20102 SW Birch St.

ORANGE COUNTY

Multifamily Investments Partners, which operates from offices in Newport Beach and San Francisco, bought a 52-unit complex at 20102 SW Birch St. from 20102 SW Birch LLC for $10.4 million in a sale that closed at a 5.5% cap rate and an 11.9 gross rent multiplier. The transaction is one of numerous sales, leases and other transactions in the latest GlobeSt.com roundup of commercial real estate news in the West. Peter Gillin of the Newport Beach office of Morgan Skenderian Investment Real Estate Group says that the 20102 SW Birch transaction illustrates that buyer demand is strong for good properties in good locations. The two-story property was built in 1971. Its 52 units include 20 one-bedroom, eight two-bedroom with one bath and 24 two-bedroom, two-bath units at rents ranging from $1,135 to $1,585. Gillin represented the seller, and Ken Morgan of Morgan Skenderian represented the buyer, who was in a 1031 exchange. Equity for the transaction was provided by MIP principals and Bay Area real estate investor Keech Properties LLC. CapitalSource Bank provided a $6.5 million fixed-rate, 10-year loan. MIP plans to renovate the complex by improving the building exteriors, pool area and landscaping combined with an upgraded leasing office and fitness center. The property will be rebranded and Apartment Management Consultants, an institutional-quality management company with over 40,000 units under management, was installed on the takeover date of March 30. MIP’s managing partner, Brian Wirtz remarked, “Las Casitas fit exactly into our prototypical acquisition criteria, a great location with weak curb appeal and under-managed." MIP notes that Orange County’s economy was heavily dependent upon the financial sector that was severely hit in the subprime meltdown, causing apartment demand and rents to dramatically decrease. The City of Newport Beach has an average home price of $1.15 million and the highest rents in Orange County, averaging over $1,900 per month. Rents at Las Casitas averaged $1,344 per month. "Concessions are now gone in the Newport Beach submarket, and rents are on the rise, driven by overall occupancy rates above 95%," MIP says in its announcement of the deal.

Care Senior Living bought a 55-unit, two-story senior housing facility with 112 beds at 2619 Orange Ave. in Costa Mesa from local investors Victor and Leticia Charnetsky for $5.6 million. The building, which was remodeled in 1992 and operates as Costa del Mar, was approximately 50% leased at the time of sale. The sellers were represented by Grubb & Ellis Senior Housing practice group members SVP Alan Ursillo, associate VP Robert Black and associate Sean McNee. Care Senior Living represented itself.

SVN Equities bought a 9,219-square-foot, 50% vacant multi-tenant retail center at 1011-1041 Avenida Pico in San Clemente from JP Morgan Chase for $1.75 million. The center was built in 2005 and is part of the Courtyards at Talega, a 35,000-square-foot community shopping center. The buyer and the seller were both represented by Ian Schroder and Maurice Nieman, vice presidents in the Irvine office of Colliers International. Nieman noted that Colliers worked with the former owner before foreclosure in an effort to sell the center and worked on various leasing assignments for the property. “Unfortunately, the poor economy, high vacancies and tenant turnover caused the property to go into foreclosure,” Nieman said.

LOS ANGELES

Inglewood-based importer ILS Inc. has acquired a 27,052-square-foot industrial building at 18618 S. Ferris Place in Rancho Dominguez from Ferris Place LLC for $3.5 million. The sale of the building, which was built in 2007, represented “a record sale price for the area despite a tough real estate market,” according to associate VP Josh May of the Torrance office of Colliers International, who represented the seller. The buyer was represented by Terry Reitz of Grubb & Ellis.

Osteon Enterprises LLC, an orthopedic practice that specializes in spinal injuries, has acquired a 47,846-square-foot building at 5651 Sepulveda Blvd. in Van Nuys for $3.1 million and will relocate to the building from Encino. Principal Randy Kobata of Lee & Associates-LA North/Ventura Inc. says the property allows the buyer to relocate his practice to a larger facility and at the same time generate additional income by leasing a portion of the new facility to other tenants. Kobata and SVP Jack Schlaifer of Lee represented both the buyer and the seller. They say the buyer chose the property for its location and ample parking as well as the investment opportunity. The property was previously occupied by Budget Rent A Car Corp., which was the tenant until 2010. This was the site for the first Budget franchise since the early 1970s which, together with 11 other franchise locations, was sold back to Budget Corp. in 1996. The original franchisee, Spectrum Investment Corp.,  remained as owner. The seller “was interested in repositioning his portfolio and is using the sale proceeds to acquire a new income-producing property,” Schlaifer said.

2154 Torrance Blvd.

Partner Assessment Corp. an environmental, engineering and consulting services firm, bought a 19,309-square-foot office property at 2154 Torrance Blvd. in Torrance and an adjacent land parcel of 23,958 square feet from MHL Ventures LLC for $2.085 million. The seller was represented by SVP Geoff Ludwig, VP Doug Brawn and associate Thacher Goodwin of the Torrance office of Colliers International. The buyer was represented by Scott Sorensen of Wilshire Capital. Both are El Segundo-based companies. Partner Assessment plans to occupy the building after a full renovation.

B.L.K International Inc., an importer of fashion handbags, wallets, accessories, leather goods and garments, has subleased a 30,000-square-foot industrial building at 2552 E. Olympic Blvd. in Los Angeles for three years in an expansion. The move places the company close to the Downtown L.A. market where it wholesales products for retailers in the fashion district. B.L.K. was represented by principal Ash Joshi of Encino, CA-based Capital Realty Solutions, who has been named by B.L.K. to lease its present facility, a 24,000-square-foot building at 814 San Fernando Rd. in Los Angeles. The sub-landlord at 2552 E. Olympic was Respiratory and Home Medical Equipment Specialists Inc., which represented itself. Consideration for the lease was not disclosed.

11145 Sunshine Terrace

A San Diego-based private investment group has acquired eight residential townhome condominiums totaling 14,998 square feet at 11145 Sunshine Terrace in Studio City from East West Bank, which was represented by vice presidents Tony O’Neill and Kendrick Askew in the San Diego office of Voit Real Estate Services. The property was fully leased at closing, providing immediate cash flow for the buyer, which represented itself, O’Neill and Askew note. Purchase price was undisclosed.

National Ten Management LLC bought 12 townhomes at 9101 National Blvd. and 9115 National Blvd. from Equity Holdings LLC for $3.5 million in an all-cash transaction. Built in 2003, 9101 National Blvd. includes five two-bedroom, 2.5-bath multi-story units totaling 5,643 square feet. The 9115 National Blvd. units were built in 2004 and include units of two and three bedrooms with 2.5 baths totaling 8,675 square feet. The buyer was represented by associate VP Dana Brody-Thaw of Grubb & Ellis Co. The seller was represented by David Harrington of Hendricks & Partners.