LAS VEGAS — Cheyenne Technology Center, a 172,328-square-foot industrial business park in North Las Vegas, has sold to Voit Real Estate Services for $11.9 million. The property, formerly known as the North Port Business Center, contains six office/flex/industrial buildings. It was 52 percent leased at the time of sale. Voit plans to invest $700,000 in upgrades to the property. Financing for the acquisition was provided by Wells Fargo Bank. Garrett Toft, Eric Larkin and Zac Zaher of Voit’s Las Vegas office will be the exclusive leasing agents for the property.
ATLANTA — ARA has arranged the $21 million sale of the 204-unit 626 Dekalb, an apartment complex located at 626 Dekalb Ave. in Atlanta. The property is 91 percent leased. Mesa Capital Partners, the buyer, plans to implement an enhancement program of the property's common areas. Sean Henry and John Weber of ARA's Atlanta office represented the seller, an institutional investor, in the transaction.
DULUTH, GA. — Crossley, Jernigan & Ellison Inc. has acquired two office/flex buildings located at 2425 and 2450 Commerce Ave. in Duluth for $4.05 million. The buildings are part of the Satellite Place office complex and include the 1000 and 2100 buildings, which total 113,035 square feet. Watson Bryant and Gary Lee of Cassidy Turley represented the seller, an entity controlled by special servicer CWCapital Asset Management, in the transaction. The buyer was self-represented.
GREENSBORO, N.C. — Capstone Apartment Partners has negotiated the $1.45 million sale of the 98-unit Savannah Place Apartments, a townhome apartment complex located in Greensboro. Beau McIntosh, Brian Ford and Austin Green of Capstone's Charlotte, N.C., office represented the seller, Hendrick Investment Properties, in the transaction. The buyer, a Miami-based private investor, plans to make extensive capital improvements to the property.
DEMOPOLIS, ALA. — V&V has purchased a 49,185-square-foot Vowell's Fresh Market, located on U.S. Highway 80 E. in Demopolis, for $1.38 million. Josh Randolph of The Shopping Center Group represented Demopolis Partners, the seller, in the transaction.
MIAMI BEACH, FLA. — Hersha Hospitality Trust has refinanced the outstanding debt on the 263-room Courtyard Miami Beach Oceanfront, located at 4101 Collins Ave. in Miami Beach. The $60 million, interest-only loan includes a four-year term and a 4.32 percent interest rate. The initial funding for the loan is $45 million, with three additional draws of $5 million every 90 days to fund the construction of a new, 93-room oceanfront tower. Completion is slated for late 2013.
BENSENVILLE, ILL. — Phillips Edison — ARC Shopping Center REIT has acquired Brentwood Commons, a 125,000-square-foot shopping center in Bensenville, for $14.9 million. The property is located in a densely populated suburb west of Chicago and is 99.1 percent occupied. The center is anchored by a 64,762-square-foot Dominick's grocery store and additional tenants include Dollar Tree, Advance Auto Parts and Payless Shoes.
HUDSON, OHIO — A Georgia-based private preschool has acquired the Hudson Professional Medical Office Building in Hudson for $1 million. The buyers plan to fully occupy the space. The property is located between Cleveland and Akron and is situated directly across from the corporate headquarters of JoAnn Fabrics. Bob Havasi of Cooper Commerical Investment Group represented the seller in the transaction.
NOBLESVILLE, IND. — RCG Ventures has acquired Riverplace Centre, a 74,414-square-foot shopping center in Noblesville, just northeast of Indianapolis. Kroger anchors the property, which is situated on 13 acres. Additional tenants include The UPS Store, H&R Block and Great Clips.
ST. LOUIS — McCarthy Building Cos. has started construction of a $10 million renovation for ELANTAS PDG, a specialty polymer supplier. The 32,000-square-foot ELANTAS complex is located on Second Street in St. Louis. The building was constructed in the 1930s and the project includes a full gut and remodel of the space. Crews will also add 4,000 square feet to house mechanical systems. St. Louis-based Burns & McDonnell designed the project, which is expected to be complete by August 2013.