GLENCOE, MINN. — Marcus & Millichap has arranged the $1.5 million sale of the Morningside Apartment Portfolio, a 42-unit apartment property located in Glencoe, about 50 miles southwest of Minneapolis. Mox Gunderson and Joe Cuskey, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor, and represented the buyer, also a private investor. The Morningside Apartment Portfolio is located at 1214 Baldwin Ave. North.
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ADDISON, ILL. — The Key Group and Val-Matic Valve have purchased a 64,755-square-foot industrial building, located at 303 S. Rohlwing Road in Addison, about 25 miles west of Chicago. The purchase price was undisclosed. Situated on 3.17 acres, the property features 28-foot clear ceiling height, 8,100 square feet of remodeled office space, six cranes, five drive-in doors and eight trailer level docks, as well as a gated area for trucks/trailers and parking for 65 cars. Theresa Gleason of Paine/Wetzel/TCN Worldwide represented The Key Group and Val-Matic Valve in the transaction. Dan Cantacessi of @properties represented the seller, Porter Pipe & Supply.
TEWKSBURY, MASS. — GRE Tewksbury Property LLC, a joint venture between Guggenheim Real Estate and The Dolben Co., has sold Shawsheen Place at Tewksbury, a 245-unit apartment community located in Tewksbury, about 24 miles north of Boston, for $46.7 million. SF IV Tewksbury Owner LLC, an affiliate of The DSF Group, purchased the property. Shawsheen Place at Tewksbury includes one five-story and six three-story apartment buildings, as well as one clubhouse, 10 stand-alone carports and a maintenance building. The average unit size spans 1,020 square feet. The community's amenities include a clubhouse featuring a great room with fireplace, kitchen, TV, billiards room, business center with computers and printers, fitness center with cardio and nautilus equipment and an indoor heated pool with hot tub. The property also includes a children’s playground, tennis court and common laundry rooms on each floor of the Tower Building. Simon Butler and Biria St. John of CBRE/New England’s Capital Markets represented the seller and procured the buyer.
NEW YORK CITY — Meridian Capital Group LLC has arranged a $13 million mortgage to refinance a mixed-use office and retail property located at 40 W. 14th St. in New York CIty. A local commercial bank provided the five-year balance sheet loan that features a 2.9 percent fixed interest rate. The five-story, 151,540-square-foot property includes 75,000 square feet of office space and 75,000 square feet of retail space, with additional space for common areas. The building is home to retail tenants including New York Sports Club, Party City and Jack Rabbit Sports. Jacob Schmuckler of Meridian Capital Group arranged the loan.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $4 million sale of 241 East 24th Street, a 7,410-square-foot mixed-use building in the Gramercy Park section of Manhattan. The five-story building includes 16 studio apartments and two commercial units. Ohad Babo and Yanni Simantov, both associates of GFI Realty Services, represented the seller and buyers, Israeli investors, in the transaction. The apartment building was built in the early 1900s and is located in close proximity to FDR Drive, Herald Square and the Flatiron District.
NEW YORK CITY — Colliers International has arranged a 15-year, 41,000-square-foot corporate relocation on behalf of AFS-USA to 120 Wall St. in New York City. Formerly the American Field Service, AFS-USA is a nonprofit that provides international and intercultural learning experiences to individuals, families, schools and communities through a global volunteer partnership. Founded in 1947, AFS-USA has served more than 400,000 students and young adult professionals around the world. AFS-USA decided to consolidate and relocate its four existing offices in Baltimore; Portland, Ore.; St. Paul, Minn.; and 1 Whitehall Street in Manhattan to 120 Wall St. The organization will occupy the entire fourth floor as well as space on the third floor. AFS-USA is scheduled to move into its new space by the end of this year. Alan Desino, an executive managing director with Colliers International, arranged the lease on behalf of AFS-USA. Roger Silverstein and Joe Artusa, of Silverstein Properties, represented the landlord in the transaction.
DALLAS AND AUSTIN, TEXAS — Steadfast Income REIT has purchased two Texas apartment properties in separate deals for an aggregate price of $92 million. Meritage at Steiner Ranch (currently known as Monterone at Steiner Ranch), which sold for $80 million, is a 502-unit complex within the Steiner Ranch master planned community in Austin. The Belmont, which sold for $12.1 million, is a 260-unit complex in the Dallas/Fort Worth suburb of Grand Prairie. With these acquisitions, Steadfast now holds more than 10,000 multifamily housing units in 10 states.
DALLAS — The Hillside West Seniors Community, a 130-unit, age-restricted multifamily complex, has opened ahead of schedule at The Canyon in Oak Cliff, a 200-acre mixed-used development located five miles west of downtown Dallas. Development owner Stratford Land partnered with developer GroundFloor Development on both Hillside West and The Canyon’s original multifamily complex, Taylors Farm Apartments. GroundFloor utilized HUD financing and Low Income Housing Tax Credit financing assistance in the construction of the new complex, which offers one- and two-bedroom configurations plus amenities.
SUGAR LAND, TEXAS — Behringer Harvard has acquired Parkside Apartments, a 240-unit apartment community in Sugar Land, a growing city within Greater Houston. The property was purchased for the portfolio of Behringer Harvard Opportunity REIT II through a joint venture with affiliates of Houston’s Arcadian Real Estate Group. Built in 1998, Parkside comprises 19 buildings on 9.2 acres near the intersection of Highway 6 and U.S. Highway 90. The joint venture partners plan a renovation program for the complex that will upgrade common-area amenities as well as unit finishes.
FORT WORTH, TEXAS — Kubota Tractor Corp. has signed a lease for 44,000 square feet at Fort Worth’s CentrePort Business Park 3, bringing the 200,848-square-foot office/industrial complex to 100 percent occupancy. Bradford Commercial Real Estate Services’ Michael Spain and Joe Santaularia represented landlord Valwood 501 (c)(25) Inc. in the negotiations. CentrePort Business Park 3, located at 4300 Diplomacy Road in the Upper Great Southwest Industrial submarket, is only a quarter-mile from Kubota’s primary distribution center on FAA Boulevard.