KALAMAZOO, MICH. — Bernard Financial Group has arranged a $1 million loan for Denway Circle Apartments in Kalamazoo, approximately 50 miles south of Grand Rapids. The property features eight, two-story buildings that include 64 units. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group arranged the loan for the borrower, Denway Apartments LP. The lender, Ameritas Investment Partners, Inc. is a servicing correspondent of Bernard Financial Group.
CLINTON, MISS. — Hertz Investment Group (HIG) has acquired South Pointe Business Park, a 395,920-square-foot Class A office building in Clinton, a town in the Jackson MSA. HIG purchased the four-story, three-pod suburban office building from a private investment group for $20.5 million. The park is currently 93 percent leased to tenants such as the Mississippi Department of Revenue, University Physicians, Lockheed Martin and Verizon Wireless. South Pointe was originally constructed as the headquarters for WorldCom.
BOCA RATON, FLA. — Crocker Partners has purchased two office towers in Boca Raton’s Town Center Mall area from MetLife Real Estate Investors for an undisclosed price. The two properties, known as One Town Center and The Plaza, span 339,000 square feet and were 42 percent leased at the time of sale to tenants such as Wells Fargo and Kayne Anderson Real Estate Advisors. Crocker Partners purchased the two towers, which were both originally developed by Crocker entities, in a partnership with Siguler Guff. Crocker Partners will manage the properties and CBRE will handle leasing responsibilities.
DELAND, FLA. — Equus Capital Partners Ltd. has sold Madison Carrington Place, a 224-unit apartment community in Deland, roughly 30 miles north or Orlando. The private equity real estate fund manager sold the asset to Bluerock Partners for $14.3 million. Constructed in 1987, the apartment community features a clubhouse, pool, fitness center, tennis and volleyball courts and a playground. The property was 94 percent leased at the time of sale. Luke Wickham and Sheldon Granade of CBRE represented Equus Capital Partners in the transaction.
NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of a warehouse and parking lot at 39 Ferris St. in the Red Hook section of Brooklyn. Kobe Bussan USA purchased the 6,000-square-foot warehouse and 14,000-square-foot parking lot from 39 Ferris Street LLC for $5 million. The buyer, a Japanese supermarket and restaurant, plans to open a new location at the site. Jeffrey Unger of Kalmon Dolgin represented the seller, while Yoko Evans of Furumoto Realty represented the buyer in the transaction.
HOBOKEN, N.J. — SJP Properties has leased 40,000 square feet of office space to Jet at Waterfront Corporate Center III in Hoboken. Slated to launch in 2015, Jet is the latest e-commerce venture led by Marc Lore, former CEO and co-founder of Diapers.com. The company will use the Waterfront location as its headquarters. Waterfront Corporate Center III is SJP’s third and final building within its high-performance, mixed-use business complex in Hoboken. Scott Peck and Brian Wilson of Resource Realty represented Jet in the transaction; SJP was represented in-house.
BRICK, N.J. — Tryko Partners has acquired Burnt Tavern Rehabilitation and Healthcare Center in Brick for an undisclosed price. Located at 1049 Burnt Tavern Road, the center includes 148 skilled nursing beds with expansion potential and an assisted living component that can accommodate 23 clients. The company plans to launch a $1 million renovation program to upgrade the property, which has been renamed Willow Spring Rehabilitation and Healthcare Center. Planning renovations include a state-of-the-art sub-acute care unit, expanded rehabilitation facility with cutting-edge equipment and technology, and updated common areas, patient rooms and assisted living accommodations. Tryko Partners purchased the asset from the original developer, NuVision Management. Additional terms of the transaction were not released.
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.