HOLLYWOOD, CALIF. -— A 24,000-square-foot office building in Hollywood has sold to JMS Ventures for $8.1 million. The property is located at 6735 Selma Ave. It is currently fully occupied by Panavision Hollywood, which has leased the property through 2016 with an option to extend. Ian Strano of NAI Capital’s West Los Angeles office represented JMS. The seller was Highland Selma Ventures.
Western
OAKLAND, CALIF. — An O’Reilly Auto Parts property in Oakland has sold to a private investor from San Jose for $2.25 million. The 8,000-square-foot, single-tenant space is located at 3232 Foothill Blvd. Jeremy S. McChesney of Hanley Investment Group Real Estate Advisors represented the seller, Equitas Oakland, in this transaction.
LOS ANGELES -— A 13-unit apartment complex located at 6125 Horner Street in Los Angeles has sold to a limited liability company for $1.84 million. The 10,215-square-foot community was built in 1959. Thomas Jonsson of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a private investor, in this transaction.
LAKE FOREST, CALIF. — A 71,656-square-foot industrial/research & development building in Lake Forest has received $6.2 million in permanent financing. The building was constructed in 1999 and is fully leased to Panasonic Avionics Corporation, a subsidiary of Panasonic Corporation of North America. Financing was arranged by Kevin Burkhalter of Johnson Capital’s Los Angeles office. It was provided by a major insurance company and features a fixed interest rate of around 4 percent with a fully amortizing 20-year term. The recent buyer is a Los Angeles-based privately held entity.
ANAHEIM, CALIF. – The 82,544-square-foot La Palma Industrial Building has received $5.8 million in acquisition financing. The facility is located at 4890 E. La Palma Ave. in Anaheim. This asset is a single-tenant owner-user building. The 10-year loan features a 25-year amortization schedule and an 80 percent loan-to-value. It was arranged by David Blum of NorthMarq Capital’s Los Angeles regional office.
CORVALLIS, ORE. – The 132-unit Witham Village Apartments in Corvallis has received a $5.7-million refinance. The 10-year, fixed-rate loan features a 4.24 percent interest rate and a 30-year amortization schedule. It was arranged by Dan Ross of Alliant Capital LLC.
LOS ANGELES — A 34,800-square-foot, three-parcel multifamily development site in Los Angeles’ Koreatown district has sold to a local owner/developer for $5.1 million. The lender-owned site is located at 660-680 South Berendo Street. The site was initially entitled for a 17-story, 150-unit tower in 2007. Paul Darrow and Ron Harris of Marcus & Millichap’s Los Angeles office represented both the buyer and the seller, a private lender, in this transaction.
The end of last year ushered in an increase of activity, a higher absorption of existing space and lower overall vacancy rates for Boise’s office market. In 2008, the economy went into a tailspin. It led to an increased supply of vacant commercial space in Boise as companies retrenched and downsized. Jobs and customers were also lost throughout the region. Unfortunately, there were a few submarkets that were dramatically affected. In fact, the Boise CBD (central business district), or downtown core, was the only local market that didn't experience a significant increase in vacancies or a huge drop in rents. Other areas listed below were negatively affected: The area near the intersection Cloverdale and Chinden, adjacent to the Boise HP campus that is known as the Boise Research Center, was hit particularly hard. HP downsized, re-trenched it operations and its sub-contract suppliers cut back. This created a vacancy rate of almost 30 percent. The Boise Research Center region was also hit by the bankruptcy of DBSI, a large real estate investment firm that put about 75,000 vacant square feet back into the local market. The area known as Eagle River, between the new Eagle bypass and the Boise River, experienced …
MA’ALEA, HAWAII — Harbor Shops at Ma’alea, a 40,117-square-foot retail center in Ma’alea, has received $8 million in first-mortgage refinancing. The center’s primary tenant is Pacific Whale Foundation. The three-year loan features a 30-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office.
SANTA MONICA, CALIF. – A 14,860-square-foot office building in Santa Monica has sold to Sumo Properties, LLC for $6.3 million. The building is located at 1617 Broadway. It is currently 100 percent leased, with Innovative Artists acting as the main tenant. Sumo was represented by Dave Wilson and James Wilson of Lee & Associates West Los Angeles. The seller, SZS Crossroads Associates, was represented by Brad Kesner of Stone-Miller. Financing was arranged by Jeff Jacobsen of Broadway Capital Partners in Santa Monica.