CHICAGO — Sperry Van Ness | Chicago Commercial has completed the $2.5 million sale of a 12-unit apartment building in Chicago to an undisclosed buyer. The property is located at 853 W. Grace St. in the heart of the Wrigleyville neighborhood of Lakeview. The building consists of one-, two- and three-bedroom apartments. Wayne Caplan of Sperry Van Ness represented the buyer in the transaction.
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CHICAGO — Brokerage firm @properties Commercial has arranged a seven-year lease for a 3,072-square-foot multi-use building in Chicago. The space is in the Elston Corridor, located at 1731-1749 N. Elston Ave. Rebecca Lundstrom and Jim Moller of @properties Commercial represented the landlord, Urban Development LLC. Eric Myers of Avison Young represented the tenant, Edge Athletics Inc., an athletic training company. Other tenants in the building include Crossfit, Fresenius Medical, Akira, Creative Scholars and Language Stars.
SKOKIE, ILL.– Essex Realty Group has arranged the $845,000 sale of an apartment building in Skokie, Ill. to an undisclosed buyer. The 10-unit building is located at 8325 N. Kilpatrick St., three blocks north of the Chicago Transit Authority’s Skokie train station. Matt Welke and Jason Fishleder of Essex brokered the transaction.
HOBOKEN, N.J. — Bijou Properties, in partnership with Intercontinental Real Estate Corp., has broken ground on an $83 million multifamily development located at 900 Monroe in Hoboken. The 11-story, 135-unit mixed-use building includes 13,500 square feet of retail space featuring a daycare center and a 135-car onsite automated parking facility. The development is slated for a fall 2015 completion. Amenities will include a lobby, gym, outdoor pool, clubrooms and automated on-site parking. Marchetto Higgins Stieve Architects designed the property.
NEW YORK CITY — Madison Realty Capital (MRC) has sold a four-building multifamily property located on West 111th Street in Manhattan for $24.3 million. Acuity Capital Partners purchased the property. Madison initially purchased distressed loans on the four adjacent buildings, located at 136, 140, 144, 148 West 111th St., for $11.8 million in May 2011. MRC acquired the property title at auction in July 2011. The company then renovated 20 of the apartment units. The four buildings total 55,000 square feet with 65 apartment units. Aaron Jungreiss of Rosewood Realty Group represented both the buyer and seller in this transaction.
NATICK, MASS. — CBRE has arranged the $8.6 million sale of an office building located at 313 Speen St. in Natick. Chris Angelone, Steve Murphy, Bruce Lusa and John Meador of CBRE represented the seller, Gerrity Family Associates, and procured the buyer, 313 Speen LLC. The 59,453-square-foot office building was 70 percent leased at the time of sale. Approximately 20 miles west of Boston, the office building is located less than a mile off Interstate 90.
PORTLAND, MAINE — Boston Capital is investing in the construction of 409 Cumberland Avenue Apartments, a 57-unit development for families located in Portland. The development will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Avesta Housing Development Corp. is the developer. The construction of 409 Cumberland will generate $5.8 million in local salaries and create more than 87 new jobs in the Portland area. Boston Capital's investment in the development adds 57 units of affordable housing to its apartment portfolio.
ENFIELD, CONN. — Enfield Distribution Center LLC has purchased a 235,000-square-foot industrial building at 35 Manning Road in Enfield from Best Realty Associates for $3.5 million. The building is a former Hallmark Cards distribution center. Nicholas Morizio of Colliers International represented the seller and buyer in the transaction.
AUSTIN, TEXAS — Embrey Partners has opened Escape at Four Points, a 344-unit multifamily property in west Austin. The garden-style community includes one- to three-bedroom apartments ranging from 700 to 1,355 square feet, as well as a swimming pool, fitness center, resident lounge, coffee bar and game room. Located at 11210 FM 2222, the Class A complex is in proximity to Lake Travis. Embrey Partners, along with equity partners Case Pomeroy Properties and Six Pines Realty LLC, developed the property. Frost Bank provided financing for the project. Embrey Management Services manages the complex.
FORT WORTH, TEXAS — Trademark Property Co. will expand its WestBend mixed-use development in Fort Worth with a new 81,150-square-foot building. The facility will include 23,500 square feet of retail space pre-leased to Fresh Market, and 57,650 square feet of Class A office space. Trademark has demolished the existing parking garage on the site, which is located on the southeast corner of WestBend, and will begin construction of the new structure this summer. Completion is slated for 2015, with Fresh Market opening shortly afterwards. Trademark also announced the lease of 3,950 square feet elsewhere within the WestBend development to Grimaldi’s Pizzeria.