Property Type

EMK PROPERTY INVESTORS SELLS ANNABERRY PARK IN INDIANAPOLIS

by admin December 11, 2013

INDIANAPOLIS — EMK Property Investors has sold Annaberry Park, a mixed-use property located south of 86th Street on Harcourt Road in Indianapolis. Omaha-based Metonic Real Estate Services purchased the property, which includes 244 residential units and 12 commercial units. The purchase price was undisclosed. EMK Property Investors purchased the apartment community in late 2010 from a lender. At the time, the property was known as Presidential Estates. The company spent more than $1.3 million to upgrade the property, including the installation of new windows, replacement of a portion of the roofs, new exterior paint, renovation of the clubhouse and the majority of the units. Omaha-based Seldin Co. will serve as the new manager of the property.

December 11, 2013

13,000 SF BRIDAL STORE OPENS IN ST. LOUIS

by admin December 11, 2013

ST. LOUIS — Hilliker Corp. has assisted local franchise owners in finding a new home for their bridal store in St. Louis. Husband Ihab Elassal and wife Nagwa Abdelghfour, along with son Yasser Elassal, recently opened Impression Bridal, a 13,000-square-foot store located at 4164 Chippewa St. The bridal salon currently occupies the first floor of the three-story, 39,000-square-foot building. The owners purchased the property for $235,000 and plan to open the second floor’s 13,000-square-foot space in 2015. The family has invested approximately $700,000 in renovating the building. The new interior features 22 dressing rooms, as well as 140 chandeliers throughout the store. Ihab, Nagwa and Yasser also own another Impression Bridal store at 425 Clark St. in St. Charles, which opened in 2012.

December 11, 2013

Industrial Midwest

THE DICKMAN COMPANY ARRANGES 12,112 SF LEASE IN MILWAUKEE

by admin December 11, 2013

MILWAUKEE — The Dickman Co. Inc./CORFAC International has arranged a 12,112-square-foot industrial lease in Milwaukee. Anthony Huenerbein and Nick Keys of The Dickman Co. represented the landlord, GCI #1 LLC, and the tenant, AccuTrans Inc., in the transaction. The industrial property is located at 6134 S. Howell Ave.

December 11, 2013

Multifamily Northeast

HOME PROPERTIES ACQUIRES APARTMENT COMPLEX FOR $15.5M

by admin December 11, 2013

BROOKHAVEN, PA. — Home Properties Inc. has purchased Camelot Court, a 204-unit apartment community in suburban Philadelphia, for $15.5 million. The sales price equates to $76,000 per unit. Rochester, N.Y.-based Home Properties has renamed the multifamily property Stone Hill Apartments. At closing, Stone Hill Apartments was 90.2 percent occupied at monthly rents averaging $918. Built in 1971, Stone Hill consists of 11 three-story apartment buildings and is located in Brookhaven. Common area amenities include a laundry room in each building and a swimming pool with a private yard. During the first three years of ownership, Home Properties plans to spend approximately $3 million on site improvements, including window and door replacements and upgraded kitchens and baths in the apartment units.

December 11, 2013

Multifamily Northeast

GEBROE-HAMMER ARRANGES $7.9M OF APARTMENT SALES IN NEW JERSEY

by admin December 11, 2013

CALDWELL AND MONTCLAIR, N.J. — Gebroe-Hammer Associates has arranged the sale of two northern New Jersey apartment properties for $7.9 million. The two separate transactions total 49 units in Caldwell and Montclair, and long-term owners sold both properties. In the Caldwell transaction, the 27-unit, two-story apartment building at 40 Roseland Ave. traded for $4.3 million. Ken Uranowitz, president, and David Jarvis, executive vice president at Gebroe-Hammer Associates, represented the seller, a second-generation private owner, and identified the buyer. In Montclair, the four-story, 22-unit building at 9-11 Seymour St. sold for $3.6 million, which equates to more than $166,000 per unit.

December 11, 2013

Civic Northeast

CTA CONSTRUCTION COMPLETES 121,000 SF SCHOOL IN SUBURBAN BOSTON

by admin December 11, 2013

MAYNARD, MASS. — CTA Construction has completed the new 121,000-square-foot Maynard High School in Maynard, located about 25 miles west of Boston. The two-story building combines three other Maynard School buildings into one complex. The school is comprised of four wings: Wing A houses the gymnasium, locker rooms and classrooms; Wing B includes administrative offices and classrooms; Wing C houses the auditorium, cafeteria, kitchen and academic classrooms; and Wing D contains mechanical rooms. The existing school was demolished and replaced by new athletic practice fields. CTA Construction collaborated with designer Tappé Architects, and project manager Municipal Building Consultants Inc.

December 11, 2013

Retail Texas

JLL BROKERS SALE OF 179,469 SF RETAIL CENTER IN HOUSTON

by admin December 11, 2013

HOUSTON — Jones Lang LaSalle (JLL) has brokered the sale of Northwest Crossing Centre, a 179,469-square-foot shopping center in Houston. Best Buy, Marshalls, Big Lots and Shoe Carnival anchor the center, which was fully occupied at the time of the sale. The property is located at the intersection of U.S. Highway 290 and Hollister Road, shadow anchored by Target and in proximity to Houston’s CBD and Galleria submarkets. George Cushing and Wendy Vandeventer of JLL marketed the property on behalf of the seller, Weingarten Realty. Jimmy Board of JLL secured 10-year, fixed-rate financing for the buyer, USA Properties.

December 11, 2013

Multifamily Texas

MUSKIN COMMERCIAL BROKERS 105-UNIT MULTIFAMILY COMPLEX SALE

by admin December 11, 2013

AUSTIN, TEXAS — Muskin Commercial LLC has brokered the sale of University Crest Apartments, a 105-unit multifamily complex in Southeast Austin. The property, located at 1616 Royal Crest Drive, includes of 12 garden-style buildings, a management office and a swimming pool on nearly five acres. Ellen Muskin of Muskin Commercial represented the seller, San Diego-based Crest Apartments LLC. Royal Crest LLC purchased the facility with financing from Arbor Commercial Funding LLC.

December 11, 2013

Multifamily Texas

ARA BROKERS 72-UNIT APARTMENT SALE NEAR HOUSTON

by admin December 11, 2013

CLEVELAND, TEXAS — Full-service real estate firm ARA has brokered the sale of Kirbywood Apartments, a 72-unit multifamily community in the Northeast Houston suburb of Cleveland. Constructed in 1978, the Class B property is located at 307 Kirbywood Drive and offers one- to three-bedroom apartments plus amenities including a swimming pool, playground and laundry facility. The complex was 95 percent occupied at the time of the sale. Jon Boone, Jeff Patterson and Kelly Witherspoon of ARA represented the seller, a Houston-based private investor. The buyer is an investment company based in California.

December 11, 2013

Office Texas

HUDSON PETERS BROKERS SALE OF 11,420 SF OFFICE BUILDING IN RICHARDSON

by admin December 11, 2013

RICHARDSON, TEXAS — Hudson Peters Commercial has brokered the sale of an 11,420-square-foot office building in Richardson. Located at 212 W. Spring Valley Road, the two-story property is in close proximity to State Highway 75 and Interstate 635. Janice Peters and Michelle Hudson of Hudson Peters represented the seller, Medwed Properties, in the transaction. Kent Smith of NAI Robert Lynn represented the buyer, Modjarrad & Abusaad Law Firm.

December 11, 2013

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