sales_and_leases

Redwood Realty Negotiates $3.5M Sale of Multifamily Site in Westfield, New Jersey

by Haisten Willis May 19, 2017

WESTFIELD, N.J. — Redwood Realty Advisors has negotiated the $3.5 million sale of a multifamily development site in Westfield. The site will be developed into a three-story apartment project known as “The Parker,” featuring 26 market-rate units and five affordable rentals. Westfield Auto Wash formerly occupied the location at the corner of West Broad Street. Redwood’s Jeremy Wernick represented both the seller, Jeff Zoraian, and the buyer, a New Jersey-based multifamily developer, in the transaction.

May 19, 2017

Illinois Midwest Multifamily

Essex Brokers $6.1M Sale of Multifamily Building in Chicago

by Kristin Harlow May 19, 2017

CHICAGO — Essex Realty Group Inc. has brokered the sale of a 44-unit multifamily building in Chicago’s Sheridan Park neighborhood for $6.1 million. The property, located at 4706 N. Beacon St., consists of studio, one- and two-bedroom apartments. The building was fully renovated in 2007, including all major building systems. Doug Fisher of Essex represented the undisclosed seller. Doug Imber and Kate Varde of Essex represented the undisclosed buyer.

May 19, 2017

Midwest Office Wisconsin

Marcus & Millichap Arranges $3.3M Sale of Office Building in Brookfield, Wisconsin

by Kristin Harlow May 19, 2017

BROOKFIELD, WIS. — Marcus & Millichap has arranged the sale of Executive III office property in Brookfield for $3.3 million. The 55,863-square-foot, multi-tenant building is located at 125 N. Executive Drive adjacent to Brookfield Square Mall. Joe Powers and Frank Roti of Marcus & Millichap marketed the property on behalf of the seller, a loan servicer. The team also procured the buyer, a private investor based in Illinois.

May 19, 2017

Illinois Industrial Midwest

LM Commercial Brokers Sale of 67,305 SF Industrial Building in Chicago

by Kristin Harlow May 19, 2017

CHICAGO — LM Commercial has brokered the sale of a 67,305-square-foot industrial building in Chicago’s Montclare neighborhood. The property is located at 2701 N. Normandy Ave. The listing price was $1.5 million, but the final sales price was not disclosed. Martha Winter, Mike Merry and Brian Wabick of LM Commercial brokered the transaction.

May 19, 2017

Industrial Midwest Wisconsin

Dickman Co. Arranges Sale of 13,718 SF Industrial Building in Milwaukee

by Kristin Harlow May 19, 2017

MILWAUKEE — The Dickman Co. Inc./CORFAC International has arranged the sale of a 13,718-square-foot industrial building in Milwaukee. The sales price was not disclosed. The property is located at 5711 West Douglas Ave. Samuel M. Dickman Jr., Samuel D. Dickman and Zach Hansen of the Dickman Co. represented the seller, Olympic Supply Co. Brett Deter and Joe Carollo of RFP Commercial represented the buyer, Bellot LLC.

May 19, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $11.3M Sale of Apartment Complex in East Orange, New Jersey

by Haisten Willis May 18, 2017

EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the $11.3 million sale of 44 apartment units at 75 Prospect St. in East Orange. The property is known as Castle on Prospect. Gebroe-Hammer’s David Oropeza represented the seller and procured the buyer, a longtime East Orange investor, in the transaction. Built in the late 1920s, the property includes three two bedroom/one bath units, three two bedroom/two bath units, 21 three bedroom/two bath units, 17 four bedroom/three bath units and one five bedroom/four bath unit.

May 18, 2017

Massachusetts Multifamily Northeast Seniors Housing

IPA Brokers Sale of Seniors Housing in Greater Boston

by Haisten Willis May 18, 2017

FRANKLIN, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Estate at Franklin, an 81-unit seniors housing facility in Franklin. Mark Myers, Joshua Jandris and Matthew Andriano of IPA represented the seller, a family-owned real estate development company, and procured the buyer, a privately held real estate investment and property management firm. Completed in 2014, The Estate at Franklin is located seven miles from the 141-bed Landmark Medical Center.

May 18, 2017

Multifamily Washington Western

Security Properties Buys Bordeaux Apartments in Bothell for $26M

by Nellie Day May 18, 2017

BOTHELL, WASH. — Security Properties has purchased the 124-unit Bordeaux Apartments in Bothell for $26 million. The community is located at 16520 North Road. Bordeaux Apartments has access to all three of the region’s largest employment centers, with Seattle and Bellevue 20 miles south and Everett 10 miles north. The new owner plans to update the common areas and execute deferred maintenance. The unit interiors will also be renovated. Security Properties-affiliate Madrona Ridge Residential will manage the property.

May 18, 2017

California Office Western

PCCP, Align Purchase Two-Building Office Property in Walnut Creek

by Nellie Day May 18, 2017

WALNUT CREEK, CALIF. — A joint venture between PCCP and Align Real Estate has purchased a two-building, 236,122-square-foot office property in Walnut Creek for an undisclosed sum. The property is located at 100 and 200 Pringle Ave. It is 96 percent leased. On-site amenities include a conference room, bike storage with lockers and bike pump, electric vehicle charging stations, four on‐demand Zip Car vehicles and an on‐site deli. The JV plans to enhance street frontage and offer outdoor amenities on the third-floor deck.

May 18, 2017

California Office Western

Allergan Building in Goleta Changes Hands

by Nellie Day May 18, 2017

GOLETA, CALIF. — A local investment team has purchased a 105,257-square-foot office and R&D building in Goleta that is occupied by Allergan. Though the sales price was not disclosed, the asset was listed at $28 million. The office is situated on 10.2 acres in the Campus Pointe project where Los Carneros Road meets the 101 freeway. The facility contains office, laboratory and warehouse space. Raytheon constructed the building in 1990. Breast implant manufacturer McGhan/Allergan occupied the building between 1999 and 2014. Allergan recently subleased the entire building for the remainder of its term, which expires at the end of 2019. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the seller in this transaction.

May 18, 2017

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