LOS ANGELES – An eight-unit multifamily property in Los Angeles has sold to LA Glo, Inc. for $3.4 million. The community is located at 1451 Hi Point Street in the Faircrest Heights neighborhood near Fairfax and Pico Boulevards. LA Glo was represented by Coldwell Banker. The seller, a local private investor, was represented by Albert Shilton and Blake Rogers of Charles Dunn Company.
Western
MESA, ARIZ. — A 15-acre site within the Las Sendas master-planned community in Mesa has sold to Ryland Homes for $3.3 million. The company plans to use the land for Phase 1 of Desert Creek at Las Sendas. It will close on Phase II, a seven-acre site, in early 2014. The project will be located near the Loop 202 and McDowell Roads. The seller, Talon Properties (Chris Arnold), was represented by Brent Moser, Mike Sutton and Brooks Griffith of Cassidy Turley’s Land Group.
SCOTTSDALE, ARIZ. — Scottsdale Road Plaza, a 14,073-square-foot, mixed-use building in Scottsdale, has sold to RSFM 4253 LLC for an undisclosed sum. The net leasable building is located at 4253 N. Scottsdale Road in Old Town Scottsdale. Steve Julius, Jesse Goldsmith and Traci Russell of CBRE’s Phoenix office represented the seller, SCOTTSDALE 4253 LLC.
SALT LAKE CITY — A 49,928-square-foot charter school in Salt Lake City has received an $8.4-million refinance. The transaction allowed the school’s owner to increase his net cash flow by reducing the annual debt service on this asset. The five-year loan amortizes over 25 years at 4.1 percent. It features a 70 percent loan-to-value. The loan was arranged by Colton Smith of Marcus & Millichap Capital Corporation’s Salt Lake City office.
LOS ANGELES – A six-tenant retail property in Los Angeles has sold to Ness Holdings, Inc. for $6.2 million. The property is located at 7601-7615 Beverly Blvd. It is situated across from the Grove, Pan Pacific Park, and the Broadcast Center Apartments. Ness plans to reposition the month-to-month leases. It will also renovate the property.
LONG BEACH, CALIF. – A 24,278-square-foot office building in Long Beach has sold to 2H Construction for $3.3 million. The vacant, four-story building is located at 2165 E. Spring Street. The buyer plans to refurbish the property as a build-to-suit. 2H Construction was represented by Matt Stringfellow and Courtney Bell of The Klabin Company/CORFAC International. The sellers, the Lawrence Shields Trust, was also represented by Stringfellow and Bell, along with Kimball Wassick of Cushman & Wakefield.
SALT LAKE CITY — A 49,928-square-foot charter school in Salt Lake City has received an $8.4-million refinance. The transaction allowed the school’s owner to increase his net cash flow by reducing the annual debt service on this asset. The five-year loan amortizes over 25 years at 4.1 percent. It features a 70 percent loan-to-value. The loan was arranged by Colton Smith of Marcus & Millichap Capital Corporation’s Salt Lake City office.
LOS ANGELES – A six-tenant retail property in Los Angeles has sold to Ness Holdings, Inc. for $6.2 million. The property is located at 7601-7615 Beverly Blvd. It is situated across from the Grove, Pan Pacific Park, and the Broadcast Center Apartments. Ness plans to reposition the month-to-month leases. It will also renovate the property.
LONG BEACH, CALIF. – A 24,278-square-foot office building in Long Beach has sold to 2H Construction for $3.3 million. The vacant, four-story building is located at 2165 E. Spring Street. The buyer plans to refurbish the property as a build-to-suit. 2H Construction was represented by Matt Stringfellow and Courtney Bell of The Klabin Company/CORFAC International. The sellers, the Lawrence Shields Trust, was also represented by Stringfellow and Bell, along with Kimball Wassick of Cushman & Wakefield.
Each week seems to bring news of yet another record-selling price for a commercial property in Seattle, including assets ranging from office and retail to apartments and even development sites. Increasing occupancy rates for industrial and retail properties also suggest that property values are headed up. The King County assessor has undoubtedly tracked these price trends, too. In 2012, the assessor’s office reported overall increases in taxable values for major office buildings, major retail properties, hotels and apartments. As a result, many commercial property owners in the Puget Sound region saw increases on their 2012 assessed value notices. In March, King County’s chief economist projected that total assessed values in the county would reach nearly $327 billion in 2013 (for taxes payable in 2014), up nearly 4 percent from $315 billion in 2012. For many taxpayers, notices in 2013 will reflect assessment increases even greater than 4 percent. The general recovery in the Seattle market should not trigger increased assessments for all properties. For example, some suburban areas have missed out on the trend toward increasing property values. And there are always individual properties that do not experience the same increases as their neighbors. Accordingly, owners should be attentive to …