LA QUINTA, CALIF. – A 5,479-square-foot, two-tenant building that is partially occupied by US Bank has sold for $3.3 million. The building sold at a 5.42 percent cap rate. US Bank occupies the 4,400-square-foot space, while the 1,079-square-foot space was vacant at the time of sale. Pacific Commercial Investments’ Jon Selznick and Chris Rodriguez represented the seller. The buyer was represented by James DeVincenti of Marcus & Millichap.
Western
YORBA LINDA, CALIF. – A 30,992-square-foot industrial building located at 22951 E. La Palma Ave. in Yorba Linda has sold for $3.2 million. Chris Migliori out of DAUM Commercial Real Estate Services’ Orange County, Calif., office represented the sellers, Kenneth and Cheryl Meadows. The buyer was represented by Associate Commercial Brokers.
HUNTINGTON BEACH, CALIF. – A 3.19-acre parcel of land in Huntington Beach that includes two multi-tenant office buildings totaling 60,052 square feethas sold to development company DCO BeachWalk LLC. The office buildings are currently occupied. The site, located at 19891-19895 Beach Blvd., will be used for one of the first redevelopments along Beach Boulevard as part of the Beach and Edinger Corridors Specific Plan of Huntington Beach, according to Kathy Fuller, vice president in Voit’s Irvine office. Fuller represented the seller, Evangelical Free Church of Huntington Beach (EFCHB). DCO BeachWalk LLC represented itself in the transaction.
NORWALK, CALIF. — The Los Angeles County Sheriff’s Department has signed a lease extension with Sonnenblick Del Rio Norwalk LLC for 98,000 square feet at its Norwalk Government Center office building. The eight-year lease is for the entire fourth floor of the seven-story, 50,000-square-foot building, and includes an emergency back-up power and call center that will be located in the basement.
PORTLAND, ORE. — Marcus & Millichap Capital Corporation has arranged a $5.3-million CMBS loan for the acquisition of a mixed-use retail and multifamily property in Portland. The 10-year loan features a fixed rate of 5.5 percent with a 72 percent loan-to-value and a 30-year amortization schedule. Financing was arranged by Steven Wiltshire out of the firm’s Portland office.
POWAY, CALIF. — A 3,500-square-foot In-N-Out Burger restaurant in Poway has sold to Delta Gateway for $3 million at a 5 percent cap rate. The famous West Coast burger chain holds a 20-year, triple-net ground lease on the property with more than 19 years remaining on its initial term. Delta Gateway was represented by Ryan Barr and Ryan Bennett of Lee & Associates’ Net Leased Group in Carlsbad, Calif. The sellerrepresented himself.
PEORIA, ARIZ. – The 216-unit Suntree apartment community in Peoria has sold to Monterey Pines Apartments, LLC, for $8,108,000. Monterey Pines plans to renovate and rebrand the complex, which was built in 1984. It will retain MEB Management Services to manage the property. Steve Gebing, Cliff David and Rich Butler of Marcus & Millichap’s Phoenix office listed the property exclusively on behalf of Jodi Sheahan, the court-appointed receiver for certain assets of Suntree Apartments LLC.
SAN JOSE, CALIF. — Bay Area Family Fitness Centers has leased 38,133 square feet at Gould Shopping Center in San Jose. The space, located at 1035 E. Capitol Expressway, is the fitness center’s second location. It is anticipated to open by the end of the year. The company also plans to open one more Bay Area location in 2011. Robin Newton of Grubb & Ellis’ Retail Group represented Bay Area Family Fitness Centers in the lease transaction. The landlord, H.K.N. IV LLC, was represented by Todd Oliver of Terranomics Retail Services.
DENVER – The 23-unit 915 Carr Street apartment complex in Denver has sold for $1.6 million. The complex was built in 1968 and resides near the Lakewood Country Club. Pinnacle Real Estate Advisors’ Matt Lewallen and Kevin Calame represented the seller. The firm’s Matt Ritter and Jeff Johnson represented the buyer.
LOS ANGELES — Marcus & Millichap has sold two Southern California-based net-leased assets for a total of $6.3 million. They include a 25,998-square foot former Ralphs in Lomita that sold for $5.1 million, or $196 per square foot, and a 52,340-square-foot Albertsons in Downey that sold for $1,275,000, or $24 per square foot. Alex Kozakov and Patrick Wade of Marcus & Millichap’s Los Angeles office represented both the buyer and the seller of the former Ralphs. The supermarket’s lease expired earlier this month, and it did not have the option to renew. It was sold to a private REIT by two family trusts. The duo also worked on the Albertsons’ sale, in which a Southern California-based developer sold to a local 1031 Exchange buyer.