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AcquisitionsHealthcareMidwestWisconsin

Cushman & Wakefield Brokers $30.8M Sale of Aurora Health Center in Germantown, Wisconsin

by Kristin Harlow

GERMANTOWN, WIS. — Cushman & Wakefield has brokered the $30.8 million sale of the Aurora Health Center in Germantown, a northern suburb of Milwaukee. The two-building medical office property totals 92,573 square feet. The North Building, spanning 15,998 square feet, supports use for chiropractic care, family medicine, gastroenterology, pain management, pediatric cardiology and sports rehabilitation. In 2016, Aurora converted the 76,585-square-foot South Building from administrative space into a health center with a six-operating room surgery center, 16 oncology infusion bays, a healing garden and dozens of exam rooms. Both buildings are fully occupied by Aurora Health Care Inc., a subsidiary of Advocate Health, and operate under long-term, triple net leases. The buildings staff a combined total of more than 100 physicians, 70 registered nurses and an additional 170 caregivers daily. Gino Lollio, Travis Ives, Sushil Puria and Tyler Morss of Cushman & Wakefield, in conjunction with Mike Keane of The Boerke Co., represented the seller, Minneapolis-based Sentinel Management Co. Nashville-based Montecito Medical was the buyer.

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AcquisitionsIllinoisMidwestRetail

Mid-America Negotiates Sale of 124,005 SF Downers Park Plaza Shopping Center in Suburban Chicago

by Kristin Harlow

DOWNERS GROVE, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Downers Park Plaza, a 124,005-square-foot shopping center in the western Chicago suburb of Downers Grove. Anchored by Shop & Save Market, the property is 94 percent leased. Additional tenants include Dollar Tree, Phenix Salon Suites, Super CDA, Quilters Quest, CosmoProf, AAA and Hallmark. The center, situated at the northeast corner of 75th Street and Lemont Road, is shadow anchored by TJ Maxx, Best Buy and Old Navy. Ben Wineman and Emily Gadomski of Mid-America represented the seller, PMAT Real Estate Investments. Detroit-based Broder & Sachse Real Estate was the buyer.

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Build-to-RentDevelopmentIllinoisMidwestSingle-Family Rental

Lynd Nears Completion of 178-Unit Build-to-Rent Community in Oswego, Illinois

by Kristin Harlow

OSWEGO, ILL. — Lynd, a real estate development and property management firm, is nearing completion of Home at Ashcroft, a 178-unit build-to-rent community in the Chicago suburb of Oswego. The developer has opened decorated models at the property, which is located at 137 Dorset Ave. Home at Ashcroft offers three-bedroom, attached single-family homes starting at $2,591 per month. Originally designed as for-sale single-family homes, the property features wider layouts than most townhomes and offers features typically found in detached single-family homes such as open layouts, two-car garages with extended driveways, basements, fenced-in yards and back porches. Ranch and two-story floor plans range from 1,559 to 1,747 square feet. Groups of six homes share a cul-de-sac. An onsite management team provides services such as plant watering, yard care, snow removal, package receiving and dog walking. Work is underway on a $2 million community clubhouse with a fitness and wellness center, outdoor pool, covered pavilion, fountain, firepit and grills. Slated to open later this year, the 5,500-square-foot space includes a lounge that opens to a warming kitchen and coffee bar, private library, events room, coworking stations, conference rooms, game area and package delivery room.

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AcquisitionsMassachusettsMultifamilyNortheast

JLL Arranges Recapitalization of 36-Story Boston Apartment Tower

by Taylor Williams

BOSTON — JLL has arranged the recapitalization of The Sudbury, a 36-story apartment tower located within the Bulfinch Crossing development in downtown Boston that was completed in 2020. Units come in one-, two- and three-bedroom floor plans and have an average size of 855 square feet. The Sudbury also houses 55 condos. Amenities include a pool, fitness center, golf simulator, rooftop terrace, children’s playroom, coworking space and a private dining room. Riaz Cassum, Roberto Casas, Martha Nay, Kellie Coveney, Madeline Joyce and Ari Bogen of JLL represented the owner, a partnership between National Real Estate Investors and HYM Investment Group, in the transaction. The team also procured the new equity partner, Carmel Partners.

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AcquisitionsIllinoisMidwestRetail

Interra Realty Brokers $10.5M Sale of Redevelopment Site in Chicago’s Logan Square

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $10.5 million sale of a 2.3-acre retail redevelopment site in Chicago’s Logan Square neighborhood. The property is located at 2053 N. Milwaukee Ave. near the intersection of Milwaukee, Western and Armitage avenues. The site currently houses a vacant 25,473-square-foot retail building, formerly a CVS store, and approximately 125 parking spaces. Colin O’Malley of Interra represented the seller, a local real estate owner and investor. The undisclosed buyer is hoping to redevelop the site under the existing zoning, according to Interra.

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AcquisitionsHospitalityMichiganMidwest

Marcus & Millichap Arranges Sale of 115-Room Hotel in Lansing, Michigan

by Kristin Harlow

LANSING, MICH. — Marcus & Millichap has arranged the sale of the Quality Suites Lansing, a 115-room hotel in Lansing. The sales price was undisclosed. Located at 901 Delta Commerce Drive, the property features a fitness center, business center, conference room, event space and a sauna. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the buyer and seller, both of which were private investors. Chris Gomes and Allan Miller of Marcus & Millichap were also listed on the deal as supporting brokers, and Steven Chaben, broker of record in Michigan, assisted in closing the transaction.

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AcquisitionsFloridaIndustrialSoutheast

Azora Acquires Greyhound-Leased Industrial Outdoor Storage Facility in Miami for $12.8M

by John Nelson

MIAMI — Azora, a private equity manager based in Madrid, has purchased an industrial outdoor storage facility located on a 2.6-acre site in Miami. The undisclosed seller sold the property, which features a bus maintenance facility, for $12.8 million. Situated near Miami International Airport, the facility was delivered in 2016 as a build-to-suit for Greyhound Lines, which will continue to use the property as a parking and repair center for another five years. The site includes developable land, plans for which were not disclosed.

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AcquisitionsNortheastPennsylvaniaRetail

Marcus & Millichap Brokers $12.5M Sale of Lehigh Valley Shopping Center

by Taylor Williams

ALLENTOWN, PA. — Marcus & Millichap has brokered the $12.5 million sale of Parkway Shopping Center, a 133,314-square-foot retail center in the Lehigh Valley city of Allentown. The center was built in 1959 and is home to tenants such as Subway, Dollar Tree, IHOP and State Farm Insurance. Colin Reder, Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the deal. Neil Campbell and Ian Nordfors of Institutional Property Advisors, a division of Marcus & Millichap, arranged acquisition financing on behalf of the buyer.

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Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

Gorman & Co. Delivers 60-Unit Mixed-Income Apartment Community in Atlanta

by John Nelson

ATLANTA — Gorman & Co. has delivered Residences at Westview, a 60-unit mixed-income apartment community located at 1991 Martin Luther King Jr. Drive SW in Atlanta. Atlanta Mayor Andre Dickens attended the ribbon-cutting ceremony in late February. Situated near the West Lake MARTA Station, Residences at Westview features one-, two- and three-bedroom apartments, with 90 percent of the units affordable for households earning 50 to 60 percent of the area median income (AMI). Amenities include a playground, community garden and outdoor gathering spaces, as well as after-school services provided by Catholic Charities. Capital sources for Residences at Westview include Georgia Department of Community Affairs, Invest Atlanta, RBC, US Bank and Catholic Charities. Gorman & Co. has 350 units in its development pipeline in the metro Atlanta area over the next two years.

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AcquisitionsConnecticutMultifamilyNortheast

NEPCG Negotiates Sale of 60-Unit Apartment Portfolio in Hartford, Connecticut

by Taylor Williams

HARTFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the sale of a portfolio of four apartment buildings totaling 60 units in Hartford. The buildings are located at 125–131 Washington St. and 338-342 Jefferson St. Taylor Perun and Cameron Formica of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The sales price was also not disclosed.

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