Property Type

INDUS Realty Trust Buys 393,484 SF Phoenix Airport Logistics Facility

by Amy Works November 20, 2024

PHOENIX — INDUS Realty Trust has purchased Phoenix Airport Logistics, a Class A warehouse and distribution building in Phoenix’s airport submarket. Located at 3333 S. 7th St., the 393,484-square-foot cross-dock facility offers a clear height of 36 feet, 96 dock-high doors and 62 trailer parking spaces. At the time of sale, the property was fully leased to five tenants. The asset was built in 2016. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group facilitated the transaction as the exclusive real estate brokers.

November 20, 2024

Acquisitions California Retail Western

Marcus & Millichap Facilitates $10.8M Sale of Retail Property in Yucaipa, California

by Amy Works November 20, 2024

YUCAIPA, CALIF. — Marcus & Millichap has brokered the sale of Center Point Plaza, a shopping center in Yucaipa. A partnership sold the asset to a private investor for $10.8 million. Located at 33490-33492 Oak Glen Road, Center Point Plaza offers 28,924 square feet of space occupied by a variety of tenants, including retailers, restaurants and medical office users. The property was constructed in 2007. Ivan Prochko, Orbell Ovaness and Ara Rostamian of the Ovaness-Rostamian Group of Marcus & Mililchap’s Los Angeles office represented the seller, while Bashir Tariq of Keller Williams Realty represented the buyer in the transaction.

November 20, 2024

Acquisitions Multifamily Washington Western

Norris & Stevens Brokers $1.6M Sale of Plainsmen Apartments in Vancouver, Washington

by Amy Works November 20, 2024

VANCOUVER, WASH. — Norris & Stevens has arranged the sale of Plainsmen Apartments, a multifamily property in Vancouver. Provision Investments acquired the asset from Dorothy L. Lund for $1.6 million. Located at 10701 NE 59th St., the 12,464-square-foot Plainsmen Apartments offers 16 two-bedroom/one-bath units with in-unit washers/dryers and extra storage space. Built in 1968, the property offers ample onsite parking. Todd VanDomelen and Mike Brown of Portland, Ore.-based Norris & Stevens represented the buyer and seller in the transaction.

November 20, 2024

Development Loans Midwest Minnesota Multifamily

Northmarq Arranges $28.6M Construction Loan for Olivine Apartments in Victoria, Minnesota

by Kristin Harlow November 20, 2024

VICTORIA, MINN. — Northmarq has arranged a $28.6 million construction loan for Olivine Apartments in Victoria, a western suburb of Minneapolis. The 145-unit multifamily community at 2000 Steiger Lake Lane is slated to be built in 2025. Dan Trebil and Andy Finn of Northmarq arranged the financing on behalf of the borrower, Schafer Richardson and Marco McLane Development. Associated Bank provided the loan. The deal also features preferred equity, which Northmarq arranged through Minnesota-based Ackerberg Group.

November 20, 2024

Acquisitions Illinois Midwest Multifamily

Greenstone Partners, Marcus & Millichap Broker $25.7M Sale of Canterbury Court Apartments in Chicago

by Kristin Harlow November 20, 2024

CHICAGO — Greenstone Partners and Marcus & Millichap have brokered the $25.7 million sale of Canterbury Court Apartments in Chicago’s Gold Coast neighborhood. The 176-unit, 16-story apartment building is located at 1220 N. State Parkway and features 1,268 square feet of ground-floor retail space with the famed Zebra Lounge piano bar, which has occupied the building since its completion in 1929. Jordan Multack and Danny Spitz of Greenstone represented the seller, a local family office, along with Nicholas Kanich of Marcus & Millichap. Becovic Holdings Corp. was the buyer. The asset features 142 studio units, 26 one-bedroom floor plans, two two-bedroom residences and six additional units that were previously used by the former owner. Becovic plans to invest in necessary upgrades and improvements.

November 20, 2024

Loans Midwest Missouri Multifamily

Gantry Secures $17.2M in Permanent Loans for Two Multifamily Properties in Suburban Kansas City

by Kristin Harlow November 20, 2024

WARRENSBURG AND GRANDVIEW, MO. — Gantry has secured $17.2 million in permanent loans for two suburban Kansas City apartment complexes. The properties include the 73-unit Meadowbrook Estates in Warrensburg and the 56-unit Chelsea Apartments in Grandview. Both assets underwent comprehensive renovations in the past two years. Mark Reichter and Alec Frook of Gantry secured the loans on behalf of the borrower, an individual private real estate company. Both 10-year Fannie Mae loans feature fixed interest rates with five years of interest-only payments.

November 20, 2024

Acquisitions Illinois Midwest Multifamily Retail

Interra Realty Negotiates $11.2M Sale of Apartment, Retail Building in Chicago’s Lincoln Park

by Kristin Harlow November 20, 2024

CHICAGO — Interra Realty has negotiated the $11.2 million sale of a 35-unit apartment and retail building in Chicago’s Lincoln Park neighborhood. The property at 2200 N. Clark St. features 28 apartments and seven retail spaces that were all fully leased at the time of sale. The 10,000 square feet of ground-floor retail space is home to tenants such as an art gallery and Michelin-starred restaurant Esmé. Constructed in 1891, the building has been well maintained following capital improvements in 2008-2009. Joe Smazal, Brad Feldman and Craig Martin of Interra represented the seller, a local real estate investment firm that deploys institutional capital. Interra also procured the buyer, Beal Properties, a Chicago-based private office owned by Bill Silverstein.

November 20, 2024

Acquisitions New York Northeast Office

Savanna Acquires Manhattan Office Building for $255M

by Taylor Williams November 20, 2024

NEW YORK CITY — Locally based investment firm Savanna has acquired 799 Broadway, a 176,588-square-foot office building in Manhattan’s Greenwich Village area, for $255 million. Designed by Perkins & Will, the 12-story building was completed in 2022 and was 71 percent leased at the time of sale, with the tenant roster carrying a weighted average remaining lease term of 11 years. The building also houses a tenant lounge, outdoor amenity spaces and ground-floor retail space. Gary Phillips and Will Silverman of Eastdil Secured represented the seller, a partnership between Columbia Property Trust and Cannon Hill Capital Partners, in the transaction. The duo also procured Savanna as the buyer.

November 20, 2024

Acquisitions New York Northeast Office

CBRE Brokers $23.5M Sale of Long Island Office Building

by Taylor Williams November 20, 2024

WOODBURY, N.Y. — CBRE has brokered the $23.5 million sale of a 255,019-square-foot office building in Woodbury, a hamlet located on the east side of Nassau County on Long Island. According to LoopNet Inc., the four-story building at 1000 Woodbury Road was originally constructed in 1984 and renovated in 2007. Jeff Dunne, Steve Bardsley, Travis Langer and Philip Heilpern of CBRE represented the seller, RXR Realty, in the transaction. The team also procured the buyer, TKF Burnside Real Estate. At the time of sale, the building was 61 percent leased, with energy services provider Petro and law firm Milber Makris serving as the anchor tenants.

November 20, 2024

Acquisitions Industrial New Jersey Northeast

Dora’s Naturals Buys Industrial Property in Moonachie, New Jersey, for $20.9M

by Taylor Williams November 20, 2024

MOONACHIE, N.J. — Dora’s Naturals, a distributor of perishable food-and-beverage products, has purchased a 70,680-square-foot industrial property in the Northern New Jersey community of Moonachie for $20.9 million. The building at 80 Knickerbocker Road was originally constructed in 1985 and renovated in 2022, according to LoopNet Inc. Kevin Dudley, Nicholas Klacik, Chad Hillyer, Kate Granahan, Brian Fiumara, Elli Klapper and Jeremy Wernick of CBRE represented Dora’s Naturals, which also recently purchased a 105,000-square-foot industrial building in Moonachie, in the transaction. KBC Advisors represented the seller.

November 20, 2024

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