WOODINVILLE, WASH. — Mike Wood of NBS Financial Services arranged a $2.6 million loan for Underwood Gartland 216, a 71,750-square-foot warehouse/distribution center in Woodinville. The 5-year loan has a 25-year amortization schedule and a 43 percent loan-to-value ratio. Symetra Life Insurance Co. funded the loan for the borrower, Underwood Gartland 216 LLC.
Western
SAN FRANCISCO — Starwood Hotels & Resorts Worldwide has completed the disposition of W San Francisco, a 404-key hotel located at 181 3rd St. in San Francisco. Hong Kong-based Keck Seng Investments acquired the property for $90 million. The hotel features 12,000 square feet of meeting space, a Bliss® Spa and a SWEAT® Fitness Center. Jones Lang LaSalle Hotels brokered the transaction on behalf of the seller.
ALISO VIEJO, CALIF. — The Alison Company has arranged a $5.5 million loan for the refinancing of Journey Business Park in Aliso Viejo. Built in 1999, the multi-tenant property offers 60,648 square feet of office, light industrial and retail space. The 10-year loan has a 25-year amortization schedule. Shaun Moothart of The Alison Company secured the financing through an undisclosed life company correspondent.
SACRAMENTO, CALIF. — McCarthy Building Cos., along with the city of Sacramento, the Sacramento Public Library, Sacramento City Unified School District and Regent Development, is developing a Sacramento Public Library facility located in the Pocket-Greenhaven neighborhood of Sacramento. The 15,000-square-foot library branch will feature a 100-seat community room, a teen room, two group study rooms, a preschooler ready-to-read room, a quiet reading room and a room for more than 50,000 books and digital materials. Completion is slated for summer 2010. McCarthy is serving as general contractor; Regent Development is the project’s developer; and WLC Architects is the architect of record.
SANTA ANA, CALIF. — Kevin Boeve of Marcus & Millichap represented the undisclosed California-based seller in the $1.65 million disposition of a 1,800-square-foot single-tenant property, which is located in Santa Ana. The property is currently under an 18.5-year triple-net ground lease to Mangen Group, which operates the property as a Burger King. Richard Longobardo and Charles Shillington of Marcus & Millichap represented the undisclosed buyer in the transaction.
PHOENIX — Phoenix-based JDO LLC has acquired a 30,403-square-foot flex/office building located within Southbank Business Park at 3439 E. University Dr. in Phoenix. Colonial Development sold the property for $3.89 million. The property is currently 100 percent leased to General Services Administration. Jim Fijan and Jerry Roberts of CB Richard Ellis’ Phoenix office represented the buyer; Jim Wilson and Mike Beall of Cushman & Wakefield represented the seller in the transaction.
LOS ANGELES — Marcus & Millichap has brokered two apartment community transactions in Los Angeles. Tony Azzi of Marcus & Millichap represented both undisclosed parties in the disposition and acquisition of 903 North Hudson Avenue, a 16-unit apartment property located in Los Angeles. Built in 1964, the 12,468-square-foot property sold for $1.62 million. Additionally, Steve Bogoyevac of Marcus & Millichap represented both undisclosed parties in the disposition of a 20-unit apartment building, which is located at 401 Witmer St. in Los Angeles. The property, which was built in 1924, sold for $1.1 million or $125 per square foot.
PORTLAND, ORE. — Alan and Donna Mascard have purchased a 5,673-square-foot office property, which is located at 1305 NW 18th Ave. in Portland. 18th & Overton LLC sold the property for $1.15 million. Josh Schweitz and Kevin Joshi of GVA Kidder Mathews represented the buyer; John Gibson of Colliers International represented the seller in the transaction.
San Diego has historically been a strong retail market with low vacancy and barriers to entry that restrict the supply of new centers. However, the market has not been immune to these difficult times. Rising unemployment and decreased home values have made consumers more cautious, leading to lower sales volumes for many retailers and restaurants creating slightly more vacancy throughout the area. Expo Design Center, Linens ‘N Things, Circuit City and Mervyns are just a few of the big boxes that sit empty along with several former gas stations, Starbucks Coffee, Banner Mattresses, Baja Fresh and La Salsa locations. However, these vacancies created opportunities for Wal-Mart, Kohls, Best Buy, yogurt shops, taco shops and others to enter projects or trade areas that had proven difficult to enter. Many of these former restaurant locations still include the furniture, fixtures and equipment and have created excellent opportunities for new tenants to reopen with little upfront investment. This is particularly true in South County as many experienced restaurateurs and other business owners from Mexico are crossing the border to open businesses. Tenants such as Autozone, Chase Bank, CVS/pharmacy, Gamestop, 7-Eleven and Five Guys are now taking advantage of the lower rents and increased …
NORTH HOLLYWOOD, CALIF. — Jonathan Cook of Investment Real Estate Associates (IREA) represented the undisclosed buyer in the acquisition of Cloisters Apartments in North Hollywood. Located at 4824 Satsuma Ave., the 10-unit multifamily property sold for $1.73 million. Amenities include off-street covered and open parking, a pool, landscaping and laundry facilities. Chris Thompson, also of IREA, represented the undisclosed seller in the transaction.