CORAL SPRINGS, FLA. — Inland Real Estate Income Trust Inc. has purchased the North Hills Square Shopping Center, a 63,829-square-foot property located in Coral Springs, about 15 miles southwest of Boca Raton, Fla. Inland purchased the asset for approximately $11.1 million. Walmart Neighborhood Market anchors the center, which was 98 percent leased at the time of the sale to tenants such as Wendy’s and Manhattan Bagel. Matthew Tice of Inland Real Estate Acquisitions Inc. and Lou Quilici of IREIT Business Manager & Advisor Inc. facilitated the purchase of the property.
Property Type
CHICAGO — Marcus & Millichap has arranged the $3.9 million sale of a 10-unit apartment property in Chicago. The property is located at 650 W. Wellington Ave. in Lakeview. The recently renovated units range from one to four bedrooms. Kyle Stengle of Marcus & Millichap represented the seller, Jab Real Estate. Stengle also represented the buyer, a limited liability company.
PLYMOUTH, MINN. — Oak Grove Capital has originated a $32.8 million FHA loan for a townhome community in Plymouth. The loan was for Bass Lake Hills Townhomes. The 284-unit, market-rate complex is located at 5875 Teakwood Lane N. Gary Marchiori of Oak Grove Capital facilitated the FHA 223(f) multifamily loan.
CHICAGO — MB Real Estate has brokered the sale of two floors of office space spanning 20,315 square feet at the 55 W. Wacker building in Chicago. The 15-story, 209,000-square-foot tower is located at 55 W. Upper Wacker Drive. The Taipei Economic and Cultural Office in Chicago (TECO-Chicago) will occupy space on the 12th and 13th floors of the building. The TECO-Chicago office serves Taiwanese citizens in the Midwest as well as the interests of the Republic of China (Taiwan). TECO-Chicago will relocate from its current offices in Chicago this spring.The Class B building was built in 1968. The property is leased and managed by MB Real Estate. Kevin Purcell, Mark Buth and Walter Hennig of MB Real Estate represented building ownership in the transaction. Lisa Davidson and James Stein of Studley Inc. represented TECO-Chicago.
NEW YORK CITY — White & Case LLP, a global law firm with operations in 26 countries, plans to relocate but will remain on Sixth Avenue. The firm has signed a 440,000-square-foot long-term lease at 1221 Avenue of the Americas, which is owned by The Rockefeller Group. The leased space includes the top floors in the building, as well as below-grade space. The firm will move to the 2.5 million-square-foot property in 2017. The tenant was represented by Ken Siegel, Tom Doughty and Lisa Kiell of Jones Lang LaSalle. The Rockefeller Group was represented by an in-house team led by Ed Guiltinan, along with a Cushman & Wakefield brokerage team led by John Cefaly. The lease brings total new leasing activity at 1221 Avenue of the Americas to more than 700,000 square feet over the past 18 months.
NEW YORK CITY — Stephen Palmese of Massey Knakal has arranged the sale of the Brooklyn Law School Portfolio, which consists of six multifamily properties located in the historic Brooklyn Heights neighborhood of New York City. The all-cash transaction was valued at $36.46 million. The six properties — located at 89 Hicks Street, 18 Sidney Place, 144 Willow Street, 100 Pierrepont Street, 27 Monroe Place, and 38 Monroe Place — feature a combined 110 residential apartments and approximately 56,342 gross square feet. The sale price equates to approximately $647 per square foot. The properties have been owner/occupied by Brooklyn Law School, and they were 90 percent vacant at the time of sale.
NEW YORK CITY — Jim Coleman of Houlihan-Parnes Realtors LLC recently arranged acquisition financing of $1.5 million for the purchase of 2075 Haviland Avenue in the Tremont section of the Bronx. The property is a five-story walk-up apartment building containing 27 apartments and 4 stores. The property was purchased to reposition the asset based on existing vacancy. The loan has a flexible nine-year term. The loan was made by a local New York commercial bank. Anthony Simari of Smith, Buss & Jacobs represented the borrower.
PARSIPPANY, N.J. — JLL has recently completed managing the construction of the Lexus Eastern Area Office and Training Facility at 300 Webro Road in Parsippany for Toyota Motor Sales U.S.A. Inc. The team obtained LEED for Commercial Interiors Platinum certification for the 32,000-square-foot office and warehouse facility, which will serve as a training center for Lexus dealerships throughout the Northeast and Mid-Atlantic regions. This is the first LEED Platinum project for the Lexus area training center program. JLL was retained by Toyota Motor Sales U.S.A. Inc. in September 2012 to provide project management services for the construction of the facility. The company broke ground on the facility in early April 2013. The JLL team overseeing the project management assignment was led by Jerry Sullivan and Eric Brown. LEED certification coordination was led by Dana Schneider and Jasmine Davis.
HOUSTON — Marcus & Millichap has brokered the sale of South Wayside Village, a 29,364-square-foot shopping center in Houston. Tenants of the property include T-Mobile, PLS Check Cashers, Shipley Do-Nuts and South Texas Dental. Developed in 2006, the center is located at 5819 Gulf Freeway and is shadow-anchored by a Walmart Supercenter. Justin Miller and Derek Hargrove of Marcus & Millichap marketed the asset on behalf of the seller, a locally based developer, and also secured the buyer, an all-cash local private partnership.
IRVING, TEXAS — Cassidy Turley has arranged a 22,347-square-foot office lease in Irving for GM Financial, the arm of General Motors that provides automotive financing for individuals through dealerships nationwide. The tenant will occupy space within the Mandalay Tower, a 12-story, Class A property located at 220 E. Las Colinas Blvd. Rick Hopwood of Red Oak Realty represented GM Financial in the lease negotiations. Rodney Helm and Chris Taylor of Cassidy Turley represented the landlords, Parmenter Realty Partners and American National Insurance Co.