VAN NUYS, CALIF. — Belmont, Calif.-based Embarcadero Capital Partners has sold the two-building, 267,955-square-foot, Class A office property known as Sherman Plaza East & West for $49.5 million. The building is currently 95 percent leased. The buyer, Calabasas, Calif.-based Majestic Investments, assumed the existing $39 million loan which carries a 5.9 percent interest rate. Bob Safai of Los Angeles-based Madison Partners represented the seller.
Western
MOORPARK, CALIF. — Ensign-Bickford Aerospace & Defense has purchased a 265-acre office/manufacturing/warehouse campus located at 14370 White Sage Rd. in Moorpark for a undisclosed price. The buildings total approximately 166,628 square feet. The buyer was represented by Bill Kiefer of NAI Capital's Ventura County office and Tim Foutz of the firm's Encino office. The seller, WP Carey & Co., was represented by Nick Gregg of CB Richard Ellis' Ventura County, Calif., office and Sterling Champ of the firm's Universal City, Calif., office.
EL SEGUNDO, CALIF. — A 157,000-square-foot, Class A office building located at 2300 E. Imperial Hwy. in El Segundo has sold of $25.3 million. The seller, an undisclosed financial services firm, was represented by Marc. D. Renard and Manfred Schaub of Cushman & Wakefield's Los Angeles office, Michael Roberts of Cushman & Wakefield's San Diego office and Chris Sinfield of Cushman & Wakefield's Los Angeles County office.The buyer was Indonesia-based V.C.I. Corporation.
LOS ANGELES — A partnership that includes Marriott International, WIlliams/Dame & Associates, American Life, Regional Center Management Los Angeles and Nomad Ventures has announced its plans to build a 377-room, two-tower high-rise, which will contain a Courtyard by Marriott and a Residence Inn by Marriott, next to L.A. Live on the northwest corner of Olympic Boulevard and Francisco Street. Equity funding will be provided through the EB-5 Investor Green Card Program.
VALENCIA, CALIF. — Madison International Realty has acquired a 50 percent equity interest in the 126,769-square-foot Bridgeport Marketplace, a mixed-use, grocery-anchored retail center in Valencia. The value of the transaction was approximately $10 million. The co-owner and broker information were undisclosed.
FEDERAL HEIGHTS, COLO. — CarMax Auto Superstores has purchased a 7.2-acre automotive dealership site, located at 2600 W. 104th Ave. in Federal Heights, for $6 million. The seller, BDH&R Investment Company, was represented by Steve Hyatt of Fort Lauderdale, Fla.-based Berger Commercial Realty Corp. Paul Silver of Cushman & Wakefield | Thalhhimer's Richmond, Va., office and Dan Miller of Denver-based SullivanHayes represented the buyer.
EL MONTE, CALIF. — Cathay Bank has sold a 51,144-square-foot former Chrysler Jeep Dodge dealership, located at 11705-11709 Valley Blvd. in El Monte, for $4.66 million. The 4.2-acre property also has a 2,760-square-foot restaurant building. The buyer is Los Angeles County-based Prime Southland Real Estate. John Archibald, Mike Knudsen and Guillermo Olaiz of Coldwell Banker Commercial's Glendale, Ca., office represented the seller. The buyer was not represented in the transaction.
DENVER — Pinnacle Real Estate Advisors has arranged the $4.15 million acquisition of the 81-unit Loretto Manor, an apartment building located at 2775 S. Federal Blvd. in Denver. Constructed in 1973, the multifamily property consists of 42 one-bedroom/one-bath units and 39 two-bedroom/one-bath units. In the transaction, Pinnacle Real Estate Advisors’ Mike Phillips represented the buyer, who plans to completely renovate the building during the next 2 months.
VISTA, CALIF. — Cassidy Turley BRE Commercial has brokered the $2.35 million sale of the 22-unit Primrose Park Apartments, located at 2240-60 Primrose Ave. in Vista. Cassidy Turley BRE Commercial’s Ray Adams represented the seller, Primrose Park Apartments LLC, in the transaction, and Monty James of Pacific Coast Executive Realty represented the buyer, Chris Megison of North County Solutions for Change.
BOULDER, COLO. — Marcus & Millichap has brokered the $2.95 million sale of the 16-unit Cascade Apartments, located at 765-785 20th Street in Boulder. Built in 1950 and fully occupied at the time of sale, the multifamily property consists of 10 two-bedroom units and 6 one-bedroom units. Marcus & Millichap’s Brian Haggar represented the private-investor seller in the transaction.