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.
Western
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.
TEMPE, ARIZ. — Agua Del Sol, a manufacturer and distributor of thermal solar-powered products and equipment, has signed a three-year lease for 23,124 square feet at 602 W. 22nd Street in Tempe. After acquiring the assets, distribution network and product lines that were previously held by Integrated Solar, Agua Del Sol plans to combine and relocate their Deer Valley and Stafford locations to the Tempe facility. DPR Realty’s Lisa Hoffman represented Agua Del Sol. Marc Tuite and Kris Martin of Cassidy Turley BRE Commercial’s Industrial Services Group represented the landlord, Spectrum Investments 602, LLC.
SEATTLE — The AFL-CIO Building Investment Trust (BIT) has agreed to develop the $48-million, 193-unit PortVue Apartments in West Seattle. The multifamily project will commence construction in the next few weeks. It is being developed by Legacy Partners.
BEAUMONT, CALIF. — CT Realty Investors has acquired the Dowling Orchard Business Park in Beaumont. Dowling includes two new industrial warehouse buildings totaling 572,143 square feet. In addition to the business park, CT also acquired 30 acres of land entitled for a 611,000-square-foot building, which should begin construction in 2012. The industrial park and land were acquired from Oakmont Dowling Orchard, LLC for an undisclosed sum. The all-cash sale was facilitated by Bill Heim and Eloy Covarrubias of Lee & Associates Ontario.