TODAY’S DEALS: Essex Realty Group Brokers Sale of Multiple Apartment Buildings in Chicago

Chicago–Essex Realty Group Inc. announced the sale of multiple apartment buildings on the South Side of Chicago. 2304, 2310 & 2320 W. Garfield is located in the Gage Park neighborhood of Chicago. The property consists of 3 separate buildings: two 6-unit walk-ups and one 18-unit courtyard building.

12837, 12841 & 12845 S. Hoyne is located in the Blue Island neighborhood of Chicago and consists of an 18-unit building with three one-bedroom and 15 two-bedrooms apartments.

Doug Imber and Matt Welke of Essex are the brokers in the transaction. The sale price for Garfield is approximately $690,000. The sales price for Hoyne is approximately $475,000.

CB Richard Ellis Sells Princeton Forrestal Village for $55 Million

Princeton, N.J.–Jeffrey Dunne, Kevin Welsh and David Gavin of CB Richard Ellis’ New York Institutional Group represented PF Village LLC in the sale of Princeton Forrestal Village in Princeton, N.J. for $55 million. The team was also responsible for procuring the buyer, IVC PFV LLC, an entity controlled by Investcorp International Inc.

Princeton Forrestal Village is an award-winning, amenity-rich mixed-use development consisting of 549,337± square feet. Prominently situated on Route 1, the area’s primary highway, the 42-acre mixed-use campus consists of 10 freestanding office, retail and restaurant buildings, which offer an incomparable mixed-use environment that is easily accessible to the area’s main thoroughfares, amenities and public transportation.

Originally built in 1987, the Village underwent significant capital improvements in 2007 and now offers a synergistic ‘lifestyle’ environment, featuring pedestrian bridges, fountains, serene tree-lined streets, courtyards and picturesque gardens. Other amenities include a first-class 294-room Westin Hotel and Conference Center (under separate ownership), three upscale destination restaurants–Ruth’s Chris Steak House, Salt Creek Grille and Tre Piani–a 60,000-square-foot fitness center and spa/salon, a 12,700-square-foot food court, and a newly developed 9,750-square-foot day care center.

“Princeton Forrestal Village should provide Investcorp with substantial in-place income while still offering a significant upside opportunity through the lease-up of the vacant suites and potential conversion of certain retail suites to medical office use,” comments Dunne. “Given the Village’s proximity just 1 mile north of the 630,000-square-foot University Medical Center of Princeton at Plainsboro facility that is under construction and scheduled to open next year, there is expected to be increased demand for medical office space in the vicinity. By way of example, ownership just completed a new lease with Surgical Specialists at Princeton, a 12,400-square-foot surgical center.”

Largo Group Refinances Apartment Complex in Buffalo’s Elmwood Village

Buffalo—Zach Casale, Account Executive for the Largo Group of Com­panies, arranged $1,170,000 to refinance the existing debt on Bryant Place Apartments located in Buf­falo, New York. This apartment complex consists of 32 units and is situated on .47 +/- acres in Buffalo’s prestigious Elmwood Village neighborhood. The subject consists of 4 brick row-style buildings with 8 units per building. The subject contains all 2-bedroom units, and is presently 100% occupied.

The borrower has over 30 years of real estate and development experience in the Buffalo area. Proceeds from this loan were used to purchase another piece of investment real estate to add to the owner’s portfolio. Casale arranged a non-recourse deal with a seven-year term, sub-6-year interest rate and a 30-year amortization schedule for the borrower.