CUPERTINO, CALIF. – A retail property in Cupertino that has recently signed 99 Ranch has received a $13-million mortgage. The 20-year, fixed-rate, permanent loan was arranged for Browman Development Company by Greg Gray of Barry Slatt Mortgage. It was provided by Thrivent Financial for Lutherans.
Western
TORRANCE, CALIF. — A 4,229-square-foot retail strip center in Torrance has sold to a private investor for $4.6 million. The property is located at 20301 Hawthorne Blvd. It is fully occupied by 7-Eleven and the Coffee Bean & Tea Leaf. The buyer was represented by Paul Lee of Pacific Gold Coast Realty in Diamond Bar. The seller, a locally based private investor, was represented by Kevin T. Fryman and Carlos J. Lopez of Hanley Investment Group Real Estate Advisors.
LOS ANGELES — A 10-unit apartment building located in the Los Angeles submarket of North Hollywood has sold to a private investor for $2.3 million. The community is located at 12017 Hart Street. The buyer was represented by Reza Ghobadi and Sevak Keshishian in Marcus & Millichap’s Encino office. The seller, a limited liability company, was represented by Tony Azzi of Marcus & Millichap’s West Los Angeles office.
SANTA ROSA, CALIF. – Medtronics has expanded its footprint in Santa Rosa. The medical device technology company has signed a new lease for a 62,865-square-foot building at 3880 Brickway Blvd., while extending its current lease term on the neighboring 63,720-square-foot building at 3850 Brickway Blvd. The Class A buildings were owned by Equity Office Properties (EOP) when the leases were executed, but have since been purchased by Basin Street Properties. EOP was represented by Jeff Negri, Niels von Doepp and Ryan Snow of Cassidy Turley.
Multifamily transaction activity has increased in San Diego during the fourth quarter, due partly to the typical end-of-year rush to close escrow, as well as uncertainty about tax reform in 2013. Agency debt is still a large driver, but relationship banking is picking up for well-heeled borrowers, and investors increasingly have multiple options. The multifamily rental market continues to benefit from the high down payment and credit requirements placed on average home buyers who still choose to rent in San Diego where the cost to rent is still below the cost to own. San Diego’s diverse economic base added 30,300 jobs over the past 12 months, and year-over-year employment gains in excess of 2 percent were reported in nearly all sectors. San Diego has seen a rise in tourism, which has positively impacted the service industries. While manufacturing has struggled to gain footing, growth within construction and finance has emerged. Unemployment has decreased 1.3 percent since August 2011 and is currently 1.4 percent below state levels. Home prices have increased about 5.2 percent in 2012 but remain 37.5 percent below the 2006 peak levels, with a median-priced home at $350,000 today. San Diego’s population has increased 5.1 percent since 2008. …
SIMI VALLEY, CALIF. – The 397-unit Creekside Apartments in Simi Valley has sold to Decron Properties Corp. for $70 million. The community is located at 1518 Patricia Ave. Decron plans to invest $9 million to upgrade and resdesign the property. Decron represented itself in this transaction, while Marc Renard of Cushman & Wakefield represented the seller.
PHOENIX — TriGate Capital has acquired four shopping centers in the Greater Phoenix region for $28.3 million. They include Ahwatukee Mercado, Elliot Plaza, the Crossings at Fountain Hills, and Ventana Lakes Village Center. The centers contain a total of 306,959 square feet. The seller, C-III Asset Management, was represented by Lane Neville, Brad Ranly, Barbara Lloyd and Hunter Null with NAI Horizon, along with C-III Realty Services.
DENVER — The 426-unit Lakes at Monaco Pointe in Denver has sold to Coughlin and Company for $28 million. The company plans to invest an additional $3 million into the property. It was 95 percent occupied at the time of sale. ARA’s Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks represented the seller, Jackson Square Properties, in this transaction.
SIMI VALLEY, CALIF. – The 397-unit Creekside Apartments in Simi Valley has sold to Decron Properties Corp. for $70 million. The community is located at 1518 Patricia Ave. Decron plans to invest $9 million to upgrade and resdesign the property. Decron represented itself in this transaction, while Marc Renard of Cushman & Wakefield represented the seller.
PHOENIX — TriGate Capital has acquired four shopping centers in the Greater Phoenix region for $28.3 million. They include Ahwatukee Mercado, Elliot Plaza, the Crossings at Fountain Hills, and Ventana Lakes Village Center. The centers contain a total of 306,959 square feet. The seller, C-III Asset Management, was represented by Lane Neville, Brad Ranly, Barbara Lloyd and Hunter Null with NAI Horizon, along with C-III Realty Services.