OAK LAWN, ILL. — The Boulder Group has arranged the $16 million sale of a single-tenant property net leased to Jewel-Osco in Oak Lawn, a southwest suburb of Chicago. The 47,370-square-foot property is situated on 3.6 acres at 4650 W. 103rd St. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the sale. A Southwest-based private real estate investment company sold the asset to an investor based in Australia.
JOHNSTOWN, OHIO — Alterra Real Estate Advisors has purchased Johnstown Village Square for $3 million. The 82,946-square-foot shopping center is located at 633-759 W. Coshocton St. in Johnstown, about 25 miles northeast of Columbus. The property sits on 10.7 acres and is currently 67 percent occupied. Tenants include Tractor Supply, Goodwill, Dollar Tree and H&R Block. Alterra plans to make improvements to the property. The firm will lease and manage the property.
APPLE VALLEY, MINN. — Marcus & Millichap has negotiated the $4.6 million sale of a 5,511-square-foot retail property in Apple Valley, a suburb of the Twin Cities. Starbucks and Sleep Number fully occupy the building. Austin Weisenbeck, Daniel Dalmaso and Sean Sharko of Marcus & Millichap secured and represented the Minnesota-based buyer. Matthew Hazelton assisted in closing the transaction as the broker of record in Minnesota. The seller was not disclosed.
ORLANDO, FLA. — Jefferson Apartment Group (JAG) has completed the sale of Azul Baldwin Park, an apartment property located at 4460 Lower Park Road in Orlando. An undisclosed buyer acquired the asset for $43 million. Developed by JAG and Pacolet Milliken Enterprises, the property features 178 apartments. On-site amenities include a spa, resort-style pool with sundeck and an outdoor kitchen, as well as a grilling area, fitness center and clubroom.
BOSTON — NKF Capital Markets has brokered the $222 million sale of a 304,178-square-foot office building in Boston. Located at 200 State St., the property is currently 96 percent leased to a 21-tenant roster that includes Beacon Health Options, TD Bank, FTI Consulting, Beacon Capital Partners and TIFF Investment Management. Edward Maher, Matthew Pullen and James Tribble of NKF’s Boston Capital Markets team represented the seller, GLL Real Estate Partners, in the transaction. The buyer was Carr Properties.
CHATTANOOGA, TENN. — The Legacy Cos. has purchased Elements of Chattanooga, a multifamily property in Chattanooga. Wicker Park Capital Management sold the property to Legacy for $35.9 million. Robbie O’Bryan and Brad Boston of Cushman & Wakefield represented the seller in the deal. Located at 7310 Standifer Gap Road, the property features 340 apartment units. Community amenities include a clubhouse, fitness center, swimming pool with sundeck, tennis and volleyball courts, on-site management and maintenance, picnic areas and a business center. Additionally, Dougherty Mortgage provided a $27 million Green Fannie Mae loan for the acquisition, as previously reported.
SAN DIEGO — San Diego-based Parallel Capital Partners has completed the disposition of a 12-building office and lab portfolio, known as the Inspire Portfolio. Boston-based Longfellow Real Estate Partners acquired the asset for $112 million. Situated in the Sorrento Valley area of San Diego, the 318,969-square-foot portfolio was 95 percent occupied at the time of sale. The tenant roster includes 81 life science, technology, and research and development tenants. The properties are: 11535-11585 Sorrento Valley Road (127,991 square feet) 11772 Sorrento Valley Road (19,193 square feet) 11760 Sorrento Valley Road (35,731 square feet) 11750 Sorrento Valley Road (19,921 square feet) 11558-11588 Sorrento Valley Road (85,121 square feet) 11494 Sorrento Valley Road (31,012 square feet) Longfellow Real Estate Partners plans to continue the life science conversion plan started by the seller, adding value by repositioning the remaining 50 percent of the portfolio. Nick Frasco, Nick Psyllos and Michael Leggett of HFF represented the seller in the deal.
BENSENVILLE, ILL. — Colliers International has negotiated the sale of United Business Mail’s industrial facility in Bensenville for $4.9 million. The 81,084-square-foot warehouse is situated on 3.2 acres at 1001 Foster Ave. The building features a clear height of 22 feet, parking for 68 cars, three interior docks and three exterior docks. Steve Kohn of Colliers represented United Business Mail in the transaction. Doug Pilcher of Cushman & Wakefield represented the buyer, Midwest Distribution, which plans to move its headquarters to the facility.
CHICAGO — Kiser Group has brokered the $4.5 million condo deconversion sale of a 20-unit property in Chicago’s East Lincoln Park neighborhood. Originally built in the late 1950s as a condominium development, the property features four studio, 14 one- and two two-bedroom units. The units range from 550 to 1,200 square feet. The property is located at 512 W. Wrightwood Ave. An affiliate of Horizon Realty Group purchased the property from 512 Wrightwood Condominium Association. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.
DEARBORN, MICH. — Friedman Real Estate has arranged the sale of a 33,077-square-foot industrial building in Dearborn for an undisclosed price. The property is located at 13250 Rotunda Drive. Bob Dabrowski, Greg Hornby and Todd Hawley of Friedman represented the seller, Restaurant Leasing LLC. Rotunda Ventures LLC purchased the property.
