ARVADA, COLO. – The 12-unit Scandia Apartments in Arvada has sold to a local buyer for $1.2 million. The community is located at 9990-10000 W. 59th Place. It was built in 1959. Scandia was fully leased at the time of sale. Joe Hornstein represented the buyer, while the local seller was represented by Josh Newell, both of Pinnacle Real Estate Advisors.
RENO, NEV. – Light in the Box (LITB) has leased 26,000 square feet of distribution space at the Capital Commerce Center in Reno. The space is located at 4970 Joule Street. LITB is a global online retail company. The unnamed landlord was represented by Steve Kucera, Michael Nevis, J. Michael Hoeck and Dave Simonsen of the NAI Alliance Industrial Properties Group.
FREMONT, CALIF. – Pacific Commons, a 1.1-million-square-foot power center in Fremont, has received 12 new tenants. The newest residents include Dick’s Sporting Goods, the Kebab Shop, Buffalo Wild Wings, Dish ‘N Dash, Carter’s/Osh Kosh, Bennigan’s, Cream, Bowl of Heaven, Pancheros Mexican Grill, Boneheads, Technology Credit Union and Ono Hawaiian BBQ. The majority of retailers will open next spring, while Dick’s Sporting Goods, the Kebab Shop and Buffalo Wild Wings all premiered recently. Vestar serves as Pacific Common’s property manager. The landlord is a large institutional owner.
CHANDLER, ARIZ. – Dual Diagnosis Treatment Center has leased 10,654 square feet of office space in Phoenix. The center will occupy the North East building at 5520 W Chandler Blvd. The new 10-year lease will commence this December. Dual Diagnosis was represented by Mike Knapp of Voit’s Phoenix office. The landlord was not named.
OMAHA — NorthMarq Capital has arranged the $7.3 million refinancing of Oakview Medical Building, a 48,360-square-foot office property in Omaha. The building is located at 2725 S. 144th St. Gary Rifkin and Jason Kinnison of NorthMarq Capital’s Omaha office structured the 10-year loan, which includes a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
CINCINNATI — Hyde Park Commercial Group has arranged a $12.3 million acquisition and renovation loan for a 220-key Wyndham Garden Inn hotel. An undisclosed buyer acquired the hotel and will implement extensive property improvements. Cincinnati-based Hyde Park advised and arranged a non-recourse loan facility, which includes a three-year interest-only term with two, one-year extension options. Hyde Park was able to arrange the full request through an East Coast collateralized debt obligation.
OAK BROOK, ILL. — CenterPoint Properties has sold a 20,300-square-foot industrial truck/bus dispatch facility in South Holland, which is located approximately 23 miles south of Chicago. Greenix LLC purchased the property at 16951 State St. for an undisclosed sales price. The building is situated on nine acres and features a 2,300-square-foot office space, 17 drive-in doors and parking for 212 cars and 215 trailers. Kip Hennelly of Patrick Commercial Real Estate represented Greenix in the sale.
HOUSTON — Cousins Properties Inc. has arranged a 230,000-square-foot lease extension for Stewart Information Services Corp. at Post Oak Central in Houston. Stewart’s lease, scheduled to expire in September 2016, was extended for three years to September 2019. Stewart is a provider of title insurance and other real estate services based in Houston. Post Oak Central is an office complex located at 2000, 1980 and 1990 Post Oak Boulevard. The complex includes 1.3 million square feet of Class A office and retail along with a parking garage.
INDEPENDENCE TOWNSHIP, MICH. — Bernard Financial Group has arranged a $3 million loan for Independence Square Apartments in Independence Township, a northern Detroit suburb. The property includes 140 units across 10, two-story buildings located on Van Norman Lake. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the loan for the borrower, Independence Square LP. The lender, Ameritas Investment Partners, Inc. is a servicing correspondent of Bernard Financial Group.
FLORESVILLE, TEXAS — Marcus & Millichap has arranged the sale of Oakland Hills, a newly constructed 120-unit apartment complex in Floresville. Joe James and Kent Myers of Marcus & Millichap’s Austin office represented the unnamed seller. James and Myers also procured the buyer, a limited liability company. Construction on Oakland Hills was completed this year on an 11-acre site at 386 Paloma Drive at the intersection of Veterans Drive and Paloma Drive. Amenities at the complex include a gym, swimming pool, business lounge, gated entry, covered parking and a clubhouse.
