchased the property in an all-cash transaction. The multifamily property is located about 50 miles west of Chicago. The 96-unit apartment complex includes four buildings situated on six acres. The community also features 80 two-bedroom units, 16 one-bedroom units and 76 garages.
ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of 729 Oakdale, a 23-unit apartment property in Saint Paul, for $1.2 million. Dan Linnell and Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a partnership. The buyer was a private investor.
CHICAGO — Sperry Van Ness has completed the $1.4 million sale of a mixed-use property in the heart of Chicago's Andersonville neighborhood. The building, located at 5356-58 N. Clark St., is fully leased and includes four apartments and four retail stores. Wayne Caplan of Sperry Van Ness LLC represented the seller in the transaction.
HARRISBURG, PA. — Marcus & Millichap Capital Corp. has arranged a $11.7 million loan for the refinancing of Campus Heights, a student housing property located near Penn State University in Harrisburg. The 10-year loan includes a 30-year amortization schedule and carries a 4.1 percent interest rate. Campus Heights is located at 277 W. Main St., about 0.2 miles from Penn State’s campus. Rent begins at $595 per month for a one-bedroom unit.
MANSFIELD, MASS. — Fantini & Gorga has arranged $3.7 million in permanent first mortgage financing for Rumford 214 Lofts in Mansfield, located about 34 miles south of Boston. Rumford Management LLC, an affiliate of Crugnale Properties, was the borrower. Casimir Groblewski, managing director at Fantini & Gorga, represented the client and arranged the financing. A Massachusetts-based financial institution was the lender. Rumford 214 Lofts is a newly completed multifamily property located next to Mansfield’s commuter rail station. Annino Inc. designed the property, and The Reskon Group of Boston provided construction management services. The four-story building includes 24 loft-style, two-bedroom units and 4,000 square feet of first-floor retail space.
NEW YORK CITY — Colliers International has arranged a 15-year lease at 469 Seventh Ave. with the City of New York leasing 66,800 square feet in the building as part of a large relocation. The multiple-floor space will serve as administrative offices and meeting rooms for the New York City Police Department’s Manhattan south traffic enforcement division. The city agency will occupy part of the ground floor, including a private entrance and elevators, as well as the entire second, third and fourth floors and part of the sixth floor. The 267,000-square-foot office building is situated at the southeast corner of West 36th Street, with access to transportation, including Penn Station and the Port Authority Bus Terminal. The agency is slated to move into its new space in January 2014. Eric Meyer and Marty Meyer and Dan Shavolian of Foremost Real Estate own the building. Keith Cody, John Morrill and Doug Holowink of CBRE Group represented the city of New York in the transaction.
NEW YORK CITY — A new 132-room Holiday Inn hotel has opened its doors in Manhattan’s Lower East Side neighborhood. Designed by Gene Kaufman Architect PC, the eight-story hotel features a red brick façade with blue and green brick inserts. The 60,000-square-foot hotel, located at 150 Delancey St., also features a landscaped courtyard, guest lounge, full-service restaurant and bar, fitness center, meeting facilities and complimentary Internet access.
HORSESHOE BAY, TEXAS — Henry S. Miller Brokerage has arranged the sale of Baycliff Apartments, a 25-unit multifamily property in Horseshoe Bay, approximately 50 miles northwest of Austin. The complex features a lighted tennis court, swimming pool, tanning deck and putting green as well as 10 vacant multifamily lots for future expansion. The team of Lew Wood, Andrew Doster and Darden Orand of Henry S. Miller assisted the owner, Baycliff Ltd., in the disposition of the property to local investor Baycliff Apartments LLC.
ALLEN, TEXAS — Landlord Chambers Street Properties has signed two companies to new leases for the warehouse property at 505 Century Parkway in Allen, a northern suburb of Dallas. Texas Valve & Fitting Company LLC, a developer and provider of fluid system components, will occupy a 22,400-square-foot space in the facility. Standex International Corp., a manufacturer across multiple industries including food services and hydraulics, will occupy a 33,144-square-foot space. These leases bring the 505 Century property to 100 percent occupancy.
HOUSTON — Real estate advisor DTZ represented law firm Ogletree, Deakins, Nash, Smoak & Stuart P.C. (Ogletree Deakins) in a renewal and expansion of its lease in One Allen Center, a downtown Houston office building located at 500 Dallas Street. The firm, which previously occupied 18,745 square feet of the property, will now occupy 22,515 square feet on the 30th floor. Thomas McKenzie and William Wolff, DTZ senior vice presidents, represented the tenant in the negotiations, while owner Brookfield Properties was self-represented by Paul Frazier and Margaret Sigur of Brookfield Properties. Ogletree Deakins, which specializes in labor and employment law, was founded in 1977 and operates offices in more than 40 cities. The firm opened its Houston office in 1996.
