[IMGCAP(1)]

COSTA MESA, CA-James Collins, Lorie Collins and Russell Fluter have sold a 62,000-square-foot industrial building at 265 Briggs here to Hirt Properties LLC for $7,440,000. Jim Snyder and Kevin Thomas of Lee & Associates—Newport Beach Inc. represented the sellers in the transaction while the buyer was represented by Wade Tift of Newmark Grubb Knight Frank.

HAWTHORNE, CA-Dunbar Real Estate Investment Management has sold an 83,154-square-foot industrial building at 4880 West Rosecrans Ave. here to a user for $10.9 million or approximately $131 per square foot. The building is located within two blocks of the I-405 freeway and has excellent access to LAX and the ports of Los Angeles and Long Beach. The building features six dock-high doors, 22-ft. clear height, a 150-ft. truck court and corporate offices. Dunbar had improved the building with interior and exterior upgrades to help reposition the asset. The firm's investment partner is Penwood Real Estate Investment Management, and Brad Levin of DAUM Commercial represented Dunbar in the sale.

WILMINGTON, CA-Tim Steuernol with the West L.A. office of NAI Capital represented buyers Preservation Partners and Clifford Beers Housing in the purchase of a 90-unit affordable-housing complex for seniors located at 1100 N. Banning Blvd. here. VPP Banning Villas Apartments VP, represented by Kanna and Ramu Sunkara of Sunkara Investments Inc., sold the property for $10.5 million.

PACIFIC HEIGHTS, CA-ATC Family Partnership has sold two apartment buildings here. The asset at 3201 Washington St., a 17-unit apartment building near the Presidio, sold for $7 million, and 2015 Sacramento St., an 11-unit apartment building across from Lafayette Park, sold for $3,130,000. Dan McGue of Paragon Commercial Real Estate represented the seller in the transactions. Both properties were purchased by local real estate investors.

[IMGCAP(2)]

SERVICES

LOS ANGELES-Bridge lender Lone Oak Fund has retained accounting, tax and business-advisory firm CohnReznick as its audit-services provider going forward. The hiring of CohnReznick signals Lone Oak's ongoing expansion of its investor base and regional operations, along with its requirement for a CPA firm with a national platform. Jerry Ducot, Lone Oak's Founder and CEO, says now is “an opportune time for us to take advantage of CohnReznick's larger national presence and specialization in commercial real estate.” James Rothstein, Lone Oak's co-founder and president, added that Scott Farb, west regional director of CohnReznick's commercial real estate industry practice, and his audit team “were able to transition our audit needs seamlessly and effectively address our firm's regulatory requirements. We are confident that their unique skill sets will create the potential for further expanding our Fund's operations throughout the region and beyond.”

DEVELOPMENT

TEMECULA, CA-AMCAL Multi-Housing Inc. has completed Portola Terrace, an affordable-housing complex here. The development, as of March 13, had already achieved 100% occupancy. Portola Terrace is a LEED-Gold- certified, multifamily apartment complex that provides 45 affordable family units. The 30 two-bedroom, two-bath, 860-square-foot residences and 15 three-bedroom, two-bath, 1,100-square-foot residences are available to households earning between 50% and 60% of area median income.

LEASES

NEWPORT BEACH, CA-The Saywitz Co. has closed two Southern California leases on behalf of PCA Aerospace with a total value of more than $5.6 million and 170,049 square feet. Barry Saywitz, company president, has negotiated a long-term lease extension for the tenant's facility located at 7100 Belgrave in Garden Grove. The eight-year, 40,550-square-foot lease is valued at more than $2 million. Sean Ahern of Lee & Associates represented building owner J-Q Enterprises in the transaction. In addition, Saywitz represented PCA Aerospace in a lease transaction for 129,499 square feet of manufacturing space at 18620 South Broadway in Carson. Rob Antrobius of ProLogis, the ownership entity of the property, negotiated directly on behalf of the owner. The five-year lease is valued at $3.6 million.

SANTA ROSA, CA-Basin Street Properties has signed four new leases at Waterfall Towers, a 95,056-square-foot, three-building office complex acquired from Equity Office Properties last year. Barry Palma of Cornish & Carey represented the owner in the transactions. New tenants include Wedbush Securities, Salmon-Felte Insurance and Financial Services, TeamLogic IT and Pinnacle Abrasives.

FINANCING

ALISO VIEJO, CA-Mark One Capital, a subsidiary of Marcus & Millichap Capital Corp., has arranged $7.4 million in new debt for a drug store here on behalf of an undisclosed borrower. Farhan Kabani, a director in MMCC's Dallas office, arranged the loan. The borrower was interested in utilizing existing equity for additional acquisitions, and Kabani was able to find a lender willing to provide a cash-out refinance on a highly leveraged asset with five years interest only. The 10-year loan amortizes over 30 years at 4.3% with five years of interest only.

EL CAJON, CA-Beech Street Capital LLC has closed a $9.6-million Fannie Mae MAH loan for the acquisition of Bella Vista Apartments, a 150-unit affordable multifamily property here. Kristen Croxton and Greg Reed, EVPs in Beech Street's Newport Beach office, originated the transaction. This is Beech Street's third transaction with the borrower and the fourth with the broker, Chris Hutchison of Alcole Capital Group. The fixed-rate loan has a 10-year term, with 9.5 years yield maintenance, one year of interest-only, and a 30-year amortizing schedule.

EXECUTIVE MOVES

ONTARIO, CA-Marcus & Millichap Real Estate Investment Services has promoted James E. Kordell to AVP investments. Most recently a senior associate, Kordell joined the firm in October 2006, was promoted to associate in January 2008 and advanced to senior associate in October 2009.

IRVINE, CA-Builder Snyder Langston has named Jingxi Li senior estimator. In this role, she will participate in key aspects of bidding on new construction opportunities and maintain subcontractor relationships, along with other critical functions. Li comes to the firm from Suffolk-Roel here, where she served for approximately six years as a senior estimator. There, she participated in projects valued at nearly $500 million and took the lead on hard-bid construction estimations.

SAN DIEGO-Simon Terry-Lloyd has joined Cresa San Diego as VP. Terry-Lloyd was previously VP of the Irving Group and brings a background of tenant representation, capital markets, strategic planning, government representation and construction management to his new role.