SANTA MONICA, CALIF. — Xenon Investments has purchased a multifamily property located at 123 California Ave. in Santa Monica. The property sold at a cap rate that was just above 4 percent. The complex was built in 1959 and sold for the full asking price, which was not disclosed. Xenon was represented by Hamid Soroudi of the Charles Dunn Company’s West Los Angeles office. The seller, Petrikas Family Limited Partnership, was represented by Kimberly Roberts Stepp, also of the firm’s West Los Angeles office.
Western
LOS ANGELES — Coldwell Banker Commercial WESTMAC has completed a sale-leaseback at a Downtown Los Angeles office building located at 2417 Beverly Blvd. The 10,720-square-foot building was sold to a local investor and owner/user janitorial company from a national magazine publisher for $1,750,000. The janitorial company plans to occupy half of the property, while the seller will lease back the remaining portion for three years. The buyer, Sun Kee Hong, was represented by Brian Rhie of AB Real Estate. The seller, 2401 Beverly LLC, was represented by Michael Rojas, William Althouse and T.C. Macker of Coldwell Banker Commercial WESTMAC.
DENVER – A 1.02-acre multifamily development site known as Highland Bridge Flats has sold to Holland Partners for $4,750,000. The company plans to develop a 130-unit multifamily complex on the site, which is situated in Denver’s Highland neighborhood. The seller, Advance Property Investors, was represented by Steve O’Dell and Chris Cowan of ARA Colorado.
SALT LAKE CITY — Kennedy Wilson has offered and sold 29 condominiums in Salt Lake City’s Broadway Park Lofts for $4.4 million. The units were sold at a Salt Lake City auction via the firm’s KW Auction Group. “These auction results demonstrate a developer overcoming the challenges in the current economic environment. Kennedy Wilson succeeded by bringing the developer and the customer together in a competitive marketplace, and with the standing inventory sold, the developer can now move forward with the project,” said Rhett Winchell, president of KW Auction Group, in a statement.
SANTA MONICA, CALIF. — EC English has leased 16,500 square feet at 401 Wilshire Blvd. in Santa Monica. This will be the English language school’s first Los Angeles outpost. The company plans to occupy the space by January 2012. EC English was represented by Dave Toomey and Brian Davies of CresaPartners in Los Angeles. The landlord, Douglas Emmett, was represented in-house by Bob Zelkin.
OLYMPIA, WASH. – The 40-unit Summers Manor Luxury Condominiums in Olympia has sold to an unnamed limited liability company for $5,050,000. The complex was fully renovated in 2006 and 2007. Scott Morasch of Marcus & Millichap’s Seattle office marketed the listing on behalf of the seller, also an unnamed limited liability company.
RENTON, WASH. — Jones Lang LaSalle has closed a sale-leaseback for a 131,860-square-foot, Class B industrial/manufacturing building in Renton. Terms of the sale and leaseback were not disclosed. The property was sold to DCT Industrial from HGK Renton Property LLC. The facility is fully leased to Allpak Trojan. Chris Spofford of JLL’s Seattle office advised Allpak Trojan on the sale-leaseback.
OXNARD, CALIF. — Accurate Metal Fabricators has signed a five-year lease for a 94,000-square-foot manufacturing building in Oxnard. The building, which is located at 1400 Statham Parkway, also includes 10,000 square feet of office space. The custom fabrication company was represented by Paul Farry of CBRE’s Ventura, Calif., office and Dave Desper of the firm’s Newport Beach, Calif., office. The building’s landlord, Pacific Prime Properties, was represented by George Eales, Mitch Conlee and Mike Walsh of Daum Commercial.
SANTA MARIA, CALIF. — NorthMarq Capital has provided $10 million in first-mortgage refinancing for the Santa Maria Shopping Center in Santa Maria. The loan for the 291,638-square-foot retail center was based on a seven-year term and a 15-year amortization schedule. It was arranged by Robert Hervey of NorthMarq’s Los Angeles office through the firm’s correspondent relationship with PPM Finance.
RIALTO, CALIF. — Marcus & Millichap Capital Corporation has arranged a $9-million bridge refinancing loan for a 49,322-square-foot retail center in Rialto that includes three undeveloped pads. The loan for the grocery- and drug-anchored center has a three-year term with a two-year extension and a 30-year amortization schedule. The loan-to-value is 70 percent. Financing was arranged by Daniel Litman, a vice president capital markets in MMCC’s West Los Angeles office.