BEVERLY HILLS, CALIF. — NorthMarq Capital has arranged $12 million in first-mortgage financing for the 53,058-square-foot Wilshire Medical Office Building in Beverly Hills. The loan includes a 10-year term and a 25-year amortization schedule. It was arranged for the borrower through NorthMarq’s correspondent relationship Principal Real Estate Investors. NorthMarq’s team was led by Robert Hervey, executive vice president and senior managing director of the firm’s Los Angeles office.
SAN DIEGO – The Mira Sorrento Business Park, a three-building, 97,472-square-foot industrial/flex property in the San Diego submarket of Sorrento Mesa, has sold to Mira Sorrento Venture LLC for $10,465,200. The complex was fully leased at the time of sale. CBRE’s Paul Lafrenz, Paul Komadina and Nick Psyllos represented the seller, Mirso Properties, L.P., along with Brian Crepeau and Ken Robak of Pacific Coast Commercial.
ESCONDIDO, CALIF. — Cypress Office Properties, LLC has purchased a 78,367-square-foot, Class A office building in Escondido for an undisclosed sum. The three-story property was built in 2008 and is 38 percent leased. This is the third office building that Cypress has purchased in the past 12 months. The transaction is part of the company’s overall investment strategy, which is to acquire quality, value-add assets in San Diego, Orange County, Calif., and Phoenix. CBRE’s Gary Stache, Louay Alsadek, Pat Scruggs, Evan August and Anthony Delorenzo represented both the buyer and the seller in this transaction. Cypress also retained Larry Cambra and Dan Yielding from CBRE to handle the property’s leasing. CBRE’s Property Management group will manage the property.
MONROVIA, CALIF. – The 36-unit Wellesley Court apartment community has sold to 208-210 W Lemon Ave, LLC, for $4,550,000. The complex was built in 1963 and will undergo renovations initiated by the buyer over the next 18 months. The buyer also assumed a five-year, fixed-rate loan with a 6.28 percent interest rate. Peter M. Hauser and Steven C. Brombal of Hendricks & Partners’ Newport Beach, Calif., office represented the seller, Wagon Wheel Village.
LA PUENTE, CALIF. — Rexford Industrial has purchased a two-building, 58,084-square-foot industrial complex in La Puente for $3.6 million. The off-market transaction, which was completed on an all-cash basis for the firm’s Rexford Industrial Fund V REIT, enabled the seller to avoid foreclosure. The complex is currently 70 percent leased. Stephen Shatafian of Lee & Associates represented Rexford in this transaction.
ATLANTA AND LAWRENCEVILLE, GA. — Atlanta-based Pollack Shores Real Estate Group has purchased the 268-unit Oxford Springs in Atlanta and the 288-unit Oxford Oak in Lawrenceville from Oxford Properties for $49.1 million. Oxford Springs is located at 100 Ridgebrook Way NE in Atlanta and Oxford Oak is located at 405 Philip Blvd. in Lawrenceville. ARA represented the seller in the transaction.
CORDOVA, TENN. — Westmount, Quebec-based Dalfen America Corp. has purchased the 234,000-square-foot Trinity Ridge Business Center, an eight-building REO industrial property located at 7730-7760 Trinity Rd. in Cordova, from the loan servicer, LNR Partners, for $7.2 million. DBSI Inc. acquired Trinity Ridge Business Center in 2007 for $22.9 million. The property was foreclosed on last year. Johnny Lamberson of CBRE represented the buyer in the transaction and Andrew Phillips of Colliers International's Memphis, Tenn., office represented the seller .
ROSWELL, GA. — The 102,888-square-foot Holcomb Woods Village, a shopping center located at 1570 Holcomb Bridge Rd., has sold for $3.42 million. Whitney Knoll, Mark Hillis and Fred Victor of Newmark Knight Frank's Atlanta office represented the Bank of New York Mellon Trust Co. through special servicer GE Capital Realty Group, the seller, in the transaction. The buyer was Charlotte, N.C.-based Hawthorne Retail Partners.
PORT RICHEY, FLA. — Colliers International has brokered the $1 million sale of a 6,750-square-foot retail property, located at 9644 Scenic Dr. in Port Richey. Cynthia Shelton of Colliers International's Orlando, Fla., office and Mike Milano of the firm's Tampa Bay, Fla., office represented the seller, 6341 Tacoma Dr. Holdings, in the transaction. Barry Goldstein with Goldstein Commercial represented the buyer, a private individual.
ORLANDO, FLA. — Beech Street Capital has provided an $11.2 million Freddie Mac CME loan to refinance the 318-unit Woodhollow Apartments, located at 5739 Kingsgate Dr. in Orlando. Jacob Katz of Meridian Capital Group's Bethesda, Md., office originated the transaction. The loan has a 10-year term.