CALUMET CITY, ILL. — Marcus & Millichap has arranged the sale of an 11-unit apartment property in Calumet City, a southern suburb of Chicago. The apartment building, located at 1365-67 River Drive, sold for $275,200. The building consists of one- and two- bedroom apartments and recently received capital improvements. Anthony Hardy and Neil Ostrander listed the property on behalf of the seller, a limited liability company. Adam Fortino of Marcus & Millichap represented the buyer, a REIT.
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LISLE, ILL. — Morgan & Harbour Construction has completed a 21,000-square-foot office building build-out for Glory Global Solutions Inc., a provider of cash management solutions for banks and retailers. The office building is located at Warrenville Road in Lisle, a western suburb of Chicago. The space underwent an interior renovation, which included the construction of two kitchens, multiple conference rooms and private offices. The facility also features a video conference room, a demonstration center, a full product showroom and two IT rooms with a controlled access system. The building is energy code compliant. The Morgan & Harbour Construction team consisted of Ben Warriner, Mike Costanzo and Kieran Towe. INTERFORM provided the architectural and design services. Studley provided Glory Global Solutions with advisory and project and management services. Glory Global Solutions relocated its Illinois offices from another location in Lisle.
HOBOKEN, N.J. — Argo Real Estate and Alpine Development have sold The Artisan, a 59-unit luxury residential development located at 1400 Clinton St. and 1440 Grand St. in Hoboken for $33.6 million. The 102,000-square-foot, six-story property includes two four-story apartment towers joined by a two-story retail building. LaSalle Investment Management purchased the property in an off-market transaction. New York-based Argo Real Estate partnered with Alpine Development in a joint venture for the project. The group received a $16 million loan from Sovereign Bank in August 2012 to finance construction of the mixed-use development and began leasing the luxury residential units in October 2013. Monthly rents range from $2,400 for a one-bedroom unit to $4,500 for a three-bedroom unit.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $27.8 million sale of 88-15 168th Street, a 191-unit apartment building in the Jamaica section of Queens. Zara Realty, a Jamaica-based owner and operator of apartment communities, purchased the property. Daniel Shragaei of GFI Realty represented the seller, Executive Arms Realty, while Yosef Katz, also of GFI, procured the buyer in the off-market transaction. Constructed in 1961, 88-15 168th Street is a nine-story building that is situated off the Grand Central Parkway and major thoroughfare Hillside Avenue.
HOLBROOK, MASS. — Denenberg Realty Advisors has arranged the $3.8 million sale of a 24,500-square-foot retail and office building in Holbrook, a southern suburb of Boston. The Heritage Cos. sold the property to ABC Commercial Realty. Built in 2007, the first floor is leased to Children of America. Neil Denenberg and Jonathan Blacker of Denenberg Realty Advisors arranged the transaction.
PASSAIC, N.J. — Marcus & Millichap has arranged the $1.1 million sale of Tulip Apartments, a 15-unit mixed-use property located in Passaic. Thomas McConnell and Kevin McCrann of Marcus & Millichap’s national multi-housing group marketed the property on behalf of the seller, a local private investor. McConnell and McCrann also represented the buyer. Tulip Apartments is located at 430 Monroe St. and has been owned by the same family for over 75 years.
HOUSTON — CBRE has arranged the construction financing for Airtex Distribution Center, a 225,360-square-foot warehouse to be located at 300 W. Airtex Blvd. in Houston. International Airport Centers (IAC), an owner, manager and developer of warehouse and distribution facilities, is the developer on the project and broke ground earlier this month. The Class A property will feature 32-foot clear heights, trailer parking, T-5 lighting and ESFR sprinklers. Powers Brown Architecture designed the facility, and Satterfield & Pontikes is providing construction services. Tom Lynch and John Fenoglio of CBRE arranged the financing. Ed Frantz and Faron Wiley, also of CBRE, will lease the property.
DALLAS — Marcus & Millichap has brokered the sale of Plantation Royal Apartments, a 172-unit multifamily property in Dallas. The community offers one- to three-bedroom residences ranging from 664 to 1,080 square feet, as well as an on-site management office, 24-hour emergency maintenance and laundry facilities. Located at 2825 Royal Lane, the property is in close proximity to the interchange of I-35 and I-635. John Barker of Marcus & Millichap represented the seller and procured the buyer in the transaction.
AUSTIN, TEXAS — ARA has brokered the sale of The Arbor at Tallwood, a 120-unit multifamily property in Austin. Constructed in 1972, the garden-style complex includes one- to three-bedroom apartments, plus a swimming pool and dog park. Located at 8810 Tallwood Drive, the community is in proximity to retail centers such as Lakeline Mall and The Domain, as well as area employers such as IBM, Dell, Visa, St. David’s Hospital and the University of Texas. The Arbor at Tallwood was 96 percent occupied at the time of the sale. Matt Pohl and Andrew Shih of ARA represented the seller, San Francisco-based Virtu Investments, in the transaction. Redwood Capital Group, based in Chicago, purchased the asset.
CARROLLTON, TEXAS — Billingsley Co. has leased 34,482 square feet of warehouse space in the Dallas suburb of Carrollton to Professional Plastics. The tenant will occupy space at 2060 Luna Road Suite 120, within Billingsley’s Luna Road Distribution Center. Mike Gravitt of Mike Gravitt & Co. represented Professional Plastics, which will move into the facility in the third quarter of this year.