HANOVER PARK, ILL. — Marcus & Millichap has arranged the acquisition of 2470 Leslie Lane, a 12-unit apartment property, for $630,000. The multifamily building includes four 700-square-foot, one-bedroom units and eight 800-square-foot, one-bedroom units. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer and the seller, both private investors, in the transaction.
NEW LENOX, ILL. — An 11,996-square-foot CVS building has sold to a private group in Ohio for $400,000. The CVS/pharmacy location is corporately backed with a long-term, triple-net lease. The property was built in 2002 and is located approximately 36 miles southwest of downtown Chicago. Cleveland, Ohio-based Cooper Commercial Investment Group represented the buyer and the seller, a private group out of Illinois, in the deal.
BEVERLY, MASS. — NorthMarq Capital has arranged a $23.7 million loan for Colonial Gardens, a 173-unit independent living facility located at 105 Cherry Hill Drive in Beverly, about 25 miles north of Boston. The property was recently completed and is 98 percent occupied. It is owned and operated by Hawthorne Retirement Group.
AVON, CONN. — Gaia Real Estate has purchased 163 units of the 188-unit Avon Place, a condominium property located in Avon, about 10 miles west of Hartford, for $22 million. Avon Place is made up of three residential buildings situated on 46 acres. Jeff Dunne, Christopher Leonard and Michael Stone of CBRE represented the seller, Equity Residential, in the condo interest sale.
SPRING VALLEY AND SCHENECTADY, N.Y. — Marcus & Millichap has arranged the sale of two apartment properties in New York for a combined total of $4 million. The first, Juliann Garden Apartments, is a 52-unit apartment complex located in Spring Valley, about 35 miles north of New York City. The multifamily property, which is located at 9 Park Ave., includes 24 on-bedroom units, 18 two-bedroom units and two three-bedroom units. The buyer and seller were private investors. The second property, Union Street Apartments, is a 10-unit apartment building located in Schenectady, about 15 miles north of Albany. The multifamily property, which is located at 4 Union St., features two studios, six one-bedroom units, and two two-bedroom units. The seller was a financial institution and the buyer was a private investor.
TEANECK, N.J. — Treetop Development has signed a long-term lease for 4,200 square feet at Glenpointe Centre in Teaneck. Treetop, a real estate company known for renovating and developing value-driven residential properties, will relocate its headquarters to Glenpointe from its present location in Newark, N.J. Glenpointe Center has 650,000 square feet of Class A office space and is located about 15 miles from New York City. Cushman & Wakefield arranged the lease. Yitzi Karasick of the Homer Group represented Treetop in the deal.
FAIR OAKS RANCH, TEXAS — Steadfast Income REIT has purchased the 288-unit Vantage at Fair Oaks, a garden-style apartment community located in the Fair Oaks Ranch suburb of San Antonio, for $34.56 million. Vantage Communities built the multifamily property in 2012. The 93 percent occupied property will be rebranded as Fairmac Apartments. The resident amenity package includes a resort-style pool, 24-hour fitness center, dog park, clubhouse and a cafe that serves complimentary Starbucks coffee to residents. This purchase is Steadfast's fourth Texas acquisition.
PASADENA, TEXAS — The Carson Cos. has begun the development of Carson Commerce Center, a three-building Class A industrial development located at the southwest corner of Beltway 8 and Highway 225 in Pasadena. The multi-tenant industrial property will total 365,462 square feet and be 20-ton crane ready. Cadence McShane is the general contractor and Powers Brown Architecture is designing the project, which is slated for a third quarter 2013 completion.
CORPUS CHRISTI, TEXAS — Fort Worth-based Trademark Property Co. will bring a 61,233-square-foot Dick's Sporting Goods anchor store and a 4,166-square-foot Corner Bakery Cafe to The Shops at La Palmera in Corpus Christi. Construction is set to begin soon on the Dick's Sporting Goods, which is anticipated to open this fall. Corner Bakery Cafe is scheduled to open in May. The Shops at Palmera is a 200,000-square-foot retail development located across from the La Palmera mall. The retail development underwent a two-year, $50 million renovation after Trademark and Institutional Mall Investors LLC purchased the property in 2008.
SAN ANTONIO — Transwestern's San Antonio office has arranged the sale of Brookhollow Park, a 102,466-square-foot, Class A office building located at 911 Central Parkway N. in the North Central submarket of San Antonio. The multi-tenant office building is fully leased. Alan Grilliette, Hale Umstattd and Leah Gallagher of Transwestern represented the seller, Grosvenor International, in the transaction.
