CHICAGO — SVN | Chicago Commercial has brokered the sale of a redevelopment site in Chicago’s Humboldt Park neighborhood for $8.2 million. The multi-building property sits on 6.5 acres at 1334, 1330 and 1030 N. Kostner Ave. The buyer, 1334 Kostner Owner LLC, is a subsidiary of IBT Group LLC. IBT plans to undertake an extensive office redevelopment project at the site. Jennifer Hopkins and Olivia Czyzynski of SVN represented the buyer. John McDermott of SVN represented the undisclosed seller along with outside broker Amy Van Hook.
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PHOENIX — Evergreen Devco has completed the disposition of a single-tenant retail building located at 15275 N. 35th Ave. in Phoenix. Vico Partners acquired the asset for $2.7 million. Wilhelm Automotive occupies the 5,569-square-foot building, which RKAA Architects designed. The building is part of Evergreen’s 211,745-square-foot redevelopment project in Phoenix. The company is converting the existing parking field at the formerly Kmart-anchored shopping center into five new pad developments. Situated on 3.7 acres, a Cube Smart self-storage facility anchors the project. Additional tenants include Black Rock Coffee and Salad and Go. Joseph Compagno, R. Max Bippus and Benjamin Farthing of CBRE’s Net Lease Property Group in Phoenix represented the seller, while Dylan Brown and Andrew Fosberg of CBRE Phoenix nad California-based Chris Van Keulen of CBRE represented the buyer in the deal.
KANSAS CITY, MO. — Berkadia has arranged the sale of Coach House in Kansas City for $81.5 million. The 807-unit, garden-style multifamily property is located at 655 E. Minor Drive and features one-, two- and three-bedroom floor plans. Amenities include a pool and tennis court. Alex Blagojevich, Michael Sullivan, Brett Meinzer and Dominic Martinez of Berkadia arranged the sale on behalf of the seller, Virginia-based Harbor Group International. The company had purchased the property as part of a $1.8 billion portfolio of assets in early 2020, but Coach House does not align with Harbor’s “strategic and geographic focus,” according to Berkadia. A San Francisco-based private buyer purchased Coach House.
ELK GROVE VILLAGE, ILL. — Brett Anthony Foods has completed a 15-year sale-leaseback transaction with Clear Height Properties that will enable the commercial kitchen company to more than double the size of its Elk Grove Village operations. The transaction involved two adjacent properties located at 1350 and 1250 Greenleaf Ave. Brett Anthony Foods currently occupies the 53,831-square-foot building at 1350 Greenleaf. Additionally, plans call for the development of an approximately 10,000-square-foot structure that will connect the two buildings. The total project capitalization, including acquisition, development and tenant improvement costs, is estimated at $16 million. Brett Anthony Foods was founded in Northbrook in 2009 and produces ready-made foods for full-service restaurants, groceries and delis, wholesale distributors, hospitality services and catalog foods companies. Clear Height Properties acquired that building along with the adjacent 50,683-square-foot property. This month, Clear Height intends to begin construction on the connecting structure. Jason Lev of CBRE represented Brett Anthony Foods in its sale of 1350 Greenleaf. Brian Colson of Avison Young represented the undisclosed seller of 1250 Greenleaf.
BROOKFIELD, WIS. — Stan Johnson Co. has brokered the sale of a 13,905-square-foot property occupied by Walgreens in Brookfield near Milwaukee. The single-tenant building sits on 2.4 acres at 15650 W. Greenfield Ave. and features a drive-thru. Walgreens has occupied this property for more than 20 years and recently extended its lease for another eight years. Mark Lovering and BJ Feller of Stan Johnson represented the seller, a Waukesha, Wis.-based developer. A Chicago-based buyer purchased the asset for $6 million.
DETROIT — Greystone Bel Real Estate Advisors has arranged the sale of Manning Manor in Detroit for $2 million. The 78-unit apartment community was originally built in 1926. It is located at 2258 W. Grand Blvd. A large majority of the units are one-bedroom floor plans. Buyer and seller information was not disclosed, but the property has received many recent capital improvements, according to Greystone Bel.
MESA, ARIZ. — Newmark Knight Frank (NKF) has arranged the sale of Shoppes at Legacy, a retail center located at 5609 E. McKellips Road in Mesa. An affiliate of YAM Properties sold the asset to Sperry Equities for $9 million, or $166.17 per square foot. Built in 2006, Shoppes at Legacy features 54,160 square feet of retail space. At the time of sale, the retail center was 90 percent occupied by a variety of tenants, including Cigna Medical Group and Pita Jungle. The transaction included a freestanding building occupied by Auto Zone on a triple-net lease and a Verizon cell tower. Jesse Goldsmith, Steve Julius and Chase Dorsett of NKF represented the seller and buyer in the deal.
Marcus & Millichap Arranges $6.9M Sale of Three-Property Brakes Plus Retail Portfolio in Colorado
by Amy Works
AURORA AND HIGHLANDS RANCH, COLO. — Marcus & Millichap has arranged the sale of a three-building retail portfolio in Colorado. Chi Chis of Colorado Springs LLLP sold the portfolio to The Kathleen Ann Ross Trust, a local private capital investor, for $6.9 million. The properties are located at 16770 E. Iliff Ave. and 24550 E. Smoky Hill Road in Aurora and 9297 S. Broadway in Highlands Ranch. Brakes Plus occupies each building and all three properties have 17 years remaining on the primary term of their absolute triple-net leases. Drew Isaac and Brian Bailey of Marcus & Millichap represented the seller in transaction.
BATAVIA, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 488,571-square-foot industrial building located at 601-605 Kingsland Drive in Batavia. The purchase price was undisclosed. The building is fully leased to two tenants. Constructed in 1996, the property was expanded in 2002. It sits on 26.9 acres and features 25 exterior docks, three drive-in doors and parking for 414 cars. There is an additional 7.3 acres on the site that can accommodate more car parking, truck parking or a 132,737-square-foot building expansion. Jeff Devine and Steve Disse of Colliers International represented the undisclosed seller. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.
NAI Horizon Negotiates $11.5M Sale of Banner Health Medical Building in Tucson, Arizona
by Amy Works
TUCSON, ARIZ. — NAI Horizon has arranged the sale of a fully occupied medical building, located at 535 N. Wilmot Road in Tucson. 535 Wilmot Investors, an affiliate of The Schomac Group, sold the property to AP MP, an affiliate of MBRE Health Care, for $11.5 million. Banner Health occupies the 40,936-square-foot medical building on a long-term basis and recently renewed its lease for another 10 years. Justin Lanne and Andrew Sternberg with NAI Horizon’s Tucson represented the seller in transaction.