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MultifamilySoutheast

MARCUS & MILLICHAP SELLS 56-UNIT APT. PORTFOLIO

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FORT LAUDERDALE AND OAKLAND PARK, FLA. — Marcus & Millichap has arranged the $2.7 million sale of a 56-unit apartment portfolio in Fort Lauderdale and Oakland Park. The Prospect Apartment Portfolio consists of three parcels: 999 W. Prospect Road in Oakland Park, 1007 W. Prospect Road in Fort Lauderdale and 240 N.W. 42nd St. in Oakland Park. Joseph Thomas and Adam Duncan of Marcus & Millichap represented the seller, a local partnership, in the transaction. Thomas and Duncan also represented the buyer, a partnership from Coral Gables, Fla.

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MidwestMultifamily

PLK PURCHASES MULTIFAMILY PROPERTY FOR $7M IN METRO CINCINNATI

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LAKESIDE PARK, KY. — PLK Communities has purchased Lakeside Landing, formerly Derby Ridge Apartments, a 240-unit multifamily property located in Lakeside Park near Cincinnati, for $7 million. Constructed in 1974, Lakeside Landing is a Class C+ community and was 90 percent occupied at the time of sale. Debbie Corson and Todd Stofflet of ARA Real Estate Investment Services represented an undisclosed seller in the transaction. Cincinnati-based PLK Communities is an owner and manager of value-add multifamily properties.

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MidwestRetail

9,338 SF SHOPPING CENTER IN ORLAND PARK SELLS FOR $3.9M

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ORLAND PARK, ILL. — Lowe’s Retail Center, a 9,338-square-foot retail property in Orland Park, has sold for $3.9 million. The triple-net-leased property, which is located at 15619 S. La Grange Road, is fully occupied. Brian Parmacek and Stephen Rachman of Marcus & Millichap represented the seller, a developer, in the transaction. Steve Livaditis of Marcus & Millichap represented the buyer, a long-term apartment investor. Jim Sotos of Marcus & Millichap Capital Corp. secured the 10-year acquisition loan for the property.

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HealthcareMidwest

$1.5M SAINT LOUIS UNIVERSITY HOSPITAL EXPANSION UNDER WAY

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ST. LOUIS — Construction of Saint Louis University Hospital’s $1.5 million emergency department expansion is slated for completion in June. The 4,000-square-foot project will add five additional treatment rooms, a new nurses’ station, work and storage spaces and a new two-station registration area. The emergency department, one of the region’s busiest trauma centers, treats more than 100 emergency cases each day and more than 39,000 cases per year. McGrath & Associates is the general contractor. The design team includes BSA LifeStructures and KJWW Engineering Consultants.

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NortheastOffice

ROSEMONT REALTY ACQUIRES 665,659 SF CLASS A OFFICE BUILDING IN PHILADELPHIA

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PHILADELPHIA — Rosemont Realty LLC has acquired 2000 Market Street, a 665,659-square-foot office property in Philadelphia, from a fund controlled by CBRE Global Investors. The sales price was not disclosed, but the Philadelphia Business Journal reports that the building traded for an estimated $110 million. The 29-story building was built in 1972 and was renovated in 2012. The 2000 Market Street complex was 95 percent occupied at the time of sale. Tenants include Marshall Dennehey, Fox Rothschild LLP, The Board of Pensions of the Presbyterian Church, Zurich American Insurance, Weber Gallagher, Hamburg Sud Group, Francis Cauffman and Duff & Phelps. CBRE will continue to provide property management and leasing services for the building. Robert Fahey of CBRE brokered the transaction.

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IndustrialNortheast

PREMIER MOTOR LINES SIGNS 97,453 SF LEASE AT 2 COLONY ROAD IN JERSEY CITY

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JERSEY CITY, N.J. — Premier Motor Lines has signed a 97,453-square-foot industrial lease at 2 Colony Road in Jersey City. The 262,000-square-foot warehouse facility was built in 1976. The building has 24-foot ceilings, 40 tractor-trailer parking spaces and an active rail. Matthew Corpuel of CBRE represented Premier Motor Lines in the transaction. Bill Waxman, Mindy Lissner and Nicholas Nitti of CBRE represented the landlord, RREEF Management LLC. Premier Motor Lines is a third-party warehousing and logistics company that provides food-grade warehousing, brokerage and private fleet service to New York, New Jersey, New England and Eastern Pennsylvania. The business is relocating from 397 E. 54th St. in Elmwood Park.

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Mixed-UseNortheast

MARCUS & MILLICHAP ARRANGES SALE OF 3,527 SF MIXED-USE BUILDING IN NYC

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NEW YORK CITY — Marcus & Millichap has arranged the sale of 6203 5th Ave., a 3,527-square-foot, mixed-use property in Brooklyn for $950,000. The property is located in Chinatown and was sold in an all-cash transaction. Jakub Nowak and Derek Bestreich of Marcus & Millichap represented the seller, a private investor, in the transaction. Nowak, Bestreich, Mark Lu and Erik Lundberg of Marcus & Millichap represented the buyer, a private investor.

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MultifamilyTexas

HOMEWOOD AT ZION OPENS IN HOUSTON

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HOUSTON — HomeWood at Zion, a 70-unit affordable housing, multifamily community, has opened in Houston. The $12 million multifamily community spans nearly 80,000 square feet. Re-Ward Third Ward, a local nonprofit community housing development organization, is sponsoring the new community. Integrated Real Estate Group, a real estate investment and development firm, is also sponsoring the new community. The City of Houston's Housing and Community Development Department provided $1.3 million and the National Equity Fund provided $8 million for the community's development. Other contributors include JPMorgan Chase, National Equity Fund, Midtown and Greater Zion Baptist Church.

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Mixed-UseTexas

HFF ARRANGES SALE AND ACQUISITION FINANCING FOR GALLERIA PLAZA

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HOUSTON — HFF has closed the sale and arranged acquisition financing for Galleria Plaza, a 428,285-square-foot mixed-use complex in Houston. The complex consists of TeleCheck Plaza, 5333 Westheimer, Sage Plaza, Michaelyndon's on the Boulevard and Region's Bank. Dan Miller and Martin Hogan of HFF represented the sellers, Chase Merritt and PCCP, in the transaction. The buyer is a joint venture between Songy HighRoads LLC and The Carlyle Group. Wally Reid led the HFF team who arranged a three-year, 75 percent loan-to-value acquisition loan on behalf of the buyer through Bank of America Merrill Lynch – CMBS.

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MultifamilyTexas

ARA BROKERS SALE OF APARTMENT PORTFOLIO IN MIDLAND

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MIDLAND, TEXAS — ARA has arranged the sale of The Lakes and Windscape Apartment Homes, two apartment communities located in Midland totaling 478 units. The apartment communities are 97 percent occupied. Bart Wickard and Brian O'Boyle Sr. of ARA's Dallas office represented the seller in the transaction. The buyers are affiliates of Stoneleigh Cos. LLC.

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