LANCASTER, CALIF. — Marcus & Millichap has presided over the $9.5 million trade of the 120-unit Antelope Valley Apartments, a 114,004-square-foot Section 8 complex located at 43460 32nd St. West in Lancaster. Built in 1983 on 8.8 acres, the multifamily property features 106 two-bedroom/one-bath units and 14 three-bedroom/one-and-a-half-bath units. Marcus & Millichap’s Matthew Friedman represented both the buyer and the seller in the transaction.
Western
PHOENIX — Cassidy Turley BRE Commercial has completed the $6.25 million sale of the 125-unit Mission Palm apartments, located at 6131 N. 16th Street in Phoenix. Clear Sky Resolution Properties LP purchased the multifamily complex from Tempe, Ariz.-based Mission Palms LLC. Cassidy Turley BRE Commercial’s David Fogler and Steven Nicoluzakis represented both parties in the transaction.
SAN DIEGO — NorthMarq Capital has arranged $7.8 million in first-mortgage financing for a 67,053-square-foot office building, located at 9660 Granite Ridge in San Diego. Based on a 7-year term and a 25-year amortization schedule, the loan was arranged by NorthMarq’s Steve Hollister through the Minneapolis-based firm’s relationship with Torrey Pines Bank. The single-tenant, non-credit office building with specialized improvements is occupied by Clear Channel Communications.
COLTON, CALIF. — NAI Capital has arranged the $4.15 million purchase of a 290,047-square-foot industrial property located at 311 W. Citrus Ave. in Colton. The seller, Splash Properties LLC, leased back 110,000 square feet of the property for its stone-fabrication business. NAI Capital’s Nicholas Chang, Richard Lee and Francisco Camacho represented the undisclosed buyer, which will use the larger portion of the property for a food-processing facility, in the transaction. Lee & Associates represented the seller.
LOS ANGELES — Charles Dunn Co. has completed the $4.75 million sale of Russell Manor, a 35-unit apartment community located at 5333 Russell Ave. in the Hollywood district of Los Angeles. Built in 1973, the three-story property consists of 11 two-bedroom/two-bath units and 24 one-bedroom/one-bath apartment homes. Charles Dunn’s Mark Ventre represented the buyer, Hollywood-based ROM Investments, as well as one-half of the selling interest, a private trust, in the all-cash transaction.
SAN DIEGO — Meridian NP LLC has sold a 4,295-square-foot U.S. Bank pad to Belesquez Trust for $3 million. Epsteen & Associates/San Diego LLC’s Joe Wojdowski represented the San Diego-based seller in the transaction, and John Andreini of Capital Pacific represented the San Francisco-based buyer. The property is situated within a Fresh & Easy Neighborhood Market-anchored retail center in the North Park area of San Diego.
LATHROP, CALIF. — On behalf of Gordon Trucking, The Alliance Group Commercial Construction will break ground for a 23,000-square-foot concrete tilt-up satellite terminal facility this month. Slated for completion in November, the new building will allow the Washington-based trucking firm to provide equipment-servicing dispatch and refueling for the fleet, which exceeds 1,600 vehicles nationwide. The property will also include approximately 13 acres of concrete paved truck parking.
ENGLEWOOD, COLO. — Sandler-Johnson Property Management has sold a 45,908-square-foot industrial building, located at 1600 W. Dartmouth in Englewood, to Dr. Bruce Elsey for $1.9 million. Alec Rhodes and Tyler Smith of Cassidy Turley Fuller Real Estate represented the seller in the transaction. The single-story, stand-alone facility was built in 1975.
SANTA CLARITA, CALIF. — Madison International Realty has acquired a 50 percent equity interest in the 126,769-square-foot Bridgeport Marketplace, a mixed-use property located 30 miles north of downtown Los Angeles in the Valencia area of Santa Clarita. The value of the transaction was approximately $10 million. Developed in 2008 and 94.5 percent leased, Bridgeport Marketplace consists of a 97,786-square-foot retail component and 28,953 square feet of medical office space. Valley Produce Market, Walgreens and California Pizza Kitchen are the major retail tenants; the medical office component is long-term leased to the Southern California Orthopedic Institute.
SANTA MONICA, CALIF. — On behalf of a private investor, MEI Real Estate Services has arranged $11.5 million in construction financing for a mixed-use development in downtown Santa Monica. When completed in fourth quarter 2012, the project will consist of 40 high-end residential suites over 8,500 square feet of retail.