EAST PEORIA, ILL. — Marcus & Millichap has brokered the sale of a 5,829-square-foot property net leased to Applebee’s for $2.5 million in East Peoria. The building is located at 900 Riverside Drive and was renovated in 2015. The property sits on an outparcel to a Walmart and Lowes. Matthew Wenger and Dominic Sulo of Marcus & Millichap represented both undisclosed parties in the transaction.
FAIRFAX CITY, VA. — NAI KLNB has brokered the $15.3 million sale of Mosby Tower, a six-story, 114,000-square-foot office building located in Fairfax City in northern Virginia. The seller, Premier Suites LLC, recently invested $250,000 to transform the former apartment community into a small office suite complex. The buyer, Korth Investment Properties Group, was self-represented. Christopher Kubler, Brad Berzins and Josh Simon of NAI KLNB represented the seller in the transaction.
CHARLESTON, S.C. — VW Multifamily has purchased Haddon Hall Apartments, a 71-unit multifamily community located in Charleston’s West Ashley submarket, for $8 million. The property is located at 1801 Haddon Hall Drive within the Grand Oaks Plantation development. The value-add multifamily investor plans to upgrade Haddon Hall’s units with plank hardwood flooring, stainless steel appliances, washer and dryer units and upgraded fixtures.
NEW YORK CITY — KKR & Co. LP, a global investment firm, will purchase approximately 343,000 square feet (the top ten office floors) at 30 Hudson Yards and will relocate its corporate offices to the office tower in 2020. Related Cos. and Oxford Properties Group are developing 30 Hudson Yards. Designed by Bill Pedersen of Kohn Pedersen Fox, the 90-story tower will strive for LEED Gold certification. KKR is the second commercial office tenant to invest in and plan a move to 30 Hudson Yards. In January 2014, Time Warner Inc. acquired approximately 1.5 million square feet of space in the building for its 5,000-plus employees. KKR is the seventh corporate office tenant to announce plans to move to Hudson Yards. Boies, Schiller & Flexner will move its New York City offices to 55 Hudson Yards. Coach Inc. has purchased more than 600,000 square feet of space in 10 Hudson Yards, L’Oréal USA, German software engineering firm SAP and social media-first digital agency VaynerMedia will locate at 10 Hudson Yards when the building opens in early 2016.
AUSTIN, TEXAS — Berkadia has originated $17.5 million in acquisition financing for the Holiday Inn Austin Midtown. Stuart Wernick and Eli Gershenson of Berkadia’s Dallas office secured the five-year, fixed-rate financing with a senior and mezzanine structure on behalf of the borrower, a partnership between Alliance Development and Compass Lodging Advisors. Berkadia selected two lenders to help secure the necessary loan proceeds required by the borrower. Located at 6000 Middle Fiskville Road, Holiday Inn Austin Midtown rises nine stories and includes 189 rooms, as well as 15,000 square feet of meeting and conference room space. Hotel amenities include a pool, fitness center, business center and cocktail bar.
LOS ANGELES — Avison Young has completed three retail leases within Level DTLA, a 303-unit corporate housing tower in the Financial District of downtown Los Angeles. Leases include a 4,177-square-foot SoulCycle, a 2,601-square-foot Sakana Sushi and a 1,416-square-foot Cognoscenti Coffee. Derrick Moore and Amit Parekh of Avison Young represented the landlord, Canada-based Onni Group, as well as Cognoscenti Coffee and Sakana Sushi in the transactions. CBRE represented SoulCycle.
RICHFIELD, MINN. — Marcus & Millichap has brokered the sale of a 28,208-square-foot retail property in Richfield, a southern Minneapolis suburb. Kensington Park was sold to an undisclosed buyer for $7 million. The asset is located at 7610 Lyndale Ave. S. Brian Klancke, Sean Doyle, Cory Villaume, Matthew Hazelton and Adam Prins of Marcus & Millichap had the rights to market the property on behalf of the seller. Marcus & Millichap also secured and represented the buyer.
CHICAGO AND DEKALB, ILL. — Mid-America Asset Management Inc. has arranged two retail leases in separate transactions in Illinois. Jimmy Jazz has signed a 4,811-square-foot lease at Ford City Mall in Chicago. The 661,644-square-foot shopping mall is anchored by AMC Theatres, JCPenney, Carson’s, Marshalls, Ross Dress for Less and hhgregg. Marget Graham, Maria Rossobillo and Sarah Drumgould of Mid-America represented the landlord. The tenant was self-represented. In the second transaction, Athletico inked a deal for 3,964 square feet at Oakland Place in DeKalb. Other tenants in the 155,730-square-foot facility include Michaels, T.J. Maxx, Super Target, DSW Shoe Warehouse and Pier 1 Imports. Katie Hennegan and Paige Schisser of Mid-America represented the landlord. Hyatt Thompson of Swearingen Realty Group LLC represented the tenant.
HERNDON, VA. — Federal Capital Partners (FCP) has purchased One Dulles Tower, a 400,000-square-foot, Class A office building located at 13200 Woodland Park Drive in Herndon, for $84 million. The property is located two miles east of Dulles Airport and a half-mile from both the future Herndon and Innovation Center Silver Line Metro stations. The office tower is fully leased by Booz Allen Hamilton, a business management consultant that will vacate the property before the end of the year. Bill Collins, Paul Collins, James Cassidy, Jud Ryan and Drew Flood of Cushman & Wakefield represented the seller, Corporate Office Properties Trust, in the transaction.
JERSEY CITY, N.J. — Margules Properties Inc. has purchased five mixed-use buildings in Jersey City for $8.5 million. The company — which owns and manages more than 1 million square feet of development rights in the city’s Journal Square neighborhood — plans to upgrade the buildings to make them more appealing to new retail tenants and millennials looking for apartments near the PATH train. Two of the buildings form a triangle bound by Montgomery Avenue, Orchard Street and Jordan Avenue, in the McGinley Square section of Jersey City. They include a gut-renovated, five-story walk-up building at 52 Orchard Street, with 12 apartments and three stores, and 685 Montgomery Avenue, a three-story mixed-use building with three stores and five apartments. The other buildings include 70 Tonnele Avenue, a 17-unit apartment building; 142 Monticello Avenue, a corner three-story townhouse building with 2,500 square feet of retail space on the first floor and two units with two bedrooms each on the two upper floors; and 2175 JFKennedy Boulevard, a one-story vacant commercial building.
