DOWNEY, CALIF. – A Walgreens property that is located at 8030 Imperial Highway in Downey has sold to Downey Property Investments, LLC for $8.1 million. The property had previously housed a vacant industrial park and a free-standing outparcel before it was acquired and redeveloped by Heslin Becker Properties. The firm still maintains possession of the outparcel building, which it plans to re-tenant. The acquisition was led by Casey McKeon of Heslin Becker.
Western
MESA, ARIZ. – The 120-unit Sycamore Square Apartments in Mesa has received $4,129,000 in first-mortgage financing. The loan features a 10-year term and a 30-year amortization schedule. The apartment community is owned by RND6, LLC, an entity of Crown Realty & Development, and is located at 1120 S. Sycamore Street. Financing was provided by NorthMarq Capital through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS Lender. James DuMars and Michael Elmore led the NorthMarq team.DuMars works out of the firm’s Phoenix office, while Elmore is based in Los Angeles.
PANORAMA CITY, CALIF. — An 11,481-square-foot retail building located at 14600 Roscoe Blvd. in Panorama City has sold to Pluto Holdings, LLC, an affiliate of Kidney Center, for $2,575,000. Pluto was represented by Christopher E. Maling, David Maling and Phyllis Palin out of Colliers’ Downtown Los Angeles office, and Shawn Salimian out of the firm’s Encino, Calif., office. The seller, Roscoe Blvd Panorama City, LLC, was represented by Bryan Norcott of Studley Retail.
MISSION HILLS, CALIF. – The 34,310-square-foot Blackhawk building in Mission Hills has sold to Santa Monica West, LLC for $5.65 million. The three-story office building was 97 percent leased at the time of sale. The seller, Blackhawk Office Associates, LLC, was represented by Lynwood Fields and Bob Safai of Madison Partners.
LAS VEGAS – The Concorde Assisted Living Center in Las Vegas has sold to Forterus for $5 million. The 101-unit facility is located at 4625 East Twain Ave. It was built in 1997. Forterus was represented by its company chairman, Michael Cartright The seller, IMH Financial Corporation, was represented by Trisha A. Talbot, Julie A. Johnson and Kathleen M. Morgan of GPE Commercial Advisors, along with Neil Sorkin of Cushman & Wakefield.
BEL AIR, CALIF. – A 24-unit apartment complex located at 11720 Bellagio Road in Bel Air has sold to an unnamed buyer for $4.37 million. The 15,676-square-foot complex was built in 1955. The property was listed and marketed by Richard J. Ringer of Marcus & Millichap’s West Los Angeles office on behalf of the seller, a limited liability company.
FOUNTAIN, COLO. – The 103-unit Vista Ridge apartment complex in Fountain has sold to Vista Ridge Apartments, LLC for $2,615,000. The deal also includes five additional acres of commercially zoned RC land. The seller, SW Apartments, LLC, was represented by John Laratta of Hendricks & Partners’ Denver office.
SAN DIEGO — Torrey Pines Bank has signed a new seven-year lease for 27,834 square feet at 12220 El Camino Real in Del Mar Heights. This lease expansion is valued at $8 million and has allowed the bank to absorb the balance of space on the building’s first and second floors. Torrey Pines Bank was represented by Dave Odmark of Cassidy Turley BRE Commercial. The building’s owner, Cognac Del Mar, LLC, was represented by Odmark, along with Rick Reeder and Joe Anderson, who are also with Cassidy Turley.
RANCHO CUCAMONGA, FONTANA, CALIF. – Two single-tenant properties have recently sold in the Inland Empire for a combined total of $5,527,000. A Rancho Cucamonga-based retail property that is currently occupied by Farrell’s Ice Cream Parlour Restaurant has sold to 4021 LLC for $3,292,000. The sale of the 7,841-square-foot property closed at a 7.5 percent cap rate. The buyer was represented by Acadia Corporation. The seller, Bengard-Foothill LLC, was represented by Jeff Conover and Rich Walter of Faris Lee Investments. The second property, a 10,000-square-foot retail building in Fontana that is currently occupied by Big 5 Sporting Goods, has sold to Kalmuk Trust for $2,235,000. The property resides within the Shops at Sierra Lakes and sold at a 6.47 percent cap rate. The all-cash buyer was represented by Opics Properties. The seller, PRP Investors Fontana, LLC, was represented by Conover and Matt Mousavi of Faris Lee.
ORANGE, CALIF. — A 44,340-square-foot industrial property in Orange has sold to a local construction company for $5.1 million. The warehouse is located at 749 N. Poplar Street. The company, which specializes in architectural concrete construction, plans to utilize this space for its operations. Seth Davenport and Mitch Zehner of Voit’s Anaheim, Calif., office represented both the buyer and the seller in this transaction.