May 8, 2014 | ISSUE 334
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Essex Brokers $11.5M Sale 

of Apartment Building in Chicago 

The newly constructed property is located at 2601-2615 W. Belmont Ave.


CHICAGO -- Essex Realty Group has brokered the $11.5 million sale of a 46-unit apartment building in Chicago's Avondale neighborhood. The newly constructed property is located at 2601-2615 W. Belmont Ave. The building consists of two- and three-bedroom duplex apartments ranging from 1,040 to 2,109 square feet. The property also includes an underground parking garage with approximately 49 spaces. Matt Welke and Jason Fishleder were the brokers in the transaction.

Gramercy Property Trust Acquires 
Two Industrial Properties for $18.7M

ELGIN, ILL. -- Gramercy Property Trust Inc. has acquired two industrial properties in Elgin, Ill. and Harrisburg, Pa. for $18.7 million. 


The Elgin property in metro Chicago is a 112,000-square-foot manufacturing facility. The property is leased through August 2028 with annual rent escalations to a global manufacturer of small, engineered metal components. 


The Harrisburg property is a 183,000-square-foot industrial warehouse. The property is leased through February 2025 with annual rent escalations to a subsidiary of a large multinational industrial company. 


Both properties are fully leased with a weighted average lease term of approximately 13 years. The first-year net operating income for the two properties totals approximately $1.4 million, reflecting a 7.3 percent initial cap rate.

CBRE Appointed to Sell Trophy Apartment Community in Indianapolis

82 Flats at the Crossing is located at 8515 Clearwater Lane.

INDIANAPOLIS -- CBRE has been appointed to sell 82 Flats at the Crossing, a 232-unit luxury apartment community in Indianapolis. The apartment community is located at 8515 Clearwater Lane. 


82 Flats is at the epicenter of Keystone at the Crossing, an upscale business and shopping district. The one- and two-bedroom apartments feature modern luxurious designs. 


Amenities include valet trash service, laundry rooms with full-size front-loading washers and dryers, private patios and balconies, secured-access entry and a saltwater swimming pool. Partners of Cityscape Residential developed and built the apartment community. 


The Indianapolis-based multifamily real estate development and construction company currently has 1,800 units under development in Louisville, Ky., and Kansas City, Mo. 82 Flats at the Crossing is marketed to investors on an all-cash basis.

Sitex Group Completes Industrial Redevelopment Project in Illinois

Sitex purchased the 273,073-square-foot complex from the Village of Bellwood in April 2013.

MELROSE PARK, ILL. -- Chicago-based Sitex Group has completed the redevelopment of a two-building industrial complex in Melrose Park. The properties are located at 2680-2690 and 2800-2840 W. Lake St. 


The 170,920-square-foot building at 2800-2840 W. Lake St. can accommodate two tenants and features 4,500 square feet of office space, 22-foot clear heights and 12 exterior docks. 


The 102,153-square-foot multi-tenant building at 2680-2690 W. Lake St. can accommodate three tenants and features 22-foot clear heights and 18 exterior loading docks. 


Reconstruction of the properties included a substantial exterior renovation featuring a new façade, parking lots and landscaping. Sitex also upgraded the office space and installed high-efficiency lighting and new dock equipment inside the buildings. 


The complex is currently 72 percent occupied. Sitex purchased the 273,073-square-foot complex from the Village of Bellwood in April 2013.

Dougherty Originates $5.3M Refinance Loan for St. Louis Apartments

Washington Avenue Apartments is located at 1133 Washington Ave.


ST. LOUIS -- Dougherty Mortgage LLC has originated a $5.3 million loan for the refinancing of Washington Avenue Apartments, a 95-unit multifamily affordable housing property in St. Louis. 


The apartments are located at 1133 Washington Ave. The HUD loan includes a 35-year term and a 35-year amortization schedule. Dougherty arranged the refinance loan for Washington Avenue Apartments LP, a Missouri limited partnership.

M&M Brokers $3M Sale of 16,564 SF Retail Property in Minnesota

Western Avenue Marketplace is located at 300 Western Ave.


FARIBAULT, MINN. -- Marcus & Millichap has brokered the $3 million sale of Western Avenue Marketplace, a 16,564-square foot retail property located in Faribault, approximately 50 miles south of Minneapolis. The property is located at 300 Western Ave. 


Matthew Hazelton and Adam Prins of Marcus & Millichap represented the seller, a limited liability company. Brian Klancke and Sean Doyle, also of Marcus & Millichap, represented the buyer, a private investor.

Bernard Arranges $2.6M CMBS Loan 

for Michigan Shopping Center

Briar Pointe Plaza includes 29,908 square feet of retail space.


NOVI, MICH. -- Bernard Financial Group has arranged a $2.6 million CMBS loan for Briar Pointe Plaza in Novi, a suburb approximately 30 miles northwest of Detroit. The shopping center includes 29,908 square feet of retail space. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Briarwood of Novi Investors LLC.

NAI Hiffman Arranges 117,077 SF Industrial Lease for Menasha Packaging

Menasha Packaging will occupy space at 7800 W. 71st St.

BRIDGEVIEW, ILL. -- NAI Hiffman has arranged the lease of an 117,077-square-foot industrial space in Bridgeview. Menasha Packaging will occupy space at 7800 W. 71st St. The building is adjacent to a 166,663-square-foot facility owned by ML Realty Partners. 


Menasha, a Wisconsin-based packaging, logistics and marketing services company, signed a lease last year at the adjacent property. Steve Connolly and Chris Gary of NAI Hiffman represented ML Realty Partners in the transaction. Patrick McCaffrey with Avison Young represented Menasha Packaging.

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Danielle Everson, Associate Editor
Heartland Real Estate Business
France Media, Inc.

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