CHICAGO — Essex Realty Group Inc. has arranged the sale of a 26-unit condominium building in Chicago’s Lincoln Park for $7.8 million. The property, located at 512 W. Belden Ave., includes a mix of one- and two-bedroom units. Steven Livaditis and Joe Scheck of Essex marketed the property for sale on behalf of the seller, 512 Belden Association. The team also represented the buyer, a local real estate investor.
CHICAGO — Marcus & Millichap has brokered the sale of Canal Street Self Storage in Chicago for an undisclosed amount. The 66,063-square-foot, 792-unit self-storage facility is located at 1601 S. Canal St. Canal Street Self Storage offers elevator access, 24-hour hour lockers, large truck and trailer access and two levels of docks for loading and unloading. The facility has a wide range of storage options such as eco-friendly storage containers, business documentation storage, climate-controlled units, uncovered boat/recreational vehicle parking spaces and wine storage. Sean Delaney and Michael Mele of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company based in the West.
DALLAS — Weitzman has negotiated the sale of the Forest Theater retail block located at 1902-1920 Martin Luther King Jr. Blvd. in South Dallas. The block totals 81,221 square feet, including 31,114 square feet of retail space and the 14,565-square-foot Forest Theater, a landmark property that will be restored as part of the deal. David Zoller of Weitzman represented both the buyer and seller in the transaction. Both parties requested anonymity.
DALLAS — CBRE has arranged the sale of 4895 Mountain Creek, a build-to-suit industrial property in Dallas. LBA Realty, a California-based management company, purchased the asset from the Courtland Development LC, Dallas-based developer for an undisclosed price. Jack Fraker, Jonathan Bryan and Ryan Thornton of CBRE represented the seller in the transaction. Courtland Group built the facility in 2016 for Cummins Inc., an engine and machinery manufacturer
PHOENIX — Young’s Market Company has purchased a 248,900-square-foot refrigerated/cold storage industrial building in Phoenix for $20 million. The building is located at 402 S. 54th Place. It was built in 1999 and renovated in 2003. Andy Markham, Will Strong, Mike Haenel and Phil Haenel of Cushman & Wakefield represented the family-owned wines, spirits and select beverages distributor. The seller was Barley Equites V LLC.
GUNNISON, COLO. — A limited liability company has acquired the 107-room Holiday Inn Express & Suites Gunnison for $9.7 million. The hotel is located at 910 E. Tomichi Ave., southeast of Grand Junction. The LLC plans to improve the hotel. Gordon Allred, Shane Hanrahan and Neville Rustomjee of Marcus & Millichap represented the buyer. Allred and Rustomjee also represented the seller, another LLC, in this transaction.
SAN JUAN CAPISTRANO, CALIF. — CBRE has arranged the $9.1 million sale of a net-leased property in San Juan Capistrano to a private local buyer utilizing a 1031 tax-deferred exchange. The property, a car dealership, traded for $348 per square foot. CBRE’s Gary Stache, Anthony DeLorenzo and Doug Mack represented the seller, TerraCotta Group LLC, a private investment firm based in El Segundo. CBRE’s Emil Gurfinkel, Tim Kuruzar and Ken McLeod represented the buyer. The 26,181-square-foot Fiat Chrysler Automobiles car dealership, located at 32881 Camino Capistrano, traded at a 5.1 percent capitalization rate.
HOLLYWOOD, CALIF. — Cahuenga Investors LP, a Los Angeles-based investment group, has acquired the home of Grandmasters Recorders, a recording studio on North Cahuenga Boulevard in Hollywood, to make room for a retail development. The price was $6.1 million. The building was built in the 1920s and began its life as Bijou Studios. Artists who have recorded at Grandmaster Recorders include Stevie Wonder, David Bowie, Ringo Starr, Tom Petty, Motley Crue, Chaka Kahn, Rick James, Blondie, Billy Idol, The Pointer Sisters, Red Hot Chili Peppers, The Black Crowes, Foo Fighters, Gwen Stefani, Jack Johnson, Kanye West, Nine Inch Nails, Tool and Rush. Kathleen Silver and Kay Sasatomi of Silver Commercial represented the seller in the transaction. Howard Sadowsky of Brooktree Partners represented the buyer. The property includes a 9,200-square-foot commercial building on 8,557 square feet of land, is located at 1518 N. Cahuenga Blvd. The buyer plans to renovate and convert the space to retail, restaurants and possibly a nightclub.
SANDY SPRINGS, GA. — Moran & Co. Southeast has brokered the $63.5 million sale of M789, a 33-story apartment high-rise located at 789 Hammond Drive in Sandy Springs, a suburb of Atlanta. The property’s 300 units average 1,221 square feet. Chicago-based Magnolia Capital purchased M789 from Austin, Texas-based CWS Capital LLC. Sean Henry and Joel Sasser of Moran & Co. Southeast brokered the transaction. The apartment tower’s amenities include a 24/7 concierge, resident clubroom, media lounge, entertaining kitchen, business center, resort-style pool and sundeck, fitness center, tennis court, on-site dry cleaners, sundries store and a private dog park.
WEST MELBOURNE, FLA. — Passco Cos. has purchased The Haven at West Melbourne, a 336-unit apartment community located at 4550 Explorer Drive in West Melbourne, part of Florida’s “Space Coast” in Brevard County along the Atlantic Ocean. Community amenities include a resort-style pool and sundeck, business center, sand volleyball court, children’s play park and a yoga center. The property was 95 percent occupied at the time of sale. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando office represented the seller, Flournoy Cos., in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco Cos.
