The Plaza

Inland Empire

PALM SPRINGS, CA-Fowler Property Acquisitions of San Francisco has acquired two distressed apartment complexes in this week's roundup of sales, leases and other transactions in the West. The properties are the 156-unit Plaza at 2300-2490 E. Tahquitz Canyon Way and the 155-unit Palm Springs Village at 2700-2786 E. Tahquitz Canyon Way. The Plaza sold for $8.9 million and the Palm Springs Village for $7.6 million. Plaza, built in 1972, includes six studio, 96 one-bedroom, and 50 two-bedroom units. The seller was Tahquitz Plaza Associates LLC of Seattle. Palm Springs Village, also built in 1972, comprises 107 one-bedroom and 49 two-bedroom units. The seller was Palm Springs Desert Park Associates LLC of Seattle. The buyer plans on major interior and exterior renovations at both properties, according to Robin D. Ossenbeck, a partner in the West Los Angeles office of Hendricks & Partners, who represented the buyer.

San Diego County

Core Capital Investments of Irvine has secured an $8.9 million refinancing for its 146-pad Lanikai Lane Mobile Home Park at 6550 Point Dr. in Carlsbad. The four-year loan, arranged by an HFF team led by director Tina Derderian, is at 6.55% fixed, interest-only, with ING Investment Management. Loan proceeds are paying off existing debt as well as providing an interest reserve until an existing ground lease expires in two years. The borrower owns the land, which it leases to the unaffiliated owner/operator of the mobile home park. The mobile home park is across the street from the South Carlsbad State Beach and adjacent to the Carlsbad Poinsettia Station of the Coaster rail line providing access into downtown San Diego. The 14.3-acre site is also within walking distance to the new Hilton Carlsbad Oceanfront Resort and Spa.

Douglas Wilson, owner of San Diego-based Douglas Wilson Cos., has been appointed off-panel trustee on GCIC Development Corp. in Oklahoma and the 6,500-acre Sargent Ranch in the San Francisco Bay Area. GCIC Development Corp.'s portfolio includes a variety of commercial and hospitality properties throughout the Southwest. The Sargent Ranch project comprises 6,500 acres of primarily pristine farmland in the town of Gilroy, CA. There is more than $90 million in debt on the property. The assignment of Douglas Wilson as off-panel trustee by the United States Trustee reflects the extraordinary nature of these two bankruptcies, Wilson says. “These are uniquely complex assignments,” said Wilson, whose firm has provided problem resolution services for over 600 projects since 1989. “Both involve big, complicated assets with tremendous upside opportunities.”

FFP Ltd., a limited partnership with Walter and William Fiedler as general partners, has acquired a 7.5-acre parcel with a 72,712-square-foot industrial building at 4370 Jutland Dr. in Clairemont from the Conner Family Trust for $3 million. The deal is "an early sign that real estate developers and investors are positioning for infill spec development projects," according to associate Deborah Hunkeler of Cushman & Wakefield, who