LOS ANGELES COUNTY — Berkadia Commercial Mortgage LLC has originated more than $23 million for the acquisition of a three-property multifamily portfolio in eastern L.A. County in Southern California. The Claremont Portfolio consists of three garden-style apartment complexes: the 80-unit Southridge Apartments located at 750 W. San Jose St. in Claremont, Calif.; the 64-unit Spring Hill Town Homes located at 150 W. Drake Street in Pomona, Calif.; and The Village at Claremont, an 84-unit complex located at 10 S. Indian Hill Blvd., also in Claremont. Berkadia’s Mitchell Thurston arranged the acquisition financing through Fannie Mae.
Western
BEAVERTON, ORE. — Grandbridge Real Estate Capital has originated and closed a more than $63.2 million fixed-rate loan secured by Murray Business Center, a 332,000-square-foot suburban office building located in Beaverton. Funding for the transaction was provided by TIAA-CREF. The loan was made at 98 percent of appraised value with an interest rate of 5.61 percent fixed for the entire 21.3-year loan term. The transaction features an initial 39-month interest-only component with negative amortization, which converts to an 18-year amortization. Rob Meister of Charlotte, N.C.-based Grandbridge, a subsidiary of BB&T Corp., arranged the financing on behalf of a long-time client. The main tenant at Murray Business Center currently occupies 72 percent of the property with an unrelated, non-credit tenant occupying the remaining portion of the property until September 30, 2013, at which time the main tenant takes over the entire building.
ONTARIO, CALIF. — Lee & Associates has negotiated an investment group’s $8.75 million purchase of Ontario Gateway, a two-building, multi-tenant professional office complex totaling 125,497 square feet in Ontario. Both the 73,974-square-foot Ontario Gateway I, located at 2151 E. Convention Way, and the 51,523-square-foot Ontario Gateway II, located at 2143 E. Convention Way, are two stories with freeway orientation. Tenants include SoCal Water, California Department of Consumer Affairs and the state’s Department of Health Services and Manpower. Lee & Associates’ Edward Indvik, Matthew Sullivan, David Mudge and Julia Corona-Thompson represented both the buyer and the seller, Jefferson-Pilot Investments, in the transaction.
MESA, ARIZ. — CB Richard Ellis has negotiated Alpine Valley Bread Co.’s $3 million acquisition of a 61,157-square-foot industrial building located at 300 W. Southern Ave. in Mesa. The manufacturer and distributor of natural and whole-grain bakery products will expand from its current 17,000-square-foot operations when it occupies the new building in early 2011. CBRE’s Joe Porter, Pat Feeney, Dan Calihan and Rusty Kennedy represented the buyer, in the transaction, and Diamond Pacific Investments’ Rick Mineweaser represented the seller, Paradise Valley, Ariz.-based Ol-Lonely Enterprises.
CORONA, CALIF. — Faris Lee Investments has completed two sales within The Shops at Sycamore Creek in Corona. Represented by Grubb & Ellis’ Skip Crane in an all-cash transaction, Knaak Family Partnership purchased the Vons fuel station for $2.13 million. Represented by Faris Lee’s Nick Coo, Los Angeles-based YFP Sycamore Creek LLC bought the 12,900-square-foot, stand-alone CVS/pharmacy for $4.93 million, also in an all-cash transaction. Faris Lee’s Dennis Vaccaro and Richard Walter represented the seller, Shops at Sycamore Creek LLC, in the two deals, which completed a three-parcel, break-up strategy totaling $9.66 million. Built in 2008 and 2009, The Shops at Sycamore Creek are situated just off Interstate 15 at Indian Truck Trail Rd.
SAN FRANCISCO — Marcus & Millichap has brokered the more than $3.78 million acquisition of a 13-unit apartment property located at 1385 Greenwich Street in San Francisco. The brokerage firm’s Robert Johnston represented the private-investor buyer in the transaction.
PATTERSON, CALIF. — Affinia Group has leased 394,000 square feet of industrial space at Building A within McShane Development Co. / MetLife Real Estate Investments’ 123-acre KeyStone West Business Park in Patterson. CB Richard Ellis’ Kevin Dal Porto and Doug Norton represented McShane in the lease transaction, and the brokerage firm’s Blake Rasmussen and Ed Wujiak represented the tenant. McShane Construction Co. and project architect Ware Malcomb will provide comprehensive tenant-improvement services for Affinia Group’s new location, which will include more than 8,000 square feet of office space.
SEATTLE — Newmark Realty Capital has arranged $52 million in financing for the 208-unit Rollin Street Flats, a Class A, 11-story residential building located at the intersection of Westlake and Denny avenues in Seattle’s South Lake Union neighborhood. The property also includes 16,000 square feet of ground-level retail. On behalf of Rollin Street Ventures, Newmark's Michael Taylor secured the financing from John Hancock Life Insurance Co., one of Newmark’s correspondent lenders.
LOS ANGELES — LA Realty Partners and Madison Partners have arranged Pachulski Stang Ziehl & Jones’ $18 million lease renewal for 32,000 square feet of office space at 10100 Santa Monica Blvd. in the Century City area of Los Angeles. Under the 10-year lease agreement, the law firm will relocate to the 13th and 14th floors of the property it’s called home for more than 25 years. LA Realty Partners’ Gary Weiss and Madison Partners’ Bob Safai represented the tenant in the deal; the landlord, Hines Interests, was represented in-house by Todd Later and Eric Lyon.
MESA, ARIZ. — BH Properties has purchased the 320-unit Fiesta Park apartment complex, located at 1033 S. Longmore Street in Mesa, from Fiesta Park LLC for $5.5 million. Built in 1979 and approximately 50 percent occupied at the time of the sale, the multifamily property comprises 10 three-story, garden-style buildings consisting of 192 one-bedroom units and 128 two-bedroom units. NAI Capital’s Tom Papoulias represented both parties in the short-sale transaction.