Property Type

GRAYSLAKE, ILL. — The Prairie Med building, a 39,000-square-foot medical office and research facility in suburban Chicago, has become the first building in Illinois awarded two green certifications, according to Leopardo Cos. The facility earned a LEED Silver certification by the U.S. Green Building Council, and a Three Green Globe sustainable certification from the Green Building Initiative. Multiple biofilter strategies were employed at the building to remove pollution from surface runoff water, including micropools, bioswales and rain and community gardens. Located in Grayslake, the two-story building uses 21 percent less water after installing low flow fixtures and existing landscaping that does not require an irrigation system. While being built, more than 90 percent of the wood used for the project was harvested from sustainable forests. The building is the 16th building in the United States to earn dual green certifications, according to Leopardo. SJS Prairie Med LLC developed the project with architect Partners in Design Architects and contractor Leopardo Cos.

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GREENFIELD, IND. — Spectra Premium Industries, a manufacturer and distributor of automotive parts, has signed a lease for 250,000 square feet at Axcess70 in Greenfield, about 25 miles east of Indianapolis. Axcess70 is a two-building, 673,000-square-foot industrial development and is fully occupied following Spectra’s lease. Completed in 2009, the development is a joint venture between Browning Investments and Real Estate Capital Partners.

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PARMA, OHIO — Marcus & Millichap has arranged the sale of State Hill Plaza, a 14,659 square-foot retail property in Parma, located about nine miles south of Cleveland. Craig Fuller, Erin Patton and Scott Wiles, investment specialists in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller, a local investment company. The buyer, a private investor, was secured and represented by Ryan Moore, an investment specialist in Marcus & Millichap’s Cleveland office. State Hill Plaza is located at 5566-5590 State Road and sold for $867,500.

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PHILADELPHIA — Mack-Cali Realty Corp. (NYSE: CLI) has entered into agreements to form various joint ventures with a fund sponsored by Keystone Property Group to sell 15 office properties and three parcels located in suburban Philadelphia. The portfolio will be sold for approximately $233 million — $201 million in cash, a $10 million mortgage secured by One Plymouth Meeting and subordinated interests in the portfolio with capital accounts totaling $22 million. Mack-Cali will participate in management fees and 50 percent of value creation above certain hurdle rates. The portfolio of assets includes approximately 1.6 million square feet of existing office properties and land that can accommodate future development of approximately 162,000 square feet. Mack-Cali will also receive majority interest in a parcel in Bala Cynwyd, Penn., for multifamily residential development.

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NORTH SMITHFIELD, R.I. — CBRE New England’s Capital Markets team has arranged the sale of Halstead at Slatersville Mill, a 224-unit apartment community located in North Smithfield, about 15 miles northwest of Providence. The purchase price was undisclosed. Simon Butler and Biria St. John, both of who hold the title of executive vice president and partner, at CBRE represented the seller, DSF Slatersville Mill LLC, and the buyer, Residences at Slatersville Mill LLC, an affiliate of Acumen Real Estate, in the transaction. The Halstead at Slatersville Mill includes one single-story leasing center and three original mill buildings that were converted to apartment buildings in 2007. Community amenities include a theater/media room, lounge areas, business center, 24-hour fitness center, indoor basketball court, community/billiards room, pool table and an outdoor swimming pool.

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NEW YORK CITY — Marcus & Millichap has arranged the sale of 17-27 West 125th Street, a 57-unit apartment property in Manhattan for $13.6 million. Brokers Peter Von Der Ahe, Glen Kunofsky, Scott Edelstein and Seth Glasser of Marcus & Millichap’s Manhattan marketed the property on behalf of the seller, a private investor. The buyer, also a private investor, was also secured and represented by the firm’s Manhattan team. The property includes 115 square feet of frontage on 125th Street.

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NEW YORK CITY — GFI Realty Services Inc. has arranged the $3.1 million sale of 239 Prospect Place, a four-story, walk-up apartment building located in the Prospect Heights section of Brooklyn. The transaction translates to 11.25 times the rent roll and $258,000 per unit. The property, constructed in 1931, includes 12 apartments totaling approximately 8,580 square feet. Shlomo Antebi, a director at GFI Realty Services Inc., represented the seller and the buyer in this transaction, both local investors. The buyer plans to keep the building as a long-term investment property within his existing portfolio, according to GFI.

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DALLAS — Brookwood Financial Partners LLC, a real estate investment and asset management firm, has acquired Interchange Office Center, a three-story, Class A office building in Dallas. The 150,596-square-foot office building is located at the intersection of the Dallas North Tollway and the George Bush Turnpike. The property was 88 percent leased at the time of sale. Michael McDonald and Kennedy Hicks of Eastdil Secured represented the seller in the transaction. Brookfield was self-represented.

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HOUSTON — ARA has arranged the sale of Fairfield Creek, a 696-unit multifamily community in Houston's Gulfgate submarket. The property was 93 percent occupied at the time of sale. David Wylie, Russell Jones, Matt Saunders and Zach Springer of ARA represented the seller, Harbor Group International, a Norfolk, Va.-based real estate investment company, in the transaction. RB Associates, a Houston-based multifamily owner/operator, purchased the property and plans to divide the asset into two separate apartment communities, complete interior upgrades and raise rents by $50 to $75 per month. The property features four swimming pools, four spas and a jogging trail.

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PEARLAND, TEXAS — Gaia Real Estate Investments has partnered with Grand China Fund to acquire Whispering Winds, a 286-unit apartment community in Pearland. The property was built in 1986 and renovated in 2005. Gaia intends to renovate the property's common areas, amenity package and apartment units. Whispering Winds' amenities include two swimming pools, courtyards, barbecue grills, laundry facilities, clubhouse and business center, playground, dog park and lighted tennis court. Gaia owns 6,548 apartment units in 23 properties in Houston, Dallas and Corpus Christi.

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