CLEVELAND — Marcus & Millichap has arranged the sale of a manufactured home community portfolio in Ohio. The eight properties, containing 1,013 sites, sold for approximately $25 million. Kyle Baskin and Jonathon McClellan of Marcus & Millichap represented the seller, Evergreen Communities. Baskin and McClellan also represented the buyer, UMH Properties Inc. (NYSE: UMH)a publicly traded real estate investment trust that owns and operates 82 manufactured home communities in Indiana, Michigan, New Jersey, New York, Ohio, Pennsylvania and Tennessee. The manufactured home communities, which are located on approximately 270 acres, were 70 percent occupied at the time of the sale.
Property Type
DOWNERS GROVE, ILL. —Morgan & Harbour Construction has completed a 10,000- square-foot office build-out for Crist|Kolder Associates in Downers Grove. Crist|Kolder Associates, a C-suite executive recruiting firm, has relocated its offices to 3250 Lacey Road from Hinsdale, Ill. The new space is in a Class A office building. Renovations to the space include new HVAC infrastructure, direct and indirect lighting features, millwork base, porcelain tile, aluminum framing and glass rail/stile doors with oil rubbed bronze hardware. The space was previously unoccupied. Morgan & Harbour’s construction tram consisted of Noah Warriner, Andy MacMillan and Keith Zagroba. Gary Lee Partners provided the architectural services for the project.
YPSILANTI, MICH. — Commercial Property Advisors, a multifamily investment brokerage firm, has arranged the $1.9 million sale of Campbell Street Apartments in Ypsilanti. The apartment community, built in the 1960s, consists of 60 units. Cary Belovicz represented the seller, Campbell Street of Ypsilanti LLC, in the transaction. Local residential real estate firm Howard Hanna represented the buyer, AMK Campbell Apartments LLC. The property was fully leased at the time of the sale.
SCHAUMBURG, ILL. — MB Real Estate has arranged a 13,391-square-foot lease renewal and expansion for the suburban offices of PPM America, a Chicago-based investment advisory firm. The offices are located at 300 N. Martingale in Schaumburg, a northwest suburb of Chicago. Andrew Davidson and Jay Beadle of MB Real Estate represented PPM America in the lease expansion. Joe Stevens of Transwestern represented ownership in the lease negotiations.
NEW YORK CITY — Silvershore Properties has purchased a six-story, 53-unit apartment building in the Crown Heights section of Brooklyn for $8.8 million. Hoydu Realty Corp. owned the 58,000-square-foot building, located at 283 Albany Ave., for almost 40 years. Silvershore Properties plans to continue to operate the fully occupied building as a rental property. The company is scheduled to close on five more properties in Brooklyn during the next 30 days.
HOPKINTON, MASS. — Wood Partners is nearing completion of Alta Legacy Farms, a $45 million, 240-unit apartment community in Hopkinton, a city about 35 miles west of Boston. The luxury multifamily community, which opened for prelease in July 2013, is currently 43 percent preleased. The development is part of the master-planned Legacy Farms project, a 730-acre, mixed-use community consisting of 940 single-family and attached homes, 450,000 square feet of commercial space and more than 500 acres of preserved and restored open space. Unit amenities at Alta Legacy Farms include wood cabinets, granite countertops, kitchen islands, wood-look vinyl plank flooring, energy-efficient appliances and full-size washers and dryers. Alta Legacy Farms was financed by a construction loan from Cambridge Savings Bank and equity investment by Bavin Inc. Wood Partners is the general contractor and Cube3 Studios designed the project. Allen & Major Associates Inc. provided structural engineering services.
FRANKLIN TOWNSHIP, N.J. — CBRE Group Inc. has completed the sale of 600 Atrium Drive, a 15-acre development site located in Franklin Township, for an undisclosed price. Charles Berger and Elli Klapper of the Private Capital Group, along with Artie Weiss and Sandra Herman of Brokerage Services in New Jersey, represented the seller and procured the out-of-state buyer in the transaction. The vacant tract of land is located at Exit 10 of State Route 287 and sits approximately 35 minutes from midtown Manhattan and 15 minutes from Newark Airport and Port Elizabeth/Newark. The surrounding area is home to more than 4.5 million square feet of office properties and nearly 9 million square feet of industrial properties.
SHIPPENSBURG, PA. — The U.S. Green Building Council – Central Pennsylvania Region has awarded Campus Apartments and Shippensburg University Student Services Inc. a 2014 ForeverGreen Award for Excellence in Green Building Design and Construction. The award, given within the “Sustainability in Higher Education” category, recognizes Phase I of the Shippensburg University student housing project. The project was selected for its use of local materials throughout construction and the developers’ efforts in salvaging nearly 98 percent of demolished materials to reduce waste. Other features include an energy-efficient heating and cooling system, water-bottle filling stations, low-flow fixtures to reduce water use and large windows in each unit to achieve the maximum amount of daylight. Completed December 2012, the $46 million first phase consists of three new housing residences, including two facilities on the north side of campus and one on the south side. The residences accommodate 924 students. Phase II is scheduled to be completed in fall 2014.
RICHARDSON, TEXAS — Developer KDC will break ground this summer on a three-building, 489,000-square-foot office complex in the Metroplex suburb of Richardson for Raytheon, a technology company serving the defense, security and civil industries. The property will be located on the southwest corner of President George Bush Freeway and Wyndham Lane, within KDC’s CityLine mixed-use development. HKS is serving as architect and Kimley-Horn and Associates is working as civil engineer on the Raytheon’s facilities, which are slated for completion in 2015. Brad Selner, Stephen Holley, Michael Condon and Brendan O’Shaughnessy of JLL represented Raytheon in the negotiations.
SAN ANTONIO — Presidium Group LLC has acquired and will rebrand Villages of Cinnamon Creek, a 348-unit multifamily property in northwest San Antonio. The community offers studio and one- to three-bedroom residences, as well as communal amenities such as a swimming pool, tennis court, basketball court, volleyball court, picnic area, fitness center and business center. Located at 8722 Cinnamon Creek Drive, the complex is in proximity to the University of Texas at San Antonio, the University of Texas Health Science Center and the headquarters of major employer USAA. Presidium Group, which has acquired four properties in San Antonio, is planning $3 million in capital improvements, including upgrades to the units’ plumbing, lighting fixtures and appliances.