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.
Western
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.
RICHMOND, CALIF. – Home furnishings company Serena & Lily has leased 54,896 square feet of warehouse and manufacturing space at Pinole Point Business Park in Richmond. The tenant was represented by Brian Barden of Lee & Associates’ Oakland, Calif., office and Brian Foster of Cassidy Turley BT Commercial. Pinole Point’s landlord, Industrial Income Trust, was represented by Greig Lagomarsino and Todd Severson with Colliers International’s Oakland office.
INGLEWOOD, CALIF. — The 36-unit 524 Venice Way apartment complex in Inglewood has sold to Lazy J Bar Z, LLC from Shree Ram Ven, LP for $4,350,000. It sold at a 6.5 percent cap rate. Lazy J Bar Z was represented by Michael McKinney and Steffan Braunlich of Hendricks & Partners’ new South Bay, Calif., office.
BEVERLY HILLS, CALIF. — NorthMarq Capital has arranged $12 million in first-mortgage financing for the 53,058-square-foot Wilshire Medical Office Building in Beverly Hills. The loan includes a 10-year term and a 25-year amortization schedule. It was arranged for the borrower through NorthMarq’s correspondent relationship Principal Real Estate Investors. NorthMarq’s team was led by Robert Hervey, executive vice president and senior managing director of the firm’s Los Angeles office.
SAN DIEGO – The Mira Sorrento Business Park, a three-building, 97,472-square-foot industrial/flex property in the San Diego submarket of Sorrento Mesa, has sold to Mira Sorrento Venture LLC for $10,465,200. The complex was fully leased at the time of sale. CBRE’s Paul Lafrenz, Paul Komadina and Nick Psyllos represented the seller, Mirso Properties, L.P., along with Brian Crepeau and Ken Robak of Pacific Coast Commercial.