(Save the date: RealShare Apartments East comes to the Hyatt Regency in Miami, FL, on February 26, 2013, and RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27, 2013.)
BREA, CA-In the largest owner-user sale transaction of 2012 in North Orange County, both by square feet and by total consideration, Krystal Enterprises has sold a class-A industrial building at 2701 Imperial Highway here to Master Real Estate Holdings Inc. for $12.75 million. The 113,851-square-foot building sold for approximately $112 per square foot. CBRE‘s Steve Young and Brian Cole represented the seller, which had occupied the building for the past 12 years. The buyer was represented by Doug Himes of Lee & Associates.
CHULA VISTA, CA-Terry Enterprises has sold two contiguous mobile home parks—Broadway Mobile Home Park at 350 Broadway and Terry’s Mobile Home Park at 677 G St. here—for a total of $17,575,000. Kleege Capital and G.G.P. Holdings LLC purchased Broadway Mobile Home Park for $2,975,000, while Robert & Brenda Kleege and 411 Quail Run Partners LP purchased Terry’s Mobile Home Park for $14,600,000. Victor Krebs and Rob Morgan of Colliers International in San Diego represented the seller.
ANAHEIM, CA-An investment company based in Los Angeles that has not been identified has purchased Monterra Apartments, a 133-unit multifamily complex here, from Western National Realty Advisors for $20,139,000. Gary Tolfa, owner of Investment Property Group in Irvine, CA, represented the buyer in the transaction along with agent Chris Walker. Tolfa tells GlobeSt.com that Western will likely invest roughly $5,000 per unit to reposition the asset via exterior landscaping, in addition to making changes on the management side to make it more operationally efficient. He adds that his boutique firm has been doing a lot of 1031 exchanges in Orange County and that many trades are being executed here because of sub-4% interest rates. The cap rate for the Monterra transaction was in the low 5% range.
RANCHO CUCAMONGA, CA-CIP Real Estate has sold Stone Haven Business Park, an 82,071-square-foot office and industrial project here, to Freeway Industrial Park LLC for $10.75 million, or $131 per square foot. The sale marks the successful completion of an eight-year investment in which CIP substantially upgraded, repositioned and stabilized the property. Stone Haven Business Park was 95% leased at the time of sale. Michael Hefner, EVP of Voit Real Estate Services, and Carol Plowman, SVP of Lee & Associates, represented CIP in the sale, while Mike Long, SVP of Lee & Associates, represented the buyer.
TIGARD, OR-Cornerstone Core Properties REIT Inc. has funded an investment in a joint venture that acquired a 78-bed skilled-nursing facility here in an $8.2-million transaction. The facility has been leased to the current operator, Dakavia Management, pursuant to a 15-year triple-net lease. Debt financing was provided by GE Capital, Healthcare Financial Services.
BEAUMONT, CA-CT Realty Investors has started construction on a 600,000-square-foot dock-high industrial building here for ICON Health & Fitness Inc. The building is situated on 30.18 acres owned by CT Realty at 630 Nicholas Rd. and sits adjacent to two other buildings owned by CT totaling 572,143 square feet on 26.32 acres. The new building is being constructed specifically for the use of ICON, which will occupy the building in October 2013 as a distribution center.
BEAVERTON, OR-Capacity Commercial Group/CORFAC International has completed a 30,882-square-foot office lease on behalf of Ruby Receptionists at Murray Scholls Town Center, a new retail and office mixed-use project by Gramor Development Inc. at 13595 SW Murray Scholls Dr. here. Mike Nye, a principal of CCC/CORFAC International, represented the tenant. Terms of the lease could not be disclosed.
LOS ANGELES-Working on behalf of Shooshani Developers LLC, HFF has secured financing totaling $60 million for two retail centers in the greater Los Angeles area. A $33-million loan, which was used to refinance a maturing CMBS loan, was secured for Venice Crossroads, a grocery-anchored center located near Culver City here, and a $27 million loan was arranged to acquire Centerpoint Mall, a power center located in Oxnard. The HFF team was led by managing director Brad Black and real estate analyst Jeff Sause, while the borrower was represented by managing member Tony Shooshani. The two 10-year loans were secured in separate transactions through Deutsche Bank. In addition, HFF has secured $51.8 million in financing on behalf of Kennedy Wilson for the Atrium Apartments and Harrington Square Apartments, multi-housing communities in Kent and Renton, WA, respectively. The two 10-year fixed-rate loans were secured with M&T Realty Capital Corp. A $25.8-million loan with a 3.44% rate was arranged for the Atrium Apartments, and a $26 million loan with a 3.35 % rate was secured for Harrington Square.
DENVER-In separate transactions, Mesa West Capital has funded two first-mortgage loans totaling $47.3 million secured by a commercial office building and multifamily community in the Denver metropolitan market. The first transaction was a $20.1-million loan to refinance a maturing loan on 1875 Lawrence St., a 15-story office building near the Lodo submarket, arranged by Eric Tupler and Josh Simon of HFF on behalf of sponsor Behringer Harvard Opportunity REIT II Inc. The second transaction, on behalf of the Bascom Group, was for a $27.2-million loan for its recent acquisition and renovation of Village at Loretto Heights, a 312-unit multifamily complex located eight miles southwest of Downtown Denver. Brian Eisendrath with CBRE‘s debt and equity finance group arranged the financing.
GLENDALE, CO-NorthMarq‘s Denver regional office has arranged refinancing of $24 million for Cherry Creek Club Apartments located at 5001 East Mississippi Ave. here. Constructed in 1972 and 1974 with major renovations in 1995 and 2012, the community consists of 561 units in six four-story and three five-story buildings. Greg Benjamin, SVP; and Dan Lucchesi, investment analyst, arranged the refinancing for the borrower, a division of Weidner Investment Services Inc., a Seattle-based, privately-held owner of multiple multi-family properties.
SILICON VALLEY, CA-Auction.com has named Bruce Felt EVP and CFO. Most recently, he served as CFO of SuccessFactors, a leading provider of cloud-based human capital management solutions that was acquired by SAP. Felt oversees the company’s financial operations and is based in the company’s local office.
PORTLAND, OR-Marcus & Millichap Capital Corp. has hired veteran banker and loan officer Todd Burchett as an associate director in its local office. Prior to joining the firm, Burchett was an independent commercial loan officer and a managing partner of the firm he co-owned, Commercial Credit Services. He also served as a VP and business banking team leader at Pacific Continental Bank, and VP and development officer at both the Bank of Oswego and Riverview Community Bank.
SAN DIEGO-BioMed Realty Trust Inc. has appointed Daniel M. Bradbury to its board of directors, increasing the board to eight members. Bradbury is the managing member of BioBrit LLC, a life sciences consulting and investment firm. He served as CEO of Amylin Pharmaceuticals Inc., from March 2007 until its acquisition by Bristol-Myers Squibb Co. in August 2012.