Property Type

DEVELOPER SELLS 100-UNIT SENIORS HOUSING PROPERTY

by admin September 5, 2013

AVON, IND. — Mainstreet Property Group has finalized the $17.1 million sale of Wellbrooke of Avon, its newly built, 100-unit seniors housing and care facility in Avon, to Toronto-based HealthLease Properties Real Estate Trust. The fully occupied facility is leased on a triple-net basis to Life Care Services. The seniors housing property includes 70 units licensed to provide skilled nursing, rehabilitation and therapy services, while the other 30 units provide assisted living services . The facility is located at 10307 E. County Road 100 North in Avon.

September 5, 2013

FAIRLAWN BUYS 96-UNIT APARTMENT COMPLEX IN DANVILLE

by admin September 5, 2013

DANVILLE, ILL. — Fairlawn Capital, a Champaign, Ill.-based asset manager and investor in distressed and value-add opportunities in the Midwest, has purchased a 96-unit apartment complex in Danville. South Lake Apartments is located at 2730 Townway Road, about 35 miles east of Champaign. Brian Pohl, executive vice president, and Tyler Hague, associate, both of Colliers International | Chicago, represented the seller, an institutional real estate owner.

September 5, 2013

Industrial Midwest

NELSONHILL TO MARKET 653,190 SF INDUSTRIAL PORTFOLIO

by admin September 5, 2013

BROADVIEW AND MELROSE PARK, ILL. — NelsonHill has been named the exclusive agent for the disposition of a multi-tenant industrial portfolio including three buildings totaling more than 653,190 square feet. The properties are located in Broadview and Melrose Park, western suburbs of Chicago, and owned by Joe Reina. The first property is a 389,155-square-foot facility at 2600 S. 25th Ave. in Broadview and is occupied by 23 tenants. Built in 1966 for General Motors and renovated in 2000 and 2010, the building is 99 percent leased. At 1930 George St. in Melrose Park, the second building spans 179,300 square feet and is situated on almost six acres of land. Built in 1963 and renovated in 2010, the property has seven tenants and is 99 percent leased. The third in the portfolio is an 84,735-square-foot complex at 5109 W. Lake St. in Melrose Park. The warehouse and office building is occupied by six tenants and is 82 percent leased. Mark Nelson, Mike Nelson and Frank Melchert of NelsonHill are the listing brokers for the portfolio.

September 5, 2013

Civic Northeast

CTA CONSTRUCTION BREAKS GROUND ON $36M SCHOOL

by admin September 5, 2013

WEBSTER, MASS. — CTA Construction has broken ground on a new $36 million, 109,067-square-foot elementary school for the town of Webster, a city located in southern Massachusetts. Designed by Dore & Whittier Architects, the new school will accommodate pre-kindergarten to 12th grade students and replaces the existing 50-year-old Park Avenue Elementary School. The new school will have state-of-the-art learning spaces, as well as special educational classrooms and include flexible class space. The school construction will be completed in three phases. Phase I includes the demolition of the upper portion of the existing building, followed by construction of the new building during phase II. The final phase includes the demolition of the lower portion of the existing building once the new building is complete. The project is targeting LEED Silver certification. Construction is slated for completion in summer 2015. Collaborative Partners is serving as project manager.

September 5, 2013

Northeast Retail

REIT BUYS 196,728 SF SHOPPING CENTER IN ERIE FOR $21.4M

by admin September 5, 2013

ERIE, PA. — Phillips Edison–ARC Shopping Center REIT Inc. has acquired Yorktown Centre, a 196,728-square-foot shopping center in Erie, for $21.4 million. A Giant Eagle grocery store occupies 44.4 percent of the property. Yorktown Centre is fully leased to 29 tenants. The seller was 79 Realty Corp. Phillips Edison is a public, non-traded REIT focused on the acquisition and management of grocery-anchored neighborhood shopping centers throughout the United States.

September 5, 2013

Northeast Retail

M&M ARRANGES $2.9M SALE OF 13,082 SF RETAIL PROPERTY

by admin September 5, 2013

AVENEL, N.J. — Marcus & Millichap has arranged the $2.9 million sale of a 13,082-square-foot retail property in Avenel, a southern suburb of Newark. Family Dollar and Mosaic Spa occupy the property, which is located at 1392 St. Georges Ave. Michael Lombardi, a senior associate in Marcus & Millichap’s New Jersey office, marketed the property on behalf of the seller, a developer. Lombardi also represented the buyer, a private investor. This retail building was renovated in 2012, which included a new roof and parking lot.

September 5, 2013

Multifamily Northeast

11-UNIT APARTMENT BUILDING CHANGES HANDS FOR $1.2M

by admin September 5, 2013

CLIFFSIDE PARK, N.J. — Jennell Realty LLC has acquired an 11-unit, garden-style apartment building at 250 Palisade Ave. in Cliffside Park for $1.2 million. Built in 1950, the two-story building, located on the corner of Palisade Avenue and Main Street, includes four studios, six one-bedroom units and one two-bedroom unit. The monthly rent ranges from $715 for a studio to $1,345 for a two-bedroom unit. Enn Kunnapas, Gary Sauerborn and Dominic Fittizzi of NAI James Hanson represented the seller, DLP LLC, and the buyer in the transaction.

September 5, 2013

Multifamily Texas

ALEXAN AT AUBURN LAKES BREAKS GROUND IN THE WOODLANDS

by admin September 5, 2013

HOUSTON — Trammell Crow Residential and Prime Property Investors will break ground Friday, Sept. 6 on a garden-style apartment property called Alexan at Auburn Lakes in The Woodlands submarket of Houston. The development will consist of 256 one-bedroom, one-bath units and 90 two-bedroom, two-bathroom units. Amenities include a clubhouse with business center, kitchen, billiards and fitness center, as well as a private lake and a fully fenced dog park. The 12.5-acre site of Alexan at Auburn Lakes is located at West Rayford and Gosling roads, in close proximity to a future campus of ExxonMobil.

September 5, 2013

Civic Texas

GCC MCCARTHY JOINT VENTURE II COMPLETES $12M DENTON ARMY RESERVE CENTER

by admin September 5, 2013

DENTON, TEXAS — GCC McCarthy Joint Venture II, a collaboration of mentor McCarthy Building Cos. Inc. and protégé GCC Enterprises Inc., has completed construction of the $12 million Army Reserve Center (ARC) in Denton, located approximately 40 miles north of Fort Worth. The project, which originally broke ground in April 2012, includes a 37,000-square-foot administrative and training center, an operational maintenance shop, storage buildings and support facilities. Professional Engineering Consultants and GLMV Architecture designed the ARC for LEED Silver certification. Construction was administered by the United States Army Corps of Engineers, Fort Worth District.

September 5, 2013

Office Texas

PARMENTER REALTY PARTNERS SELLS 201,720 SF HOUSTON OFFICE BUILDING

by admin September 5, 2013

HOUSTON — Parmenter Realty Partners, a Miami-based real estate investment firm, has sold the 201,720-square-foot office building situated at 2200 West Loop South in Houston. The property, which is located in close proximity to the Galleria complex, is the first to be sold of the assets from Parmenter Realty Fund IV. At the time of the sale, the building had a single listed vacant space of 25,884 square feet. Parmenter Realty Partners owns two remaining assets in Houston following the transaction.

September 5, 2013

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