HYATTSVILLE, MD. — Marcus & Millichap has arranged the $7.6 million sale of Edmonton Station, a 119-unit apartment community located in Hyattsville, about seven miles northeast of Washington, D.C. The apartment community is located at 5360 Quincy St. Edmonton Station was 97 percent occupied at the time of sale. David Weber, Daniel Cunningham, Tal Frydman and Derek Gibbs of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Weber also secured and represented the buyer, a limited liability company.
CHICAGO — The John Buck Co. has formed a joint venture with institutional investors to develop a 36-story office tower in Chicago’s West Loop. The John Buck Co. and its partners, Canada Pension Plan Investment Board and the INDURE Fund managed by National Real Estate Advisors, have agreed to commit $145 million of equity capital to initiate the proposed project called 151 North Franklin. The development would be the first new office project to be delivered in Chicago since 2009, according to The John Buck Co. The project is slated for completion in the third quarter of 2016. Plans call for the 825,000-square-foot tower to offer WiFi throughout the building, 25,000-square-foot floor plates, 10-foot ceiling heights and floor-to-ceiling glass. The design team includes Chicago-based architect John Ronan and Adamson Associates Inc.
ST. LOUIS — TriStar Properties has begun development on the first speculative industrial building to be constructed in St. Louis since 2007, according to Cassidy Turley. The 540,000-square-foot, Class A facility at Gateway Commerce Center is slated for completion in summer 2014. The building, which is located at the intersection of Interstates 270 and 255, will provide expansion capabilities to more than 1 million square feet. Gateway Commerce Center features approximately 10 million square feet of industrial development and is home to tenants such as Unilever, Procter & Gamble Co., Ozburn-Hessey Logistics and Hershey. Ed Lampitt, senior vice president at Cassidy Turley, will lead leasing efforts for the spec facility.
WEST DUNDEE, ILL. — Marcus & Millichap has arranged the $2.9 million sale of West Dundee Shops, an 8,544-square-foot retail property in West Dundee, located about 40 miles west of Chicago. Austin Weisenbeck, Adrian Mendoza and Sean Sharko, investment specialists in Marcus & Millichap’s Oak Brook office, represented the seller, a limited liability company, and the buyer, a private investor. Located at 210 – 230 N. 8th St., the property is fully leased to three national tenants, including FedEx, Sprint and Jimmy John's. FedEx has occupied its space for 15 years, while Sprint and Jimmy John’s have occupied their spaces for 10 years.
COLUMBUS, OHIO — The Cooper Commercial Investment Group has arranged the $1.8 million sale of the South Pointe on High Retail Center & MarketPlace in Columbus. Dan Cooper, president and broker of Cooper Commercial, represented the owner, a national bank, while the buyer was a private investor from Oklahoma. The 91,522-square-foot center features a variety of tenants, including Chase Bank, Little Caesar’s Pizza, Saturday’s Hair Salon, the U.S. Armed Forces Career Center and Aaron’s Rents.
NEW YORK CITY — Metro-North Commuter Railroad Co. has signed a 20-year lease covering 265,903 square feet at 420 Lexington Ave. in New York City. Metro-North, a subsidiary of New York’s Metropolitan Transportation Authority, currently occupies 133,503 square feet on the 11th, 12th and 22nd floors of the 30-story, 1.2 million-square-foot property located adjacent to Grand Central Terminal. The 132,400-square-foot expansion will cover the entire 10th floor and portions of the second, third and fifth floors. Josh Kuriloff, Jodi Roberts and David Heller of Cushman & Wakefield Inc. represented Metro-North in the transaction. SL Green was represented in-house.
NEW YORK CITY — Meridian Capital Group LLC has arranged a $3.3 million loan on behalf of Phido Co. for the refinancing of a mixed-use property located on York Avenue in New York City. The 10-year loan features a fixed interest rate of 3.95 percent and was provided by a local savings bank. Judah Hammer, vice president in Meridian Capital’s New York City headquarters, negotiated the transaction. The four-story, mixed-use property is located at 1634 York Ave. and includes 14 residential units and two retail spaces totaling 3,600 square feet, one of which houses the Mansion Restaurant.
PHILADELPHIA — Marcus & Millichap Capital Corp. has arranged a $2.6 million loan for the refinancing of 1311 Lofts, a 16-unit apartment building in Philadelphia. The loan includes a 3.75 percent interest rate and a 75 percent loan-to-value ratio. The multifamily property is located at 1311 Spruce St.
AUSTIN, TEXAS — Full-service real estate firm ARA has brokered the sale of Las Colinas, a 178-unit apartment community in Austin. Located at 1500 Reagan Hill Drive in the city’s Northeast submarket, the property is in proximity to State Highway 183, State Highway 290 and Interstate 35. Andrew Shih and Matt Pohl of ARA represented the seller, Quez Capital, which purchased the garden-style complex in 2012 and upgraded cabinetry, flooring and appliances in many of the units, as well as the communal clubhouse, courtyards and building exteriors. A private investor based in Minnesota purchased the asset, which was 97 percent occupied at the time of the sale.
ARLINGTON, TEXAS — Bradford Commercial has brokered the sale of a 36,006-square-foot flex property in the Great Southwest industrial district of Arlington. Constructed in 1965, the building is located at 925 111th St., in close proximity to Interstate 30. Features of the asset include 16-foot clear heights, heavy power, three dock-high doors and two dock doors with levelers. Joe Santaularia, Kevin Santaularia and Michael Spain of Bradford represented the seller, Tennessee-based Dominion Enterprises. Michael Stanzel of NAI Robert Lynn represented the buyer, locally based Duralite Natural Stone LLC, which will occupy the facility within two months.