BETHLEHEM, PA. — Marcus & Millichap has arranged the sale of Bethlehem Apartments, located at 1872 Livingston St. in Bethlehem. An undisclosed buyer acquired the asset for $2 million. The 24-unit property features a mix of studio and two-bedroom layouts in eight buildings. Daniel Bernard, Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap represented the undisclosed seller and procured the buyer in the deal.
ST. LOUIS — Cushman & Wakefield has arranged the sale of the Chase Park Plaza Hotel in St. Louis for $87.8 million. Behringer Harvard Opportunity REIT I sold the hotel to Hospitality Properties Trust (Nasdaq: HPT). Sonesta International Hotels Corp. will operate the hotel under its new name, Chase Park Plaza Royal Sonesta Hotel. Built over 90 years ago, the historic hotel features 338 guest rooms and suites, 51 furnished executive apartments and retail space.
BARRINGTON AND ELMHURST, ILL. — Millennium Properties has brokered the sale of two retail centers in suburban Chicago. The sales prices were not disclosed. Chet Evans of Millennium brokered the sale of a 9,800-square-foot retail center located at 121-141 S. Northwest Highway in Barrington. The two-building center is fully leased to five tenants including JC Licht Benjamin Moore and Farmers Insurance. Brad Thompson of Millennium brokered the sale of a 9,667-square-foot building located at 110-112 W. Park Ave. in Elmhurst. The property features a mix of retail, restaurant and office space and is fully leased to tenants such as Lou Malnati’s.
LINCOLNSHIRE, ILL. — Ice Mobility has signed a 98,735-square-foot industrial lease in Lincolnshire, a northern suburb of Chicago. The distributor of wireless products and provider of supply-chain solutions will occupy the entire building located at 610 Schelter Road. Built in 2009, the warehouse facility contains 30-foot clear heights and 12,000 square feet of office space. Ice Mobility will relocate from Vernon Hills, Illinois. Keith Puritz, Brett Kroner and Eric Fischer of Cushman & Wakefield arranged the lease transaction on behalf of the property owner, Industrial Property Trust Inc. Tom Condon of Lee & Associates represented the tenant.
KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged the sale of Sherrydale Shopping Center in Kansas City for an undisclosed price. The 7,670-square-foot retail center is located on 1.3 acres at the southwest corner of 152 Highway and North Oak Trafficway. David M. Block and Jody Minder of Block & Co. arranged the sale on behalf of the sellers, Top 29 Sherydale LLC and North 152 Partners LLC. Rubenstein Real Estate Co. LLC represented the undisclosed buyer.
UNION CITY AND FAIRBURN, GA. — Balfour Beatty Communities has acquired three apartment communities in metro Atlanta for an undisclosed price. The Evergreen Portfolio, comprising Evergreen Commons, Evergreen Park and Evergreen Terrace, totals 882 units and encompasses 91 acres. Located in Union City, Evergreen Commons includes 328 one-, two- and three-bedroom units and features a pool, fitness center, playground, tennis and other sport courts. The 310-unit Evergreen Park located in Fairburn features one-, two- and three-bedroom units. Property amenities include indoor and outdoor pools, a tennis court, putting green and a playground. Also in Fairburn, Evergreen Terrace consists of 244 one-, two-, three- and four-bedroom units and features indoor and outdoor pools, a tennis court, bowling alley and a playground. With this acquisition, Balfour Beatty Communities expands its presence in Georgia to 10 properties and approximately 6,500 units.
VISTA, CALIF. — MG Properties has received an $84.9 million loan to acquire the 410-unit Alexan Melrose in the San Diego submarket of Vista. The Class A complex is located at 1401 N. Melrose Drive. Alexan Melrose was built in 2015. It is 94 percent leased. The garden-style community features one- to three-bedroom units. The buyer plans to rebrand the property as the Preserve at Melrose Apartments. The 10-year loan features a fixed rate through Freddie Mac. CBRE’s Scott Peterson, Bill Chiles and Brian Cruz secured the financing.
VAN NUYS, CALIF. – An unnamed buyer has acquired a 28-unit apartment building in Van Nuys for $4.5 million. The community is located at 15843 Saticoy St. It recently underwent an upgrade and has little deferred maintenance. Clyde Isaacson of Marcus & Millichap represented the seller, an individual/personal trust, in this transaction.
PUEBLO WEST, COLO. — Faris Lee Investments has arranged the $2.4 million sale of Pueblo West Retail Center, a 13,000-square-foot, Walmart Supercenter shadow-anchored strip center located in Pueblo West. The triple-net-leased property is fully occupied by eight tenants including Little Caesars, Jackson-Hewitt, Fantastic Sam’s and Sally Beauty Supply. Tom Chichester of Faris Lee represented the buyer, a private investor from San Clemente, Calif. CBRE represented the seller, a private investor from San Diego.
STAMFORD, CONN. — CBRE has arranged the sale of an office building located at 225 High Ridge Road in Stamford. TNREF III High Ridge LLC, a joint venture between Baywater Properties and True North Management Group, acquired the property from RA 225 High Ridge LLC, an entity controlled by RNY Property Trust, for $22.6 million. At the time of acquisition, the 244,104-square-foot property was 81 percent leased to a variety of tenants, including Synapse, Bank of America and Mass Mutual. Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE represented the seller in the deal.
