CHICAGO — Marcus & Millichap has arranged the sale of a portfolio of four seniors housing properties in Illinois for $25 million. The four properties are branded under the name Villas at Holly Brook and are located in Effingham, Herrin, Marshall and Shelbyville. The properties were constructed within the past five years. Each one-story facility is 35,000 square feet or larger with approximately 46 units located on at least two acres. The properties feature efficiency studios, one- and two- bedroom apartments, and deluxe corner suites. Mark Myers, Alex Blagojevich, and David Gaines of Marcus & Millichap represented the seller, a private investor/owner. American Realty Capital was the buyer in the transaction. Meridian Senior Living operates the properties.
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GREENWOOD, IND. — Lee & Associates has arranged the lease of a 1,319-square-foot office space in Greenwood for Lewark Newton & Powers, an insurance provider. The office space is in the Library Park Professional Centre, which is located at 1700 W. Smith Valley Road. Cathy Richards and Teresa Clementsof Lee & Associates represented Lewark Newton & Powers and the landlord, Deegan Properties 107E LLC.
HOPEWELL, N.J. — American Real Estate Partners and financial partner Siguler Guff & Company have purchased a 341,000-square-foot Class A office campus in Hopewell, which is south of Princeton, N.J. The companies paid $28.6 million for the three-building complex located at 1700, 1750 and 1800 Merrill Lynch Dr. The buildings, which are part of the 1.8 million-square-foot, 12-building Bank of America Hopewell Campus and currently house Bank of America’s Private Wealth Management and Investment Banking divisions, will become available for re-tenanting in late 2014.
LINDENWOLD, N.J., AND LEVITTOWN, PA.— Local real estate investor Philip Balderston has purchased Coachman Manor, a 546-unit apartment complex located on 401 E. Gibbsboro Rd. in Lindenwold. Joseph Brecher and Eli Rosen of Gebroe-Hammer Associates represented both the buyer and the seller in the $15.88 million transaction. Coachman Manor is located near the PATCO train station and offers a mix of one-, two- and three-bedroom units. Gebroe-Hammer also represented a limited partnership led by Balderston in the $10.35 million purchase of Edgely Estates, a newly renovated apartment property located at 1610 Edgely Road. The community features 245 studio, one- and two-bedroom units.
HAUPPAUGE, N.Y. — HFF has arranged a $20 million in refinancing for a three-property suburban office portfolio totaling 175,579 square feet in Hauppauge for borrower TRITEC Real Estate Company. The permanent fixed-rate loan was provided by New York Community Bank (NYCB). The properties are located at 49 Wireless Boulevard (85,331 square feet at 82.6 percent occupancy, 125 Kennedy Drive (60,209 square feet at 100 percent occupancy), and 50 Engineers Road (30,039 square feet at 100 percent occupancy). The portfolio is a combined 91.3 percent leased to a variety of tenants including Verizon, Esurance, MedSave USA and an affiliate of the lender. The HFF team representing the borrower was led by Michael Gigliotti.
NEW YORK CITY — Colliers International has arranged a 176,121-square foot lease at One New York Plaza for the Macmillan Science and Education group of companies, part of the Holtzbrinck Publishing Group. This will consolidate approximately 950 of the company’s employees into the Lower Manhattan office building by mid-2015; the company will lease floors 46 through 48 and a portion of the 45th floor. Leon Manoff of Colliers International represented the tenant; Adam Foster and Peter Turchin of CBRE represented Brookfield, the landlord.
AUSTIN, TEXAS — Westmount Realty Capital LLC has acquired a 13-building, 546,984-square-foot portfolio in Austin. Originally developed in the mid-1980s for light industrial use, the structures are now primarily finished out as office space. Institutionally managed and maintained, the assets were 88 percent occupied at the time of the sale. The portfolio is located within the Braker Center business park, which is situated between I-35 and the MoPac Expressway in the North Central submarket. NorthMarq Capital secured the acquisition financing on behalf of the buyer. Westmount, which is based in Dallas, is planning to invest approximately $1.5 million in an architectural facelift and will rebrand the complex as The Offices at Braker Center. Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain Venegoni of CBRE represented the sellers, Dallas-based Granite Properties and Austin-based Endeavor Real Estate Group.
HOUSTON — HFF has brokered the sale of 2900 Weslayan, a 136,698-square-foot office building in Houston. The asset also features a motor bank (drive-thru tellers) with 20 lanes. Bounded by Alabama, Weslayan and Essex streets in the Greenway Plaza/Galleria submarket, the property is in proximity to residential development 2929 Weslayan; retail centers Highland Village and Central Market; and major thoroughfares U.S. Highway 59, the Westpark Tollway and Loop 610. The asset was 73 percent leased to tenants including JPMorgan Chase at the time of the sale. H. Dan Miller and Trent Agnew of HFF marketed the property on behalf of the unnamed seller. PM Realty Group purchased the asset free and clear of debt and plans to invest in capital improvements to the property.
SAN ANGELO, TEXAS — Economy extended-stay hotel brand Value Place and Pure Strike Development LP are partnering to develop the first Value Place in San Angelo. Once completed, the four-story, 124-room property will be the 38th Value Place location in Texas. The hotel will feature laundry facilities and modified kitchens. Ron Burgett, executive vice president of franchise development at Value Place, cited San Angelo’s economic growth, especially in the oil and gas industries, as a key motivator for expansion into the city.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of Sunrise Suites, a 53-unit multifamily property in the Metroplex suburb of Irving. The community offers studio, one- and two-bedroom apartments, as well as two laundry facilities and an on-site rental office. Located at 1411 W. Shady Grove Road, the complex is in proximity to major thoroughfares including the Airport Freeway and President George Bush Turnpike. John Barker of Marcus & Millichap marketed the property on behalf of the seller, a private investor, and also secured the buyer, another private investor. The transaction closed within 60 days at 99 percent of the asking price.