LAS VEGAS – The Grove, a 54,490-square-foot shopping center in North Las Vegas, has received an $11.6-million loan. The center is located at 365 W. Craig Road. The funds were used to finance the property’s acquisition. The Grove was built in 2006. It was 90 percent occupied at the time of sale. The borrower was High Valley VI LLC, a 1031 exchange buyer. The long-term, fixed-rate loan was arranged by CBRE’s Bruce Francis, Dana Summers and Robert Ybarra. It was funded through Goldman Sachs Mortgage Company.
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BAYTOWN, TEXAS — Coldwell Banker Commercial United Realtors has arranged the sale of an 118,000-square-foot retail center located at 1801 N. Pruett St. in Baytown, just east of Houston. Donna Winfrey-Varner of Coldwell Banker represented the unnamed seller. A national investment group represented the buyer.
RIVER GROVE, ILL. —Marcus & Millichap has arranged the $2 million sale of 2453 N. 1st Ave., a 28-unit apartment property in River Grove. The apartment building consists of one- and two-bedroom units and features an on-site laundry facility and parking. The property is five blocks south of the River Grove Metra station, three miles from Interstate 294 and less than five miles from O'Hare International Airport. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, as well as the buyer, a limited liability company.
JACKSONVILLE, FLA. — GE Oil & Gas plans to soon open its new 510,000-square-foot manufacturing facility in Jacksonville’s Westside submarket. The property will be located at AllianceFlorida at Cecil Commerce Center. The developer of the asset is Hillwood Property Investments, which will develop the property on land owned by the city of Jacksonville. The new facility will manufacture GE’s Mooney regulators and Becker control valves for the energy industry. The property will feature $50 million in investments for manufacturing and IT equipment, as well as additional real estate improvements. The facility is slated to open next month and create more than 500 jobs during the next three years.
EL SEGUNDO, CALIF. – A 39,306-square-foot industrial warehouse in El Segundo has sold to 291 Coral Circle Partners LLC for $7.3 million. The building is located at 291 Coral Circle. The LLC plans to convert the building into afood assembly and packaging plant for its company, Chef'd. The buyer was represented by Cardinal Investments.The seller, Hoffman Associates, was represented by JLL’s Luke Staubitz, Harvey Beesen and Andrew Dilfer.
FORT WORTH — Streamline Packaging Solutions LP has renewed its lease of a a 92,098-square-foot building in the SCG River Park Business Center in the Upper Great Southwest Industrial District. The 500,728-square-foot business center is 95 percent leased. Streamline has been a tenant for five years in Building B, which is fully leased. Blake Anderson and David Eseke of Cassidy Turley represented the tenant.
REYNOLDSBURG, OHIO — Foresite Realty Partners, through its local affiliate Foresite Realty OH LLC, has arranged the sale of a 124-unit apartment property in Reynoldsburg. Independence Village Apartments is located on more than six acres and includes studio, one- and two-bedroom apartments. The property is comprised of 16 buildings and was 92 percent leased at the time of sale. A Chicago-based investor, that was looking to diversify its portfolio, purchased the property for an undisclosed sales price. Jamie Hadac, Bryan Nickow and Jo Lease of Foresite Realty OH LLC represented the seller in the transaction.
LEXINGTON, KY. — Wheeler REIT has assumed a contract previously entered into by Wheeler Interests LLC to acquire Bryan Station, a 67,177-square-foot retail center in Lexington, for roughly $6.1 million. Wheeler REIT expects to acquire the asset using a combination of cash and debt. The property is fully leased to tenants such as Planet Fitness, Shoe Carnival, Rent-A-Center and Cato Fashion. The retail center, built in 1995, is shadow-anchored by Kroger.
LEXINGTON, S.C. — Drever Capital Management has refinanced The Village at Southlake, a 122-unit independent living community in Lexington, with a $12.5 million bridge loan. CBRE’s senior housing debt and structured finance team in Houston arranged the five-year loan with two years of interest-only payments through an unnamed regional bank. Amenities of The Village at Southake include a nature and wildlife habitat preserve, large pond, walking trails, raised gardens, swimming pool, clubhouse, movie theater, wine bar and a salon.
PHOENIX – The 26-unit Encanto Oasis Apartments in Phoenix has sold to a local private capital investor for $1.2 million. The community is located at 1840 West Thomas Road, across from the Encanto Golf Course. It was built in 1962. Brian Tranetzki and Rich Butler of Marcus & Millichap represented both the buyer and seller, Encanto Oasis Partners, in this transaction.