WILMINGTON, CALIF. – The 90-unit Banning Villa Apartments in Wilmington has sold to Preservation Partners and Clifford Beers Housing for $10.5 million. The affordable housing complex for seniors is located at 1100 N. Banning Blvd. near San Pedro and the Port of Los Angeles. The new owner plans to invest about $50,000 per unit in capital improvements. A $9.4-million loan that was originated by Enterprise Community Loan Fund will be used for the facility’s acquisition and rehabilitation. The buyers were represented by Tim Steuernol of NAI Capital’s West Los Angeles office. The seller, VPP Banning Villas Apartments VP, was represented by Kanna and Ramu Sunkara of Sunkara Investments.
Western
SAN DIEGO – A 5,000-square-foot office building and a 6,200-square-foot adjacent industrial building in San Diego have sold to a private investor for $2.4 million. The buildings are located at the corner of Cedar and California streets. The new owner plans to convert the property into 11,000 square feet of restaurant, office or retail space. Ben Tashakorian and Nick Totah represented both the buyer and the seller, a limited liability company, in this transaction.
SUNNYVALE, CALIF. — Orleans Business Park, a duo of institutional-quality office/R&D buildings totaling 100,000 square feet, has changed hands in Sunnyvale. The park is fully leased to Bloom Energy. DivcoWestpurchased the asset from a partnership between AEW and Orchard Partners, LLC for an undisclosed sum. The seller was represented by Joseph Moriarty, Russell Ingrum, Sean Sullivan and Tyler Meyerdirk of CBRE’s Northern California Institutional Group.
SAN DIEGO — Copley Business Center, a 102,000-square-foot office campus in San Diego, has sold to Highbrook Investment Management, LP for $22.5 million. The three-building campus resides in the northwest portion of Kearny Mesa. It was 87 percent leased at the time of sale. Notable tenants include XO Communications and Reva Medical, which houses its corporate headquarters at the campus. HFF’s CJ Osbrink and Nick Psyllos represented both the buyer and the seller, a private tenant-in-common entity sponsored by Thompson National Properties. The off-market transaction includes the assumption of an existing CMBS loan.
SAN FRANCISCO — An 11-story, 140,657-square-foot office building in Downtown San Francisco has received a $14-million mezzanine loan. The building is located at 1155 Market Street. The loan was structured as subordinate financing because of a pre-existing CMBS loan that was in the first lien position when Laurus Corporation acquired the property in 2011. The new loan will be used for leasing costs, tenant improvements and property upgrades. The building was previously occupied by the City of San Francisco Public Utilities Commission. It is now 82 percent leased to the City and County of San Francisco. The loan was funded by Buchanan Street Partners.
LYNNWOOD, WASH. — Colony Park Business Center, a six-building, flex office portfolio in Lynnwood, has sold to a local investor for $7.8 million. The portfolio contains a total of 82,467 square feet in the Northend submarket that sits north of Seattle. The center is located at 19011-19029 36thAve. West. It was 86 percent leased to 20 tenants at the time of sale.The buyer was represented by Ken Butler of Butler Commercial Investments, LLC. The seller, Colony Park I & II LLC, was represented by Daniel Seger, Ann Chamberlin,Mark Flippoand Brent Jacksonof Jones Lang LaSalle’s Capital Markets group.
SAN DIEGO — Copley Business Center, a 102,000-square-foot office campus in San Diego, has sold to Highbrook Investment Management, LP for $22.5 million. The three-building campus resides in the northwest portion of Kearny Mesa. It was 87 percent leased at the time of sale. Notable tenants include XO Communications and Reva Medical, which houses its corporate headquarters at the campus. HFF’s CJ Osbrink and Nick Psyllos represented both the buyer and the seller, a private tenant-in-common entity sponsored by Thompson National Properties. The off-market transaction includes the assumption of an existing CMBS loan.
SAN FRANCISCO — An 11-story, 140,657-square-foot office building in Downtown San Francisco has received a $14-million mezzanine loan. The building is located at 1155 Market Street. The loan was structured as subordinate financing because of a pre-existing CMBS loan that was in the first lien position when Laurus Corporation acquired the property in 2011. The new loan will be used for leasing costs, tenant improvements and property upgrades. The building was previously occupied by the City of San Francisco Public Utilities Commission. It is now 82 percent leased to the City and County of San Francisco. The loan was funded by Buchanan Street Partners.
LYNNWOOD, WASH. — Colony Park Business Center, a six-building, flex office portfolio in Lynnwood, has sold to a local investor for $7.8 million. The portfolio contains a total of 82,467 square feet in the Northend submarket that sits north of Seattle. The center is located at 19011-19029 36th Ave. West. It was 86 percent leased to 20 tenants at the time of sale. The buyer was represented by Ken Butler of Butler Commercial Investments, LLC. The seller, Colony Park I & II LLC, was represented by Daniel Seger, Ann Chamberlin, Mark Flippo and Brent Jackson of Jones Lang LaSalle’s Capital Markets group.
SAN LUIS OBISPO, CALIF. – A 10-property retail and office portfolio in downtown San Luis Obispo totaling 223,000 square feet has sold to Jamestown for an undisclosed sum. The retail portion contains seven assets, including Court Street Centre and Downtown Centre, and totals 195,000 square feet. Notable tenants throughout the properties include Barnes & Noble, Urban Outfitters, Pottery Barn, Abercrombie & Fitch, Express, Gap, Banana Republic, Victoria’s Secretand Apple. An additional 25,000 square feet is still available for lease. The office portion contains three properties bounded by Chorro, Osos, Monterey and Marsh streets that total 28,000 square feet.