HEMET, CALIF. — Saddleback Mobile Home Estates has received a $5.1-million loan for a refinance. It is located at 1536 S. State Street. The 227-pad mobile home park is owned by a small group of Southern California-based investors that owns and manages several other parks in the area. The 10-year Fannie Mae loan boasts a fix interest rate that is below 4 percent. The loan was arranged by David Susank of Johnson Capital’s Phoenix office.
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LOS ANGELES — Quantum Capital Partners has provided $4.3 million in permanent financing for the redevelopment of 7000-7024 Melrose Ave. in Los Angeles. This property features a 23,000-square-foot, two-story building and a vacant lot. It contains a combination of retail and creative space, though it can be redeveloped for multiple different uses.
San Diego – A 23,325-square-foot flex building in the San Diego submarket of Sorrento Mesa has sold to Dard Property, LLC for $2,416,000. The building is located at 6010 Cornerstone Court. Dard was represented by Dean Asaro, who was formerly with CBRE. The seller, US Trust/Bank of America Wealth Management, was represented by Rob Merkin of CBRE and Brad Bennett, who acted as a third-party consultant.
LOS ANGELES – A 33,000-square-foot retail center located at Grand and Cesar Chavez avenues in Downtown Los Angeles has received an $8.75-million refinance. The center is anchored by Wal-Mart. The loan was arranged by Quantum Capital Partners to a private limited partnership.
TEMPE, ARIZ. — The Villas, a 137-unit apartment community in Tempe, has sold to RND11, LLC for $5,975,000. The community is located at 1718 S. Jentilly Lane. The seller, LBUBS 2007-C7 South Jentilly Lane, LLC, an entity controlled by LNR Partners, was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley’s Multi-Family Service Group.
PORTLAND, ORE. – The FBI has signed a 20-year lease at 9109 Northeast Cascades Parkway in Portland. This 134,159-square-foot space will serve as a field office for the bureau. The General Services Administration (GSA) was represented by Reva Squire, Dan Reidy, Julie Rhoades and Patrick Robles of Jones Lang LaSalle. The landlord, PH Portland, LLC, was represented by Dave Squire of Grubb & Ellis, Bruce Allen of PDC, and Matt Connelly and Chuck Moody of Molasky.
NORTH HOLLYWOOD, CALIF. – A 42,862-square-foot, multi-tenant industrial building in North Hollywood has sold to Ratner Property Management for $3.9 million. It is located at 10835 Vanowen Street. The building is about 95 percent occupied by 20 tenants, most of which are entertainment and industrial users. Ratner was represented by David Harding of CBRE’s Los Angeles North office. The seller was 10835 Vanowen Property, LLC.
COALINGA, CALIF. – The 80-unit Tara Glenn apartments in Coalinga has sold to HPD Tara Glenn L.P. for $3.8 million. The community is located at 550 East Glenn. The seller was Tara Glenn Associates. The sale was executed by Al R. Inouye and Steven A. Nelson of Hendricks & Partners’ Sacramento office.
PHOENIX — Faris Lee Investments has sold three free-standing properties in the Greater Phoenix area that are occupied by Pizza Huts for a total of $3.55 million. The properties were sold to individual, all-cash buyers from California and Arizona. The locations offered absolute NNN leases with either 15- or 20-year lease terms upon the close of escrow. The three acquisitions included 4708 South 48th Street in Phoenix that sold for $1,629,000; 2056 E. Baseline Road in Mesa that sold for $1,118,000; and 808 West Broadway Road in Tempe that sold for $800,000. Dennis Vaccaro and Matthew Mousavi of Faris Lee marketed all three properties on behalf of a Pizza Hut franchisee who operates 46 Pizza Huts throughout Arizona and Texas.
WEST HOLLYWOOD, CALIF. — A 5,700-square-foot retail building in West Hollywood has sold to Interior Illusions for $2,385,000. The upscale furniture retailer and interior design services company has occupied the single-tenant, three-story building for the past year. The property, which was constructed in 1929 and renovated in 2006, is located at 7335 Santa Monica Blvd. Trevor Belden of Lee & Associates-LA North/Ventura and Jay Martinez of J. Martin & Associates-KW Commercial represented both the buyer and the seller, VIA Lending Co., LLC/KAR Properties Inc., in this transaction.