Ventura County

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Colliers International has completed the sale of208,493-square-foot industrial property at 2900-2950 Madera Rd. inSimi Valley, CA, to Kingsbridge International Inc., animporter/wholesaler of housewares and giftwares. The transaction isvalued at $11.42 million. The two-building property is comprised ofa 135,683-square-foot distribution building and a72,810-square-foot office building. Kingsbridge will be relocatingto this location from their Chatsworth, CA headquarters, and willoccupy the distribution building. “Kingsbridge was attracted tothis property because the quality of the real estate and the pricepoint were incredibly attractive. Our client will operate itsbusiness from the 135,683-square-foot distribution building andwill lease the office building back to the seller, Bank ofAmerica,” says John DeGrinis, executive vice president, whorepresented the buyer in the transaction, along with PatrickDuRoss, senior associate, and Jeff Abraham, associate, all based inColliers International’s Encino, CA, office. Abraham adds that“Once Kingsbridge saw that the functionality, image, size andlocation of the distribution building were all exceptional for itsuse, they became very excited about this opportunity as aninvestment in Kingsbridge’s operations, as well as a great realestate investment opportunity.” Bank of America was represented byCushman & Wakefield.

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San Diego

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Marcus & Millichap Real Estate Investment Services hasbrokered the sale of Poway Royal Estates, a 399-space, 51-acremobile home park in Poway. The sales price of $38.3 millionrepresents $95,990 per space. Douglas Danny, a vice presidentinvestments and senior director of Marcus & Millichap’snational manufactured home communities group in San Diego,represented the seller, the City of Poway. “Poway Royal Estates isone of the premier manufactured home communities in SouthernCalifornia,” says Danny. “We received 11 offers for the property in28 days. Throughout the transaction, the City of Poway providedexcellent leadership and support.” The property was constructed in1972 at 13300 Alpine Dr. The park is surrounded by singlefamilyresidential developments, prime commercial office space, retailcenters and open space. The community has pedestrian access to allcity amenities. Poway Royal Estates consists of almost alldoublewide homes on all doublewide sites. There are 396revenue-generating sites, one vacant park-owned home and twopark-owned employee homes. The sites are built on 45.18 net acreswith a density of 8.26 sites per gross acre and the sites measurefrom 40 feet to 42 feet in width and from 70 feet to 74 feet inlength. The community has all city services with all utilitiessub-metered or passed-through to the residents. The park is fullyamenitized with two clubhouses, pools and ample RVstorage. The buyer is committed to a $1-million renovation ofthe common-area amenities, landscaping and utility system over thenext two years. The buyer obtained a new first loan for 50% of thepurchase price and the city provided 26% of the financing in secondposition. The down payment was 24% of the selling price. Theproperty closed at a 6.59 cap rate with $5,097 per site inexpenses, 44.6% of SGI, based upon the current rent roll, with a 1%vacancy allowance.

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Voit Real Estate Services has directed the $5.4-million sale ofan office campus site with 53,000 square feet of office property inSan Diego, CA, to the Korean United Methodist Church of San Diego.Harry Stone of Voit Real Estate Services’ San Diego officerepresented the seller, Kearny II LLC. “The Korean United MethodistChurch of San Diego anticipates conducting extensive redevelopmenton the existing property,” explains Stone. “They plan to constructa sanctuary, offices, a children’s center, and a community centerwith a kitchen to serve their local members.” To assist withpurchasing the property, the Korean United Methodist Church of SanDiego was financed with a first-mortgage loan for $3.5 million fromthe United Methodist Development Fund. The property is located at6701-6861 Convoy Court between the 805 Freeway and the 52 Freeway.The buyer, Korean United Methodist Church of San Diego, wasrepresented by Inmook Hwang of American National Realty.

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Eddy Gosschalk purchased a 15,300-square-foot office building at7863 La Mesa Blvd., in La Mesa, CA, from Black Pearl Real EstateInvestments LLC for $1.6 million. Kerry Schimpf, Ken Ruppert andCameron Czubernat of Cassidy Turley BRE Commercial represented theseller in the transaction. The buyer’s representation was notdisclosed.

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Las Vegas

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Clarion Suites Hotel, a 150- unit hotel situated on 5.68 acresat 325 Flamingo Rd., near the world famous Las Vegas ResortCorridor has sold for a price of $12 million or $80,000 per unitand provided the market with a comparable sale of more than $2million per acre off the Las Vegas Strip. The seller wasPacific East Flamingo LLC. The buyer, 325 Flamingo LLC, is anoverseas investment group with plans of a long-term hold. It hasrebranded the property as a Ramada.

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Portland, OR

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HFO Investment Real Estate, a Northwest real estate investmentfirm with headquarters in Portland, has brokered the sale of theTwin Creeks Apartments, a 220-unit apartment complex built inphases starting in 1996 and completed in 1999. Twin Creeks isa garden-style apartment complex situated on nearly 12 acres in theSunnyside corridor in Southeast Portland. The complex consistsof 66 one-bed one-bath, 54 two-bed one-bath, 63 two-bed two-bath,and 37 three-bed two-bath apartments. The complex sold for$17 million, or $77,273 per unit. The seller was Twin CreeksApartments LLC of Portland and the buyer was Twin Creeks LLC, aprivate equity firm based in the San Francisco Bay area. Theseller developed and built the property and had meticulously caredfor the buildings and grounds. The property includes a fitnesscenter, clubhouse, basketball court, two swimming pools, and tileroofs and covered parking. Unit amenities include fireplaces andair conditioning. The purchaser of the property assumed theexisting CMBS loan which had a 65% LTV and an above-market interestrate. “Twin Creeks represented a unique opportunity to acquire asolid class B property that had been well maintained. We had a lotof interest,” says HFO partner Greg Frick, “even with therequirement that the loan be assumed with an interest rate abovewhat is currently available in the market.”

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Seattle

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Tall Tree Properties has successfully completed the sale ofArbor Heights, a 22-unit complex located at 625 N. 130thSt. in Seattle, for $2.3 million to a local propertyinvestor. Natalia Beran of GVA Kidder Mathews represented TallTree in the transaction.

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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.