LAS VEGAS – Strategic Storage Trust has purchased three self-storage facilities in San Francisco, Las Vegas and Hampton, Va., for $12.2 million. The facilities, totaling about 2,100 units, will be re-branded under the SmartStop Self Storage name. The 790-unit Nevada facility is located at 4770 S. Pecos Ave. in Las Vegas. The 640-unit San Francisco Bay Area facility is located at 2300 Grant Ave. in San Lorenzo, Calif.
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LAS VEGAS – NAI Capital has sold the 113-unit Palm Hills Apartments in Las Vegas to 3 D Investments for an undisclosed sum. The 113,797-square-foot complex resides at 4770 E. Owens Ave. Tom Papoulias, executive vice president with NAI Capital’s Commerce, Calif., office, and DeLonne Valens, senior vice president with the firm's West Los Angeles office, represented both the buyer and the seller, Palm Hills Apartments LP.
COMPTON, CALIF. – A 22,500-square-foot industrial building in Compton has been sold to Sudco International for $2.3 million. The motorcycle parts manufacturer has utilized the facility as its new headquarters since mid-July. The facility resides within the Dominguez Technology Center. David Grote, a partner in the Torrance office of Klabin/CORFAC, represented the sellers, Susan and Tai Chung. Voit's Ryan Lewis represented Sudco.
CHULA VISTA, CALIF. – NorthMarq Capital has arranged $53.3 million in combined debt and mezzanine financing for the 156,291-square-foot Village Walk Shopping Center in Chula Vista. The firm arranged $46.3 million in debt financing through a CMBS lender. It boasts a five-year term and a 30-year amortization schedule. An additional $7 million in mezzanine financing was arranged under a five-year term with a balloon payment due at maturity. These funds provide an 80 percent loan-to-value. NorthMarq's team was led by vice president Mike Dobbins, who is out of the firm's San Diego regional office.
LAS VEGAS – NAI Sauter Companies has sold the 305-unit Rancho Alvarado multifamily complex in Las Vegas to Las Vegas Alvarado Apartments, LLC, for $7.3 million. The seller was Blue Valley Apartments. NAI's Patrick Sauter brokered this all-cash transaction, which closed escrow in less than 10 days.
NEWBURY PARK, CALIF. – Marcus & Millichap Real Estate Investment Services has sold Paraiso Town Center, an REO shopping center in Newbury Park, for $6.3 million. It was purchased by Paradise Capital Group LLC, an affiliate of Cardinal Equities LLC. Paraiso Town Center is located within the 2,331-acre master-planned community of Dos Vientos Ranch. Marcus & Millichap's Kyle Matthews represented the seller, U.S. Bank.
PORTLAND, ORE. — Melvin Mark Capital Group has arranged financing for two California projects. The group arranged a $20-million loan with a CMBS lender for the 187,094-square-foot 2201 Broadway office building in Oakland, Calif. It contains a 10-year, fixed-rate term with a 30-year amortization period. The group also arranged a $4.5-million loan with a life insurance company for the four-story Aventerra Apartments in Berkeley, Calif. The property contains ground-floor retail. It carries a five-year, fixed-rate term with a 25-year amortization period.
LOS ANGELES – Arbor Commercial Funding has closed three loans under the Fannie Mae DUS® Small Loan product line totaling $7.5 million. The 102-unit Hartford Hills Apartments received $3,645,000; the 50-unit 232 Union Place Apartments received $2,700,000; and the 16-unit 2352 Glendale Boulevard received $1,186,000. The Hartford and Glendale apartments were refinance loans, while Union Place was an acquisition loan. All three loans carry seven-year terms and 30-year amortization schedules.
SANTA ANA, CALIF. – A 32,365-square-foot office building located at 801 Parkcenter in Santa Ana has sold to 801 RCA Venture, LLC for $3.7 million. The building contains 15 units leased to 12 tenants. The buyer purchased the property with all cash. It later secured permanent financing through a Life Company correspondent, which was arranged by the Alison Company. The buyer was represented by Gillett Commercial's Denny Pender. The seller was represented by Professional Real Estate Services.
VAN NUYS, CALIF. – Regency Theatres has signed a 10-year lease for the 72,200-square-foot Mann Theaters at The Plant power center in Van Nuys. The Plant 16 Cinemas’ is Regency’s third location within the San Fernando Valley. The Plant is owned by Decron Properties.