WEST HOLLYWOOD, CALIF. — The 25-unit Villa Sarah apartment community in West Hollywood has sold to DSPG Management for $4.15 million. The community was built in 1950 and is located at 1280 N. Laurel Ave. The seller, General Western Monticello Company, was represented by David J. Harrington of Hendricks & Partners’ North Los Angeles office.
Western
VERNON, CALIF. — Mola has signed a five-year lease for a 129,544-square-foot industrial building in Vernon. The building is located at 2957 E. 46th Street and includes 25,000 square feet of office space. Mola was represented by Doug Cline of Lee & Associates. The landlord, Karney Management, was represented by Paul Sablock ofJones Lang LaSalle and Greg Stanton of CBRE.
NORTHRIDGE, CALIF. – Both the Yard House and Elephant Bar have signed on at the Northridge Fashion Center. The Yard House will lease more than 10,000 square feet, while Elephant Bar will occupy 6,700 square feet. Both are scheduled to open in late fall 2012.
SAN DIEGO – An 18,295-square-foot leased parcel beneath a 10,500-square-foot office building in San Diego has sold to Tecolote Associates for $1,865,000. The 0.42-acre parcel is located at 1331 Morena Blvd. Tecolote was represented by John Michaelsen and Todd Law of Capital Growth Properties. Paul Lafrenz, Paul Komadina and Melissa Foster of CBRE represented the seller, the City of San Diego, in this transaction.
SAN JOSE, CALIF. — An affiliate of Republic Urban Properties LLC has received an $8.37-million first-mortgage bridge loan to acquire a 2.36-acre land parcel in San Jose. A 218-unit Class A apartment complex is planned for the site, along with 14,000 square feet of retail space. Chris Simon of Pembrook Capital Management originated the loan. Curtis Palmer and Ted Fentin from Multi-Housing Capital Advisors acted as advisors on behalf of the sponsor.
FORT COLLINS, COLO. — Choice Center at CSU, a 112,820-square-foot land building in Fort Collins, has sold to a limited liability company for $4,312,374. The infill development is located at 1635 South College Ave., adjacent to Colorado State University, Fort Collins. The center is normally 100 percent occupied, though it will undergo immediate redevelopment. A triple-net leased shopping center with 35,092 rentable square feet was also included in this transaction, which was executed by Marcus & Millichap’s Denver office on behalf of the seller, a developer.
SALEM, ORE. — Capitol City Business Center in Salem has sold to an institutional owner for nearly $31 million. The 233,358-square-foot office building is located at 4600 25th Ave. NE. Buzz Ellis, Michel Seifer, Paige Morgan and Aaron Herter of Jones Lang LaSalle’s Capital Markets team represented Angelo Gordon and Meriwether Partners on this transaction.
EL CAJON, CALIF. – The 132-unit affordable housing property at 380 Mollison Ave. in the San Diego submarket of El Cajon has sold to Highland Property Development for $15.25 million. The buyer plans to invest $5.5 million in capital improvements for the property, which is also known as Key Largo Apartments. The seller, Key Largo Partners, was represented by CBRE’s Dixie Hall, Kevin Mulhern and Rachel Parsons, along with Jim Lampman and Jerry Low of Affordable Housing Group.
SCOTTSDALE, ARIZ. — Broadstone Scottsdale Waterfront, LLC, a partnership between Alliance Residential and JP Morgan Asset Management, has purchased the 3.35-acre Lot 4 development site at Scottsdale Waterfront for $13.5 million. Alliance plans to build a 259-unit luxury apartment community on the site. David Fogler, Steven Nicoluzakis and Don Arones with Cassidy Turley BRE Commercial represented the seller, Scottsdale Waterfront LLC, a partnership between Starwood Capital Group and Golub & Co., in this transaction.
LOS ANGELES — Raintree Partners has purchased the Vista Paradiso and Villa Sofia condominiums for $24.2 million. The two luxury properties total 63 units and reside within the San Fernando Valley. Both are currently vacant condo projects that Raintree plans to hold and manage as rental units. The 24-unit Vista Paradiso is located at 11805 Laurelwood Drive in Studio City. The 39-unit Villa Sofia is located at 4470 Woodman Ave. in Sherman Oaks. Raintree was represented by Hirsch Sherman and Jared Levine of KW Commercial. Daron Campbell, also of KW, represented the seller.