STUDIO CITY, CALIF. — A single-tenant building in Studio City that is currently leased to Bank of America has received $6.6 million in permanent refinancing. The 14,245-square-foot building was constructed in 1973 and resides at 12223 Ventura Blvd. Bank of America has 11 years remaining on the lease, with two five-year extension options. The hybrid loan has a 10-year term, a 30-year amortization schedule and a 54 percent loan to value. It has a 4.6 percent fixed interest rate for the first five years, after which it converts to an adjustable rate. The loan was originated by J.M. Grimaldi of Continental Funding Group.
Western
NEWPORT BEACH, CALIF. – The Bayshore Apartments and Marina in Newport Beach has been refinanced for $6,975,000. The property is located at 2800 and 2850 Bayshore Drive and contains 40 multifamily units and a 55-slip marina. It was 50 percent leased at the time of closing. Bayshore was built in 1962 and is undergoing a major renovation. The property’s owner, Palmo Investments, plans to hold the asset as a long-term investment. It intends to lease the renovated units. Financing was arranged by Nick Viscount and Scott Pierson of Keystone Mortgage Corporation.
LOS ANGELES – A 45-unit multifamily complex in Los Angeles has received a $5,475,000 interest-only refinancing. The loan features a 4.5 percent fixed interest rate for five years, a 30-year amortization schedule and a 75 percent loan to value. Financing was arranged by Sharone Sabar of Marcus & Millichap Capital Corporation’s Encino, Calif., office.
SANTEE, CALIF. – A 14,758-square-foot building that is currently occupied by Walgreens has sold to Santee CL, LLC with Mabie & Mintz as a general partner. The property was sold for $8.7 million from its original developer, Interra-Vision, LLC c/o Interra Development Partners, LLC. The acquisition was included as part of an exchange from the buyer’s sale of the Colima Linda Apartments in San Diego. Santee CL was represented by Cassidy Turley BRE Commercial’s Chris Rink. Daniel Hyman of Millennium Properties represented Interra-Vision in this transaction.
LITTLETON, COLO. – The 24-unit Bow Mar Apartments in Littleton has sold to the Rocky Mountain Center for the Blind for $2,415,000. It was built in 1997, and will be occupied by students attending the Colorado Center for the Blind. The Center for the Blind was represented by RC Myles and Craig Myles of Cassidy Turley Fuller Real Estate. Bryan Sperry and Kevin Kohn of Sperry Properties represented the seller, Friendly Property LLC, in this transaction.
LONG BEACH, CALIF. — Regus has agreed to lease 18,399 square feet of office space at Landmark Square in Downtown Long Beach. Regus’ business center is anticipated to open mid-year, providing executive suite offices, meeting space and virtual offices for executives and entrepreneurs in the South Bay. It was represented by Steve Solomon and Jason Fine of Jones Lang LaSalle Los Angeles. Landmark’s owner, Brookfield Properties, was represented in-house by John Barganski and Toliver Morris.
SANTEE, CALIF. – A 14,758-square-foot building that is currently occupied by Walgreens has sold to Santee CL, LLC with Mabie & Mintz as a general partner. The property was sold for $8.7 million from its original developer, Interra-Vision, LLC c/o Interra Development Partners, LLC. The acquisition was included as part of an exchange from the buyer’s sale of the Colima Linda Apartments in San Diego. Santee CL was represented by Cassidy Turley BRE Commercial’s Chris Rink. Interra-Vision represented itself in this transaction.
LAKEWOOD, COLO. – The 18-unit Byron Apartments has sold to a local buyer for $1,250,000. The complex was built in 1959. Josh Newell of Pinnacle Real Estate Advisors in Denver represented both the buyer and the seller, Paul C. Goebel, in this transaction.
SAN DIEGO – The nine-unit Alabama Manor in San Diego has sold to Steve Lizanich for $1,131,000. It is located at 4543 Alabama Street in San Diego. Chad Bramwell of Hendricks & Partners' San Diego office represented Lizanich. The firm’s Steve Huffmanrepresented the sellers, Richard and Beverly Grim, in this transaction.
SAN DIEGO — The Law Firm of Morris, Sullivan & Lemkul, LLP has signed a new 10-year lease at the Monarch Corporate Center in the San Diego submarket of Scripps Ranch. The firm now occupies the entire third floor of the building. The expansion totaled 20,000 square feet, and the lease is valued at $7.5 million. Morris, Sullivan & Lemkul was represented by Cassidy Turley BRE Commercial’s Dave Odmark. CBRE’s Jeb Bakke, Tyler Gossett and Scott Kincaid represented the building’s owner, Vinings Trace, LLC.