VAN NUYS, CALIF. – The 30-unit Parkwood Meadowsin Van Nuys has sold to JB Valley Enterprises for $2.59 million. The community was built in 1959 and is located at 15425 Vanowen Street. This was an all-cash, REO transaction. The seller, MS Kearny CT 1 LLC, was represented by Mark McDonald, Dean Zander and Vince Norris of Hendricks & Partners’ West LosAngeles office.
Western
PETALUMA, CALIF. — Target Corporation has purchased 10 acres at the site of the East Washington Place shopping center in Petaluma. The company plans to develop a 140,000-square-foot store at the site, which will serve as the center’s anchor. The site was purchased from Regency Centers, which is developing the new center. Construction began on East Washington Place earlier this year. It anticipates a summer 2013 opening.
SACRAMENTO, MOUNTAIN VIEW, CALIF. — Matt Swanston of Preferred Capital Advisors has arranged two ground-up construction loans totaling $44.5 million. A $27-million loan was allocated for a 70,232-square-foot, build-to-suit facility in Mountain View for Nuance Communications. The project is located at 899 West Evelyn Road. A $17.5-million loan was also provided for an 84-unit mixed-use urban project at 16th and “O” streets in Sacramento. Both loans were provided by national banks.
SHERMAN OAKS, CALIF. – A 2.37-acre lot of land in Sherman Oaks has sold to IMT Capital for $4,275,000. The property, located on Magnolia Boulevard just west of Van Nuys Boulevard, is zoned for a combination of single-family homes and multifamily dwellings. Both the buyer and the seller, a private family trust, were represented by Clark and William Everitt of The Everitt Group.
BUENA PARK, CALIF. — RockTenn Corporation has signed a five-year lease at a 110,609-square-foot industrial building in Buena Park. The lease is valued at $3 million. The company plans to distribute corrugated paper products at the 5600 Knott Ave. property. It will be relocating from nearby Santa Fe Springs. RockTenn was represented by Clyde Stauff and Chris Sheehan of Colliers International. The landlord, Crown Associates Realty Inc., was represented by Scott Smith and Tim Cronin of Lee & Associates.
COMMERCE, CALIF. — A 95,428-square-foot industrial property in Commerce has sold to American International Industries for $6 million. The property, which was vacant at the time of sale, is located at 6009-6041 South Malt Ave. American International plans to use this facility to expand its operations into Commerce. The company was represented by Jack Cline and Jeff Bethel of Lee & Associates. The seller, Hill’s Pet Nutrition, was represented by Frank Geraci, Walt Chenoweth and Juan Gutierrez of Voit’s Inland Empire office, and Brian McLoughlin and David Fults of the firm’s Commerce office.
FOLSOM, CALIF. – The 28-unit Rain Tree Apartments in Folsom has sold to a private investor for $2.84 million. The property is located at 1000 Sibley Street. Peter R. Flis and Eric Price of Marcus & Millichap’s Sacramento office represented both the buyer and the seller, another private investor, in this transaction.
HUNTINGTON BEACH, CALIF. – A 7,098-square-foot medical office building in Huntington Beach has sold to Harmelback, LLC (Beach Family Doctors Medical Group) for $2.48 million. The building is located at 9131 Adams Ave. Harmelback was represented by Allen Basso and Eric Darnell of Lee & Associates’ Irvine office. Dave Romero of the firm’s Newport Beach office and Bryan Lysne of Lee & Associates Investment Services Group represented the seller, Michael M. Khatibi, in this transaction.
ENCINITAS, CALIF. — Westcore Properties has purchased a 37,398-square-foot office building in Encinitas for $6.8 million. The building is fully leased to tenants like Scripps Health and St. Katherine’s College. Westcore was represented by Joe Anderson and Rick Reeder of Cassidy Turley. The seller, HBTFT, LLC, was represented by Strom Commercial.
LONG BEACH, CALIF. – A six-property, 52-unit multifamily portfolio in Long Beach has sold to Riva Investments, Keely Partners and Jehan Shahid for $4,935,000. The bank-owned REO portfolio contains four properties that were fully occupied at the time of sale. All six properties were well maintained and recently upgraded. The portfolio includes the eight-unit 1352 Molino Ave.; the 12-unit 1765 Cedar Ave.; the six-unit 630 Nebraska Ave.; the 10-unit 761 Rose Ave.; the eight-unit 924 Gaviota Ave.; and the eight-unit 222 East Market. The seller, CRE LJ CA LLC, a Delaware limited liability company c/o OneWest Bank, FSB of Pasadena, Calif., was represented by Robert Stepp, Dean Zander and Vince Norris of Hendricks & Partners’ West Los Angeles office.