SANTA ANA, CALIF. — Edinger Business Park, a 61,923-square-foot multi-tenant industrial and office park in Santa Ana, has sold to Frome Developments Omega, LLC for $4.7 million. The three-building property was 91 percent occupied at the time of sale. The park is located at 1560, 1570 and 1580 E. Edinger Ave. Frome was represented by Dan Vittone and Alan Pekarcik of Voit’s Irvine office in this transaction.
Western
SAN DIEGO – The 40-unit Juniper Gardens apartments in San Diego has sold to Wakeland Housing and Development Corporation for $6,193,600. The affordable housing apartment complex is located at 4251-4259 E. Juniper Street. The buyer was represented by the CBRE Multi-Housing team of Eric Comer, Jim Neil and Merrick Matricardi. The seller was Juniper Garden Apartments LTD.
CITY OF INDUSTRY, CALIF. — ACME Furniture has signed a five-year lease for a 500,000-square-foot industrial facility at 20002 Business Parkway in the City of Industry. The national furniture company also houses its headquarters in a 320,000-square-foot space within the city. ACME was represented by Adam Dzierzynski of Lee & Associates’ City of Industry office. The landlord, Majestic Realty, represented itself.
CLAREMONT, CALIF. – Courier Place Apartment Homes, a 75-unit affordable housing complex for seniors and families, has opened in Claremont. The project was developed by Jamboree Housing Corporation. WNC & Associates partnered with Jamboree to provide $13,278,629 in Low Income Housing Tax Credits (LIHTC) for the project. Other financing partners included the City of Claremont, Claremont Redevelopment Agency, US Bank, Community Development Commission of the County of Los Angeles and the U.S. Department of Housing and Urban Development. Courier Place is Jamboree’s first multi-generational affordable apartment community and the first in Los Angeles County. The community resides at 111 South College Ave. on the site of the former Claremont Courier newspaper. Courier Place is striving for LEED-Platinum certification.
IRVINE, CALIF. — A 34,006-square-foot, bank-owned office building in the MacArthur Center in Irvine has sold to Radha Soami Society Beas America for $4.5 million. The building was originally constructed as a medical condo project, though the society plans to use it as a non-denominational church for a religious organization. The society was represented by Mike Dorsey of Voit’s Irvine office. The seller, Redus CA Properties, was represented by Jeff Chiate, Rick Ellison and John Gallivan of Cushman & Wakefield.
PHOENIX — A 42,000-square-foot office building in Phoenix has sold to McCarthy/MRL Properties Arizona, LLC for $4,125,000. The building is located at 6225 N. 24th Street. The building is part of a larger office complex that contains 82,000 square feet. Its owners include DLR Group and Baird, Williams & Greer. McCarthy plans to occupy a portion of the building, which will bring it to full capacity. The company was represented by Mark Seale of Cassidy Turley BRE Commercial. The sellers, Univest 6225, LLC (John Maus, Ray Lamb, Jack Ross and David Beckham), were represented by Eric Wichterman, Blake Hastings, Jeff Wentworth and Mike Coover, also of Cassidy Turley.
VAN NUYS, CALIF. – A 10-unit apartment community at 6620 Hazeltine Ave. has sold to Suchite Family Trust and/or Assignee for $2,099,000. The property was originally built in 1978 as a condo complex. The multi-level units underwent a full renovation in 2008. The seller, Symphony Asset Pool VII LLC, a Delaware limited liability company, was represented by David J. Harrington of Hendricks & Partners’ North Los Angeles office.
Multifamily development has come to a near halt in Las Vegas. In 2011, only two market rate properties finished their deliveries with a total of 682 units, most of which had already been completed in 2010. Only one market rate property was started in 2011. This 156-unit project was originally started as for-sale townhomes, but after a foreclosure, the development is being completed by Alliance Residential as a rental property. Other development is limited to affordable or senior housing. We are expecting a limited number of market rate starts this year, but at numbers that will not significantly impact existing inventory. The most active market rate developers in Las Vegas over the past years have been Picerne Real Estate Group, Alliance Residential, Fairfield Residential, Ovation Development, Trammel Crow Residential and Nevada West Development. Fore Property Company has been active in both the market rate and affordable sector, and Nevada Hand remains active in the affordable and senior sector. Between 2003 and 2007, 47 properties totaling 13,483 units were converted to condos. The combination of unsold units from these conversions, as well as the unsold units from properties built as condos during that time, has added 4,625 units to today’s rental …
TROUTDALE, ORE. – The 64-unit Hampton Heights in Troutdale has sold to Portland Properties OR, LLC for $4.9 million. The community was built in 1996 and is located at 496-628 NE 257th Drive. The seller, B3R Properties, LLC, was represented by Grayson Pounder of Hendricks & Partners’ Portland office.
SEDONA, ARIZ. — Tequa Festival Marketplace, a 54,068-square-foot distressed neighborhood center near Sedona, has sold to Baceline Investments, LLC from a lender for $4.1 million. This represents only 20 percent of the center’s original loan, which was $20.3 million. Tequa is currently 34 percent leased.