CLARKSTON, MICH. — Bernard Financial Group has arranged a $1.9 million loan to for the refinancing of Sashabaw Crossing. The multi-tenant, inline retail center is located in Clarkston, approximately 21 miles northeast of Troy. Dave Dismondy of Bernard Financial Group originated the loan for the borrower, Sashabaw Crossing LLC, through a life insurance company.
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ORANGE COUNTY, CALIF. — The Orange County office of Berkadia Commercial Mortgage LLC has arranged $33.5 million for the refinancing of a portfolio of 15 retail properties in Louisiana and Mississippi. Ed Kim and Zane Sweet of Berkadia arranged the five-year, fixed-rate loan through Bank of America Merrill Lynch on behalf of the borrower, Kimble Development of Louisiana LLC. The loan is structured at 83 percent LTV with a 30-year amortization schedule. The properties, located in secondary markets such as Baton Rouge in Louisiana and Natchez in Mississippi, comprise nearly 500,000 square feet, and are collectively 92.5 percent occupied. Notable tenants include Rue21, Stage, Dollar Tree and Family Dollar.
LOS ANGELES – A 9,252-square-foot office building in the Los Angeles submarket of Sherman Oaks has sold to a local private investor for $3.2 million. The building is located at 14101 Valleyheart Drive. The buyer will occupy about half the property for its home nursing provider business. The property was originally built in 1985. Bogun Realty represented the investor. The seller, CG Investments, was represented by Roger L. Beck and Gelena Skya-Wasserman of Charles Dunn Company.
HOUSTON — Nelson Murphree Legacy Partners LLC has begun construction on a new office project located at 1885 St. James Place, just northwest of the Galleria in Houston. The new, 15-story Class A office development is expected to be complete in early 2016. Jackson & Ryan is the project’s architect and Tellepson Builders is the general contractor. The project will include 165,146 square feet of rentable space on the top nine floors, which will sit atop six levels of parking.
DUBLIN, OHIO — Marcus & Millichap has arranged the $2.2 million sale of Sawmill Center, an 11,388-square-foot retail property located at 6185-6195 Sawmill Road in Dublin. The property is an outparcel to a Meijer grocery store and is fully occupied. Tenants include Ted’s Montana Grill, FedEx Office, National Check Cashers and Nutrition X. C.J. Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap’s Columbus and Cleveland offices represented the seller, a private investor, and the buyer, a limited liability company.
ARLINGTON, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $25 million CMBS loan to refinance Hampton Inn Crystal City in Arlington. Keith Bauer of MMCC’s Washington, D.C., office arranged the 65 percent LTV loan with a fixed interest rate of 4.76 percent.
PERRIS, CALIF. — Indian Hills Plaza, a 10,142-square-foot retail strip center in the High Desert community of Perris, has sold to Nemax Inc. for $2.2 million. The plaza is located at 540 West 4th Street. It was 82 percent leased at the time of sale. Mike Qutami of Country Estate Realty represented the seller, Hakam K. Othman and Talat Award Dib, in this transaction.
AUSTIN — HFF has arranged the sale of Stonecreek I and II and Canyon at Wild Basin, a three-building, Class A office portfolio totaling 314,399 square feet in Austin. HFF marketed the properties on behalf of the seller, Intercontinental Real Estate Group. A private real estate fund advised by Crow Holdings Capital Real Estate purchased Stonecreek I and II. CapRidge Partners LLC purchased Canyon at Wild Basin. Stonecreek I and II are located at 11920 and 11921 North Mopac Expressway just north of The Domain in northwest Austin. The buildings are 98 percent leased to tenants including CoreLogic, Time Warner, Century Link, Intellimark, TSMC and Siemens. Canyon at Wild Basin is located at 115 Wild Basin Road in southwest Austin. The building is 80 percent leased to tenants including Open Symmetry, Alliance Association Management, owns & Stanford, Dynamic Computing Services, X1 Labs, Creative Solutions and Cloud 8 Sixteen.
MIAMI BEACH, FLA. — The AIDS Healthcare Foundation has sold a 7,500-square-foot retail building and a three-unit apartment building at 1501 Alton Road in Miami Beach’s South Beach neighborhood for $4.6 million. Steve Hyatt of Berger Commercial Realty represented the AIDS Healthcare Foundation in the transaction. The property’s current tenant, an Out of the Closet thrift store, will continue to operate at the location under a short-term lease-back agreement.
CUPERTINO, CALIF. — Sprouts Farmers Market has opened a 20,901-square-foot store in the Cupertino Crossroads shopping center. The store is located at 20558 Stevens Creek Blvd., inside the former PetSmart space. Sprouts joins Pier 1 Imports and TJ Maxx, among other tenants, at the neighborhood shopping center. The health-conscious grocer was represented by Bob Berndt and Sarah Edwards of SRS Real Estate Partners. The landlord, Mardesich Company, was represented by CBRE’s Rick Shaffer.