GARDEN GROVE, CALIF. – An affiliate of CT Realty Investorshas acquired a 210,000-square-foot industrial building in Garden Grove for $26 million. The facility is located at 12131 Western Ave. within the master-planned Garden Grove Business Center. It is fully leased to direct marketing company Money Mailer LLC. This is CT’s ninth industrial acquisition this year. The company represented itself in this transaction, while the unnamed seller was represented by Michael Hartel and Mike Bouma of Voit’s Irvine office.
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LOS ANGELES – A 32-unit apartment building in Venice has sold to Mastraili, LLC for $3.5 million. The community is located at 1210 Venice Blvd. in the Los Angeles submarket. It was built in 1988. Michel Hibbert and Dan Johnson of Charles Dunn Company represented both the buyer and the seller, Coastal Property, in this transaction.
LOS ANGELES – Grandbridge has provided $26.5 million in first-mortgage financing to a pair of Los Angeles area apartment buildings. They include a 205-unit community in Canoga Park and a 128-unit complex in Simi Valley. The former property received $14.2 million, while the latter received $12.2 million. Both non-recourse loans were provided by Lincoln National Life Insurance Company. They contain 15-year terms and 30-year amortization schedules with interest-only features. Financing was originated by Shelley Magoffin and Perry Colligan of Grandbridge. They worked on behalf of a West Los Angeles investor.
GARDEN GROVE, CALIF. – An affiliate of CT Realty Investorshas acquired a 210,000-square-foot industrial building in Garden Grove for $26 million. The facility is located at 12131 Western Ave. within the master-planned Garden Grove Business Center. It is fully leased to direct marketing company Money Mailer LLC. This is CT’s ninth industrial acquisition this year. The company represented itself in this transaction, while the unnamed seller was represented by Michael Hartel and Mike Bouma of Voit’s Irvine office.
LOS ANGELES – A 32-unit apartment building in Venice has sold to Mastraili, LLC for $3.5 million. The community is located at 1210 Venice Blvd. in the Los Angeles submarket. It was built in 1988. Michel Hibbert and Dan Johnson of Charles Dunn Company represented both the buyer and the seller, Coastal Property, in this transaction.
The Las Vegas market, one of the hardest hit by the recession in the nation, is showing continued signs of economic recovery. Visitor volume is exceeding peak levels, hotel occupancy rates are averaging ±90 percent, unemployment levels continue their decline (9.5 percent in June 2013) and numerous renovations and new resort development projects continue to be announced. As recently as a year ago, experts were predicting that there would not be another major resort project in Las Vegas for at least 10 years. Then came the announcement by Malaysia-based Genting Group of its plans to construct a $7-billion, 3,500-room, Chinese-themed resort project on the Strip, and suddenly that prediction was put to rest. In similar fashion, the industrial market, which currently contains 103 million square feet, continues to show consistent signs of recovery. More than 1.6 million square feet of positive net absorption was reported as of the second quarter of 2013. This is more than we’ve seen in the past five years combined. Vacancy rates stand at 14 percent, a 1 percent decrease from the second quarter of 2012. Average asking rates for warehouse distribution product across the MSA are $4.68 per square foot, down about 50 percent from …
LOS ANGELES — Wood Partners has introduced its new 298-unit Warner Park luxury apartment community in the Los Angeles submarket of Canoga Park. The $75-million community is located at 6701 and 6703 Eton Ave. Construction began on Warner Park in August 2011. The new community is in close proximity to the Westfield Promenade and Westfield Topanga. The Westfield Group is also planning to build an additional 1-million-square-foot commercial development in the area. The first phase, which will include a Costco, is scheduled to be delivered by the end of 2013.
FULLERTON, CALIF., LACEY, WASH. — The Hudson Team of George Elkins Mortgage Banking Company has arranged $71 million in refinancing for the Orangefair Marketplace in Fullerton and The Landing at Hawks Prairie in Lacey. The 324,806-square-foot California retail center is located at East Orangethorpe and South Harbor Boulevard in the Orange County submarket. It is currently 98 percent occupied. Notable tenants include Marshalls, Best Buy, Michaels, Skechers and Burlington Coat Factory. Orangefair was acquired by Orangefair, LLC in 2002. The company then executed a multi-million renovation that was completed in 2004. The $44.8-million, permanent, fixed-rate loan will allow the borrower to refinance. The 117,000-square-foot Washington retail center is located near the corporate headquarters of Intel and State Farm Corporation in the Olympia suburb. It is 93 percent leased. Notable tenants include LA Fitness, Red Robin, Navy Credit Union, Mattress Depot, Popeyes, Hand & Stone and Kiddie Academy. The center is shadow anchored by Costco, Home Depot and Wal-Mart Super Center.The $26.9-million loan will allow the borrower, a limited liability company operating as The Landing at Hawks Prairie, LLC, to refinance as well.
IRVINE, CALIF. – Griffin Capital has purchased the Fox global headquarters, an 82,645-square-foot, creative office building in Irvine, for $27.2 million. The building is located at 16752 Armstrong Ave. inside the Irvine Business Complex. Fox Headhas leased the building through December 2027. The motocross apparelcompany has occupied the property since last year when Shubin Nadal Associatesrepositioned it from an industrial building to a creative office space. It is one of only a few stand-alone creative office buildings in Orange County. The facility features an open floor plan andglass conference rooms, as well as a BMX track and fire pit. Fox Head also plans to add a skate park. Griffin Capital represented itself in this transaction, while the sellers, Shubin Nadal Associates and Penwood Real Estate Investment Management, were represented by CBRE’s Kevin Shannon, Bob Smith, Paul Jone and Ken White.
LOS ANGELES — Wood Partners has introduced its new 298-unit Warner Park luxury apartment community in the Los Angeles submarket of Canoga Park. The $75-million community is located at 6701 and 6703 Eton Ave. Construction began on Warner Park in August 2011. The new community is in close proximity to the Westfield Promenade and Westfield Topanga. The Westfield Group is also planning to build an additional 1-million-square-foot commercial development in the area. The first phase, which will include a Costco, is scheduled to be delivered by the end of 2013.