SALT LAKE CITY – The Oakridge Apartments, a 40,000-square-foot apartment complex in South Ogden, has sold to BiSkan Oakridge LLC for an undisclosed sum. The community is located at 1280 East 5850 South. Patrick Bodnar of Mountain West represented both the buyer and seller, Craigland Properties LLC, in this transaction.
HURST, TEXAS — Marcus & Millichap has arranged the sale of Sutton Square Apartments, a 154-unit apartment property located in Hurst. John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker also represented the buyer, another limited liability company. Sutton Square Apartments is located at 601 Bellaire Drive. The location provides access to State Highway 10 and State Highway 183.
SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of The Place at Commerce, a 184-unit apartment community located in east San Antonio. The buyer was a Texas-based private investor, and the seller was a California-based partnership.
HOUSTON — HFF has arranged the sale of Pines of Louetta North, a 71,090-square-foot retail strip center in northern Houston. HFF arranged the sale of the property on behalf of the seller, Pines of Louetta North. Built in stages from 2009 to 2014, Pines of Louetta North is comprised of three buildings that are 92 percent leased to national and regional tenants including Spec’s Wine, Spirits & Finer Foods, Dickey’s Barbecue Pit, Chipotle Mexican Grill, Schlotzsky’s and Salata. Located at 1600-1620 Louetta Road, the property is just west of I-45. The property is 26 miles north of downtown Houston. Ryan West Matt Berry and Robbie Kilcrease led the HFF investment sales team representing the seller.
OKLAHOMA CITY — The RADCO Cos. (RADCO) has acquired Warwick West, an apartment complex located in the Northwest submarket of Oklahoma City. The 424-unit property was purchased for $31.2 million. RADCO financed the acquisition with private capital, in addition to a bridge loan from NXT Capital. Since August 2011, the company has raised more than $226 million of private equity to fund its purchases. Warwick West was originally built in 1978 on 17.4 acres in the city’s Northwest submarket. It features 16 floor plans, including 195 one-bedroom apartments, 199 two-bedroom units, 29 three-bedroom units and one five-bedroom layout. In addition, 16 of its units are townhomes. Community amenities include three swimming pools, a fitness facility, rentable event space, tennis courts and a picnic area with barbeque grills. The property is situated along the Northwest Expressway, which connects Oklahoma City residents with downtown, and is next door to the 511-bed Integris Baptist Medical Center.
FOREST PARK, ILL. — Interra Realty has brokered the $2.4 milion sale of the Forest Hall Apartments, a 39-unit apartment building located at 500 Des Plaines Ave. in Forest Park. The unit mix includes studio and one-bedroom apartments. The property is located within walking distance to the Blue Line train station and the Madison Street entertainment district. Joe Smazal and James Clough of Interra Realty represented both the undisclosed seller and the buyer.
LOCKPORT, ILL. — Construction has begun on a 10,800-square-foot retail building at the 77-acre Lockport Square Shopping Center in Lockport. The property is located at the intersection of I-355 and 159th Street (IL Hwy 7). The multitenant retail building is located on a 1.3-acre site fronting 159th Street, providing high visibility for the property’s retail tenants. Construction will be completed by early fall. Leases have been signed with Mattress Firm (3,500 square feet) and Sport Clips (1,600 square feet). Lease negotiations are underway with a third tenant for an additional 1,600 square feet. The remaining 4,100 square feet at the project is expected to be leased within 12 months. Janko Group, GMX Real Estate Group and Purinton Development are the co-developers of Lockport Square Shopping Center. The construction team includes JTS Architects, RTM Applied Engineering and Boulder Contractors. MidAmerica Real Estate and Metro Commercial Real Estate are the leasing brokers for the shopping center.
BEAVERCREEK, OHIO — Thorofare Capital has funded a $6.5 million floating rate commercial mortgage loan for the acquisition of the Apple Valley Office Campus, a 130,440-square-foot, three-building office campus in Beavercreek. The properties are located near the intersection of Research Boulevard and Grange Hall Road near Wright Patterson Air Force Base. The borrower is a partnership between two Southern California-based, privately held investment firms. The borrower purchased the portfolio in an off-market transaction. The non-recourse financing structure included an initial term of three years with extensions, and was sized to 70 percent of the total project capitalization. Apple Valley Office Center’s anchor tenants include Northrop Grumman Systems Corp., a global defense and technology company, and MacAulay-Brown, a Dayton-based engineering company. The campus includes more than 500 parking spaces and is accessible via Interstates 675, 75 and 70, as well as State Route 35.
HILLIARD, OHIO — Marcus & Millichap has brokered the $1.4 million sale of Main Street Station, a 6,832-square-foot retail property located in Hilliard. The property is located at 3854-3870 Main St. and was sold to an undisclosed buyer. The center is occupied by four local franchisees. John Reehil of Marcus & Millichap’s Columbus office represented the seller, a limited liability company.
MADISON, WIS. — Lee & Associates has arranged the lease of a 48,734-square-foot retail space at Moorland Commons in New Berlin. Dunham’s Sporting Goods will occupy the space formerly occupied by Sportsman’s Warehouse. Other tenants at the shopping center include Target, Michaels and Office Max. Steve Doran of Lee & Associates Madison represented the landlord in the transaction. Galway Cos. Inc. manages the property.