LOS ANGELES — Paul Darrow and Ronald Harris of Marcus & Millichap represented the undisclosed seller in the disposition of Melrose Apartments in Los Angeles. Located at 4266 Melrose Ave., the 20-unit property sold for $1.26 million. Built in 1921, the property features 19 studio units and one one-bedroom/one-bath unit. The buyer was not disclosed.
DENVER — Kyle Malnati of Pinnacle Real Estate Advisors represented the seller, Metropia Park West LLC, in the disposition of Park West Condominiums in Denver. Located at 1536 Williams St., the property features 10 one-bedroom/one-bath units and two studio units. Serving as a qualified intermediary for Lesia Anders, The 1031 Exchange Experts purchased the property for $1.06 million.
LOS ANGELES — Geulah Investments LLC has completed the disposition of a 38,000-square-foot former medical office building, which is located within the Miracle Mile at 6317 Wilshire Blvd. in Los Angeles. 6317 Wilshire LLC purchased the property for $7.4 million. The company plans to convert the asset into a boutique hotel offering a rooftop pool, a restaurant and bar, and a spa. Jonathan Ahron and David Aschkenasy of Charles Dunn Co. represented the buyer in the transaction.
LOS ANGELES — An undisclosed developer has acquired Temple Union Apartment Homes, a 52-unit apartment property in Los Angeles. Located at 330 N. Union Ave., the property sold for $2 million. The REO offering consists of seven parcels of land totaling 37,432 square feet with approved entitlements for 52 apartment homes. Paul Darrow and Ronald Harris of Marcus & Millichap’s Los Angeles office represented both parties in the transaction. The seller was not disclosed.
PASADENA, CALIF. — Nicholas Kokoris and Maria Kokoris of San Marino, Calif., has acquired Madison Heights in Pasadena. Located at 541 Madison St., the six-unit property sold for $1.4 million or $267.38 per square foot. The property consists of two-bedroom/one-bath units. Kevin Hurley and Kevin Lutz of Hendricks & Partners represented the seller, Huntington Beach, Calif.-based Aldoroty Properties, in the transaction.
ALHAMBRA, CALIF. — David Ridgway and Glen Suh of Marcus & Millichap represented the undisclosed seller in the disposition of a 7,840-square-foot retail property in Alhambra. An undisclosed buyer acquired the property, which is located at 1509 W. Valley Blvd., for $1.37 million.
WOODINVILLE, WASH. — Newmark Realty Capital Inc. has arranged a $43.75 million loan for the Downtown Woodinville Shopping Center in Woodinville. The 325,000-square-foot retail center is tenanted by Top Foods, a 12-screen Cineplex Odeon Theatre, PetSmart, Barnes & Noble, Eddie Bauer and Cost Plus. Michael Taylor of Newmark’s Seattle office secured the permanent financing through John Hancock Life Insurance Co. Newmark also worked with Seattle Mortgage and Glacier Real Estate Finance on this transaction.
ENCINITAS, CALIF. — The city of Encinitas has completed the reconstruction of Fire Station No. 3 in Encinitas. Located at 801 Orpheus Ave., the two-story, 7,256-square-foot station is twice the size of the 1970s-era station, which formerly occupied the site. The first floor features offices, a training classroom, a physical fitness center and three oversized bays for fire trucks and other emergency equipment. The second floor features a living area with bedrooms, a dining area, a kitchen and a day room with an outdoor deck. Barnhart Inc. served as construction manager for the $3.55 million project. Domusstudio Architecture provided architectural services for the project.
BREA, CALIF. — John Nguyen of Marcus & Millichap represented the undisclosed seller in the disposition of Stonewood, an apartment property located at 410 W. Imperial Blvd. in Brea. The 35-unit property sold for $5.5 million to an undisclosed buyer.
DENVER — Denver-based ProLogis has closed on three secured loans totaling $347 million with two major life insurance companies. Two of the loans, totaling $245 million, are 10-year, interest-only, secured corporate financings with 50 properties in 13 markets as security. The remaining $102 million loan is a 5-year, interest-only, secured corporate financing with 14 properties in eight markets as security. The proceeds of the loans will be used initially to repay line of credit borrowings and address the refinancing of the $285 million corporate maturities for 2009 and a portion of 2010 corporate maturities.