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MidwestMixed-Use

MARCUS & MILLICHAP SELLS 3,975 SF MIXED-USE BUILDING

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CHICAGO — Marcus & Millichap has arranged the sale of a 3,975-square-foot mixed-use property in Chicago. The list price for the property was $1.2 million. The building is located at 3439 North Halsted in the Lakeview neighborhood of Chicago and includes one retail unit occupied by Buck’s, a bar, and two floors of apartments. Stephen Rachman and Kyle Stengle of Marcus & Millichap represented the seller, an individual/personal trust, and the buyer, a private investor who plans to rebrand the bar. Recent capital improvements to the property include a new roof and windows, updated porches, some plumbing work, installation of circuit breakers and dry wall/fireproof basement walls.

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MidwestOffice

TOYMAKER RELOCATES HQ TO OAK BROOK

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OAK BROOK, ILL. — Toymaker TOMY International is relocating its North American headquarters to the Commerce Plaza office complex in Oak Brook, a western suburb of Chicago. TOMY, which is moving from the nearby 1111 W. 22nd Street building has signed a long-term lease with Arden Realty Inc. for 24,649 square feet at 2015 Spring Road. By moving to Commerce Plaza, TOMY is able to create a more open, creative and updated work environment in terms of technology and design, according to Randy Peltier, vice president of marketing, technology and operations at Jones Lang LaSalle (JLL). Todd Schaefer of JLL represented TOMY, which manufactures and markets toys under popular and classic licensed properties, in the transaction. Laura Quayle of Arden Realty and Jeff Shay, Bruce Renwick and Karla Harmon of JLL represented Arden.

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IndustrialMidwest

EZ INDUSTRIAL SOLUTIONS SIGNS 24,105 SF LEASE

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CHESTERFIELD TOWNSHIP, MICH. — EZ Industrial Solutions LLC has signed a lease for 24,105 square feet of industrial space in Chesterfield Township, about 30 miles northeast of Detroit. The building is located at 48750 Structural Drive. Ben Wilkiemeyer and Peter Walocko of Signature Associates represented the landlord, Vincent Palazzolo, in the transaction.

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MultifamilyNortheast

UNITED REALTY TRUST BUYS $23M TILDEN HALL IN BROOKLYN

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NEW YORK CITY — United Realty Trust has purchased Tilden Hall, located at 2520 Tilden Ave. in Brooklyn, for $22.9 million. The sales price equates to a value of $195,726 per unit, or $266 price per square foot, and includes a capitalization rate of 9.8 percent. The nine-story multifamily building includes 117 units and spans 86,000 square feet. Highland Park Development leases the property, which signs biyearly service agreements with the city and its Department of HomelessServices to provide transitional housing, counseling and rehabilitation programs for families in need. Greg Corbin and Amit Doshi of Besen & Associates completed the transaction.

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MultifamilyNortheast

GAIA REAL ESTATE ACQUIRES 463-UNIT COMMUNITY

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PROVIDENCE, R.I. — Gaia Real Estate has acquired the 478-unit Winchester Park & Winchester Wood, one of the largest apartment complexes in Providence. The undisclosed price was approximately $115,000 per unit. The acquisition also includes 20 acres of land next to the complex in the neighborhood of Riverside in East Providence. Winchester Park & Winchester Wood includes 79 two-and three-story garden- and townhouse-style apartment buildings and one single-story clubhouse building. Gaia Property Management will manage the apartment community. Simon Butler and Biria St. John of CBRE/New England represented the seller and procured the buyer.

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IndustrialNortheast

BEECH STREET CLOSES $8.4M LOAN FOR APARTMENTS

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ORANGE, N.J. — Beech Street Capital has closed an $8.4 million Fannie Mae conventional loan for the acquisition of South Orange Towers, a 108-unit mid-rise apartment building in Orange, a western suburb of New York City. The fixed-rate loan has a 10-year term, with 2.5 years of interest-only payments, seven-year yield maintenance and a 30-year amortization schedule. South Orange Towers is 99 percent occupied and includes a pool. The borrower plans to make substantial renovations, including replacing windows, renovating kitchens and retiling and refitting baths. Avi Weinstock and Josh Rhine of Meridian Capital Group LLC originated the transaction, which was financed by Beech Street Capital.

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IndustrialNortheast

INDUSTRIAL COMPLEX IN NEWTON SELLS FOR $1.4M

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NEWTON, N.J. — NAI James E. Hanson has arranged the sale of a 109,751-square-foot industrial complex at 75 Mill Street in Newton, located about 45 miles east of Newark, for $1.4 million. The seller was Newton Industrial Park LLC. The buyer, Darlington Heritage Properties LLC, intends to hold the site for investment purposes. The two-story property includes 21 units with ceiling heights totaling 15 feet, five tailgates and one drive-in door. Sig Schorr and Joseph Vindigni of NAI Hanson represented both parties in the transaction.

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Mixed-UseTexas

HUFFINES BUYS 593 ACRES FOR MASTER-PLANNED COMMUNITY

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COLLINS COUNTY, TEXAS — Huffines Communities, a Dallas-based neighborhood and master-planned community developer, has purchased 593 acres of land in Collins County for a master-planned community called Parker Lakeside. The tract of land features four miles of frontage along the west side of Lake Lavon. Huffines purchased the land from the Hanover Group. The new site will offer approximately 1,400 lots for homes ranging from $260,000 to $1 million. Huffines will soon begin building streets, utilities, a club house with pools, trails and a grand monument entrance. The developer will also sell builders tracts of land ranging from 50 to 100 acres, as opposed to selling fully constructed home lots. The community will eventually house an elementary school, tennis courts, a fitness center, parks, hike/bike trails and commercial components. Road construction is slated to begin in 2014.

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RetailTexas

MARTIN ROBERTS DESIGN COMPLETES $4.4M SWANN'S STORE

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TYLER, TEXAS — Martin Roberts Design, a Stamford, Conn.-based retail design company, has completed the flagship store for Swann's Furniture & Design in Tyler. The $4.4 million store is located at 7328 Old Jacksonville Highway. In addition to Martin Roberts design, the project team includes general contractor Abby Developments and structural engineer Mike Marler of P.E./Engineering & Safety Consultants. Swann's Furniture & Design has been in business for 117 years and is now under its fifth generation of ownership.

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OfficeTexas

LAURUS CORP. ACQUIRES GATEWAY I AND II IN HOUSTON

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HOUSTON — Laurus Corp., a private real estate investor and developer, has acquired the Gateway I and II office buildings in Houston. The two Class A buildings total 270,000 square feet and are located at 15333 John F. Kennedy Drive. The six-story and eight-story office buildings feature a courtyard, vaulted ceilings and marble floors in the lobby, covered driveway, full service cafe and a five-story parking structure. Laurus will invest capital for upgrades and renovations to the lobby, corridors and bathroom facilities.

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