MIAMI — The Melo Group has topped off a 32-story mixed-use tower located along the Miami River at 340 W. Flagler St. in downtown Miami. Known as Flagler on the River, the property will include 250 residential units, as well as office space and two street-level floors of retail and restaurant space facing the river. The tower is slated to open in June. Rental rates for the residential units start at $1,450 per month for a one-bedroom unit, $1,900 per month for a two-bedroom unit and $2,400 per month for a three-bedroom unit. The property will feature a pool deck, fitness center, garage parking and a social room for residents.
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LAUDERDALE LAKES, FLA. — Marcus & Millichap has brokered the $18.2 million sale of Whispering Palms, a 315-unit apartment complex located at 4540 N.W. 36th St. in Lauderdale Lakes. Tal Frydman, Daniel Cunningham and Derek Gibbs of Marcus & Millichap’s Fort Lauderdale, Fla., office represented the seller, an investor with headquarters in Miami and New York, as well as the buyer, a New York-based investor. The community, built in 1973, features a playground, pool, on-site laundry facilities and elevators. The asset was 96 percent occupied at the time of sale.
MIAMI — Southeast Financial Center, Florida’s tallest and largest office tower totaling more than 1.2 million square feet in Miami’s Central Business District, will undergo a nearly $8.2 million renovation plan. Since 2008, J.P. Morgan Asset Management – Global Real Assets has invested more than $20.5 million in capital improvements to the office tower. The renovation includes a $6.4 million elevator modernization project led by elevator provider Schindler. Other plans for the capital improvements include SemaConnect installing electric vehicle charging stations with payment options; construction of a conference and training center for tenants; a new roof; new common area signage; two pay-on-foot payment stations in the parking garage; and a tenant portal to streamline property management processes.
FREDERICKSBURG, VA. — NAI KLNB has brokered the $2.3 million sale of a 55,000-square-foot, single-story warehouse building at 4406 Overview Drive in Fredericksburg. The buyer, Tobacco Road 2012 LLC, purchased the property from Baltimore-based Northeast Foods, a bread manufacturer. The property features 16 loading docks with 28-foot clear ceiling heights and 10,000 square feet of freezer space. John Milligan and Andy Georgelakos of NAI KLNB represented the seller in the transaction. George Kolentsi of Gatehouse Realty represented the buyer.
CHICAGO — Marcus & Millichap has arranged the sale of a 16,000-square-foot retail building entirely occupied by Forever 21 on a net-lease basis. The two-story building, located at 865 W. North Ave in Chicago’s Lincoln Park neighborhood, sold for approximately $15 million. The building includes 8,000 square feet on each floor, a 4,000-square-foot basement and on-site customer parking. Other retailers in the area include Anthropologie, Apple, Best Buy, Crate & Barrel, Restoration Hardware, Sephora, The Container Store, Vitamin Shoppe, Whole Foods and Williams-Sonoma. Stephen Lieberman of Marcus & Millichap represented the buyer, Acadia Realty Trust. Tri-Equities LLC, based in Elk Grove Village, Ill., was the seller.
CHICAGO — Essex Realty Group Inc. has brokered the sale of a 148-unit apartment building for approximately $19 million. The 21-story building is located at 860 N. DeWitt Pl. in Chicago’s Streeterville neighborhood. The property, built in 1966, consists of studio, one- and two-bedroom apartments. Building amenities include a fitness center, an on-site dry cleaner and an attached parking garage. Doug Imber and Doug Fisher of Essex Realty represented both the undisclosed buyer and seller in the transaction.
LIVONIA, MICH. — Colliers International has arranged the lease of 10,280-square-foot industrial space located at 12050 Hubbard Street in Livonia. John Lominack of Colliers International represented the tenant, BIGA Commissary LLC, a pizzeria restaurant, in the transaction. The space will be used for a commercial kitchen to support BIGA Commissary’s expanding restaurant operations.
CHICAGO — NAI Hiffman has arranged a new lease on a 177,413-square-foot industrial space for Ideal, a Chicago-based manufacturer of point-of-purchase merchandise displays, with Silver Beauty, a company that builds and leases warehouses.Ideal will use the space, located at 5800 W. 51st St. on Chicago’s southwest side, as an additional distribution warehouse. Ideal’s new space is in close proximity to the company’s existing headquarters at 4800 South Austin Ave. Graham Packaging, a manufacturer of blow-molded plastic containers, previously occupied 350,000 square feet at the complex. However, the company is consolidating its operations and needed a tenant to sublease some of its space. Larry Much of NAI Hiffman represented Ideal in the transaction. Sally Macoicz of Cushman & Wakefield represented Silver Beauty.
CHICAGO — JLL Retail will lease a trio of retail properties owned by Simon Property Group that total more than 1 million square feet. The properties, located in the south suburbs of Chicago, include Country Side Plaza, located at the northwest corner of La Grange Road and Joliet Road in Countryside; Lake View Plaza, located at northwest corner of 159th and LaGrange Road in Orland Park; and Matterson Plaza, located at southwest corner of Lincoln Highway and Crawford Ave. in Matterson. Peter Caruso and Ashley Wagoner will represent Simon Property Group in leasing the properties.
BOSTON — Boston Capital has closed Boston Capital Corporate Tax Credit Fund XXXVIII, a nationally diversified portfolio of 43 affordable apartment properties in 16 states with a fund size of $235 million in equity. The properties acquired by Corporate Fund XXXVIII add an additional 2,651 apartment units to Boston Capital's holdings. The fund includes 10 developments for senior citizens and 33 multifamily properties.