TOPEKA, KAN. — IRET Properties, the operating partnership of Investors Real Estate Trust, has completed the purchase of Villa West Apartments in Topeka for $17.6 million. The property includes 44 apartment buildings with 308 apartment units. As part of the company's strategic plan to own 10,000 units in its top 10 core markets, the acquisition brings the total number of units owned by IRET in the Topeka market to 1,042. The company also announced construction is nearly complete on its 159-unit Quarry Ridge II apartment development in Rochester, Minn.
ALEXANDRIA, MINN. — The Boulder Group has completed the $5 million sale of a single-tenant, net-leased Walgreens located at 910 Broadway St. in Alexandria. The 14,820-square-foot retail building was developed in 2008. Walgreens has 21 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest family trust, in the transaction. They also represented the buyer, a Chicago-based investment firm.
BIRMINGHAM, MICH. — Related Birmingham LLC has sold a 32,487-square-foot former Borders Books at 34300 Woodward Ave. in Birmingham. Susan Acciaioli and Brad Rosenberg of Mid-American Real Estate-Michigan represented the buyer, a local private investor, in the transaction. They also represented the seller.
NEW YORK CITY — In a joint venture, Crown Acquisitions and Olympic Tower Associates have purchased a 49.9 percent stake in the Olympic Tower complex on Fifth Avenue. The partnership acquired the stake from an affiliate of the Alexander S. Onassis Public Benefit Foundation. The building is located across the street from Rockerfeller Center and is comprised of four buildings: Olympic tower at 645 Fifth Ave.; the Versace Building at 647 Fifth Ave.; the Cartier Building at 653 Fifth Ave.; and 10 E. 52nd St. The 51-story Olympic Tower is a mixed-use high-rise with 225 apartments and 500,000 square feet of office and retail below. Harry Seherr-Thoss and Robert Freedman of Colliers International arranged the deal.
NEW CASTLE, DEL. — Mishimoto Auto Performance has signed a 17,353-square-foot lease for industrial and office space at 18 Boulden Circle in New Castle. Mishimoto manufactures cooling components for race cars, motorcycles and other vehicles, and will occupy the new facility in July. Rich Dudek of Patterson-Woods/CORFAC International represented the tenant in the transaction. Dave Cook of The Flynn Co. represented the property owner, RREEF.
NEW YORK CITY — Marcus & Millichap has arranged the $1.9 million sale of 143 N. 8th St., a 10-unit apartment building in Brooklyn. Shaun Riney of Marcus & Millichap's Brooklyn office represented the buyer, a private investor, in the transaction.
SOUTH PLAINFIELD, N.J. — Public Service Electric & Gas Co. (PSE&G) has signed a 55,775-square-foot lease at 287 Executive Plaza in South Plainfield. The company plans to relocate its operations from Maplewood and use the space for training facilities and as a testing lab. PSE&G is New Jersey's largest electric and gas utility. Colliers International New Jersey represented the tenant in the transaction. Warren Searles of Cassidy Turley represented the landlord, Normandy Real Estate Partners.
BEDFORD — Silver Oak Commercial Realty brokered the sale of a 34,000-square-foot office building, located at 221 Bedford Road in Bedford. The buyer was 221 Bedford, LLC. Russ Webb of Silver Oak represented the seller in the transaction.
HOUSTON — NAI Houston has brokered the sale of a 15,000-square-foot office building, located at 5425 Renwick Drive in Houston. Chris Caudill and Joel Michael of NAI Houston represented the seller, RGM Asset Management, in the transaction. Tim Opatrany of TAO Interests represented the buyer, Biz and Co.
HOUSTON — A 7,000-square-foot office building, located at the northwest corner of Mount Vernon and Marshall avenues in Houston, has been sold. Mark Davis of Davis Commercial represented the seller, Annunciation Orthodox School, in the transaction. Senterra and Belvoir Real Estate Group represented the seller, JoSuMar LLC. The office building will be used as a language center.