HUNTSVILLE, ALA. — Sperry Van Ness | Avat Realty has arranged the $2.5 million sale of a 81,000-square-foot retail property in Huntsville. The retail center is located at 1001 N. Memorial Parkway and its tenant roster includes Books-A-Million and Toys “R” Us. Sperry Van Ness | Avat Realty represented the seller in the transaction.
CHICAGO — 4K Diversey Partners LLC has signed a contract to purchase the 1.4 million–square-foot, 21-acre former Marshall Field’s warehouse campus in Chicago. Macy’s Inc., which has owned the property since 2005 and vacated it in 2008, was the seller. The new owner plans to redevelop the campus into a multi-tenant project that will include manufacturing, warehouse and distribution space. The property is located at 4000 W. Diversey Ave., about six miles from the Loop. Chicago-based 4K Diversey Partners is comprised of three individuals: Lou Silver, Aaron Paris and Paul Fishbein. Occupancy is scheduled for January 2014. Op2mize Real Estate Advisors will provide leasing and property management services.
PALATINE, ILL. — Ramco-Gershenson Properties Trust has purchased Deer Grove Shopping Centre, a 236,173-square-foot property in Palatine, for $20 million. Developed in 1996, the retail center is anchored by Dominick’s, a Chicago-based grocer, and TJ Maxx/Home Goods, Petco and Staples. Target and Home Depot shadow-anchor the shopping center. The property is located at 605 E. Dundee Road, about 30 miles northwest of Chicago, and was 81 percent leased at the time of sale. Janice Sellis and Paul Barile of Transwestern’s Chicago office, along with C-III Realty Services, represented the seller, C-III Asset Management, in the transaction.
CHICAGO — Baum Realty Group LLC has arranged the sale of the REPAK Wicker Park Retail Portfolio, which includes five buildings totaling 28,000 square feet in the Wicker Park neighborhood of Chicago. The purchase price was undisclosed. The properties are located at 1455, 1519, 1521, 1525 and 1529 N. Milwaukee Ave. Tenants of the buildings include Citibank, Urban Outfitters, G-Star, Chrome Industries, Crossroads Trading and Dermatology and Aesthetics of Wicker Park. The portfolio offered properties with a range of rental rates, including some below market, according to Baum. Greg Dietz, Danny Spitz and Adam Secher of Baum represented the seller and procured the buyer, Newcastle Limited.
CLEVELAND — Michael Baker Jr. Inc., an engineering unit of Michael Baker Corp., has been awarded a one-year, $4.5 million roadway and structure design services contract by the Ohio Department of Transportation (ODOT) for Phase II of the Lakefront West project on U.S. Route 6 in Cleveland. When completed, the Lakefront West Project will connect Cleveland's west side neighborhoods with the lakefront by creating multi-modal connections along the West Shoreway. The project transforms a 2.5-mile, 50-mph freeway into a scenic, tree-lined, 35-mph boulevard. Baker will provide roadway and structures design, traffic certification and analysis, maintenance of traffic and utility coordination and documentation.
BALA CYNWYD, PA. — A joint venture between Keystone Property Group and Mack Cali Realty Corp. has acquired 15 office properties and three parcels located in suburban Philadelphia submarkets for $233 million. Keystone plans to reinvest in the portfolio by modernizing the office buildings.The partnership will also seek to develop the three parcels, located in Lester, Media and Berwyn, which include up to 162,200 buildable square feet. The acquisition adds approximately 1.7 million square feet of existing office space to Keystone’s portfolio.
FAIRHAVEN, MASS. — Heyman Properties has sold the 212,393-square-foot Fairhaven Commons, located in the Boston suburb of Fairhaven, for $23.8 million. The property, which was built in 1989, is 93 percent leased. Walmart and Marshalls anchor the center. Additional tenants include Sears Hardware, GNC and Wendy's. James Koury and Ben Sayles with HFF represented the seller and procured the buyer in the transaction.
NEW YORK CITY — Pembrook Capital Management LLC has provided a $20 million bridge loan for the refinancing of the Clarendon Gardens apartment complex in Brooklyn. Clarendon Gardens is a 224-unit, seven-building multifamily property totaling 195,000 square feet. The garden-style apartment complex is more than 98 percent occupied and is located at the southeast corner of Kings Highway and Avenue D. The financing Pembrook provided, along with additional $2 million in preferred equity from a separate private investor, enabled the borrower to refinance the existing debt and complete repair work and renovations.
CONCORD, N.H. — NAI Norwood Group has arranged the sale of 247-249 Pleasant St., two 5,356-square-foot office buildings in Concord. Judy Niles-Simmons and Karl Norwood of NAI Norwood Group represented the seller, the State of New Hampshire Department of Administrative Services. The buyer, Dartmouth-Hitchcock, a New Hampshire-based healthcare system, purchased the property for $900,000. Situated on one acre, the two buildings are located across from Concord Hospital.
HOUSTON — Whitestone REIT (NYSE: WSR) has launched four property redevelopment programs in the Houston metro area as part of a repositioning and rebranding initiative. The properties include Woodlake Plaza, a 106,000-square-foot office building in the Westchase District; Main Park, a 113,000-square-foot medical lab facility near Reliant Stadium and Texas Medical Center; Lion Square, a 118,000-square-foot retail center in the Asian district of southwest Houston; and Torrey Square, a 106,000-square-foot retail center in a predominately Latino district of north Houston. Whitestone purchased the properties for $60 per square foot on average.