SAN DIEGO — Information Systems Laboratories has signed a 30,097-square-foot, 72-month lease renewal at Sorrento Tech I in the Sorrento Mesa submarket of San Diego. The renewal is valued at $2.285 million. The technology development company utilizes this freestanding flex R&D building for its headquarters. CresaPartners’ Don Mitchell represented Information Systems. JLL’s Chad Urie and Ryan Grove represented the landlord, Bixby Kibbee, LLC.
Western
DENVER, LOS ANGELES — NorthMarq Capital has arranged more than $12 million in financing for two Western region properties. It arranged $6,350,000 in permanent financing for the 61,456-square-foot Crestline Office Center in Greenwood Village, Colo. John M. Stewart, senior vice president, and Brock Yaffe, senior investment analyst from NorthMarq’s Denver regional office arranged the financing for the borrower. The company also arranged $6 million in first-mortgage financing for the 199,562-square-foot Azusa Industrial Center in Azusa, Calif. Michael Elmore, senior vice president and managing director of NorthMarq’s Los Angeles regional office arranged the financing for the borrower through the company’s correspondent relationship with Aetna Life Insurance Company.
INGLEWOOD, CALIF. — A group of private investors has purchased a 41-unit apartment complex in Inglewood for $4.7 million. The complex sold at a 6.75 percent cap rate. The two-building complex was built in the early 1960s and has undergone significant capital improvements. The new owners plan to make additional improvements to the complex’s façade and landscaping. Robert Leveen, a principal with Lee & Associates-Investment Services Group, represented the buyers.
GARDEN GROVE, CALIF. – The 19,713-square-foot Euclid Plaza retail property has sold to the Don Phan and Elizabeth Revocable Trust for $4.2 million. Humming Realty’s James Tran represented the buyer in this all-cash transaction. Tom Nguyen from NAI Capital’s Orange County office represented the seller, The Edward M. Liu & Rong Hwa Liu Trust.
LOS ANGELES — Marcus & Millichap Capital Corporation has arranged a $4,335,000 loan to refinance a 51-unit apartment community in Los Angeles. The loan contains a 4.63 percent adjustable interest rate for 30 years with a 30-year amortization period and a 75 percent loan-to-value. Sharone Sabar, a director in MMCC’s Encino office, arranged the loan.
CEDAR CITY, UTAH – Binswanger has sold a 212,042-square-foot industrial building in Cedar City to Jim Pattison Developments. The company plans to use this building as an expansion for its Genpak subsidiary, which already has a significant presence in the Cedar City market. The facility boasts 112,000 square feet of manufacturing space, 93,832 square feet of warehouse space and 6,210 square feet of office space. The transaction was executed by Eric Dienstbach, a senior vice president for Binswanger.
SAN MATEO, CALIF. — Villa Plaza, a 13,500-square-foot strip center in San Mateo has sold to Tribeca Companies for $4.8 million. The plaza sold at a 6.8 percent cap rate, and was in financial default on the senior promissory note. The acquisition represented a value-added opportunity for Tribeca, which was represented by Jim Roessler of Roessler Investment Group. The seller, Gallagher Investments, LLC, was represented by Jason Garlock of Park Lane Partners.
CAMARILLO, CALIF. — Lee & Associates-LA North/Ventura office has transacted an 85,000-square-foot industrial lease to Perfect Promotional Products inside Camarillo’s Mission Oaks Business Park. The printing company signed a seven-year lease valued at more than $3.76 million for the space at 5217 Camino Ruiz. Perfect Promotional currently operates two other locations in nearby Oxnard that it will consolidate at the new facility. The company was represented by Doug Wax, president of Industrial Park Associates. Lee’s Grant Harris, Grant Fulkerson and Robert Shafer represented the landlord, PEGH Investments LLC.
MONTROSE, COLO. — Love Funding has closed a $2.51-million loan refinancing for the 76-unit San Juan Apartments in Montrose. The loan was secured by Robyn Cunningham, a first vice president and senior originator at Love Funding, through the Federal Housing Administration’s 223(a)(7) loan insurance program. FHA mortgage insurance allowed the borrower to obtain a low, fixed interest rate with a 35-year self-amortizing term. All 76 of San Juan’s units receive Section 8 assistance.
GILROY, CALIF. — Strategic Storage Trust, Inc. (SSTI) has purchased a 610-unit self-storage facility in the San Francisco Bay Area for about $6.56 million. SSTI’s four-property Bay Area portfolio now contains about 2,600 units. The new facility will operate under the SmartStop Self Storage name. It contains about 94,000 rentable square feet that is situated on approximately 4.5 acres at 8900 Murray Ave. HFF’s senior managing director, Aaron Swerdlin, represented the seller in this transaction.