ELK GROVE VILLAGE, ILL. — Lee & Associates has negotiated the sale of a 52,082-square-foot industrial building in Elk Grove Village for $3.4 million. The property is located at 1200 Lunt Ave. Mike Plumb, Brad Simousek and Jeff Janda of Lee & Associates represented the seller, American Dawn. Jack Brennan of CBRE represented the buyer, Lawrence Foods, a local manufacturer of bakery ingredients for commercial food manufacturers, in-store supermarket bakeries and foodservice operators.
UPPER GYWNEDD, PA. — Equus Capital Partners has completed the disposition of Madison Willowyck, an apartment community located in Upper Gywnedd, a suburb of Philadelphia. New Jersey-based Friedman Realty Group acquired the property for $62.5 million. At the time of sale, the community was 96 percent occupied. Erin Miller and Marybeth Farris of Jones Lang LaSalle represented the seller in the deal. Built in 1972 on 28 acres, the garden-style apartment community features 308 apartments in a mix of one-, two- and three-bedroom layouts with private entrances. On-site amenities include a resort-style pool, a 24-hour fitness center, a clubhouse with community room and balcony. An affiliate of Equus acquired Madison Willowyck in 2007 from UBS. The transaction was made on behalf of BPG Investment Partnership VIII, a $550 million private equity fund.
LINCOLN, CALIF. — SyWest Development has acquired Parkway Plaza, a 205,452-square-foot retail center in Lincoln, for $21.6 million. Bob and Jared Dong of TRI Commercial/CORFAC International arranged the transaction on behalf of the seller, Parkway-Sterling Investors, which developed the property in 2007 in a joint venture with Catlin Properties. At the time of sale, Parkway Plaza was fully leased to tenants including Lowe’s Home Improvement, Dollar Tree, Big 5 Sporting Goods, Red Robin, Paradise Laundry and Verizon Wireless.
HOUSTON — HFF has arranged the sale of Houston Center, a 4.2 million-square-foot mixed-use property located near Toyota Center and Minute Maid Park in downtown Houston. The four-building property consists of three high-rise office towers and one 16-story office building situated atop of 196,000 square feet of retail space. The asset spans 9.2 acres and was 72 percent leased at the time of sale. Houston Center offers tenants several casual and fine-dining restaurants, a fitness club and a healthcare facility. Jeff Hollinden, Scott Galloway, Mark Gibson and Trent Agnew of HFF represented the seller, a group of institutional investors advised by J.P. Morgan Asset Management, in the transaction. Bermuda-based Brookfield Property Partners purchased the asset for an undisclosed price. Transwestern has been retained to handle leasing of the property.
MOHEGAN LAKE, N.Y. — CBRE has brokered the sale of The Landing on Mohegan Lake, a 207-unit multifamily community located in Mohegan Lake. An affiliate of Ginsburg Development Cos. acquired the property from an international investment advisor for an undisclosed price. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal. James Gunning and Donna Falzarano of CBRE Debt & Structured Finance represented the buyer in procuring a 10-year loan through Freddie Mac for the acquisition of the property. Completed in 1999, the community features a clubhouse, fitness center and outdoor pool with sundeck.
LOUISVILLE, KY. — CBRE has arranged a 105,138-square-foot lease for Appriss, a provider of data and analytics solutions, at 9901 Linn Station Road in Louisville. David Hardy of CBRE represented Appriss in the transaction, and Marc Barlow of CBRE represented the landlord, Gearing Capital Partners. Appriss is set to occupy the new space in July 2018, moving from its current headquarters at 10401 Linn Station Road, where it leases approximately 90,000 square feet. The firm will also be moving its data center and IT operations from the Eastpoint development to the new location. Appriss will occupy five floors at the new space. In addition, building ownership will invest in renovations to the property, including an updated lobby and entrance, renovated restrooms on each of the Appris floors and a new fitness center, conference center and outdoor lounge. Swope Design Group is handling the renovation design.
CHICAGO — GlenStar has acquired Bannockburn Lakes V in Chicago from Ameritus for an undisclosed price. The 103,471-square-foot office building is located at 2121 Waukegan Road. GlenStar now owns all the buildings in the Bannockburn Lakes office complex, acquiring the previous four in late 2015. GlenStar plans to update the common areas, restrooms, lobbies, exterior drive-up, landscaping and parking lots at the fifth building. In the past 24 months, GlenStar has invested more than $10 million in the complex, which was built in stages since the 1980s.
PITTSBURG, Calif. — JRK Property has purchased the 242-unit Diamond Hillside apartment community in the San Francisco East Bay community of Pittsburg for $52.8 million. The community is located at 2205 E. Leland Road. Diamond Hillside was built in 1985 and has undergone physical improvements since that time. These include updated vinyl wood floors, new cabinetry, appliance packages, contemporary lighting, new hardware, plumbing fixtures and paint. Additional improvements were made to the pool and spa area, clubhouse and fitness center. A new dog park, children’s playground and barbecue area were also added. Mark Leary, Nate Oleson and Rob LeDoux in the San Francisco office of ARA/Newmark represented both parties in the transaction.
KAPAA, HAWAII — HFF has arranged the $43.6 million sale of Kauai Village, a 109,466-square-foot, grocery-anchored retail center in Kapaa, on the Hawaiian island of Kauai. Gleb Lvovich of HFF arranged the transaction on behalf of the seller, ValueRock Realty Partners. In addition, Kyle Spencer and John Chun of HFF secured $32.3 million in acquisition financing on behalf of the buyer, Epic Real Estate Partners. A life company provided the three-year, floating-rate loan. At the time of sale, Kauai Village was 81.2 percent leased to tenants including Safeway, Ross Dress for Less, Panda Express, Starbucks Coffee and ABC Stores.
SAN BERNARDINO, CALIF. — Westcore Properties has purchased Northgate Industrial Portfolio, a more than 1 million-square-foot industrial portfolio in San Bernardino, for an undisclosed sum. The fully leased, two-building, Class A industrial portfolio is located at 927 E. 9th St. and 7776 E. Tippecanoe Ave. The distribution buildings are situated on more than 44 acres. They were built in 2009. Each of the buildings provides cross-dock loading, ESFR sprinkler systems, secured concrete truck courts, 30-foot clear heights and T-5 lighting. The properties also provide immediate access to the Southern California freeway system via Interstates 215 and 10, as well as nearby State Route 210. Westcore represented itself in the transaction. Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, Nico Napolitano and Bryce Aberg of Cushman & Wakefield represented the seller, Bentall Kennedy, in this transaction. Bentall Kennedy acted on behalf of an institutional client.
