OAKBROOK TERRACE, ILL. — Marcus & Millichap has brokered the sale of a 29,983-square-foot office building in Oakbrook Terrace, a suburb of Chicago, for $3.7 million. Most of the tenants are medical office tenants. Mitchell Kiven of Marcus & Millichap marketed the property on behalf of the seller, a private investment fund that purchased the asset in 2018. Brian Parmacek of Marcus & Millichap secured and represented the undisclosed buyer, which purchased the building within 95 percent of the asking price.
ALBUQUERQUE — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Storage Bank, a self-storage facility located on San Pedro Boulevard in Albuquerque. A local limited liability company sold the asset to a national self-storage operator for an undisclosed price. The two-story, climate-controlled facility features a 24-hour surveillance system monitoring all entrances, two loading areas at the rear of the property, a commercial lift to access the second floor and an on-site manager’s apartment. Additionally, the asset features a ground-level retail space that a packing and shipping business occupies. Thomas Parsons, Adam Schlosser and Charles LeClaire of Marcus & Millichap represented the seller in the deal.
ATLANTA — Billionaires Funding Group (BFG) has acquired Underground Atlanta, a four-block mixed-use property in south downtown Atlanta. The Atlanta-based firm acquired the historic property from WRS Inc. for an undisclosed price. Underground Atlanta is situated between Alabama, Pryor, Central and Wall streets. BFG plans to redevelop the 400,000-square-foot asset in phases. Phase I will focus on Block Two, which will comprise multifamily units, ground-level retail and parking. The other phases will include building out retail, restaurant, entertainment and gathering spaces. Shaneel Lalani, CEO of BFG, is leading the acquisition and redevelopment of the asset, with plans to collaborate with civil engineers, urban planners, architects and potential joint venture partners. BFG intends to retain ownership in each parcel to ensure consistency throughout the project. In addition, BFG owns Alabama Street and plans to convert it into a walkable streetscape. WRS acquired Underground Atlanta in late 2014. The Mount Pleasant, S.C.-based company began construction on a 351-room Yotel-branded hotel at the site this summer. Other attractions surrounding the property include Mercedes-Benz Stadium, State Farm Arena and CIM’s $5 billion Centennial Yards development. A timeline for construction was not disclosed. Lalani is also the CEO of Lucky Fortune, a coin-operated amusement machine …
WESTON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $20.5 million sale of Waterway Shoppes of Weston, a 36,000-square-foot shopping center in Weston. The asset was built in 1999 on five acres at the intersection of Weston Road and North Commerce Parkway, 18 miles west of downtown Fort Lauderdale. Tenants at the property include Hooter’s, Posh Nails, CycleBar, Bank United, Baru Latin Bar, Lucille’s American Café and Offerdahl’s Off-the-Grill. Waterway Shoppes of Weston offers outdoor seating overlooking a body of water for its restaurant tenants. Kirk Olson and Drew Kristol of IPA represented the seller, a private investor based in Miami, in the transaction. Gordon Messinger of Cushman & Wakefield represented the buyer, an undisclosed private investor also based in Miami.
SAVANNAH, GA. — A joint venture between Fogelman Properties and Thackeray Partners has purchased Legends of Chatham, a 255-unit apartment complex in Savannah, for $39.5 million. The property offers one-, two- and three-bedroom floor plans, which were 90 percent occupied at the time of sale. Rents at the community range from $1,035 per month to $1,475. The buyers expect to upgrade unit interiors, the clubhouse, fitness center and landscaping, as well as redesign the pool area. Developed in 2015, Legends of Chatham is situated at 1426 Chatham Parkway, six miles southwest of downtown Savannah. Mark Boyce, Blake Coffey, Andrew Mays and Paul Vetter of Berkadia represented the seller, Georgia-based United Residential Properties LLC, in the transaction. John Bray of Berkadia arranged acquisition financing on behalf of the buyers through an undisclosed lender.
SANTA ANA, CALIF. — Advanced Real Estate Services has acquired a multifamily property in Santa Ana for $64 million with the buyer assuming an existing loan of approximately $37 million. Formerly called Solare, the property will be rebranded as River House. Situated next to the Santa Ana River and Riverview Golf Course, the community features 240 apartments, two swimming pools, a fitness center and a playground. Individual units offer fireplaces, balconies and central air conditioning. The property was built in 1987. Advanced plans to implement a $10 million renovation project at the property. The plans include new windows, roofs, wood siding repair, a modern paint scheme and landscaping. Additionally, the company plans to upgrade the unit interiors with new flooring, cabinets, counters, fixtures and paint. Tyler Leeson of Marcus & Millichap and Stewart Weston of CBRE brokered the transaction. The name of the seller was not released.
LYNCHBURG, VA. — Phoenix Investors has acquired the former LSC Communications Printing Co. Inc. plant in Lynchburg. The 760,000-square-foot property is situated on 50 acres at 4201 Murray Place. The asset features 32 dock doors, 62 slots for trailer storage, 523 passenger parking spots, eight drive-in doors and two interior rail spurs supported by Norfolk Southern. The property has sat vacant since LSC filed for Chapter 11 bankruptcy after the U.S. Department of Justice blocked a proposed merger with Quad Graphics. Daniel Knopf and Armando Nuñez of CBRE represented the buyer in the transaction. LSC sold the asset for an undisclosed price. Milwaukee-based Phoenix Investors also acquired a 1 million-square-foot former tire plant of Titan International Inc. in Brownsville, Texas.
KISSIMMEE, FLA. — JLL has arranged the $26.3 million sale of Osceola Village, a 122,845-square-foot, Publix-anchored shopping center in Kissimmee. The center, which was delivered in 2008, was 82 percent leased at the time of sale to tenants including DaVita Kidney Care, Orlando Health and Visionworks. The asset is situated on 20 acres at 3040 Dyer Blvd., 22 miles south of downtown Orlando. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, an affiliate of Glenborough LLC, in the transaction. New York City-based East Coast Acquisitions purchased the property.
BOLIVAR, MO. — White River Marine Group, which is owned by Bass Pro Shops, has purchased a 101,250-square-foot industrial building situated on 42 acres in Bolivar, about 30 miles north of Springfield. The purchase price was undisclosed. Todd Chambers of Chambers Real Estate Services LLC represented the undisclosed seller. The purchase will double the manufacturing capabilities for Bass in Bolivar where Tracker Boats are built. The company plans to add 300 jobs at the new property.
MYERSTOWN, PA. — A fund sponsored by CBRE Global Investors has acquired an 832,000-square-foot industrial facility located at 53 Central Blvd. in Myerstown, a city located within Lebanon County. The cross-dock building, which was acquired as part of a 1.4 million-square-foot portfolio sale, is situated on 72.8 acres and features 36-foot clear heights, 190-foot truck court depths and an ESFR sprinkler system. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE marketed the facility and negotiated the terms of sale on behalf of the undisclosed seller.