CHICAGO — Marcus & Millichap has arranged the $700,000 sale of a 28-unit apartment property in Chicago. The multifamily property, located at 8321 S. King Drive, consists of five studio apartments, 10 one-bedroom units and 13 two-bedroom units. Ryan Engle and Anthony Hardy represented the buyer, a limited liability company, and the seller, an individual trust.
BOILINGBROOK, ILL. —Pres-On has purchased a 101,463-square-foot industrial building on 7.7 acres in Bolingbrook. Located at 2600 E. 107th St., the newly acquired property consolidates Pres-On’s three smaller facilities into one centralized location that now serves as its corporate headquarters. The renovated industrial building was expanded to a115,000-square-foot facility that consists of offices and customer service, manufacturing and warehouse space. Chicago-based Wirtz Realty Group represented Pres-On, an industrial foam tape and gasket manufacturer, in the deal.
LAKE ZURICH, ILL. — Sperry Van Ness has arranged the lease of a 5,704-square-foot retail space in Lake Zurich at North Lake Commons, north of Chicago. The tenant, Marvin Somlo, has partnered with SOMS Fitness Group LLC to operate a new fitness property called Title Boxing Club.
NEWINGTON, CONN. — Inland Real Estate Acquisitions has acquired Newington Fair, a 186,205-square-foot shopping center in Newington for $17.2 million. The center is fully occupied and anchored by Sam's Club and L.A. Fitness, both on long-term leases. The transaction also includes a parcel of land suitable for the development of an additional retail building. Lou Quilici of IREIT Business Manager & Advisor facilitated the sale. Concurrent with the deal, Inland also acquired a portfolio of Dollar General stores in Alabama, Georgia and Tennessee for $8.3 million.
PHILLIPSBURGH, N.J. — Pennsylvania Real Estate Investment Trust has completed the sale of Phillipsburgh Mall for $11.5 million. The 547,000-square-foot mall is anchored by Kohl's, Sears, Bon Ton and JC Penney. As of Sept. 30, 2012, sales at the center were approximately $235 per square foot and non-anchor occupancy was 66.1 percent. Mason Asset Management was the buyer.
NEW YORK CITY — The Skowhegan School of Painting and Sculpture, a nonprofit visual arts and design school, has acquired a 5,200-square-foot retail condominium at 136 W. 22nd St. for $2.1 million. The property is a ground-floor, two-unit retail space, which is located two blocks from Madison Square Park. The space is currently vacant. Peter Carillo and Alexander Erdos of Eastern Consolidated represented the seller, Spyro Avdoulos. Adelaide Polsinelli and Robert Khodadadian of Eastern Consolidated represented the buyer.
NEW YORK CITY — Marcus & Millichap has arranged the $5.5 million sale of 157 Bleecker St., a 5,100-square-foot mixed-use property in New York City. Barbara Dansker and Zach Ziskin of Marcus & Millichap represented the seller, a limited liability company. They also secured and represented the buyer, a developer.
NEW YORK CITY — Hair Club, the hair restoration company, has opened its 100th center with a new flagship location in New York City. The company signed a lease for 16,400 square feet on the 5th and 6th floors of 551 Madison Ave. Hair Club began construction of its center in May 2012, which includes 25 styling and treatment rooms and a two-story employee lounge and cafe. The center also features environmentally sustainable elements, including LED lighting and Energy Star-rated HVAC systems and equipment. Cassidy Turley is the property management.
EDMOND, OKLA. — The LaSalle Group has plans to build the 28,000-square-foot Autumn Leaves of Edmond, an $8.8 million memory care community located at 1001 S. Bryant Ave. in Edmond. The community will serve residents living with Alzheimer's, dementia and memory impairment. The project is the result of a partnership between The LaSalle Group and Silverado Interests. The community is scheduled for a fourth quarter 2013 opening.
AUSTIN — Starwood Hotels & Resorts Worldwide and White Lodging Services Corp. plan to open a second Westin hotel in Austin. The Westin Austin Downtown will be located on the northeast corner of East Fifth Street and San Jacinto Boulevard in downtown Austin. The 17-story, 326-room hotel is scheduled to break ground in 2013 and open in spring 2015. The hotel will feature a White Lodging-managed restaurant, fitness center and 13,500 square feet of state-of-the-art meeting and banquet space. The hotel is anticipated to bring more than 130 permanent jobs to the area, as well as $4.5 million in taxes annually. White Lodging has formed a joint venture with the Harry Whittington family and REI Real Estate Services for the hotel's development.
