more_sales_and_leases

RADCO Purchases Apartment Community in Georgia for $9.9M

by John Nelson February 17, 2016

NEWNAN, GA. — The RADCO Cos. has purchased the 114-unit Park Manor Apartments in Newnan from LivCor for $9.9 million. The Atlanta-based apartment investor has renamed the apartment complex Woodlands at White Oak, which is located adjacent to another RADCO property, the 561-unit Creekside at White Oak. RADCO financed the acquisition using private capital and debt financing from Mutual of Omaha. HFF’s Atlanta office brokered the transaction. RADCO plans to invest more than $1.3 million on capital improvements for the property’s clubhouse, fitness center, pools, landscaping and building exteriors. Interior renovations will include upgraded flooring, lighting, countertops and appliances.

February 17, 2016

Multifamily New York Northeast

Cushman & Wakefield Arranges $25.5M Sale of Residential Condo Portion of Manhattan Mixed-Use Property

by Amy Works February 17, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of the residential condominium portion of 92 Pinehurst Ave. in Manhattan’s Hudson Heights neighborhood. Pinehurst Partners LP sold the residential portion of the property for $25.5 million, or $350 per square foot. The residential portion of the elevator-serviced, 72-unit building contains 72,896 square feet above grade of which the usable residential area is approximately 60,000 square feet. James Nelson and Mitchell Levine of Cushman & Wakefield handled the transaction.

February 17, 2016

Multifamily New York Northeast

Marcus & Millichap Brokers $4.3M Sale of Apartment Building in New York

by Amy Works February 17, 2016

SUNNYSIDE, N.Y. — Marcus & Millichap has arranged the sale of Sunnyside Gardens, an apartment building located at 41-05 Skillman Ave. in Sunnyside. A limited liability company acquired the 16-unit apartment building for $4.3 million. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, in the transaction.

February 17, 2016

Connecticut Northeast Office

E.N.E. Realty Associates Acquires 10,318 SF Office Building in Connecticut

by Amy Works February 17, 2016

AVON, CONN. — E.N.E. Realty Associates has acquired an office building located at 172 W. Main St. in Avon. Avonwood Enterprises LLC sold the 10,318-square-foot property for an undisclosed sum. The multi-tenant investment property was 100 percent occupied at the time of sale. The main tenant is Berkshire Hathaway HomeServices New England Properties. Gayle Erickson and Bruce Cagenello of Berkshire Hathaway HomeServices were the sole brokers in the transaction.

February 17, 2016

Connecticut Industrial Northeast

Sentry Commercial Brokers 54,426 SF Industrial Lease in Connecticut

by Amy Works February 17, 2016

WATERBURY, CONN. — Great American Aquaculture has signed a long-term lease for 54,426 square feet of industrial space at 64 Avenue of Industry in Waterbury. The 66,400-square-foot building is situated on 10.3 acres. Sentry Commercial, in association with Hartford Group International, represented the landlord, 64 AOI LLC, while Colonial Realty represented the tenant in the transaction.

February 17, 2016

Healthcare Illinois Midwest Office

Ryan Cos. Acquires 11 Acres of Land in Chicago Suburb for Future Office Development

by Christina Cannon February 17, 2016

OAK BROOK, ILL. — Ryan Cos. has acquired 11 acres of land in Oak Brook, approximately 20 miles west of Chicago, for a future office and medical campus development. Ryan Cos. acquired the land from Convergent Capital Partners for an undisclosed price. The cost of the development — including the medical and office buildings, various amenities and structured parking — is estimated at $70 million. Ryan Cos. will build and own the project and will also provide real estate management services. Wright Heerema Architects will provide the architectural services. The site currently contains an industrial building with surrounding parking lots that will be razed this summer when construction is set to begin.

February 17, 2016

Illinois Midwest Retail

SVN | Chicago Commercial Brokers $1.6M Sale of Retail Property in Chicago Suburb

by Christina Cannon February 17, 2016

DOWNERS GROVE, ILL. — SVN | Chicago Commercial has brokered the $1.6 million sale of an 11,919-square-foot retail property in Downers Grove, approximately 23 miles west of Chicago. Drendel Commons, built in 2008, is located at 2561-2593 Ogden Ave. and features tenants such as Hertz, National Guard, Downers Grove Chiropractic & Acupuncture and NY Pizza Pie. Tim Franz of SVN | Chicago Commercial was the sole broker in the transaction. Both the buyer and seller in the deal were undisclosed.

February 17, 2016

Multifamily Texas

CBRE Global Investors Acquires Apartment Community in Austin on Behalf of Allstate

by Haisten Willis February 16, 2016

AUSTIN, TEXAS — CBRE Global Investors’ U.S. Managed Accounts Group has acquired The Mosaic at Mueller, a Class A, 441-unit apartment community in Austin, on behalf of Allstate. The Mosaic was 96 percent occupied at the time of sale. The community is located at 4600 Mueller Road in East Austin, a residential area two miles from the University of Texas and four miles from Austin’s central business district. Mosaic is part of the 711-acre mixed-use Mueller Redevelopment. When completed, Mueller Redevelopment will consist of more than 4 million square feet of office and retail, 5,700 residences and 140 acres of recreational amenities. The Mosaic at Mueller’s interiors include granite countertops, stainless steel appliances, faux wood flooring and tile backsplashes. Property amenities include an 1,800-square-foot fitness center, two pools, five courtyards with grilling areas, garage parking and 8,669 square feet of fully leased ground-floor retail. Minor cosmetic updates are planned for the common areas.

February 16, 2016

Industrial Texas

M&M Arranges Sale of 33,175 SF Industrial Building in San Antonio

by Haisten Willis February 16, 2016

SAN ANTONIO — Marcus & Millichap has arranged the sale of Marbach Business Center, a 33,175-square-foot industrial property located in San Antonio. Joshua Murphy and Jon Danklefs of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a limited liability company. Danklefs secured the buyer, a private investor. Marbach Business Center is located at 9207 Marbach Road in a growing corridor of western San Antonio. Built in 2006, the facility includes three buildings with stucco exteriors, garage-style roll-up doors and asphalt drives. There are 22 total units that range in size from 559 to 1,602 square feet.

February 16, 2016

Industrial Massachusetts Northeast Office

R.W. Holmes Realty Arranges $2.7M Sale of Office/Manufacturing Building in Massachusetts

by Amy Works February 16, 2016

NEWTON, MASS. — R.W. Holmes Realty has brokered the sale of an office/manufacturing building located at 55 Border St. in Newton. Border Realty Trust sold the property to Quarter Realty Trust for $2.7 million. The 18,000-square-foot building features a tailboard dock, a drive-in door and heavy power. Garry Holmes of R.W. Holmes Realty represented the seller, while Dean Blackey, also of R.W. Holmes Realty, represented the buyer in the transaction.

February 16, 2016

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