DARIEN AND CHICAGO HEIGHTS, ILL. — Syndicated Equities Investment Sales Group has arranged the sale of two Walgreens-leased buildings in Darien and Chicago Heights for a combined total of $9.1 million. Each building spans 15,120 square feet and is leased to Walgreens on a long-term basis. The building in Darien sold for $4.9 million and the Chicago Heights property sold for $4.2 million. Isaac Metzger and Jason Schwartz of Syndicated Equities represented the sellers, separate ownership groups, in each transaction.
CHICAGO — Marcus & Millichap has arranged the sale of 2203 West Rice, a 12-unit apartment property located in Chicago, for $1.8 million. Bill Bailey and John Bailey of Marcus & Millichap’s Chicago downtown office marketed the property on behalf of the seller, a private investor. The buyer, a partnership, was also secured and represented by the Baileys. The property is located in the heart of Ukrainian Village and includes 10 two-bedroom and two one-bedroom units. The building has received upgrades during the last several years including a new boiler, a new gas central hot water heater, new windows, a new tear-off roof, upgraded kitchen and baths and new security gates.
NEWPORT MIDDLETOWN, R.I. — Homewood Suites by Hilton has opened its newest hotel in Newport Middletown, located at 348 W. Main Road. The four-story, 92-suite Homewood Suites Newport Middletown is owned by Main Hotel LLC and managed by J. Karam Management Inc. The hotel is located near historic Newport, which includes Newport’s Cliff Walk, Sachuest Point and the Newport Mansions.
SOMERVILLE, MASS. — Foulger-Pratt has sold a 186,326-square-foot office building, located at 200 Inner Belt Road in Somerville, to North River. The transaction includes the four-story Class A office building and a four-acre development site. The property is currently 82 percent leased and is situated directly off of Interstate 93, four miles from downtown Boston. Robert Griffin, Jr., Edward Maher Jr. and Matthew Pullen of Cushman & Wakefield’s Capital Markets represented the seller in the transaction. Scott Gredler, also of Cushman & Wakefield, will serve as the leasing agent for the property.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 3124 32nd Street, a 17-unit apartment building located in Queens, for $3.2 million. Matthew Fotis, Lazarus Apostolidis and Zachary Golub of Marcus & Millichap’s Manhattan office represented the seller, a private investor. Fotis, Apostolidis, Golub and Robert Aaron, also of Marcus & Millichap’s Manhattan office, represented the buyer, a private investor.
STORRS, CONN. — EdR has begun development on the $12.8 million third phase of The Oaks on The Square, a 92-unit student housing project located adjacent to the University of Connecticut (UConn) in Storrs. EdR will own and manage the addition when completed in summer 2014. The exterior of the third phase will complement the old town New England style of the first two phases, while the interiors will include high-speed Internet, Wi-Fi access, granite countertops and stainless-steel appliances. Some apartments will also feature dining rooms and home office areas. The first phase and second phase consist of 322 apartments, which are fully leased. Approximately 8,000 graduate students and 18,000 undergraduate students are enrolled at UConn’s main campus.
CORPUS CHRISTI, TEXAS — ARA has arranged the sale of Stoneleigh Apartments, a 94 percent occupied, 348-unit multifamily development located at 5733 and 5750 Curtis Clark Drive in Corpus Christi. Los Angeles-based Mount Auburn Capital Group LLC now owns the apartment community. Stoneleigh offers one- and two-bedroom floor plans, and features three pools, a sundeck, 24-hour fitness center, covered parking, full-sized garages, self storage units, a clubhouse, business center, media room, and laundry facilities. Jeff Patterson and Kelly Witherspoon of ARA represented the sellers, two national property investment and asset management firms based in Irvine, Calif., and Dallas, in the transaction.
EVERMAN, TEXAS — Quantum Real Estate Advisors Inc. has brokered the sale of an 8,000-square-foot Family Dollar store in Everman. The property sold to an Iowa-based private fund for $1.2 million. The store is a build-to-suit for Family Dollar, which has 10 years remaining on its initial 10-year lease. Jordan Kaufman of Quantum represented the seller, a private developer, in the transaction.
BRENHAM, TEXAS — Marcus & Millichap Real Estate Investment Services has arranged the sale of Bluebonnet Hills Care Center, a 96-bed nursing home located at 401 E. Blue Bell Road in Brenham. The property commanded a list price of $2 million. Rod Llanos and Doug O'Toole of Marcus & Millichap's Houston office represented both the seller, an individual trust, and the buyer, a limited liability company, in the transaction.
SAN ANTONIO — Stream Realty Partners has brokered two office property sales in San Antonio totaling more than 160,000 square feet of office space. Allan Young and Keith Fisher of Stream Realty arranged the sale of a 61,600-square-foot building, located at 6415 Babcock Road in northwest San Antonio. Providence Mortgage Co. purchased the property, which is fully leased to Accenture. Fisher and Carolyn Hinchey Shaw, also with Stream Realty, arranged the sale of a 99,986-square-foot property, located at 3600 Wiseman Blvd. in the Far West submarket. Select Income REIT purchased the property from 3600 Wiseman Corp. The property is fully leased to Hartford Fire Insurance.