sales_and_leases

MIAMI — Boston-based Rockpoint Group has purchased 1221 Brickell, a 408,423-square-foot office building located at Brickell Avenue and Coral Way in Miami’s Brickell Financial District. The sales price was undisclosed, but the South Florida Business Journal reports that the property traded for $155 million. The 26-story tower’s tenant roster includes Lydecker Diaz, Regus, Banco Do Brasil, Safra National Bank of New York and Clyde & Co. Tenant amenities include various restaurants, a conference facility, 24-hour security, dry cleaning services, a 5,000-square-foot daycare center, parking and a car wash facility. Hermen Rodriguez, Manny de Zarraga, Ike Ojala, Tracey Good and Christina Kong of HFF represented the seller, The Blackstone Group. HFF also brokered the sale of the office tower in 2006 on behalf of the previous owner, Equity Office Properties Trust, prior to Blackstone’s acquisition of the REIT later that year.

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ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Garden Park Apartments, a 252-unit multifamily community located at 1609 Sherry St. in Arlington. Built in 1968, the property features gated access, six laundry facilities and a playground. One-bedroom units average 589 square feet per unit and two-bedroom units average 1,065 square feet per unit. Mark Allen of Marcus & Millichap represented the seller, a California-based limited liability corporation, and procured the buyer, also a limited liability firm.

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KATY, TEXAS — Black Bear Diner, a California-based restaurant chain with 94 locations across eight states, will open a 5,400-square-foot, freestanding location at Shoppes at Parkwest, a retail center located at 24600 Katy Freeway. Matt Parsons and Mark Raines of JLL represented Black Bear Diner in the lease negotiations. Stephen Tou and Zach Hoffer of The Retail Connection represented the landlord, Medistar Parkwest JV Ltd., in the transaction.

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HARWOOD HEIGHTS, ILL. — Baum Realty Group has arranged the sale of a 32,171-square-foot retail center in Harwood Heights, approximately 13 miles northwest of Chicago, for $7 million. The property, 4600 Plaza, is located at 4600 N. Harlem Ave. The center was owned by an affiliate of Chicago-based Next Realty LLC. The company has completed major renovations and retenanting at the center over the past 18 months. Danny Spitz and Greg Dietz of Baum represented Next in the sales transaction. The buyer was an out-of-state investment group.

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CHICAGO — 33 Realty has negotiated the sale of the historic Weyland building located at 1970-84 N. Milwaukee Ave. in Chicago’s Logan Square neighborhood. Designed by Chicago architect John Ahlschlager and built in 1907, the three-story property includes four apartments and approximately 5,000 square feet of ground-floor retail space. CRG Real Estate Solutions, a wholly owned subsidiary of Clayco Inc., purchased the property with plans to transform it into 132 apartments and 7,000 square feet of retail space. Chet Kondas of 33 Realty represented the seller, Armitage Milwaukee Development. Justin Moore of Chicago Real Estate Resources represented the buyer. The sales price was not disclosed, but the asking price was $5 million.

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CHICAGO — Essex Realty Group Inc. has brokered the sale of three multifamily properties in Chicago for $5 million. 2137 N. Sheffield is a four-unit building located in Lincoln Park. The units vary in size from 800 to 1,000 square feet. 3052 N. Seminary is a five-unit building with units ranging from one- to four-bedrooms. 821 W. Newport Ave. is a six-unit building located in Chicago’s Lakeview neighborhood. The units vary in size from 650 to 1,150 square feet. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. Neither the buyer nor the seller was disclosed.

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CHANDLER, ARIZ. — Kramer-Wilson Company has purchased two office buildings within the Chandler Midway Corporate Center for $23.3 million. The Class A buildings are located at 5670 and 5710 W. Chandler Blvd. in Chandler. The assets are fully leased. CBRE’s Barry Gabel and Chris Marchildon represented the seller, ViaWest Group, in this transaction.

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CARROLLTON, TEXAS — CBRE has arranged the sale of Villas de la Colonia, a 143-unit multifamily community located at 1515 Metrocrest Drive in the Dallas-Fort Worth metro of Carrollton. Built in 1969, the community features a mix of one-, two- and three-bedroom units averaging 822 square feet per unit. Chris Deuillet of CBRE represented the seller, California-based Communidad Realty Partners, which sold the property to Aspire Ventures LLC, a Pennsylvania-based private equity firm. Villas de la Colonia was 95 percent occupied at the time of sale.  

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MESQUITE, TEXAS — TIG Commercial Real Estate Services has negotiated a 42,919-square-foot lease at 4401 Samuell Blvd. in the Austin suburb of Mesquite on behalf of an unspecified tenant. Matthew Hickey and Kristin Grammar of TIG represented the tenant in the transaction. NAI Robert Lynn represented the undisclosed landlord.

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KERRVILLE, TEXAS — Marcus & Millichap has brokered the sale of A-B-C Self Storage, a 40,860-square-foot self-storage facility in Kerrville, a city approximately 65 miles northwest of San Antonio. Situated on 2.2 acres at 1201 Bandera Highway, the property comprises 269 units within 40,700 square feet of net rentable space. Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company. Butch Lagred and Chad Knibbe, also with Marcus & Millichap, represented the buyer, a private investor.

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