CHICAGO — Tricap Chicago has acquired a 31-unit apartment building at 4740 South Greenwood Ave. in the historic Kenwood neighborhood of Chicago, for $1.2 million. The firm plans to completely gut and remodel the three-story building. The building dates back to the 1920s and is located less than four blocks from the home of Kenwood's best-known residents, President Barack Obama and his wife Michelle. Tricap Chicago expects the apartment building to be ready for lease in the spring of 2013. The seller was a private family estate.
MOORESVILLE, IND. — McShane Construction Co. has been selected to provide the design/build construction services for a warehouse and office addition for PacMoore Corp., located at 100 PacMoore Parkway in Mooresville. The 99,100-square-foot expansion broke ground at the PacMoore Process Technologies facility. The project will include an 87,500-square-foot expansion to the existing warehouse and a two-story, 11,600-square-foot office addition. PacMoore specializes in dry food processing and packaging. The warehouse phase of the project is scheduled for completion in October, followed by the completion of the office addition in January 2013.
CHICAGO — Marcus & Millichap has arranged the $667,500 sale of a six-unit apartment property in Chicago's Andersonville neighborhood. The property, constructed in 1912, is located at 1516-1518 West Victoria St. Kyle Stengle and Kevin Schnell of Marcus & Millichap represented the buyer, a personal trust, in the transaction.
WEEHAWKEN, N.J. — Lennar Urban has broken ground on a 74-unit condominium building on Weehawken's Hudson River waterfront. The building will be the first of five condominium properties Lennar has planned for the site, which will be named The Avenue Collection. Amenities will include a grand salon with fireplace, concierge, guest suites and a sauna with steam showers. The condominiums will be part of Port Imperial, the 200-acre, $2 billion master-planned community that stretches for two miles along the Hudson River. Prices will start at $700,000 and the building is scheduled for occupancy in the fall of 2014.
MELROSE AND MALDEN, MASS. — Oak Grove Village, a 550-unit luxury apartment community in both Melrose and Malden. The 16-acre neighborhood is located at the edge of Pine Banks Park and features courtyards, walking paths and pedestrian-friendly streets. Amenities include a clubhouse resort-style pool and a parking garage. The property is also adjacent to MBTA's Orange Line Oak Grove Station with service to Boston in less than 15 minutes. Simon Butler and Biria St. John of CBRE Group – N.E. Partners LP represented both parties in the transaction.
NEW YORK CITY — Rockrose Development Corp. has acquired a 19,475-square-foot development site in Manhattan's Hudson Yards area, where it has the ability to construct a 528-unit rental building. The site, located at 528-534 West 39th St., also allows for an additional 1 million square feet of commercial development. Rockrose purchased the parcel from Mercedes Benz. The land area Rockrose has accumulated at the site totals 73,793 square feet. Rockrose is evaluating its options for the site, including the development of a residential, office or hotel property. Howard Greenberg and Anne DeMarzo of Ace Capital represented Rockrose in the transaction. Michael Laginestra and Michael Geoghegan of CBRE Group represented Mercedes.
AMHERST, N.H. — Marmon Utility has purchased a 53,000-square-foot industrial and retail building on Route 101A in Amherst. Marmon Utility's local division, Hendrix Molded Products, plans to relocate its molding operations from Milford to the facility in Amherst. Jeanne Butler of NAI Norwood Group represented the seller, Ceratec Corp., in the transaction. Brad Vear of Vear Commercial represented the buyer.
DALLAS — Construction is under way on the first phase of Lake Highlands Town Center, a mixed-use development located in northeast Dallas. The first phase includes a 200-unit multifamily development and 7,450 square feet of retail. Prescott Realty Group and its equity partner, Austin-based Cypress Real Estate Advisors, are co-developing the project. The multifamily complex will feature a clubhouse, fitness center, resort-style pool and outdoor dining areas. The development is slated to feature a 20-acre park with public art, jogging trails and an outdoor amphitheater. The project was financed through a conventional HUD loan under the agreement that 20 percent of the units be made available for work force occupants such as entry-level teachers, firemen, police officers, private sector employees and entrepreneurs who earn 80 percent of the area's median income.
MCKINNEY — Baylor McKinney Physician Office Building I (POB), a four-story, 115,000-square-foot medical center located at 5236 W. University Drive in McKinney, has opened to the public. The facility is connected to the 95-bed acute care Baylor Medical Center at McKinney. POB houses Baylor Women's Imaging Center, Texas Oncology, Texas Digestive Disease Consultants, North Texas Colon & Rectal Surgeons, Baylor Family Medicine at McKinney, Women's Medical Associates of North Texas, Advanced Kidney Care of North Texas, Brinkman George & DeShazo Family Practice and McKinney OB/Gyn, as well as several other physician practices. Dallas-based RTKL designed the property and Dallas-based MEDCO Construction was the general contractor. POB was financed, developed, owned, managed and leased by Duke Realty.
CONROE AND SAN ANTONIO — Marcus & Millichap has arranged the sales of a 123-room Motel 6 at 820 Interstate 45 S. in Conroe and a 113-room Motel 6 at 9503 N. Interstate 35 in San Antonio. Michael Yu, Rahul Bijlani, Eric Guerrero and Tyler Bean of Marcus & Millichap's Houston office represented the seller, ACCOR North America, in both transactions. A Houston-based investor purchased the Conroe motel and an investor from Texas purchased the San Antonio motel.