NORTH HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the sale of Andrew’s Plaza, a mixed-use building located at 11305 Magnolia Blvd. in North Hollywood. Yasam Legacy LLC acquired the property from a limited liability company for $9.8 million. At the time of sale, the 21,973-square-foot property was 96.9 percent occupied by a mix of retail and office tenants. Martin Agnew and Ryan Rothstein-Serling of Marcus & Millichap represented the seller and buyer in the deal.
SACRAMENTO, CALIF. — Texla Housing Partners has sold the Element Sacramento, which is situated near the campus of California State University, Sacramento. Texla purchased the asset in December 2015 through its VerTex Student Housing Partners JV with Harrison Street Real Estate Capital. Built in 2004, Element Sacramento contains 288 units and 792 beds. It features a mix of one- to four-bedroom units. Over the hold period, Texla’s management arm, VerTex Student Housing Management, executed interior capital improvements that ultimately produced returns of about 57 percent and an equity multiple greater than 2x.
LOS ANGELES — G.H. Palmer has obtained a $266.7 million refinancing for a four-property multifamily portfolio in Los Angeles. The portfolio contains a total of 1,359 units. Properties featured in the portfolio include Skyline Terrace Apartments at 930 Figueroa Terrace and Pasadena Park Place at 101 Bridewell St., along with River Ranch Townhomes and Apartments at 18005 Anne’s Circle and The Terrace at 21311 Alder Drive in Santa Clarita. The refinancing was completed as seven-year, fixed-rate, interest-only, non-recourse loans at 3.54 percent interest with a 65 percent loan-to-value ratio. Gary M. Tenzer of George Smith Partners arranged the financing.
PLACENTIA, CALIF. — NewMark Merrill Cos. LLC has acquired Placentia Town Center, a 116,832-square-foot shopping center in Placentia, a city in Southern California. The sales price was not disclosed. Marshall’s, Ross Dress for Less and CVS/pharmacy anchor Placentia Town Center, which was 96 percent leased at the time of sale to tenants including Bank of America, Massage Envy, Baskin Robbins, The Whole Enchilada, Avalon Bagels & Burgers, Philly’s Best and Craftsman Pizza. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison of NewMark Merrill represented the company internally in the transaction, with support from Alex Kozakov of CBRE. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller, Retail Properties of America Inc.
PALMDALE, CALIF. — Hanley Investment Group has arranged the $2.7 million sale of a 24,695-square-foot retail property net-leased to Harbor Freight Tools in Palmdale, 70 miles north of Los Angeles. Mehran Foroughi of Colliers International represented the buyer, a private investor from Newport Beach, in the transaction. Jeremy McChesney represented the seller, Sage Investco. The property was constructed in 1957 and recently renovated. Harbor Freight Tools has more than 11 years remaining on the primary lease term with 10 percent rental increases and multiple five-year options.
OAKLAND, CALIF. — Pinnacle RED Group has announced plans to build a mixed-use, two-tower high rise in Oakland. The 36-story property would be built at 1261 Harrison and, if completed, will be the tallest building in Oakland, according to the developers. The project will feature 185 units of market-rate and affordable housing, 120,000 square feet of Class A office space and 12,000 square feet of commercial/retail space. Lowney Architecture will design the project.
LOS ANGELES — PDX Industrial Investments has purchased a 141,951-square-foot industrial building in the Los Angeles submarket of Chatsworth for $23 million. The building is situated on 6.8 acres at 9401 De Soto Ave. The buyer plans to lease the building. Mark Esses of California Realty Group represented PDX. Patrick DuRoss, Jeff Abraham and John DeGrinis of Colliers International represented the seller, Rexford Industrial Realty, in this transaction.
IRVINE, CALIF. — Incipio Group has leased 70,000 square feet of office space at the Park Place mixed-use property in Irvine. The 105-acre campus is located at 3347 Michelson Drive. The mobile device accessories designer and manufacturer will utilize the space for its global corporate headquarters. JLL’s Byron Foss, Wade Tift and Nick Carey represented Incipio Group in the lease, while Bob Thagard of Cushman & Wakefield represented the landlord, LBA Realty, in this transaction.
SAN DIEGO — City Office REIT has received a $47 million loan to acquire Mission City Corporate Center, a 290,000-square-foot office portfolio in the San Diego submarket of Mission Valley. The four-building portfolio is located at 2355, 2365, 2375 and 2385 Northside Drive. The portfolio is 87 percent leased to tenants like Eplica Corporate Solutions, Mission Home Health, Midland Credit Management, State of California Water Resources and Innova Systems International. HFF’s Zack Holderman and Tim Wright arranged the 10-year, fixed-rate acquisition loan through one of the firm’s life insurance company lenders.
SIMI VALLEY, CALIF. — Davlyn Investments has purchased the 88-unit Colony apartments in the San Fernando Valley market of Simi Valley for $24.2 million. The Class A community is located at 1750 First St. Davlyn plans to rebrand the project as 1750 on First. The 31-year old, value-add property’s interior, exterior and grounds have been maintained, though the asset has never been renovated. The company plans to upgrade the interiors and enhance staffing and marketing. The seller was not disclosed. Vince Norris of Berkadia facilitated the purchase. Ryan Blair of City National Bank spearheaded the lending.
