CHICAGO — Essex Realty Group has brokered the sale of a 32-unit apartment building in Chicago’s West Ridge neighborhood for $3 million. The property, located at 2349 W. Devon Ave., also features 8,097 square feet of street-level commercial space that is fully leased. Abe Eilian and Doug Fisher of Essex represented the seller, while Brian Kochendorfer, Brian Karmowski and Troy Beebe represented the buyer.
NORWOOD, MASS. — Thor Equities has acquired the Norwood Medical Center, a three-story, 92,000-square-foot medical office building in Norwood for $23.5 million. The seller was undisclosed but was reported by various media outlets as Grander Capital Partners. Located at 825 Washington St., the 4.7-acre property is currently 95 percent occupied by a tenant roster that includes Steward Health Care and Quest Diagnostics. The facility serves as the primary medical office and outpatient services complex for Steward Norwood Hospital located directly across the street.
FOUNTAIN VALLEY, CALIF. — TruAmerica Multifamily, in partnership with ASB Real Estate Investments on behalf of its Allegiance Real Estate Fund, has acquired Corte Bella, a multifamily property located 9580 El Rey Ave. in Fountain Valley. An undisclosed seller sold the property for $85.8 million. Built in 1969 and situated on 12 acres, the property features 251 units in a mix of one- and two-bedroom layouts spread across multiple two-story buildings. Community amenities include seven swimming pools, a fitness center, dog park, courtyards and barbecue picnic areas. At the time of closing, Corte Bella was 97 percent occupied. Mike Murphy, Tom Moran Jr. and Mary Ann King of Moran & Co. represented the seller in the transaction.
KANSAS CITY, MO. — Berkadia has arranged the sale of Plaza East, a garden- and townhome-style apartment community in Kansas City. Located at 1500 E. 46th St., Plaza East is convenient to The Country Club Plaza, Nelson Atkins Museum of Art and The University of Missouri-Kansas City. The 380-unit property was originally constructed in 1950 and has been partially upgraded over the last three years. Brett Meinzer and Michael Sullivan of Berkadia arranged the sale on behalf of a local private partnership. Time Equities Inc. purchased the asset for an undisclosed price.
NORTHBROOK, ILL. — TGM has acquired TGM NorthShore, a 347-unit, mid-rise apartment community in suburban Chicago. The purchase price was not disclosed. Constructed in 2016, the property features a mix of one- and two-bedroom units. Luxury amenities include a doorman and concierge service, golf simulator, landscaped courtyards, community room, catering kitchen, dog park and media center. John Jaeger and Dan Cohen of CBRE brokered the sale. The seller was not disclosed.
BOURBONNAIS, ILL. — The Boulder Group has negotiated the $12.3 million sale of a single-tenant property net leased to Jewel-Osco in Bourbonnais, about 50 miles south of Chicago. The 62,000-square-foot property is located at 655 Main St. Renovated in 2016, the property features a drive-thru pharmacy. The lease, guaranteed by parent company Albertsons, has 20 years remaining. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the sale. A private real estate company based in the Southwest was the seller, while an Australia-based investor was the buyer.
PHOENIX — Newport Beach, Calif.-based Bixby Land Co. has purchased Riverside @ 51st Avenue, an industrial property located at 2300 S. 51st Ave. in Phoenix. BLC Industrial Venture I – CO 3 LLC, WFG Riverside LLC and Pacifica Riverside LLC — a group of tenant-in-common entities — sold the property for $27.2 million, or $81.15 per square foot. Situated on 19.3 acres, the 335,459-square-foot facility was developed in 2007. At the time of acquisition, the property was 95 percent occupied. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield negotiated the deal.
RIVERSIDE, CALIF. — Invesco Real Estate has purchased Meridian Distribution Center II, located at 22000 Opportunity Way in Riverside. Sun Life Assurance Co. of Canada, through its advisor Bentall Kennedy, sold the property for an undisclosed price. Newcastle Partners completed construction of the 503,592-square-foot property earlier this year. Situated on 26.9 acres, the facility features 36-foot interior clearance, 88 dock-high doors, 150 trailer parking stalls and 217 car parking spaces. The property is part of the master-planned Meridian Business Park, an industrial campus comprising more than 1,290 acres west of the Interstate 215 Freeway. At build out, the campus will feature 16 million square feet of space. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield’s Ontario, Calif., office worked with Jeff Chiate, Jeffrey Cole, Mike Adey and Ed Hernandez of Cushman & Wakefield’s Capital Markets team in Irvine, Calif., to represent the buyer and seller in the transaction.
FORT WORTH, TEXAS — HFF has negotiated the sale of 35|820 @ Mercantile Center, a 657,043-square-foot industrial building in Fort Worth. The newly built, Class A property features 36-foot clear heights, 152 overhead dock doors, four drive-in doors and quick access to Interstates 35 and 820. Jody Thornton, Adam Herrin and Stephen Bailey of HFF represented the seller, Hunt Southwest, in the transaction. The buyer was Pure Industrial Real Estate Trust (PIRET), a Canadian REIT owned by The Blackstone Group.
CHICAGO — Dayton Street Partners has acquired a 42,000-square-foot industrial property in Chicago for $2.8 million. The vacant building is situated on 1.7 acres at 2501 West Fulton St. Constructed in the 1960s, the property features a clear height of 16 feet, two loading docks, one drive-in door, parking for 50 cars and 8,000 square feet of office space. Dayton Street plans to renovate the property with new LED lighting and parking lot improvements. Scott Duerkop and Dominic Carbonari of JLL represented the seller, Keystone.
