PALOS HEIGHTS, ILL. — The Boulder Group has arranged the $15.5 million sale of a single-tenant property net leased to Jewel-Osco in Palos Heights, about 25 miles southwest of Chicago. The 57,685-square-foot building is located on a nearly 10-acre parcel at 12803 Harlem Ave. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Southwest-based private real estate investment company. A Midwest-based family partnership purchased the asset.
SOUTH ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of The Hillcrest Apartments in South St. Paul for $4.5 million. The 53-unit apartment property is located at 219 3rd Ave. The seven-building property features a mix of studios, one- and two-bedroom units. The property was fully occupied and had been under the same ownership and management since the 1960s. Evan Miller of Marcus & Millichap marketed the property on behalf of the undisclosed seller. A private investor purchased the asset.
HOLLYWOOD, FLA. — Cedano Realty Advisors and UrbaniZa Realty have arranged the sale of Park Colony Apartments, a 316-unit multifamily community located at 812 S. Park Road in Hollywood, roughly 11 miles south of downtown Fort Lauderdale. Ronald Meyerson of Cedano, along with Ray Jourdain of UrbaniZa, represented the buyer, Asset Development & Management Group LLC, an entity owned by American Landmark. RSE Capital provided joint venture equity for the acquisition. Dallas Wharton of Dalmar Real Estate Group LLC represented the undisclosed seller. Constructed in 1987, Park Colony Apartments includes a mix of one-, two- and three-bedroom units. Community amenities include a swimming pool, dog park, business center and gated access.The new ownership will invest $3.5 million to upgrade the property’s common areas and amenities, rebranding the community as The EnV. The renovation will include the addition of granite countertops, new plumbing and lighting fixtures, plank flooring, landscaping and improvements to the clubhouse, fitness center and swimming pool.
KANSAS CITY, MO. — Lingerfelt CommonWealth Partners LLC, in a joint venture with CrossHarbor Capital Partners LLC, has acquired a 28-story, 538,741-square-foot office tower in Kansas City. The purchase price was not disclosed. The seller was Franklin Street Partners, according to the Kansas City Business Journal. Gina Anderson, Gary Carr, Robert Hill and Russell Ingrum of CBRE arranged the transaction on behalf of the seller. The Class A property, located at 2345 Grand Blvd., includes a parking garage and an adjacent four-story annex building. Architect Mies van der Rohe designed the property, which was developed by Shorenstein Co. in 1977. Anchored by law firm Lathrop Gage, the tower is approximately 73 percent occupied. Lingerfelt plans to make a capital investment in the building with a renovation of the lobby and common areas, as well as a reconfiguration and renovation of the ground-floor retail portion of the annex building. Upgrades are planned for the fitness center, locker room, conference center and tenant lounge. Commonwealth Commercial Partners, the company’s property management affiliate, will handle all aspects of the day-to-day asset and property management. Miles McCune, Jeff Winters and Travis Helgeson of Cushman & Wakefield will handle the leasing and marketing of the building’s available …
DALY CITY, CALIF. — A joint venture between Pinnacle Capital Management Services and Harrison Street Real Estate Capital has purchased Physicians Medical Center. The medical office building is located at 901 Campus Drive in Daly City, south of San Francisco. Swift Real Estate Partners sold the property for $30 million. Situated on 2.4 acres, the purpose-built medical office building features 70,705 square feet of space. At the time of sale, the three-story property was 92 percent leased to a variety of tenants, including Palo Alto Medical Foundation, Sutter Health, Campus Surgery Center and AmSurg/Envision Healthcare. Evan Kovac, Andrew Milne and David Dokko of HFF represented the seller and procured the buyer in the deal. Additionally, HFF’s Zack Holderman, John Chun and Trent Jemmett arranged a $25 million, non-recourse, floating-rate acquisition loan for the buyer.
NEW YORK CITY — Marcus & Millichap has brokered the $18.7 million sale of two mixed-use properties in Brooklyn located at 984-994 Winthrop St. and 4512-4524 Church Ave. Matt Fotis, Matt Shapiro and Tyler Workman of Marcus & Millichap represented the seller, Renaissance Realty Associates, in the transaction. The Bauta Family purchased both properties. The first property, 984-994 Winthrop St., is a four-story building consisting of five retail units and 39 residential units. The second, 4512-4524 Church Ave., is a six-story building consisting of eight retail units and 50 residential units.
DALLAS — Transwestern has arranged the sale of Highland Road Village, a 332-unit multifamily community located at 2704 S. Cockrell Hill Road in southwest Dallas. Built in 1965 and renovated in 2000, the property features one-, two- and three-bedroom units ranging in size from 418 to 1,222 square feet. Amenities include a soccer field, playground and access to nearby jogging trails. Taylor Snoddy, Philip Wiegand and James Roberts of Transwestern arranged the transaction on behalf of the seller, New York-based Code Capital Partners. The buyer was not disclosed.
TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willow Creek, a value-add multifamily asset located in Tempe. Acacia Capital sold the property to JB Partners for $60.5 million, or $150,498 per unit. Constructed in 1984, the property features 402 apartment units, three swimming pools and a recently renovated clubhouse. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.
HICKORY HILLS, ILL. — HFF has negotiated the $4.5 million sale of a 4,500-square-foot BP/Circle K service station in Hickory Hills, a southwest suburb of Chicago. The property is located near I-294. BP and Circle K have operated at the property since 2004 under a triple net lease that has six years remaining. Marc Mandel, Steve Schrenk and Robin Stolberg of HFF marketed the asset on behalf of the seller, a private investor. The North American Development Group NNN REIT was the buyer.
AURORA, OHIO — The Cooper Commercial Investment Group has brokered the $2.9 million sale of an 8,460-square-foot retail property in Aurora, a suburb of Cleveland. Tenants include Kay Jewelers, Mattress Warehouse and Samurai Japanese Steak House. The outparcel is part of Marketplace at Four Corners, a nearly 1 million-square-foot regional shopping center. Dan Cooper of Cooper Group represented the seller, a Florida-based private investment group. An East Coast-based private investment group purchased the asset.
