MOODY, ALA. — Graham & Co., an industrial real estate developer, has completed a 31,200-square-foot industrial property in Moody, a suburb of Birmingham. The project is a build-to-suit development for SKF USA Inc., a Swedish-based ball bearing manufacturer. The design team includes contractor Cooper Construction and architect Designform.
CHICAGO — A joint venture between Beacon Investment Properties and an investor account advised by UBS Global Asset Management has acquired 20 North Clark, a 35-story office tower in Chicago, for $63 million. The seller was a joint venture between the Multi-Employer Property Trust (MEPT) and Hamilton Partners of Chicago, which was advised by Bentall Kennedy. Located on the northeast corner of Clark and Madison streets in downtown Chicago’s Central Loop, the 393,094-square-foot, Class B+ building, was 83 percent occupied at the time of sale. Susan Hill, senior managing director at HFF, arranged the acquisition financing, a four-year loan totaling 75 percent of the purchase price. General Electric Capital Corp. provided the loan. Paul Lundstedt and Mike Vesper, vice presidents in CBRE’s investment properties institutional group, represented MEPT and Hamilton Partners. Ron Lakin and Rachel Waymire of CBRE’s brokerage services group will serve as the leasing agents for the property.
VERNON HILLS, ILL. — Chicago-based REVA Development Partners has broken ground on a 304-unit luxury rental community in Vernon Hills, located about 36 miles north of Chicago. The Oaks of Vernon Hills is a 27-acre development that will feature garden-style apartment buildings and rental townhouses in a series of pocket neighborhoods. The apartment homes will include one-bed and two-bed floor plans spanning 696 to 1,212 square feet. The townhomes, measuring 1,487 to 1,800 square feet, will feature two or three bedrooms and an attached two-car garage. Amenities will include a clubhouse, an outdoor swimming pool and walking trails. Kinzie Builders is the general contractor. Leasing is expected to begin in spring with first occupancies in the summer.
DES PLAINES, ILL. — Marcus & Millichap has arranged the $1.7 million sale of 100-180 Touhy Court, an industrial complex in Des Plaines, located about 20 miles northwest of Chicago. Paul Tesdal and Stephen Lieberman, investment specialists in Marcus & Millichap’s Chicago office, marketed the property on behalf of the seller, a private investor. The buyer, a fund manager, was also secured and represented by Paul Tesdal and Stephen Lieberman. The property is comprised of two flex/industrial properties totaling 48,101 square feet, each built in 1989. The buildings were 72 percent occupied at the time of sale.
SOUTHFIELD, MICH. — Colliers International has arranged a 21,886-square-foot office lease at The First Center Southfield Building in Southfield. Brent Beshears of Colliers International represented the tenant, American Axle & Manufacturing (AAM) in this transaction. The First Center Southfield building is located at 26911 Northwestern Highway. AAM is a Detroit-based manufacturer of automobile driveline and drivetrain components and systems.
NEW YORK CITY — American Realty Capital Properties Inc. has completed its acquisition of a net lease portfolio from affiliates of funds managed by Fortress Investment Group LLC. The acquisition includes 120 properties, mostly retail, totaling 6.1 million square feet and a contract purchase price of $601.2 million. “With the acquisition of this portfolio from Fortress, we have closed on another one of our previously announced large property purchases,” says Nicholas Schorsch, executive chairman and CEO of ARCP. “We have further added to our best-in-class portfolio with the purchase of these high-quality net lease assets, diversified by geography, industry and tenant.”
HADDONFIELD, N.J. — The Walters Group, a residential and commercial real estate developer, has completed construction on its new 8,000-square-foot, Class A office building in Haddonfield. The new facility is located at 21 E. Euclid Ave., about 10 miles east of Philadelphia. Walters Group has relocated its Marlton offices to the new two-story building, taking the entire second floor. The law firm of Del Duca Lewis has also relocated its offices from Cherry Hill to the new location occupying space on the first floor. The Walters Group is the developer of the building and will jointly own and manage the building with Del Duca Lewis. Additional tenant space is available, ranging from 1,200 square feet to 4,000 square feet.
BRYN MAWR, PA. — Binswanger has arranged the sale of two parcels situated on a 1.4 acre site in Bryn Mawr, located about 10 miles northwest of Philadelphia. The buyer, JLPH Associates LP, plans to build a new multifamily project on the site. Two separate owners sold the properties, located at 847 and 859 Old Lancaster Ave. Devon Apartments is a two-building complex that includes 24 two-bedroom apartment units and spans 32,580 square feet on 1.1 acres. The multifamily property was 54 percent occupied at the time of the sale. The property located at 847 Old Lancaster Ave., which is currently used as a medical office building, includes a two-story, building on 0.4 acres. Scott Gabrielsen, president, along with Scott Williams and Nick Sannelli of Binswanger Commercial, arranged the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $11 million sale of 15 Crown St., a six-story, 58-unit multifamily building in the Crown Heights/Prospect Heights area of Brooklyn. The sales price equates to a 4 percent cap rate and $189,655 per unit, according to Marcus & Millichap. Peter Von Der Ahe, Matthew Fotis and Adam Abuaf in Marcus & Millichap’s Manhattan office represented both the seller and the buyer in the transaction. “This sale marks the trend of new investors finding investment opportunities in emerging Brooklyn submarkets,” says Fotis. “New York renters seeking alternatives to the area’s prime neighborhoods has fueled demand for more affordable units, especially those with luxury finishes.”
DALLAS — Bell Partners Inc. has acquired Alta West Davis Apartments, a 207-unit multifamily complex in the Bishop Arts district of Dallas. Completed in 2013, the community offers one- and two-bedroom layouts plus amenities such as a resort-style pool, fitness center and resident lounge. Apartments feature stainless steel appliances, natural wood cabinetry, walk-in closets, washers and dryers. New ownership will manage and rebrand the property, which was 90 percent leased at the time of the sale, as Bell Bishop Arts.