LOS ANGELES — Love Funding has arranged a $4.54-million loan refinancing for the 62-unit Hollywood Gardens apartments in Los Angeles. The loan was arranged by Tammy Tate, a vice president out of Love’s Knoxville, Tenn., office, who utilized the Federal Housing Administration’s 223(a)(7) loan program. This enabled the owners to lock in a lower, fixed interest rate and extend the terms of its nonrecourse loan to 35 years, generating more than $50,000 in annual debt service savings.The Section 8 apartment complex was originally built in 1929 and underwent a major renovation in the 1980s.
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CHINO, CALIF. — Selco Associates has signed a new lease for a 93,522-square-foot industrial building in Chino that it had previously been subleasing from Las Vegas Express for the past 15 months. The third-party logistics provider was represented by Jones Lang LaSalle’s Southern California Industrial Tenant Representation Team, which is led by executive vice presidents Mike Fowler and Tim O’Rourke. The building’s owner was represented by Steve Belletti and Josh Hayes of Colliers International.
LOS ANGELES — West Elm, a division of Williams Sonoma, has leased a 10,909-square-foot, single-tenant building at 8366 Beverly Blvd. in Los Angeles. The 15-year lease is valued at $6.5 million. Epsteen & Associates represented West Elm in the transaction. David Ickovics and David Aschkenasy of Commercial Asset Group represented the landlord, Brand Art LLC. CAG will also provide property management services to the building.
SAN DIEGO – The Torrey Corner Shopping Center has sold to 3 Tier Investments, LLC, for $6.1 million. Located in the San Diego submarket of Carmel Valley, the 13,344-square-foot Torrey Corner is anchored by Bank of America, Prudential Real Estate and Massage Envy, among others. Cassidy Turley’s Andrew Peterson, Bruce Schiff, Phil Lyons and Chad Iafrate represented the seller, Sorrento Hills Marketplace 2, LLC, in the transaction. The buyer represented itself.
LOS ANGELES — Colliers International has sold a single-story office building at 1536 N. Highland Ave. in Los Angeles to the Musicians Institute for $3 million. The Musicians Institute was represented by Ramsey-Shilling Commercial Real Estate Services. The private sellers, Mher & Sossy Tavidian of Vartan Tavidian, were represented by Kathleen A. Silver and Kay Thorpe out of Colliers’ West Los Angeles office.
PHOENIX — Jones Lang LaSalle Industrial Solutions has sold a 302,640-square-foot distribution building in Tolleson, Ariz., to a limited partnership formed by Prologis for $9.95 million. The seller, the Paul and Eleanor Sade Trust, put the building up for sale after its long-time tenant, Reckitt Benckiser, expanded and relocated in Utah. The trust was represented by JLL managing directors Anthony J. Lydon and Marc Hertzberg in this all-cash transaction. The two have also been assigned to carry out the leasing efforts for Prologis, which was represented in-house by senior vice president and investment officer Fritz Wyler.
PHOENIX — CB Richard Ellis has sold the 360-unit Mountain Park Ranch in Phoenix to CREF Windsor LLC for an undisclosed sum. This apartment community resides within the 2,500-acre, master-planned Mountain Park Ranch community. Built in 1996 and formerly known as the Windsor at Mountain Park Ranch, the property was 95 percent occupied at the time of sale. CBRE’s Tyler Anderson and Sean Cunningham represented the seller, Windsor at the Preserve LLC.
WOODLAND HILLS, CALIF. — Colliers International has sold a 34,321-square-foot industrial building in Woodland Hills to Sky High Sports for $5.35 million. This acquisition will represent the trampoline fun center’s first expansion into the San Fernando Valley. It had previously leased a building in Camarillo in 2010. Sky High Sports was represented by members of TEAM DeGRINIS, which is based out of Colliers’ Encino office. The team included John DeGrinis, Patrick DuRoss and Jeff Abraham. The seller was represented by Jim McDonald of Group 100.
GOLETA, CALIF. – The City of Goleta has purchased four undeveloped acres where it intends to build the Old Town Park. Located at the corner of Hollister and South Kellogg avenues, the park would service the neighborhoods in Old Town Goleta. The land was purchased for $2,625,000 through park development fees and redevelopment funds. The city is looking to the public to provide insight on the park’s design and planning. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the City of Goleta in this purchase.
BAKERSFIELD, CALIF. — The East Hills Mall in Bakersfield will be auctioned at the Los Angeles Courthouse of the U.S. Bankruptcy Court, Central District of California, on Sept. 22. The 410,000-square-foot East Hills Mall sits on 36 acres and was originally built by the Hahn Company in 1988. The portion to be sold at auction consists of the mall shops and a theater, which contains about 178,000 leasable square feet on 17.8 acres. The mall was previously anchored by Mervyns and Gottschalks, but after both retailers were liquidated in 2009, East Hills struggled to pay its debts and its owner, BH Mall LLC, subsequently filed for bankruptcy. The auction’s minimum starting bid will be $4.1 million.