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.
Western
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.
ESCONDIDO, CALIF. — Cypress Office Properties, LLC has purchased a 78,367-square-foot, Class A office building in Escondido for an undisclosed sum. The three-story property was built in 2008 and is 38 percent leased. This is the third office building that Cypress has purchased in the past 12 months. The transaction is part of the company’s overall investment strategy, which is to acquire quality, value-add assets in San Diego, Orange County, Calif., and Phoenix. CBRE’s Gary Stache, Louay Alsadek, Pat Scruggs, Evan August and Anthony Delorenzo represented both the buyer and the seller in this transaction. Cypress also retained Larry Cambra and Dan Yielding from CBRE to handle the property’s leasing. CBRE’s Property Management group will manage the property.
MONROVIA, CALIF. – The 36-unit Wellesley Court apartment community has sold to 208-210 W Lemon Ave, LLC, for $4,550,000. The complex was built in 1963 and will undergo renovations initiated by the buyer over the next 18 months. The buyer also assumed a five-year, fixed-rate loan with a 6.28 percent interest rate. Peter M. Hauser and Steven C. Brombal of Hendricks & Partners’ Newport Beach, Calif., office represented the seller, Wagon Wheel Village.
LA PUENTE, CALIF. — Rexford Industrial has purchased a two-building, 58,084-square-foot industrial complex in La Puente for $3.6 million. The off-market transaction, which was completed on an all-cash basis for the firm’s Rexford Industrial Fund V REIT, enabled the seller to avoid foreclosure. The complex is currently 70 percent leased. Stephen Shatafian of Lee & Associates represented Rexford in this transaction.
VERNON, CALIF. — An 86,000-square-foot industrial property in Vernon has sold to J&H Textile for $7,740,000. The property was built in 1972 and resides at 2301-2303 E. 55th Street. J&H was represented by Steve Kim of Magic Properties. Thomas A. Condo of Colliers International’s Commerce, Calif., office represented the seller, 55th Street Property LLC.