According to associate Han Widjaja in the Downtown Los Angelesoffice of Colliers International, the buyer gained title to theReseda apartment complex via a deed in lieu of foreclosure. "Thetricky part of this deal was the deed in lieu process, whichextended beyond the expected timeline," says Widjaja, whorepresented the buyer.

Negotiating key points of the deal between the previous ownerand buyer was vital to the successful transfer of ownership of theproperty, according to Widjaja, who notes that the discountedpurchase price was below replacement cost. The complex was built in2008 and occupies a 27,265-square-foot lot. Seller China Bank didnot have broker representation.

[IMGCAP(2)]In the San Pedro transaction, president Carlos Lopezof Irvine-based Hanley Investment Urban Retail Advisors reportsthat International Longshore & Warehouse Union Local 13acquired a 18,864-square-foot ground-floor retail component of a116-unit residential condominium building called the Centre StreetLofts at 285 W. Sixth St. for an undisclosed price. Lopez, whorepresented seller Centre Street Lofts LLC of Hollywood, reportsthat nearly all of the condominiums had been sold and that theretail portion was 18% occupied at the time of the sale. Thevacancy enabled the union to acquire the project to occupy as itscorporate headquarters, Lopez points out.