SACRAMENTO, CALIF. – California's commercial loan delinquency rate for the second quarter of 2011 has fallen by more than half, from 0.78 percent to 0.38 percent, according to the California Mortgage Bankers Association's Quarterly Commercial Loan Delinquency Survey. The survey notes that no retail, R&D or mobile home properties were delinquent. The three largest delinquent loans, as reported by the mortgage banking firms, included a $21.3-million land loan in Fresno County, a $20.5-million office loan in Los Angeles County and a land loan with a remaining balance of $19.5 million in San Diego County.
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NEWPORT BEACH, CALIF. – Lee & Associates has added Judd Hietbrink, Wyatt Prichard and Justin Wegnes to its office and industrial brokerage. Hietbrink was previously with CIP Real Estate where he specialized in multi-tenant industrial and office properties. Prichard was also previously with CIP Real Estate, where he leased and marketed its 1.5-million-square-foot Southern California portfolio. Wegnes specializes in office and industrial properties.
LAS VEGAS – An auto dealership situated at 6770 Redwood Street in Las Vegas has been sold to B.G.D., LLC, for $18.5 million. The 86,270-square-foot dealership also contained a service and collision center. Grant Traub of Colliers International represented the seller, Thomas Saitta and Alice M. Saitta, who are trustees of the Saitta Family Trust.
LOVELAND, COLO. – The 111-unit Buttes Apartments in Loveland has been purchased by a local investment group for $12.1 million. The complex was 97 percent occupied at the time of sale. The transaction also included an adjoining 0.86-acre parcel that was purchased for $125,000. The buyer doesn't yet know whether the parcel will be sold or incorporated into the Buttes. ARA Denver-based principals Doug Andrews, Jeff Hawks and Terrance Hunt, along with senior vice president Shane Ozment, represented the seller, Griffis/Blessing, in this transaction.
LAS VEGAS – MIG Real Estate has sold the 100,000-square-foot, Class A Sunset Pilot Plaza in Las Vegas to Ameriprise Financial for an undisclosed sum. The office property, which is situated within the 3.3-million-square-foot Hughes Airport Center business park, was built in 2008 and acquired by MIG in 2010. CBRE's Darren Lemmon represented MIG. CBRE's Charles Snyder and Randy Broadhead represented Ameriprise Financial.
LAS VEGAS – Strategic Storage Trust has purchased three self-storage facilities in San Francisco, Las Vegas and Hampton, Va., for $12.2 million. The facilities, totaling about 2,100 units, will be re-branded under the SmartStop Self Storage name. The 790-unit Nevada facility is located at 4770 S. Pecos Ave. in Las Vegas. The 640-unit San Francisco Bay Area facility is located at 2300 Grant Ave. in San Lorenzo, Calif.
LAS VEGAS – NAI Capital has sold the 113-unit Palm Hills Apartments in Las Vegas to 3 D Investments for an undisclosed sum. The 113,797-square-foot complex resides at 4770 E. Owens Ave. Tom Papoulias, executive vice president with NAI Capital’s Commerce, Calif., office, and DeLonne Valens, senior vice president with the firm's West Los Angeles office, represented both the buyer and the seller, Palm Hills Apartments LP.
COMPTON, CALIF. – A 22,500-square-foot industrial building in Compton has been sold to Sudco International for $2.3 million. The motorcycle parts manufacturer has utilized the facility as its new headquarters since mid-July. The facility resides within the Dominguez Technology Center. David Grote, a partner in the Torrance office of Klabin/CORFAC, represented the sellers, Susan and Tai Chung. Voit's Ryan Lewis represented Sudco.
CHULA VISTA, CALIF. – NorthMarq Capital has arranged $53.3 million in combined debt and mezzanine financing for the 156,291-square-foot Village Walk Shopping Center in Chula Vista. The firm arranged $46.3 million in debt financing through a CMBS lender. It boasts a five-year term and a 30-year amortization schedule. An additional $7 million in mezzanine financing was arranged under a five-year term with a balloon payment due at maturity. These funds provide an 80 percent loan-to-value. NorthMarq's team was led by vice president Mike Dobbins, who is out of the firm's San Diego regional office.
LAS VEGAS – NAI Sauter Companies has sold the 305-unit Rancho Alvarado multifamily complex in Las Vegas to Las Vegas Alvarado Apartments, LLC, for $7.3 million. The seller was Blue Valley Apartments. NAI's Patrick Sauter brokered this all-cash transaction, which closed escrow in less than 10 days.