HOLLYWOOD, CALIF. -— A 24,000-square-foot office building in Hollywood has sold to JMS Ventures for $8.1 million. The property is located at 6735 Selma Ave. It is currently fully occupied by Panavision Hollywood, which has leased the property through 2016 with an option to extend. Ian Strano of NAI Capital’s West Los Angeles office represented JMS. The seller was Highland Selma Ventures.
Property Type
OAKLAND, CALIF. — An O’Reilly Auto Parts property in Oakland has sold to a private investor from San Jose for $2.25 million. The 8,000-square-foot, single-tenant space is located at 3232 Foothill Blvd. Jeremy S. McChesney of Hanley Investment Group Real Estate Advisors represented the seller, Equitas Oakland, in this transaction.
LOS ANGELES -— A 13-unit apartment complex located at 6125 Horner Street in Los Angeles has sold to a limited liability company for $1.84 million. The 10,215-square-foot community was built in 1959. Thomas Jonsson of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a private investor, in this transaction.
RANDALLSTOWN, MD. — A partnership between Morgan Properties and Core Properties has acquired the 588-unit Garden View Apartments, a garden-style multifamily community located at 8601 Gray Fox Road in Randallstown, for $27.4 million. The buyer plans to invest capital to upgrade individual units, correct deferred maintenance, enhance curb appeal and upgrade kitchens and bathrooms. M&T Bank provided senior acquisition and debt financing for the property.
HOMESTEAD, FLA. — Deerfield Beach, Fla.-based SIKON Construction Co. has completed the $10 million, 99-unit Veranda Senior Apartments, a seniors housing facility located at 28355 SW 152nd Ave. in Homestead. HTG Veranda Senior Ltd. developed the property. Amenities include a leasing office/clubhouse and a swimming pool.
PALM BAY, FLA. — A 16,000-square-foot CVS/pharmacy, located at the intersection of Palm Bay Drive and Babcock Road in Palm Bay, has sold for $5.59 million. CVS recently extended its triple-net lease. Dan Cooper of The Cooper Commercial Investment Group represented the seller, a Texas-based private group, in the transaction. The buyer was an Illinois-based private group in a 1031-exchange.
PENSACOLA, FLA. — Marcus & Millichap has arranged the $4.5 million sale of a 21,194-square-foot Office Depot, located at 5000 Bayou Blvd. in Pensacola. Scott Sandelin of Marcus & Millichap's Miami office represented the seller, a publicly traded REIT, in the transaction and procured the buyer, a Canada-based private investor.
HOLLY SPRINGS, N.C. — Kite Realty Group Trust has secured $37.5 million in construction financing for the 375,000-square-foot Phase I of Holly Springs Towne Center, located in Holly Springs. A 135,000-square-foot Target will shadow anchor the first phase of the project. Dick's Sporting Goods, Marshalls, Michaels and Petco will anchor the center. Other tenants include Pier 1 Imports, ULTA and Charming Charlie. Bank of America provided the three-year loan with an option to extend for two additional years.
DAYTON, OHIO — Thompson National Properties has acquired 3745 Pentagon Blvd., an 86,928-square-foot office building in Dayton, on behalf of 1031 tax-deferred exchange investors. Science Applications International Corp. (SAIC) will move into the space. American National Insurance Co. financed the acquisition and Wally Reid and Kelly Layne of HFF originated the loan. The three-story property is located across from Wright Patterson Air Force Base. SAIC is an engineering and tech firm that focuses on national security, energy and environment, health and cybersecurity issues.
WARREN, MINN. — Kraus-Anderson Construction Co. has started construction of the North Valley Health Center (NVHC), a new $14.7 million primary care hospital in Warren, located 25 miles northeast of Grand Forks, N.D. The 43,889-square-foot facility will be connected to the existing Good Samaritan Society building, which provides senior care services. NVHC received $13.5 million of its funding from USDA Rural Development. The facility is expected to open in late 2013.