ELK GROVE VILLAGE, ILL. — Marcus & Millichap has arranged the $2.3 million sale of a multi-tenant industrial property in Elk Grove Village, located about 23 miles northwest of Chicago. Paul Tesdal, an investment specialist in Marcus & Millichap’s Chicago office, marketed the property on behalf of the seller, a REIT, and represented the buyer, a limited liability company. The single-story, 98,445-square-foot building is located at 1900-1960 Devon Ave. and includes seven units.
WEST DES MOINES, IOWA — Seattle-based Nordstrom Inc. has announced plans to open a 35,000-square-foot Nordstrom Rack store at the Plaza at Jordan Creek in West Des Moines. The store is scheduled to open this fall. Though Nordstrom has operated a 628,560-square-foot fulfillment center in Cedar Rapids since 1997, Nordstrom Rack will be the company’s first retail location in Iowa. Nordstrom Rack is the off-price retail division of Nordstrom Inc., which offers customers apparel, accessories and shoes at discounted prices. The new store will join Dick’s Sporting Goods, Lowe’s Home Improvement and an expanding list of retailers filling out the Plaza at Jordan Creek. Hurd Real Estate Services Inc. and Signature Real Estate Services Inc. are co-developing The Plaza at Jordan Creek.
PETOSKEY, MICH. — Hobby Lobby has signed a 42,241-square-foot, 10-year lease at Petoskey Town Center in Petoskey, a city in northern Michigan. Retrofitting the space is slated to begin later this month with a completion date set for the third quarter. Agree Realty Corp., which owns the property, arranged the lease. Glen's Market previously occupied the space.
BRISTOL, CONN. — HFF has closed the $42 million sale of 383 Middle Street, a 410,174-square-foot, Class A office building in Bristol. HFF marketed the property on behalf of the seller, Winstanley Enterprises LLC. Inland Real Estate Acquisitions Inc. purchased the property, which is fully leased to a sports entertainment company. Renovated in 2004, the property features a new cafeteria, new building systems and a data center. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Steve Simonelli led the HFF investment sales team representing the seller. The property is situated on 36.9 acres in the Southeast Bristol Business Park, about 14 miles southwest of downtown Hartford.
NEW YORK CITY — Stan Johnson Co. has completed the $22 million sale of a retail condominium located at 1991 Broadway Ave. in Manhattan. The 7,500-square-foot property features 60 feet of frontage between 67th and 68th streets. Jason Maier and his team at Stan Johnson Co.’s New York office sold the property on behalf of Manhattan-based Small Fish Corp. to Ashkenazy Acquisition Corp. The space, which includes a public atrium, is located adjacent to the new Apple flagship store and close to the Lincoln Center, Julliard and the AOL Time Warner Center.
NEW YORK CITY — Marcus & Millichap has arranged the $12 million sale of 7 East 19th Street, a five-story, loft-style apartment building in the Flatiron district of Manhattan. The sales price equates to $960,000 per unit. Peter Von Der Ahe, Scott Edelstein and Seth Glasser, all in Marcus & Millichap’s Manhattan office, represented the seller, a New York-based private investor. Edelstein, Von Der Ahe and Glasser, along with Sean Beuche and Christopher Sjurset, also of Marcus & Millichap, represented the buyer, another New York-based private investor. The 10,144-square-foot property is located on East 19th Street between Broadway and 5th Avenue.
BOSTON — Shorenstein Properties LLC has acquired Center Plaza, a transit-oriented, mixed-use property totaling 717,128 square feet in Boston. Terms of the transaction were not disclosed. Developed by Beacon Capital in phases in the late 1960s and early 1970s, the property includes three nine-story buildings featuring 620,000 square of office space, 77,000 square feet of retail, 19,000 square feet of storage space and a 575-car garage. Shorenstein completed the acquisition of Center Plaza on behalf of its 10th fund, Shorenstein Realty Investors Ten LP, which it formed in 2010 with $1.2 billion of committed capital.
TULSA, OKLA. — The RADCO Companies has acquired The Overlook Apartments, a 284-unit multifamily community in Tulsa, from an undisclosed seller for $12.8 million. The property, which will be renamed Ashford Overlook, offers one- to three-bedroom options as well as amenities such as a fitness center and swimming pool. Located at 6339 S. 33rd West Ave., the complex is in proximity to a 1 million-square-foot retail development anchored by Lowe’s, Target and Sam’s Club. Atlanta-based RADCO plans $2.8 million of capital improvements to the asset, including interior, exterior and landscaping upgrades.
DALLAS — Newmark Grubb Knight Frank (NGKF) Hotels has brokered the sale of a 130-suite Hilton Homewood Suites in downtown Dallas. Transformed from an office building, the 10-story property includes amenities not typically found in hotels such as a half basketball court, golf simulator room, video game room and billiard room. The hotel, which is located on the northeast corner of North Griffin and Elm streets, also features eight meeting rooms totaling 4,412 square feet, an exercise room, indoor swimming pool and parking garage. Access to the Dallas Area Rapid Transit light rail line, city bus route and Woodall Rodgers Freeway provide accessibility for the asset. Rick Besse, Bhavesh Patel and Sam Winterbottom of NGKF represented the seller, Lowen 1025 Elm LP, in the transaction.
ARLINGTON, TEXAS — A joint venture between 2GR Equity and Dominus Commercial has acquired an 82,000-square-foot office building in Arlington. New ownership plans approximately $700,000 in capital improvements to the five-story property, which is located on Pioneer Parkway about three miles south of AT&T Cowboys Stadium. Dallas-based Dominus will provide leasing and management services for the asset.
