Los Angeles

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Karlin Real Estate has acquired a condominium development inBaldwin Hills through bankruptcy. Named Bedford Parc & BedfordPromenade, it consists of approximately 110 condominium units andprime retail space encompassing 154,440 total square feet and 3.5acres. KRE’s real estate team bought the property through astructured 363 sale. KRE had previously purchased the notes thatsecured the condominiums in August of 2009 and quickly moved intosimultaneous negotiations with the developer to structure a creditbid sale that was approved by the judge in April. According to aprepared statement, this is not an uncommon scenario for KRE, whichcontrols more than $1 billion in unleveraged equity capital.Matthew Schwab, KRE’s managing director, points out that “inaddition to the special situation, we became interested inacquiring this particular asset because of its excellent location,the existence of multiple exit strategies, and the US Government’sefforts to boost the housing market with stimulus dollars for firsttime buyers.” KRE will continue to work with the property’sdeveloper, the Bedford Group, to market and sell the units.

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Century City-based Pegasus Investments, on behalf of seller, hascompleted the sale of a mixed-use property in El Monte locatedalong Rosemead Boulevard. The property was sold by a privateinvestor in connection with a Chapter 11 reorganization. Multiple offers were collected for a period of approximately 45days, at which time a local investor was chosen as the leadbidder. The buyer closed on an all-cash basis approximately60 days later. At the time of the sale the property wasleased to a combination of commercial and residential tenants andrepresented an opportunity for the buyer to assemble a large parcelof land along a highly trafficked thoroughfare in El Monte. The sales price was approximately $835,000, which represents abuilding value of approximately $156 per square foot and a landvalue of approximately $32 per square foot. The buyer wassourced during Pegasus Investments’ marketing process and was notrepresented by an outside broker.
The closing of the Rosemead Boulevard property marks the secondproperty sale completed by Pegasus Investments this year inconnection with a Chapter 11 reorganization. The firstproperty, which is located along Garvey Avenue in the city ofRosemead, was sold at the end of March 2010 for approximately $1.5million. The Garvey Avenue property was purchased by one ofthe tenants operating a meat distribution business. Theproperty was composed of a cold storage distribution warehouse anda retail building. The buyer obtained a loan in connectionwith the acquisition.

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StarPoint Properties has formed new asset solutions divisionthat focuses on helping banks and lending institutions increasevalue on their existing portfolio of non-performing loans and realestate owned assets. StarPoint Assets, the new division, istargeting opportunities in the multi-family, retail and officespace where it and its affiliated companies currently owns andmanages an existing 6-million-square-foot portfolio.

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Watson Land Co. has leased 119,077 square feet of industrialspace within the Dominguez Technology Center in Carson to C.H.Robinson Worldwide. The five-year lease is valued at $5 million.The Eden Prairie, MN-based company is relocating from its previuslocation in Compton in order to expand its operations and bolsterits global distribution platform. Lance Ryan, vice president ofmarketing and leasing with Watson Land Co., says that locatingwithin the Dominguez Technology Center will allow Robinson to bothenhance its current operational efficiencies and expand its globalreach. The property is located at 18620 Harmon Ave. in the masterplanned Dominguez Technology Center.

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Orange County

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Los Arcos Apartments, a 29-unit apartment property at 3340 W.Orange Ave. in Anaheim, has sold for $4.28 million. GregBassirpou, a senior associate, and Nicholas R. Petrosian, anassociate in Marcus & Millichap’s Newport Beach office, had theexclusive listing to market the property on behalf of the seller, alimited liability company. When asked about the sale, Bassirpousays, “The Los Arcos Apartments has a good West Anaheim location ona major thoroughfare; through our marketing efforts we were able tosecure a 1031 exchange buyer.”

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San Diego

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World Triathlon Corp. leased 2,521 square feet of office spacefor four years at 512 and 514 Via de la Valle, Suite 300 and 304,in Solana Beach, from Generation Properties, L.P. for $287,656.Stacy Looney, Brooks Campbell and Peter Curry of Cassidy Turley BRECommercial represented the lessor in the transaction. Brian Ffrenchof Tenant Consulting Services represented the lessee.

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Waikiki, HI

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Taubman Centers Inc. and CoastWood Capital Group LLC have signedan agreement with Queen Emma Land Co. to explore development of anew, open-air shopping center at the current International MarketPlace in Waikiki. According to the agreement, Taubman will evaluatethe market feasibility of developing the current InternationalMarket Place, as well as conduct more in-depth due diligence intophysical and regulatory requirements as next steps before movingforward. The International Market Place sits on land owned by QueenEmma Land Co. in the heart of Waikiki on Kalakaua Avenue, thebusiest pedestrian thoroughfare in the city. The Queen Emma LandCo. is a subsidiary of the Queen’s Health Systems.

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Seattle

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Atlanta-headquartered Apartment Realty Advisors has brokered the$8 million sale of Orchard Crest Apartments, a 136-unit multifamilyproperty located just outside of Tacoma, WA. Seattle, WA-basedsenior vice president, Jim Claeys, represented the seller, AspenSquare Management in the sale of the class “B” property. Theproperty was acquired by Goldendale, WA-based Ross Management, arenewable energy company that recently disposed of some of itsexisting assets, leaving the company in a liquid cash state.According to Claeys, “Orchard Crest was purchased as the leg up ofmulti-property 1031 exchange. Financing was provided by a newFannie Mae loan with a 10-year cash out. Orchard Crest Apartments,located at 5808 Hannah Pierce Rd. W.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.