OCEANSIDE, CALIF. – A 40-unit apartment complex in Oceanside has sold to DJ&E Investments, LLC for $4.1 million. The five-building community is located at 1202 Missouri Ave. DJ&E was represented by Avezta Equity. The seller, Lucy Nannizzi, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego.
Western
TORRANCE, CALIF. – A 28,500-square-foot land parcel in Torrance has sold to Beverly Hills Ferrari Maserati for $2.3 million. The parcel is located at 23305 Hawthorne Blvd. It is slated for a 20,000-square-foot Ferrari Maserati dealership. Beverly Hills Ferrari Maserati was represented by Sheri Messerlianof NAI Capital’s South Bay office. The seller was Vivial Markham Trust.
VISALIA, CALIF. – Trion Properties, a Los Angeles-based real estate investment company, has sold a 57,254-square-foot shopping center located at 3230-3298 S. Mooney Blvd. in Visalia to a family trust for $4 million, or roughly $70 per square foot. Trion Properties acquired a nonperforming note on the asset in 2012 in an all-cash transaction from a regional bank, which had to remove it from their books by year-end. Nick Whitstone at CBRE handled the note transaction. The property reverted to Trion in a foreclosure sale on February 4, and Trion immediately listed the property for sale with Mark Denholm from CORE Commercial, who represented Trion in the disposition. The property, which was built in 1977, was approximately 60 percent leased at the time of the sale with a tenant roster that includes King Buffet and Tuesday Morning.
OCEANSIDE, CALIF. – A 40-unit apartment complex in Oceanside has sold to DJ&E Investments, LLC for $4.1 million. The five-building community is located at 1202 Missouri Ave. DJ&E was represented by Avezta Equity. The seller, Lucy Nannizzi, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego.
TORRANCE, CALIF. – A 28,500-square-foot land parcel in Torrance has sold to Beverly Hills Ferrari Maserati for $2.3 million. The parcel is located at 23305 Hawthorne Blvd. It is slated for a 20,000-square-foot Ferrari Maserati dealership. Beverly Hills Ferrari Maserati was represented by Sheri Messerlian of NAI Capital’s South Bay office. The seller was Vivial Markham Trust.
HAYWARD, SAN LEANDRO, CALIF. – The 208-unit Austin Commons in Hayward and the 236-unit Gateway Apartments in San Leandro have received a total of $40.5 million in refinancing. Austin Commons, which is located at 50 Austin Ave., received $17.7 million, while Gateway, which is located at 902 Davis Street, received $22.8 million. Financing was based on a 10-year term and a 30-year amortization schedule.It was arranged for the borrower by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.
TEMPE, ARIZ. – Construction has begun on The Argo at Town Lake, a mixed-use development in Tempe. The $39.5-million project will feature 328 residential units and ground-floor space that will include a retail component, bike shop, business center, coffee shop, leasing office and parking garage. It is scheduled for completion in the first quarter of 2015. The project is being developed by Lennar, built by Summit dck and designed by Todd & Associates Architects.
MURRIETA, CALIF. — Plaza De Oro, a 99,102-square-foot shopping center in Murrieta, has received $16 million in refinancing. The center is located on Washington Avenue near Calle Del Oso Oro. Notable tenants include Ralph’s, CVS and Starbucks. The non-recourse loan features a 10-year term with two yeas interest-only and a 30-year amortization schedule. Financing was arranged by Jamie Dick of Newmark Realty Capital’s San Diego office. It was provided by a major East Coast-based bank.
HAYWARD, SAN LEANDRO, CALIF. – The 208-unit Austin Commons in Hayward and the 236-unit Gateway Apartments in San Leandro have received a total of $40.5 million in refinancing. Austin Commons, which is located at 50 Austin Ave., received $17.7 million, while Gateway, which is located at 902 Davis Street, received $22.8 million. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged for the borrower by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.
TEMPE, ARIZ. – Construction has begun on The Argo at Town Lake, a mixed-use development in Tempe. The $39.5-million project will feature 328 residential units and ground-floor space that will include a retail component, bike shop, business center, coffee shop, leasing office and parking garage. It is scheduled for completion in the first quarter of 2015. The project is being developed by Lennar, built by Summit dck and designed by Todd & Associates Architects.