sales_and_leases

Vintage Apartment Building in San Francisco Trades for $29.8M

by Nellie Day March 17, 2017

SAN FRANCISCO — An anonymous buyer has acquired a 50-unit apartment building in San Francisco for $29.8 million The asset is located at 1755 Van Ness Ave. The community was built in 1928 and features steel-frame and brick-infill construction on a concrete foundation. It also contains two ground-floor retail units. Architect Albert H. Larsen designed the property. Union Bank’s Trust Department represented the building owner. James Devincenti and Brad Lagomarsino of Colliers International executed the transaction.

March 17, 2017

Arizona Multifamily Western

Dalan Management Buys Sterling on 28th Apartments in Phoenix for $14.3M

by Nellie Day March 17, 2017

PHOENIX — Dalan Management has purchased the 224-unit Sterling on 28th Apartments in Phoenix for $14.3 million. The community is located at 11821 N. 28th Drive. The property is situated near Metrocenter mall and the North Mountain Redevelopment Area. Dalan plans to renovate the unit interiors to reposition the asset. David and Steve Gebing of Marcus & Millichap’s Institutional Property Advisors represented both the buyer and seller, Pacific Real Estate Partners, in this transaction.

March 17, 2017

Illinois Midwest Multifamily

ARA Acquires 216-Unit Luxury Apartment Community in Chicago

by Kristin Harlow March 17, 2017

CHICAGO — American Realty Advisors (ARA) has acquired The Madison at Racine, a 216-unit luxury apartment community in Chicago’s West Loop. The purchase price was not disclosed. The 216-unit property is located at 1164 W. Madison St. The community features one- and two-bedroom apartments, as well as a rooftop with a sun deck, pool, hot tub and fire pits. Other amenities include a coffee bar, dog park and concierge services. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the seller, a partnership between Boston-based Intercontinental Real Estate Corp. and Chicago-based Ascend Real Estate Group.

March 17, 2017

Midwest Minnesota Multifamily

CBRE Brokers Sale of 290-Unit Apartment Community in West Bloomington, Minnesota

by Kristin Harlow March 17, 2017

WEST BLOOMINGTON, MINN. — CBRE has brokered the sale of Bristol Village in West Bloomington for an undisclosed price. The 290-unit apartment and townhome community is located at 7301 Bristol Village Drive. The property includes a 119-unit apartment building and 11 buildings of townhouse-style rental units. Amenities include a clubhouse, community room, fitness center and pool. The community was 98 percent occupied at the time of sale. Dominium, who originally developed the property in 1988, was the seller. An affiliate of TH Real Estate was the buyer. Keith Collins, Abe Appert and Laura Hanneman of CBRE represented Dominium in the transaction.

March 17, 2017

Industrial Midwest Wisconsin

Coldwell Banker Arranges Sale of 10,164 SF Industrial Building in Janesville, Wisconsin

by Kristin Harlow March 17, 2017

JANESVILLE, WIS. — Coldwell Banker Commercial McGuire Mears & Associates has arranged the sale of a 10,164-square-foot industrial building in Janesville in southern Wisconsin. The sales price was not disclosed. The former PPG building is located at 461 W. Conde St. PPG Industries Inc. vacated the premises in June 2016 after shutting down its Janesville operations. Milwaukee-based Aerial Work Platforms, which sells, leases and services scissor lifts and booms used in the construction industry, purchased the building. Aerial Work Platforms will be relocating from a 5,000-square-foot location on McCormick Drive in Janesville. Bill Mears of Coldwell Banker represented both the buyer and the seller in the transaction.

March 17, 2017

Multifamily Seniors Housing Texas

Civitas Senior Living Acquires The Hamptons Senior Living Community in Tyler, Texas

by Taylor Williams March 16, 2017

TYLER, TEXAS — Civitas Senior Living, a Fort Worth-based seniors development and management firm, has acquired The Hamptons Retirement Community at Greenridge, located at 4250 Old Omen Road in Tyler, a city approximately 100 miles east of Dallas. The deal adds 120 independent and 56 assisted living apartments, as well as 30 cottage-style residences and 38 memory care suites, to Civitas’ inventory.

March 16, 2017

Office Texas

Cushman & Wakefield Negotiates 59,859 SF Office Lease in Carrollton, Texas

by Taylor Williams March 16, 2017

CARROLLTON, TEXAS — Cushman & Wakefield has arranged a 59,859-square-foot lease at Metroplex Tech Center, a 105,000-square-foot office property located at 3000 Kellway Drive in the north Dallas suburb of Carrollton. Dean Collins and Mark Collins of Cushman & Wakefield represented the subleasing tenant, mortgage loan servicing firm Fay Servicing, in the transaction. Bret Hefton and Greg Langston of Avison Young represented the original tenant, Securus Technologies, which leased the space from Hudson Advisors, the property owner.

March 16, 2017

Illinois Industrial Midwest

Industrial Outdoor Ventures Acquires 18.9-Acre Truck and Container Yard in Channahon, Illinois

by Kristin Harlow March 16, 2017

CHANNAHON, ILL. — Industrial Outdoor Ventures (IOV) has acquired an 18.9-acre truck and container yard in Channahon near Joliet. The purchase price was not disclosed, but the asking price was $8 million. Cavalea Continental Freight Inc., the seller, built the property in 2006 to be used as an intermodal container storage facility for customers moving ocean freight through the southwest suburban intermodal rail yards. The property is located at 23264 Youngs Road and includes a maintenance shop and office building. IOV plans to make some improvements to the asphalt and office space. Dan McGillicuddy and Steve Ostrowski of JLL represented the seller in the transaction. IOV has retained Josh Hearne of Cawley Chicago to market the property for lease.

March 16, 2017

Illinois Midwest Retail

Quantum Brokers $2.3M Sale of Retail Center in Schaumburg, Illinois

by Kristin Harlow March 16, 2017

SCHAUMBURG, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of the Shoppes at Prime Village in Schaumburg for $2.3 million. The 9,949-square-foot retail center is located at 1414-1424 E. Algonquin Road. A Chicago-based private real estate investor purchased the property. The seller was an undisclosed prominent property owner from the Chicagoland area. Chad Firsel of Quantum represented the seller in the transaction.

March 16, 2017

Kansas Midwest Retail

CycleBar Opens 2,400 SF Facility in Leawood, Kansas

by Kristin Harlow March 16, 2017

LEAWOOD, KAN. — CycleBar has signed a long-term lease for 2,400 square feet in Town Center Plaza in Leawood. The facility, now open, is the indoor cycling fitness studio’s first location in the greater Kansas City area. CycleBar is located at 5053 W. 117th St. Founded in 2004, the indoor cycling franchise offers a variety of cycling classes at over 200 locations nationwide. David M. Block and Max DiCarlo of Block & Co. Inc. Realtors negotiated the lease transaction on behalf of CycleBar.

March 16, 2017

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