MIDDLETOWN, IND. — Stan Johnson Co. has negotiated the sale of a 3,800-square-foot medical office building occupied by St. Vincent Medical Group in Middletown, about 15 miles southwest of Muncie. The sales price was not disclosed. The property is located at 602 N. 5th St. Toby Scrivner, Jeff Matulis and Becca Kirby of Stan Johnson represented the seller, a private investor. A Nevada-based private investor purchased the asset.
DENVER — Nexus Commercial Realty has arranged the sale of Wise Harris Arms, a multifamily building located in Denver. An undisclosed buyer acquired the property from 605 26th Street LLC for $3 million. Located at 605 26th St., the Wise Harris Arms features 22 apartment units. Jason Koch of Nexus represented the seller in the transaction.
FRISCO, TEXAS — New York City-based investment firm Admiral Capital Group has acquired Duke Bridges III, a 161,131-square-foot office building located in the northern Dallas suburb of Frisco. The property was built in 2007 and was 94 percent leased at the time of sale to tenants in the technology, government and business services sectors. Admiral Capital also acquired with Parkwood Place, a 98,750-square-foot office complex in Plano that was sold by California-based KBS.
OAK PARK, ILL. — 33 Realty has brokered the sale of a 79-unit condo building located at 932 W. Pleasant St. in Orland Park for $15.2 million. The Pleasant Court Condominium Association was the seller. The buyer, a family office looking to increase its holdings in suburban infill markets, plans to convert the building into rental apartment units and complete renovations. 33 Realty’s sister company, Cubed Construction, will complete the renovations, which are estimated to cost $3 million. Completion of the renovation project is slated for spring 2020. Drew Millard and John Meyer of 33 Realty represented the buyer in the sale.
BEDFORD PARK, WOOD DALE AND ELK GROVE VILLAGE, ILL. — Marcus & Millichap has arranged the sales of three industrial buildings in suburban Chicago for $11.5 million. A 159,857-square-foot property in Bedford Park net leased to Packaging Corp. of America sold for $5 million. A 60,275-square-foot property in Wood Dale sold for $3.8 million. The facility was 51 percent occupied at the time of sale. The final property, a 49,360-square-foot building net leased to Wurth Baer Supply, is located in Elk Grove Village and sold for $2.6 million. Jordan Goodman, Matt Fitzgerald and Jeff Rowlett of Marcus & Millichap represented the seller, a special servicer. All three properties sold at auction to separate buyers.
DENVER — SteelWave LLC and Rialto Capital Management have received $54.6 million in bridge financing for the acquisition and repositioning of a vacant office/data center property in downtown Denver. Leon McBroom and Eric Tupler of HFF arranged the four-year, floating-rate loan through Square Mile Capital Management for the borrowers. Loan proceeds will be used to acquire and reposition the asset into a state-of-the-art office building. Located at 930 15th St., the 12-story building features 223,000 square feet of vacant office/data center space. The buyers plan to renovate the property with floor-to-ceiling glass curtain wall on two facades and the installation of executive parking stalls, a collaborative lounge area, café and wine bar, rooftop fitness center, bike lab, rooftop event area and lounge, and conference center. Renovated office suites will features 1,345-foot slab-to-slab ceilings, fiber connectivity and modernized mechanical systems.
CHICAGO — Interra Realty has negotiated the $8.2 million sale of a 43-unit apartment building located at 820-26 W. Cuyler Ave. in Chicago’s Buena Park neighborhood. Built in 1921, the property features 23 studios and 20 one-bedroom units. The building was 95 percent occupied at the time of sale. Joe Smazal of Interra represented the seller, a limited liability company controlled by Chicago-based Mo2 Properties. Smazal, along with associate Harrison Pinkus, represented the private local buyer, which purchased the property through a 1031 tax-deferred exchange.
SCOTTSDALE, ARIZ. — Hayden Center Investments has purchased North Hayden Commerce Center, an industrial warehouse located at 14000 N. Hayden Road in Scottsdale. New York-based 14000 N. Hayden Road, Scottsdale LLC (a company formed by iStar Financial Inc.) sold the property for $16.5 million. Paul Boyle, Rick Danis and Michael Kitlica of Cushman & Wakefield represented the seller, while Randy Shell of Shell Commercial represented the buyer in the deal. Completed in 2007, North Hayden Commerce Center is a single-story building totaling 103,517 square feet. Situated on 7.6 acres, the multi-tenant asset is currently 67 percent leased to a variety of tenants, including The Tile Shop, R.E. Michel Co., Red Mountain Weight Loss Center and Ferguson Enterprises.
AUSTIN, TEXAS — Hillwood has acquired Southpark Commerce Center V, an industrial property in Austin that totals 350,171 square feet across three buildings. Southpark Commerce Center V is located near Interstate 35 and State Highway 71, and within four miles of downtown Austin and Austin-Bergstrom International Airport. Buildings feature rear-load designs, 24- to 28-foot clear heights and ESFR sprinkler systems. The property was 50 percent leased at the time of sale. Trent Agnew, Adam Herrin, John Taylor, Stephen Bailey and Dom Espinosa of HFF represented TDC in the sale.
CAROL STREAM, ILL. — Clear Height Properties has acquired a two-building industrial facility in Carol Stream for an undisclosed price. The buildings total 64,285 square feet and are 22 percent leased. Building 130 features one exterior dock and two drive-in doors, while Building 150 offers two exterior docks and three drive-in doors. The buildings, constructed in 1987 and renovated in 2005, sit on 3.8 acres with 157 car parking spaces. Kelly Disser and Michael Freita of NAI Hiffman will market the property for lease.
