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.
INGLEWOOD, CALIF. — Inglewood Plaza, a 101,329-square-foot community shopping center in the Los Angeles submarket of Inglewood, has sold to two buyers for a total of $27.4 million. The four-building center is located at 3100 – 3180 W. Imperial Highway. Three of the plaza’s four buildings sold to CCPT IV for $25.1 million. These buildings contain a total of 96,874 square feet. The remaining 4,455-square-foot building sold to G3H Investments LLC for $2.3 million. The seller, Howard Building LLC, was represented by Darrell Levonian, Justin D. Mendelson and Fred A. Sheriff of Charles Dunn Company. The team also worked directly with the two buyers. The center was built in 2008. It is situated near the Hollywood Park redevelopment project. That site will eventually include a hotel, renovated casino, offices, residences and two lakes.
SAN DIEGO – A 12-unit apartment building in the San Diego submarket of La Mesa has sold to Ginsburg Family Trust for $1.9 million. The community is located at 4345 Lowell Street. The trust was represented by Aaron Bove of Marcus & Millichap’s San Diego office. The seller was Wahl Property Group LLC & Wahl Parker LLC.
PHOENIX — Elontec has leased 28,231 square feet of space at Freeport Industrial Center in Phoenix. The center is located at 5502 W. Buckeye Ave. The female-owned office furniture, relocation and cabling company will be consolidating and relocating from nearby 5402 W. Roosevelt Street. The new lease brings the 103,400-square-foot center to full occupancy. Elontec was represented by Ted Liles of Cresa. The landlord, Environmental Development, was represented by Justin LeMaster, Mike Gilbert and Paul Sweetland of Cushman & Wakefield’s industrial division.
TEMPE, ARIZ. — Popeyes Louisiana Kitchen will open a new 23,000-square-foot location at Elliot Plaza in Tempe. The new space will be located at the southwest corner of Elliot Road and Priest Drive. Popeyes’ second Tempe location is scheduled to open by the end of this year. The chain was represented by Velocity Retail Group. The landlord, TPP JV Maricopa LLC, was represented by Cliff Johnston, John Appelbe, Brad Douglass and Chris Hollenbeck of Cassidy Turley. Popeyes was founded in New Orleans in 1972. It is the world’s second largest quick-service chicken concept.
ONTARIO, CALIF. — A new retail duo has joined CBRE’s Ontario office. Ryan Gast and Dan Samulski will focus on projects of more than 100,000 square feet throughout the Inland Empire. The team has represented a variety of landlords in shopping centers throughout Southern California.
SAN JOSE, CALIF. — Lowe Enterprises Investors (LEI) has acquired the 100-room Hotel De Anza in San Jose for an undisclosed sum. The hotel is located at 233 W. Santa Clara Street in the city’s downtown area. The hotel originally opened in 1931. It is listed on the National Register of Historic Places. Hotel De Anza was designed by famed architect H.H. Weeks. Notable guests have included Eleanor Roosevelt, The DuPonts, Henry Kaiser, Jack Dempsey, Susan Hayward, Paulette Goddard and Fred MacMurray. The AAA-Four Diamond hotel was last renovated in 1990. LEI plans to further renovate the property next year. De Anza LLC has owned and operated the property for the past 24 years. The current iteration features La Pastaia Italian restaurant, Caffe La Pastaia grab-and-go concept, and the Hedley Club, which offers live jazz music and 5,800 square feet of meeting/function space. LEI acquired the hotel on behalf of an investment client. Destination Hotels, an LEI affiliate, will continue to operate the property as an independent, boutique hotel. De Anza LLC was represented by CBRE Hotels.
KAPOLEI, HAWAII – A partnership between Angelo Gordon & Co. and Metric Holdings has acquired Kapolei Trade Center, a 221,000-square-foot industrial center, for $35 million. The property is located at 2045 Lauwiliwili Street inside the Kapolei Business Park in Kapolei. The center includes 17 detached industrial buildings on 11.8 acres. It was built in 2008. Kapolei’s seller, iStar Financial, initially acted as the project’s lender, taking control of the center in 2010. It was stabilized before iStar’s decision to sell the asset. The center’s listing agents are Guy Kidder and Scott Mitchell of Colliers International. The partnership, called AG-Metric KTC Holdings, has previously acquired the former Hawaii Raceway, now known as Malakole Industrial Park.
