CHICAGO — Kiser Group has negotiated the sale of a 40-unit multifamily property located at 5301 N. Ashland Ave. in Chicago’s Andersonville neighborhood for $5 million. The building, comprised of 26 studio units and 14 one-bedroom units, went under contract in four days at the full asking price. Andy Friedman and Jake Parker of Kiser represented both the buyer, a local investor, and the seller, an unnamed family trust.
JACKSONVILLE, FLA. — Cushman & Wakefield has negotiated the sale of 6651 Gate Parkway, a 120,407-square-foot office building in Jacksonville. Mike Davis, Karl Johnston, Rick Brugge, Rick Colon, Dominic Montazemi, Zach Eicholtz and Chloe Strada of Cushman & Wakefield represented the seller, Real Capital Solutions, in the transaction. Aventura, Fla.-based MG3 REIT LLC acquired the property for $43.8 million. Located in the heart of Deerwood Park, the four-story building is fully leased to McKesson Corp., a provider of healthcare supply chain management solutions, retail pharmacy, community oncology and specialty care and healthcare information solutions. Built-to-suit for McKesson in 2019, 6551 Gate Parkway houses nearly 800 employees and features collaborative workspace, lake views, highway visibility and walkable amenities. Additionally, 6551 Gate Parkway has received WELL and LEED Silver certifications.
NEW YORK CITY — Harbor Group International (HGI) has entered into an agreement to buy 51 West 52nd Street, an office building in Midtown Manhattan known as the CBS Building, for $760 million. As the former owner-occupier, ViacomCBS will lease back its space on a short-term basis. The deal marks the first sale of the building since it originally opened in 1964. HGI plans to implement a significant capital program to reposition the property in support of a long-term leasing plan. Updates will include significant upgrades to the lobby and other tenant amenities. CBRE leases the building. The deal is expected to close by the end of the year.
GARFIELD, N.J. — CBRE has negotiated the sale of a three-building mixed-use property in Garfield, located in the northern part of the Garden State. The property consists of a 69,157-square-foot industrial building that Is fully leased and anchored by textile manufacturer Wearbest Weavers, as well as a retail structure and a two-unit apartment building. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin and Zach McHale of CBRE represented the undisclosed private seller in the transaction. The team also procured the buyer, New York City-based Snowball Developments LLC.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Lofts at Alta LeftBank and The Flats at Alta LeftBank, a two-property, 589-unit multifamily development in Fort Worth. Built in 2018, both communities are located on a 44-acre site at 600 Harrold St. in the city’s West 7th Street District. Both communities offer amenities such as pools, demonstration kitchens, social lounges and fitness centers. Drew Kile, Joey Tumminello, Will Balthrope, Michael Ware, and Taylor Hill of IPA represented the seller, a partnership between developer Wood Partners and Goldman Sachs Asset Management, in the transaction. Lubbock-based Madera Residential purchased the development for an undisclosed price.
SANDY, UTAH — TruAmerica Multifamily has purchased Falls at Hunters Pointe, an apartment community located on State Street in Sandy. The Wasatch Group sold the property for an undisclosed price. Falls at Hunter Pointe features 276 apartments in a mix of one-, two- and three-bedroom floor plans with open kitchens; large, dual-pane windows; private patios or balconies; and views of the Wasatch Mountains. Community amenities include a swimming pool, playground, walking and biking trails, covered parking and basketball, racquetball and tennis courts. The property was built in 1994. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
VANCOUVER, WASH. — Marcus & Millichap has arranged the sale of Ashley Terrace, a multifamily property located at 4500 Nicholson Road in Vancouver. Next Wave Investors LLC acquired the asset from an undisclosed seller for $23.8 million. Built in 1993, Ashley Terrace features 118 apartments in a mix of one-, two- and three-bedroom layouts, a clubhouse, fitness center, pool and tennis court. Next Wave plans to implement a renovation program including new appliances, lighting, plumbing, solid-surface flooring in most rooms, new carpet in bedrooms and upgraded kitchens, as well as repairs and maintenance to the exterior and common areas. Khari Gates and Georgie Christensen-Riley of Marcus & Millichap represented the buyer. Marcus & Millichap also represented the seller in the deal.
CORPUS CHRISTI, TEXAS — Bellomy & Co. has arranged the sale of Space Self Storage, a 300-unit facility in Corpus Christi. The property spans 40,948 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, an Austin-based entity doing business as Divisidero Property LLC. The duo also procured the buyer, New York-based Andover Properties.
JACKSONVILLE, FLA. — Cushman & Wakefield has arranged the sale of a five-building industrial portfolio totaling 1.4 million square feet in Jacksonville. The sales price was not disclosed. Mike Davis, Rick Brugge, Rick Colon, Zach Eicholtz, Chloe Strada and Dominic Montazemi of Cushman & Wakefield represented the undisclosed seller in the transaction. Tyler Newman and Jacob Horsley of Cushman & Wakefield assisted in the sale and have been retained to lease the portfolio on behalf of the buyer, Hartz Mountain Industries.
CHICAGO — North Wells Capital LLC and Skydeck Capital have formed a joint venture to acquire a five-story, 47,000-square-foot building at 720 N. Franklin St. in Chicago’s River North neighborhood. The purchase price was undisclosed. The building was originally constructed in 1925 for industrial use and later renovated into retail and office use. The seller, McCaffery Interests, had owned and managed the property since 1999. North Wells Capital has hired Urban Innovations to provide property management and leasing services for the building.
