ANAHEIM, CALIF. — Younan Properties has purchased the Anaheim Corporate Center in Anaheim. The acquisition marks the firm’s re-entry into Orange County and will allow it to expand its Southern California presence. Younan notes it is targeting a few more transactions before year’s end. The seller, LNR Partners, was represented by Michael Lawrence of Marcus & Millichap.
Western
SANTA MONICA, CALIF. — A 52,676-square-foot medical office building in Santa Monica has received a $10-million refinance. The loan was secured for the borrower, 2825 Santa Monica LLC, by Timothy Wright and Zack Holderman of HFF through California Bank & Trust. The three-year loan features an adjustable rate. The managing member of 2825 Santa Monica LLC is an institutional investment fund sub-advised by Long Wharf Real Estate Partners LLC.
PALO ALTO, CALIF. – An office building located at 3600 West Bayshore Road in Palo Alto has received a $4.66-million bridge loan. The 36,000-square-foot office building is being repositioned by Tarlton Properties, one of the building’s lead owners and its property manager. The three-year loan was arranged by Eric Von Berg and Tom Dao of Newmark’s San Francisco office.
PEORIA, ARIZ. – Oakland Apartments has purchased a Chase Bank ground lease at the southeast corner of Lake Pleasant & Happy Valley roads in Peoria for $3.4 million. The deal will provide the buyer with investment income for the remaining 17 years on the lease. There are also four, five-year renewal options. The lease is for 4,307 square feet inside the Mountainside Crossing Shopping Center. Jan Fincham and Patrick Dempsey of Lee & Associates represented both the buyer and the seller, Barclay Pleasant Valley, LLC, in this transaction.
SANTA CLARA, CALIF. – A new affordable senior housing complex broke ground at 2525 El Camino Real in Santa Clara. The $15-million complex is being developed by EM Corporation,in conjunction with Pacific Housing and theCity of Santa Clara. The 48-unit complex, called 2525 El Camino Real Senior Apartments, is set to open in the summer of 2013. It is being designed by KTGY Group.
CHULA VISTA, CALIF. — The 127-space Cabrillo Mobile Lodge senior mobile home park in Chula Vista has sold to Robert Bruce and Brenda F. Kleege for $6.85 million. The park is located at 731 G Street. The purchase was financed with a loan of $4,999,000 through Union Bank’s Ron Hernandez. The park’s title will be transferred into Cabrillo Mobile Home Park LLC, but it will continue to operate as Cabrillo Mobile Lodge. The Kleeges were represented by Rob Morgan and Victor Krebs of Colliers International. The seller was Cabrillo Mobile Lodge LLC, with Richard F. Beck and Betty A. Beck as the co-trustees of the Richard F. Beck and Betty A. Beck Trust. The Becks are co-managers of Cabrillo Mobile Lodge.
PHOENIX – The 124-unit Brookfield apartment community in Phoenix has sold to LWH Brookfield LP, a limited partnership formed by The Sheiner Group, for $5.65 million. It was developed by Pacific West Development in 1984 and is located at 12021 North 43rd Ave. The seller, AG Brookfield, LLC, was represented by Cliff David and Steve Gebing of Marcus & Millichap’s Phoenix office.
LAKEWOOD, COLO. – The 32-unit Country Club Gardens in Lakewood has sold to an unnamed buyer for $2.3 million. This was the highest sales price per unit for an apartment building over 15 units in Lakewood in more than four years, according to Josh Newell of Pinnacle Real Estate Advisors. Newell and the Calame Lewallen Team at Pinnacle Real Estate Advisorsrepresented the seller, The Salvation Army, in this transaction. The apartment community was built in 1962 at 1160 Pierce Street. Kevin Calame and Matt Lewallen also represented the buyer.
CARLSBAD, CALIF. — The Jefferson House I and Jefferson House II senior apartment projects in Carlsbad have received a total of $6.3 million to refinance. The loans were arranged by James Dick of Newmark Realty Capital’s San Diego office through Fannie Mae’s multifamily loan program.
PHOENIX — A 77,337-square-foot, Class A office building called 101 Corporate Center has sold to 101 Corporate Center LLC for $6.2 million. The building is located at 19820 N. Seventh Street in Phoenix. The center is currently 45 percent leased. The seller, Gregg Williams of Trident Pacific Real Estate, who was the court-appointed receiver for the asset, was represented by Glenn Smigiel, Bob Young, Steven Brabant, Rick Abraham, Ashley Brooks, Jim Bayless and Nancy Romanovsky of CBRE’s Phoenix office.