CALUMET CITY, ILL. — Marcus & Millichap has arranged the sale of a 60-unit apartment property in Calumet City, a southern suburb of Chicago. The sales price was undisclosed. Located at 495-525 Madison Ave., the property consists of five 12-unit buildings on a 1.3-acre lot. Andrean Angelov, Ryan Engle and Anthony Hardy of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Angelov and Engle secured and represented the buyer, a limited liability company.
CHANDLER, ARIZ. — Winlee Development has completed the disposition of the last component of Chandler Viridian Primegate for $12.8 million. The sale, which included both of the recently completed Thirsty Lion and Charles Schwab flagship buildings, consummates the phased sale of the four-building project for a total of $20.8 million, or approximately $870 per square foot. All of the buildings featured single-tenant leases. The other components are the Panera building, which sold for $4.3 million, and The Sicilian Butcher restaurant, which sold for $3.7 million. Winless Development, the commercial real estate division of Phoenix-based Winfield Lee Investments, developed Primegate. Jamie Meddress and Chris Lind of Marcus & Millichap helped broker all of the project’s transactions. Primegate is the restaurant and retail portion of Chandler Viridian, a 25-acre, $250 million, mixed-use project located at the entrance of Chandler Fashion Center in Chandler. A consortium that includes Hines, Winlee Development, Alliance Residential and Concord Hospitality is developing the larger Chandler Viridian project. The development features office, residential, hospitality, restaurant and retail space, as well as wellness trails, fountains and a dog park. The Primegate development team includes Alliance Bank, Berry Riddell, Sacks Tierney, Wespac Construction, Reigle & Associates and Larson Engineering. CBRE’s …
DENVER — CBRE has arranged the acquisition of Garfield Park, a multifamily property located at 1300 and 1325 Garfield St. in Denver’s Congress Park neighborhood. Elterra Investments purchased the asset from an undisclosed seller for $18.9 million. Robert Bratley of CBRE’s Denver office represented the buyer in the deal. The 51,730-square-foot property features 78 apartments, a leasing office, fitness center, courtyard, storage areas, laundry room and abundant parking. Prior to the sale, the seller completed updates to several units, as well as common areas. Additionally, Cornerstone Apartment Services, the buyer’s property manager, took over management while the community was under contract and filled several vacancies prior to closing the sale. At the time of sale, the property was 93 percent leased.
TINLEY PARK, ILL. — Marcus & Millichap has brokered the $5.2 million sale of a 14,421-square-foot property occupied by CVS Pharmacy in Tinley Park, a southern suburb of Chicago. Constructed as a build-to-suit for CVS, the building is located at 9551 171st St. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Texas-based institutional buyer purchased the asset.
NEW YORK CITY — Transwestern Real Estate Services has brokered the sale of the leasehold interest for a new charter elementary school at a 65,000-square-foot building in The Bronx. Located at 1919 Arthur Ave., the school will be called Zeta Bronx Tremont Park Elementary and will serve students in pre-K through fifth grade starting in August 2021. Lindsay Ornstein, Stephen Powers and Thomas Hines represented Zeta Charter Schools in the leasehold negotiations. The building ownership, Joyland Group, was represented internally in the transaction.
WATERFORD, CONN. — Marcus & Millichap has arranged the $1.8 million sale of Stop & Shop Gas, a 44,431-square foot, net-leased property located in Waterford, located approximately 45 miles east of West Haven. Located at 155 Boston Post Road, the property was built in 2009 and offers immediate access to State Route 1. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer, another private investor. Both parties requested anonymity.
EULESS, TEXAS — Marcus & Millichap has brokered the sale of Texas Star Business Center, a 78,418-square-foot industrial building in Euless, located roughly midway between Dallas and Fort Worth. The property was built on 4.7 acres in 1984. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.
LAWNDALE, CALIF. — NAI Capital has directed the sale of a retail property located at 16711-16725 Hawthorne Blvd. in Lawndale. The asset sold for $2.9 million, or $252 per square foot. The names of the seller and buyer were not released. Built in 1955, the 11,700-square-foot asset was renovated in 2002 with contemporary architectural features. The building features two restrooms, HVAC, high ceilings, 34 parking spaces, a fenced and gated parking lot, two double doors and approximately 800 amps of electric power. At the time of sale, the property was owner occupied. Sheri Messerlian of NAI Capital’s Retail Services Group represented both parties in the transaction.
PLAINFIELD, N.J. — Saadia Group LLC, a New York-based investor, has acquired a 135,668-square-foot industrial facility in Plainfield, a southwestern suburb of New York City. Located at 1700-1722 S. 2nd St., the property features convenient access to the Garden State Parkway as well as State Routes 287 and 78. The building was constructed in 1945. Jonathan Glick of Sheldon Gross Realty represented Saadia Group in the transaction. Second Street Associates sold the asset for an undisclosed price.
NEW YORK CITY — JLL has brokered the $6.4 million sale of a residential development site located at 3041 Webster Ave. in The Bronx. The site currently houses a two-story, 15,140-square-foot warehouse that is owned and occupied by retailer Sam’s Carpet, but has been rezoned for a residential use. Karl Brumback, Eric Tiefen and Brian Streilein of JLL represented Sam’s Carpet in the transaction. Bolivar Development was the buyer. A construction timeline was not disclosed.