Northlake Meridian LLC has assumed a $1.35-million loan at a5.75% fixed-rate interest, opening the play with an 8.27% cap rateat 10405 E. Northwest Hwy., according to the marketing flyer. The10-year financing, maturing in June 2015, represents a 60%loan-to-value ratio. Charles Scott with Minneapolis-based NorthMarqCapital Inc. in Dallas steered the assumption process.

The deal's lone broker says the new owner was up against threeother offers that rolled in during the two-week marketing. "Thisbuyer saw the potential. The average rents were low, the price persf was low," Joe Garret with Sperry Van Ness in Dallas tellsGlobeSt.com. "They saw they could make a renovation and make apotential return." Dallas-based Square Foot Inc. is the seller ofthe 3.65-acre property.

Garret says the buyer plans to push the class C space to class Bquality with upgrades to the exterior, interiors and mechanicalsystems. Work is slated to get under way in the coming weeks. Thebuyer's Wilshire Beverly Management Co. will lease and manage theasset, now leased to 14 medical and office tenants. The largesttenant is Life Net Community Behavioral Healthcare Inc. with 18,142sf.