PERRYSBURG, OHIO — Marcus & Millichap has brokered the sale of a 22,089-square-foot medical office building in Perrysburg, approximately 10 miles south of Toledo. The Starbright Professional Center at 28555 Starbright Blvd. sold for $4.7 million. The office is part of the ProMedica St. Luke’s Hospital Health System. Ryan Moore and Christopher Mitchel of Marcus & Millichap’s Cleveland office represented the seller, a private investor. A limited liability company represented itself as the buyer.
CHICAGO — Essex Realty Group has brokered the $1.2 million sale of an eight-unit multifamily property located at 7410 N. Winchester Ave. in Chicago’s Rogers Park neighborhood. The property is situated one-half mile west of the Chicago Transit Authority’s Howard station and roughly three-quarters of a mile west of the Jarvis station. The multifamily building is less than one mile west of Jarvis Beach and Lake Michigan. Doug Imber & Kate Varde represented the seller and Jim Darrow & Jordan Gottlieb represented the buyer in the transaction.
NORTH AURORA, ILL. — Quantum Real Estate Advisors has brokered the $1.08 million sale of a 10,650-square-foot retail building located at 451-459 Randall Crossings Lane in North Aurora, about 40 miles west of Chicago. The multi-tenant building is 74 percent occupied by regional tenants Bulldog Ale House and Lover’s Lane. Chad Firsel of Quantum Real Estate Advisors brokered the transaction on behalf of the seller, a pension fund from Dallas, and the buyer, a private real estate investor based in Chicago.
NEW YORK CITY — Silvershore Properties has completed the disposition of a 10-building portfolio of walk-up residential buildings in Brooklyn and Queens. Related Cos. acquired the portfolio for $39.4 million. Totaling 66,500 square feet, the portfolio features 76 residential units and two stores. The portfolio includes seven Brooklyn buildings in Greenpoint, Clinton Hill, Carroll Gardens, Prospect Heights, and three properties in Queens in Long Island City and Astoria. Aaron Jungreis of Rosewood Realty Group represented the buyer, while Devin Cohen of Rosewood Realty represented the seller in the transaction.
RENO, NEV. — A privately held investment group has purchased the 350-unit Sundance West Apartments in Reno for $23.4 million. The community is located at 3285 Clover Way. Sundance West is situated near Washoe County Golf Course, Lakeridge Golf Course, Meadowood Mall, the Peppermill Resort Spa Casino and the Atlantis Casino Resort Spa. Kenneth Blomsterberg of Marcus & Millichap and Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors represented both the buyer and the unnamed seller in this transaction.
LOS ANGELES — Manhattan Towers, 309,734-square-foot office property in the Los Angeles submarket of Manhattan Beach, has sold for $96 million. The unnamed buyer acquired the two-building asset through an online auction at Auction.com. It was the largest single e-commerce transaction to date, according to Guinness World Records. Manhattan Towers is located at 1230 and 1240 Rosecrans Ave. It was built in 1985. The Guinness record was previously held by Mark Cuban, who purchased a Gulfstream V private jet for $40 million in 1999. The office property’s auction concluded July 22. The seller was CWCapital. Eastdil Secured brokered the deal.
SANTA ROSA, CALIF. — TruAmerica Multifamily and Intercontinental Real Estate have purchased the 287-unit Maribelle Apartment Homes in the Napa submarket of Santa Rosa for $59 million. The community is located at 750 Apple Creek Lane. Maribelle Apartments was built in 1987. It is the largest apartment community in Santa Rosa. The property is near US 101 and California State Highway 2. It will also be situated near the Santa Rosa Station of the Sonoma Marin Rail Transit Service once it’s completed. The partnership obtained a seven-year, interest-only, fixed-rate agency loan that was originated by Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets.
CHULA VISTA, CALIF. — Castlerock Investments has purchased a 43,395-square-foot industrial park in Chula Vista for $6.7 million The park is located at 871 Harold Place in the San Diego submarket. Tracy Clark and Kimberly Clark of Voit Real Estate Services’ San Diego office represented the seller, Seymour/Lewis Development.
ORANGE VILLAGE, OHIO — Fairmount Properties, lead developer on the $225 million mixed-use Pinecrest development in affluent Orange Village southeast of Cleveland, has teamed up with Lennar Commercial to make an initial $17 million investment in the project. The investment is being made through an advance to the partnership by Lennar Commercial’s sister company, Rialto Capital. The 58-acre development will feature 400,000 square feet of retail and restaurants, including a gourmet grocer; 150,000 square feet of office space linked to a 120-room hotel and parking garage; and 90 new apartments. Retailers that have committed to the project include REI, Pinstripes, Old Town Pourhouse and Silverspot Cinema. Pinecrest is set to open in 2017.
CLEVELAND — Love Funding has closed on a $15.3 million loan to renovate a large, historic city block in downtown Cleveland into a loft apartment community. West 25th Street Lofts will offer 83 market-rate loft apartments in four adjacent buildings in Cleveland’s Ohio City neighborhood, including one that was originally constructed in 1866 to house the Jacob Beahr Brewery. In short, the apartments will replace a vacant group of buildings on West 25th Street. The developers of the $27.4 million project are Rick Foran of Foran Group Development LLC and Chris Smythe of Smythe Property Advisors LLC. Love Funding Midwest Regional Director Bruce Gerhart secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. The loan was originally slated to be finalized in 2014, but the closing of a charter school in one of the newer buildings enabled the development team to add another 22 units to the project, according to Love Funding. Since then, the immediate area has benefited from further development, leadingUSA Today to name the area one of the 10 “up and coming” neighborhoods in the United States. …
