Western

ACCOUNTING LEGEND KENNETH LEVENTHAL PASSES AWAY AT 91

by admin May 9, 2012

LOS ANGELES — Kenneth Leventhal, a certified public accountant and entrepreneur who founded and built what would eventually become the largest CPA firm in the United States specializing in real estate, died May 8. He was 91 years old. In 1949, he founded Kenneth Leventhal & Co. with his wife, Elaine. The company merged with Ernst & Young in 1995. At the time of the merger, the Leventhal firm was recognized as the leading CPA firm in real estate with nearly $200 million in revenues. During the course of his life, he became as much of a philanthropist as he was a businessman. He led a fund-raising drive for the University of Southern California, which raised more than $2.85 billion when it concluded in 2003. The campaign was the most successful fund-raising effort in higher education. Mr. Leventhal is survived by his wife of 63 years, Elaine Otter, his sons Robert and Ross (Mary Jo), granddaughter Emma, brother Henley, and a niece and nephews.

May 9, 2012

38TH STREET PLAZA RECEIVES $3.1M REFI

by admin May 9, 2012

PHOENIX – A 23,000-square-foot retail property in Phoenix called 38th Street Plaza has received a $3.1-million loan to refinance. The 17-tenant center was built in 1979. The non-recourse loan features a 10-year term and a 30-year amortization schedule. It was underwritten to a 75 percent loan-to-value. The cash-out refinance was arranged by Neal Churney and Don Burnes of Johnson Capital’s Phoenix office.

May 9, 2012

Multifamily Western

SANTA MONICA APARTMENT BUILDING GOES FOR $2.2M

by admin May 9, 2012

SANTA MONICA, CALIF. — An eight-unit apartment building located at 1008 20th Street in Santa Monica has sold to Brea Exchange for $2,275,000. The 9,918-square-foot property was built in 1947 and was 88 percent leased at the time of sale. Brea Exchange was represented by Teles Properties. The seller, a private investor, was represented by Albert Shilton and Blake Rogers of Charles Dunn Company.

May 9, 2012

Multifamily Western

METROPOLITAN LOFTS SELLS FOR $2.7M

by admin May 9, 2012

PHOENIX – The 61-unit Metropolitan Loftsin Phoenix has sold to Lead Properties V, LLC for $2.7 million. The community is partially completed, and resides at 535 W. Thomas Road. The seller, ML Manager LLC, was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley’s Multifamily Service Group and Don Arones with Cassidy Turley’s Office Service Group.

May 9, 2012

Multifamily Western

LAS VEGAS APARTMENT COMPLEX SELLS FOR $3.7M

by admin May 8, 2012

LAS VEGAS — A 220-unit apartment complex located at 2844 N. Walnut Road in Las Vegas has sold to Sunset Terrace Partners, LLC for $3.74 million. The seller, Farmers & Merchant Bank, was represented by Patrick Sauter of NAI Sauter Companies in this transaction.

May 8, 2012

Retail Western

ARCO AM/PM IN LONG BEACH SELLS FOR $3M

by admin May 8, 2012

LONG BEACH, CALIF. – An Arco AM/PM service station in Long Beach has sold to Kanak LLC for $3 million. The acquisition included the service station, a 2,900-square-foot convenience store and a 600-square-foot laundromat that contains an additional 500 square feet of space that is available for lease. This all resides on an 18,748-square-foot lot. The property is located at 1001 Redondo Ave. Kanak plans to operate all of the businesses. The sale was financed with a $2-million SBA loan from Hamni Bank. Mark Konopaske and Tim Kwak of Lee & Associates-Investment Services Group represented both the buyer and the seller in this transaction.

May 8, 2012

Western

REDLANDS LAND PARCEL SELLS FOR $2.7M

by admin May 8, 2012

REDLANDS, CALIF. – A 13.26-acre parcel of land in Redlands has sold to TREH Partners, LLC for $2.74 million. The property is located at the northwest corner of San Bernardino Avenue and Interstate 210. The raw, unentitled land is zoned for commercial/office use. TREH purchased the land for future development, according to Patrick Wood of Voit’s Inland Empire office. Wood represented U.S. Bank National Association as the seller in this transaction.

May 8, 2012

Hospitality Western

LOWE ENTERPRISES’ JV ASSUMES OWNERSHIP OF SUNCADIA RESORT

by admin May 8, 2012

ROSLYN, WASH. – A joint venture between Lowe Enterprises and Suncadia Grand Avenue Partners, LLC, a subsidiary of a fund managed by Oaktree Capital Management L.P., has assumed ownership of the Suncadia Resort in Roslyn. The 6,300-acre resort features the 254-room Lodge at Suncadia, the Glade Springs Spa, privately-owned residences and three golf courses, among other amenities. The new joint venture and its subsidiaries will own all aspects of the resort, which includes the real estate, hospitality operations, recreational facilities and utility company.

May 8, 2012

Industrial Western

ARROWHEAD COMMERCE CENTER SELLS FOR $7.3M

by admin May 7, 2012

PEORIA, ARIZ. — Arrowhead Commerce Center, a 120,948-square-foot industrial park in Peoria, has sold to Arrowhead Commerce Center Partners, LLC for $7.3 million. It is located at 8581-8643 West Kelton Lane. The three-building center was built in 1999 and was 73 percent leased at the time of closing. The seller, MECG-Arrowhead 1, LLC, Et Al, was represented by Paul Boyle and Rick Danis of Cassidy Turley BRE Commercial’s Capital Markets Group, and Tom Atkinson and John Pompay of Cassidy Turley BRE Commercial’s Industrial Group.

May 7, 2012

Multifamily Western

SUMMER RIDGE TRADES FOR $6.8M

by admin May 7, 2012

FALLBROOK, CALIF. – Summer Ridge, a 96-unit affordable housing complex in Fallbrook, has sold to Summer Ridge 96 LP for $6.8 million. The community is located at 818 East Alvarado Street. The buyer is a California limited partnership with Social Services & Affordable Housing Corporation. Chris Hutchison of Alcole Capital and Gregory Reed of Beech Street Capital arranged $5.4 million in financing for the transaction. The transaction was executed by Allen Chitayat and Steve Huffman of Hendricks & Partners’ San Diego office and Douglas Simmons of DWS Real Estate.

May 7, 2012

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