CINCINNATI — CBL & Associates has completed the disposition of Eastgate Crossing, a retail center located on Eastgate Boulevard in Cincinnati. A joint venture of Inland Real Estate Corp. purchased the 174,700-square-foot property for $22.8 million, including $1.7 million of future earn-out payments and the assumption of a $14.6 million loan secured by the property. The property is 97 percent leased to a mix of national and regional tenants, including Kroger, Marshalls, Ashley Furniture, Jo-Ann Fabrics and Dollar Tree. Margaret Caldwell of Jones Lang LaSalle represented CBL in the transaction.
BOLINGBROOK, ILL. — LG Electronics has extended its lease of 377,630 square feet at 1251 115th St. in Bolingbrook. The property is located within Highland Corporate Center and owned by ML Realty Partners. James Frank and Jason West of Cushman & Wakefield represented the tenant in the transaction. Terms of the lease were not released.
TINLEY PARK, ILL. — Marcus & Millichap has brokered the sale of an apartment building located at 7351 Sandalwood Drive in Tinley Park. The 12-unit property sold for $845,000. The property comprises four one-bedroom/one-bath units, measuring 600 square feet, and eight two-bedroom/one-bath units, measuring approximately 875 square feet. Each unit has storage, a dishwasher, access to on-site laundry and a balcony or patio. Jordan Gilbert, Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer, a limited liability company, in the transaction.
NORTH MIAMI BEACH, FLA. — Faith Investment Properties Group has purchased two office buildings known as Venture Center in North Miami Beach for $7 million. The Aventura, Fla.-based investment firm has several medical office buildings in its portfolio in the vicinity, which is close to Jackson North Medical Center. FIP Realty Services LLC, an affiliate of Faith Investment Properties, represented the buyer in the transaction.
SEATTLE – Pathfinder Partners has divested the 78-unit Redondo Terrace apartments in Seattle. The community was purchased by a local investor for $7.5 million. It is located at 29421 Pacific Highway South in the Federal Way submarket, just south of Downtown Seattle. The property was originally known as the View at Redondo. Pathfinder completed extensive value-add improvements prior to the sale. The buyer was represented by George Miller of Marcus & Millichap.
DALLAS — Lee & Associates has closed a sales transaction for a 38,810-square-foot industrial building located at 4630 Alpha Road in Dallas. Nathan Denton of Lee & Associates Dallas/Fort Worth office represented the purchaser, StoneDome Real Estate LLC. Sam Beys of Preston Commercial represented the seller, Dors Family LP.
FORT WORTH, TEXAS — ML Realty Partners LLC has arranged a lease renewal for Amcor Rigid Plastics, which has extended its 269,388-square-foot lease at 4100 Fleetwood Road in Fort Worth. Greg Kloiber and David Stechly at Top Gun Advisors represented the tenant in the transaction.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Lindy’s Landing, a 52-unit apartment property located in Austin. Joe James and Kent Myers of Marcus & Millichap’s Austin office, along with Robert Sheppard, Armand Tiberio and Spencer Hurst of the firm’s tax credit group, marketed the property on behalf of the seller, a partnership. James and Myers also secured the buyer, a foreign entity. Built in 1985 on 1.4 acres at 121 Woodward St., the complex is located just minutes south of downtown. Lindy’s Landing, a 33,600-square-foot apartment community, offers two floor plans and amenities including a leasing office, centrally located laundry facility and barbecue areas.
NEW YORK CITY — Taconic Investment Partners and Ares Management have completed the disposition of 318 residential units at MeadowWood at Gateway, a multifamily property located at 12205 Flatlands Ave. in Brooklyn. The Pinnacle Group purchased the units for $53 million. MeadowWood at Gateway features 19 high-rise and garden-home buildings offers studio, one-, two-, three- and four-bedroom in a mix of for-sale and rental units. Taconic and funds managed by Ares originally purchased the 983 unsold condominiums units out of the 1,152 units at MeadowWood in 2006 and completed a $40 million renovation program at the property. Aaron Jungreis of Rosewood Realty Group represented the seller in the transaction.
NEW YORK CITY — Centum Real Estate Group has arranged the sale of a retail/restaurant property located at 137 Ludlow St. in New York City. Joe Tabak/Princeton Holdings LLC acquired the three-story 9,777-square-foot property for $8.3 million. Libations, the current tenant, will stay at the property for the next two years until the new owner repositions the asset. Otis Duffy of Centum Real Estate Group represented the buyer and the undisclosed seller in the transaction.