Friday, March 20, 2015

Bull Realty Brokers $9.8 Million Office Building in Greensboro, NC

301 North Elm Street, Greensboro, NC

Frank Meyrath
ATLANTA, GA (March 20, 2015) — Bull Realty brokered the $9.8 million sale of a 168,500 sq ft Class A office building in Greensboro, NC located at 301 N. Elm St. The transaction closed on Feb. 27, 2015.

 Located in the heart of Greensboro, North Carolina's central business district, 301 N. Elm St. is one of only seven Class A office buildings in the submarket.

 “The building is well-positioned to take advantage of the improving Greensboro market, which was recently named by Forbes magazine as one of the fastest growing cities in the United States,” said Frank Meyrath, VP of Capital Markets for Bull Realty.

“This is a great acquisition for the buyer, a subsidiary of The Simpson Organization. They intend to take advantage of the upside potential and position the property to benefit from the overall improvements in the economy.”

 Michael Bull said, “We are an Atlanta-based brokerage licensed in 9 states. We are pleased to have been chosen to market a Class A asset in North Carolina.”

 Greensboro has made a significant investment in its downtown district. Directly across from 301 N. Elm St. is a planned performing arts center which will be a big draw to the area.

Michael Bull
Overall, the metro area has a significant presence of distribution and transportation companies. Additionally, British-based Imperial Tobacco group recently chose Greensboro for its headquarters.

 “This is the second disposition we handled for the seller,” said Meyrath. “After accepting the assignment, the marketing generated interest and offers from investors across the country and from Europe.

"Ultimately, the buyer was chosen on a number of factors including pricing and a history of successfully closed transactions.”

The seller recently completed significant improvements to the property with a complete reskinning of the building with a new exterior shell in 2014. According to Meyrath, the new look was well-received by tenants and the community.

For a complete copy of the company’s news release, please contact:

Melissa Henry
Communications Associate
Bull Realty, Inc.
50 Glenlake Pkwy, Suite 600
Atlanta, GA  30328
404-876-1640 x 110

Essex Realty Group Brokers the Sale of 2850 N. Clark St. in Chicago, IL

2850 North Clark Street, Chicago, IL

Douglas Fisher
CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 2850 N. Clark St.

2850 N. Clark St. is a mixed-use offering of two (2) adjacent buildings located in Chicago’s Lakeview neighborhood.

The property consists of 23 residential units and 5,325 square feet of commercial space with additional basement storage. In addition, the property includes 10 exterior parking spaces.

The buildings are situated one block north of the vibrant intersection of Clark Street and Diversey Avenue, offering tenants an array of options for shopping, dining and entertainment.

Matt Welke
 In addition, the property is located within walking distance of Diversey Harbor, the Diversey Driving Range, Lake Michigan, as well as Wellington and Diversey CTA (Brown/Purple) stations.

The sale price was approximately $8,975,000.

Doug Fisher represented the seller on the transaction and Matt Welke represented the purchaser.

For a complete copy of the company’s news release, please contact:

Douglas Fisher
Essex Realty Group, Inc.

Essex Realty Group Brokers the Sale of 7925 Lincoln in Skokie, IL

7925 Lincoln, Skokie, IL
Jim Darrow
CHICAGO, IL -- Essex Realty Group, Inc. is pleased to announce the sale of 7925 Lincoln in Skokie, IL.

7925 Lincoln Avenue is a 6,000 SF vacant mixed-use, retail/office building, located at the epicenter of downtown Skokie on Lincoln Avenue near the signalized intersection of Lincoln Avenue and Oakton Street.

The building is conveniently located approximately five minutes from the Edens Expressway and five blocks from the Oaktown-Skokie CTA station.

The building encompasses 50’ of frontage along Lincoln Avenue and benefits from the visibility afforded by the 7,800 cars of daily traffic.

Neighborhood tenants such as Bank of America, Walgreens, ALDI, ACE Hardware, and Illinois Science and Technology Park are a testament to the appeal of this strengthening trade area.

Jordan Gottlieb
The sale price was approximately $460,000.

Jim Darrow and Jordan Gottlieb were the brokers on the transaction.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

For a complete copy of the company’s news release, please contact:

Douglas Fisher
Essex Realty Group, Inc.

WNC provides $4.4 million in LIHTC equity to aid in renovating Sonoma Court Apartments in San Diego, CA area

Michael Gaber
SAN DIEGO, CA -- WNC, a national investor in real estate and community development initiatives, announced today the completion of an extensive renovation to Sonoma Court Apartments, which provides 61 units of affordable housing to Escondido families.

WNC provided $4.4 million in low-income housing tax credit (LIHTC) equity to fund the project. 

Located at 508 E. Mission Ave., Sonoma Apartments is comprised of a mix of one-, two- and three-bedroom units.

“We are very pleased to have worked with Affirmed Housing and NEXUS for Affordable Housing Inc. to improve and maintain a vital component of Southern California’s affordable housing supply,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.

“Sonoma Court Apartments was originally constructed in 1978 and last renovated in 1999. This renovation modernizes and improves the community for current and future residents, while providing valuable energy efficiency upgrades and enhancements.”

For a complete copy of the company’s news release, please contact:

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703
509-338-5676 - cell