LOS ANGELES – The 36-unit Burnside Lofts in Los Angeles has sold to Burnside Wilshire Apartments LLC for $8 million. The community is located at 649 South Burnside Ave. Darin Beebower of Madison Partners represented both the buyer and seller, Burnside Partners LP, in this transaction.
LOS ANGELES – The University of Southern California (USC) has signed a four-year lease for 19,653 square feet within the World Trade Center in Downtown Los Angeles. The 370,000-square-foot office building is located at 350 S. Figueroa Street. The new lease allows the school to nearly double its presence at the center. It has also brought the World Trade Center’s occupancy to 74 percent. USC was represented by Dennis Smith, Howard Feuerstein, and Cory Campbell of Travers Realty. The landlord, Jamison Properties, was represented by Chris Runyen of Charles Dunn Company.
SCOTTSDALE, ARIZ. – Hartford Place, a 66,800-square-foot flex office/warehouse in Scottsdale, has sold to Hartford Exchange LLC and Reems & Greenway LLC for $7 million. The property is located at 8388 E. Hartford Drive within the Perimeter Center Business Park. HomeSmart recently signed on to occupy half of the building. The seller, Buchanan Street Partners, was represented by Eric Wichterman, Mike Coover and Michael Kitlica of Cassidy Turley.
PHOENIX – Tierra Del Sol, a 42,994-square foot retail property in Phoenix, has sold to Pacific Property Group for $4.2 million. The center is located at 1606 East Bell Road. It is currently 75 percent leased. Ben Tashakorian and Stuart Fagan of Marcus & Millichap’s San Diego office represented both the buyer and seller, 5121 Glendale Associates, in this transaction.
LOS ANGELES – The 22,416-square-foot Diamond Indoor Swapmeet in Los Angeles has sold to an undisclosed non-profit organization for $3.6 million. It is located in an infill area of South Gate along Firestone Boulevard. The property contains a large building that serves as the Diamond Indoor Swapmeet, general store and banquet hall. The second building had been used for a small taco stand. The seller, Diamond 888 LLC, was represented by Steve Liu and Roger Niez of NAI Capital’s Orange County office.
CHICAGO — Envoy Net Lease Partners LLC has provided a first mortgage bridge loan for a single-tenant, net-leased Walgreens drug store property in Chicago. Envoy worked with its senior bank partner to provide the subordinated “B-Piece” financing, which gave the borrower the necessary loan proceeds to close on time to qualify for the tax-free exchange treatment. The bridge loan also allows the borrower to negotiate the lease extension after closing. The transaction was the first to be completed under Envoy’s new bridge loan program. The program allows investors to secure 85 percent loan-to-purchase price financing.
SOUTHGAE, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 4,450-square-foot retail building in Southgate. Girrbach-Krasun Funeral Home is located at 15748 Fort St. Fort Street Associates LLC purchased the property for an undisclosed sales price. Paul Feldman of Friedman represented the seller, Land Holding LLC, and the buyer in the transaction.
FRANKLIN PARK, ILL. — Entre Commercial Realty LLC has brokered the sale of a 47,500-square-foot industrial facility in Franklin Park. The property is situated on more than an acre located at 9201 King St. The facility features heavy, well-distributed power with 1,200 amps, 21-foot clear heights with exiting racking in the warehouse space, five loading docks and covered garage parking. Anilroshi LLC purchased the property for an undisclosed sales price. Anilroshi, a manufacturing and distribution company with a location in Maywood, is expanding to this Franklin Park facility. Entre’s Mark Deady and Tom Boucher represented the seller, a private investor, 9201 King LLC. Veronica Tapia of Chicago-based Tapia Real Estate represented the buyer.
NEW YORK CITY — Eastern Consolidated and Cresa New York have arranged the $52.9 million sale of a residential and retail property located at 110-112 Greenwich St. in Lower Manhattan. Built in 1929 and last altered in 1998, the 66,530-square-foot property features 60 free-market apartments, corner retail space and 30,000 square feet of additional development rights. Peter Hauspurg, David Schechtman, Lipa Lieberman, Abie Kassin of Eastern Consolidated, along with Mark Jaccom and Elyse Schindler-Candella of Cresa New York, represented the buyer, Hersel Torkian of the BHT Corp., and the seller, 110 Greenwich Street Associates, in the transaction.
MEDFORD, MASS. — Criterion Development Partners has selected WinnResidential, the property management arm of WinnCompanies, to manage its newest apartment community in Medford. Located on Mystic Valley Parkway, Lumiere consists of 164 residential units with a mix of studio, one- and two-bedroom units. Each apartment features hardwood floors, stone counter tops, expansive tall windows and private patios or balconies. On-site amenities include a swimming pool with sun deck, green deck with community garden, a game area, fitness center and a WiFi lounge with seating for private parties and individual use. The first phase, which is currently open for occupancy, features 48 apartments and the sun deck. The second phase will open in January and the final phase will open in February. WinnResidential manages nearly 500 communities across 23 states nationwide with more than 200 located in Massachusetts.
