LOS ANGELES – The 88-unit Azusa Apartments in Los Angeles has received $30.1 million in financing. The affordable housing community is located in the San Gabriel Valley. The debt financing included an FHA Section 221(d)(4) mortgage of $16.5 million provided by RED Mortgage Capital; $12.1 million of 9 percent Low Income Housing Tax Credit (LIHTC) equity; and $1.5 million invested by sponsor Community HousingWorks, utilizing resources from NeighborWorks America.
LOS ANGELES – A 39-unit apartment complex in Studio City has sold to Raintree Partners for $9.5 million. The community is located at 4250 Coldwater Canyon Ave. It was fully occupied at the time of sale. Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and unnamed seller.
CULVER CITY, CALIF. – A 28-unit apartment complex in Culver City has sold to Trion Properties for $6.8 million. The community is located at 4620 South Slauson Ave. Robert Narchi of Marcus & Millichap represented both the buyer and unnamed seller in this transaction.
TEMPE, ARIZ. – Regional Acceptance Corp. has leased 40,000 square feet of space at Papago Technology Center in Tempe. The space is located at 1700 N. Desert Drive. Regional Acceptance is a division of BB&T Bank. It is a national auto finance company. Regional Acceptance was represented by JLL’s Jason Moore and Keith Lammersen. The landlord, WDP Partners, was represented by CBRE’s Bryan Taute.
LOS ANGELES – NAC|Architecture and Osborn Architects have leased 13,000 square feet in the Chinatown district of Los Angeles. The space is located at 837 North Spring Street. The lease is valued at $3.3 million. The space will serve as the new Los Angeles office for the two companies, which recently merged. The firms were represented by Armen Kazaryan of Lee and Associates. The landlord, Redcar Properties, was represented by Jim Jacobsen of Industry Partners.
MONROVIA, CALIF. — Huntington Oaks Center, a 328,711-square-foot community shopping center in the Los Angeles submarket of Monrovia, has received a $71 million loan. The center is located at the southeast corner of Interstate 210 and Huntington Drive. Huntington Oaks is currently 98 percent leased to tenants such as Kohl’s, Trader Joe’s, Toys ‘R’ Us, Marshalls, Bed Bath & Beyond, Petco, Party City, Black Angus, LensCrafters, Mimi’s Café, Chili’s, Kirklands, Chase Bank and Applebees. The financing package includes a $60.5 million senior mortgage loan and a $10.5 million mezzanine loan. Those funds replaced a $51 million mortgage provided by Wachovia Bank. The borrower, Huntington Oaks Delaware Partners LLC, was represented by Lucescu Realty, which also procured the lender, Bank of America N.A.
FULLERTON, CHINO AND SANTA ANA, CALIF. — Yokohama Tire Corp. has sold its 439,567-square-foot warehouse facility in Fullerton for $42.7 million. The facility, located at 601 South Acacia Ave., served as the company’s U.S. headquarters. KTR DC III LLC acquired Yokohama’s former facility. CBRE’s Michael Kendall, Darla Longo, Barbara Emmons, Ben Seybold and Andrew Morrow represented Yokohama in the transaction. The tire company has signed a new 15-year lease for a 658,756-square-foot distribution center in Chino. That space is located at 16388 Fern Ave. The landlord is Invesco. Morrow and Seybold once again represented Yokohama, along with David Consani and Joey Sugar of CBRE. Yokohama has also signed a 10-year lease for 57,624 square feet in Santa Ana that will serve as the company’s U.S. headquarters. That space is located at 1 MacArthur Blvd. in Santa Ana. CBRE’s Dean Chandler and John Weiner represented the landlord, Equity Office. Morrow and Seybold, along with Scott Kenny and Garrett Ellis of CBRE, represented Yokohama.
PHOENIX — Avenue 25 Apartments has received a $24.8 million bridge loan from Capital One Multifamily Finance (formerly Beech Street Capital). The 254-unit community is located at 18250 North 25th Ave. in Phoenix. Drew Anderman and Alan Blank of Meridian Capital Group negotiated the three-year balance sheet bridge loan on behalf of the borrower, TruAmerica Multifamily. The loan features a fixed, LIBOR-based interest rate, two one-year extensions and one year of interest-only payments.
CAMARILLO, CALIF. — Marcus Adams Properties has acquired an eight-property industrial portfolio in Camarillo for $23.4 million. The portfolio contains a total of 205,669 square feet within the Flynn Road Industrial Park. The transaction includes six multi-tenant and two single-tenant industrial buildings. The portfolio is 96 percent leased to 28 tenants. The properties were all built between 1986 and 1999 by a local developer. The same family had owned and managed the properties since completion. Sam Wagner of Told Partners represented the family, and Mitch Conlee of Daum Commercial represented Marcus Adams Properties.
LA MIRADA, CALIF. — All-Ways Pacific LLC has leased a Class A, 254,718-square-foot industrial building located at 15300 Desman Road in the Los Angeles submarket of La Mirada. The warehouse and distribution building has direct access to Interstate 5 and the 91 Freeway. It is 30 minutes from the ports of Los Angeles and Long Beach. Daum Commercial represented the third-party logistics firm in the lease transaction. JLL’s Luke McDaniel and Cameron Driscoll represented the landlord, TA Associates Realty.