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.
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.
SAUSALITO, CALIF. – Greystone’s recently expanded West Coast operations team has funded three Western-based multifamily loans totaling $46.5 million. The loans include a $23.4-million refinance for a 90-unit community in Sausalito, Calif.; a $10.4-million refinance for a Class A multifamily project in Mountain View, Calif.; and a $12.7-million acquisition loan for a Class A multifamily property in Goodyear, Ariz. The Sausalito loan features a 12-year term with five years of interest-only. The other two loans feature 10-year terms. Financing was originated by Tim Thompson of Greystone’s San Francisco office under the Fannie Mae Delegated Underwriting and Servicing (DUS) program include.
PALMDALE, CALIF. — An investment group led by Progression Real Estate Investments has acquired the leasehold-interest in Sierra Commons, a shopping center in Palmdale, for $18.3 million. The center is located at 39626 10th Street. The property is 90 percent occupied. Notable tenants at Sierra Commons include Ashley Furniture, Michaels, BevMo!, the Coffee Bean & Tea Leaf and Pacific Dental. The center was built in 1994 and renovated in 2005. The seller, Grae Palmdale Landlord LLC, was represented by Patrick G. Kent and William B. Asher of Hanley Investment Group.
CAMARILLO, CALIF. – Santa Rosa Plaza, a 58,940-square-foot retail property in Camarillo, has received a $5.5-million refinance. The plaza is located at 5800 Santa Rosa Road. Notable tenants include CVS and Bank of America. The center was originally developed in 1980. The new permanent, non-recourse loan features a 15-year fixed-rate term with a 30-year amortization schedule. It was arranged by Ted Willis of Pacific Southwest Realty Services through a life insurance company. The funds were used to pay off a maturing CMBS loan with a higher interest rate.
TORRANCE, CALIF. – Pacific Plaza, a 23,438-square-foot retail property in Torrance, has sold to Metro Properties for $10.6 million. The space is located at 2382, 2390 & 2396 Crenshaw Blvd. It was built in 1992. The space is fully occupied by tenants like Subway, H&R Block, The UPS Store and BB’s Beauty Nail & Spa. Metro Properties was represented by Jeremy S. McChesney of Hanley Investment Group. The seller, Holt Group, was represented by Patrick G. Kent and Kevin T. Fryman of the same firm.
SAN PEDRO, CALIF. – Regus has leased more than 15,000 square feet at Topaz in Downtown San Pedro. The Class A office tower is located at 222 West Sixth Street. The flexible workplaces provider will use this space as an expansion of its South Bay operations, which serve Long Beach, Palos Verdes and the 190th Street Corridor. Regus represented itself in this transaction, while the landlord, Jupiter Holdings, was represented by CBRE’s Tim Vaughan, Dave Smith and Mike Harry.
IRVINE, CALIF. – Citadel Servicing Corporation has leased 14,588 square feet at the Irvine Spectrum Office Plaza. The plaza is located at 15707 Rockfield in Irvine. It is currently 58 percent leased. This renewal and expansion nearly tripled Citadel’s original space at this location. The new lease runs through 2018. The non-qualified mortgage products provider was represented by Oliver Fleener of PM Realty Group. The landlord, PRES Companies, was represented by its own Adam Espinoza.
EL SEGUNDO, CALIF. – Radiology Partners has leased 12,443 square feet of office space in El Segundo. The space is located at 2101 El Segundo Blvd. It was previously occupied by Raytheon Space and Airborne Systems. The integrated radiology practice management company plans to occupy the space next month. It is expanding from its 5,000-square-foot space, which is also in El Segundo. Radiology Partners was represented by Jacob Bobek of Avison Young’s Downtown Los Angeles office. The landlord, Bixby Land Company, was represented by CBRE.
