In a separate deal at 986 S. Springfield Ave. in Springfield, the firm represented the Plumbers Union Local 24 Pension Fund in its $1.10 million sale of a 7,600-square-foot office/flex building. Located on one acre, the property is a freestanding building in a market surrounded largely by larger office complexes. According to SVN, the Plumbers Union is consolidating its operations into other locations. Andrew Zezas of Real Estate Strategies Corp. represented the buyer, the American Cancer Society.

"Despite the tightened underwriting standards by many banks and lenders, the smaller sales transactions under $2 million are getting done," says Ian Grusd, managing director for Sperry Van Ness. "We had immediate activity for both properties and letters of intent within 45 days from the listing dates. This trend for 'bite-sized' deals has been further evidenced by many recent sales in this price range from our firm on a national level."

The same can be said for the multifamily market, which has seen an uptick in smaller-sized transactions, thanks in large part to the resurgence of regional banks. "In the past, there was a lot of securitized financing, but that is non-existent today, allowing the local and regional banks into the market," says Ken Uranowitz, managing director of Gebroe-Hammer Associates in Livingston. They are now the major players who are financing these transactions."