LOS ANGELES — Marcus & Millichap has negotiated the sale of a 96,000-square-foot industrial property located at 840 Santee St. in Los Angeles for $5.25 million. Jerry Wise, Adam Petriella and Tony Azzi of Marcus & Millichap's West Los Angeles office represented the seller, a financial institution. Azzi also represented the buyer, a private investor.
PASADENA, CALIF. — Hendricks & Partners (H&P) has completed the sale of 140 North Wilson Avenue in pasadena for $1.88 million. The property consists of a 14-unit apartment community with all one-bedroom units that average 455 square feet. Kevin Lutz and Kevin Hurley of H&P's Pasadena office represented the seller, Los Angeles-based Nancy B. Johnson & The Karyn Trust. The buyer was Rowland Heights, Calif.-based DLZ Investment Inc. The property traded at a 6.81 percent cap rate.
HONOLULU, HAWAII — Los Angeles-based fashion chain Forever 21 has announced plans to open a three-story flagship location within Honolulu's Royal Hawaiian Center. The 42,580-square-foot store will be located within Building C and will have a major entrance on Kalakaua Avenue. With this new lease, Forever 21 is the shopping center's largest tenant. Developed and managed by The Festival Companies, Royal Hawaiian Center is a 310,000-square-foot shopping center located in Honolulu's Waikiki district. It is owned by Kamehameha Schools.
BELLFLOWER, CALIF. — Lee & Associates – Orange, Inc. has brokered the sale of a 9,171-square-foot retail strip center located in Bellflower. The property, which is situated at 9345-9361 Alondra Blvd., traded for $1.97 million. John Son of Lee & Associates represented the buyer, Mahn Properties. Eric Wohl and Kevin Fryman of Hanley Investment represented the seller, PB Investments I, Ltd. The acquisition price was not disclosed.
DENVER — The Denver office of NorthMarq Capital has arranged $16 million in permanent financing for the Enclave at Belleview Station in Denver. Located at 4400 S. Monaco St., the property consists of 11 three-story buildings with 238 units, as well as 100 attached and detached garage spaces. Amenities include a clubhouse, a heated swimming pool, a spa, a barbecue and picnic area, a business center and a fitness center. Steve Koeneke, Dave Link and Chris Williams of NorthMarq secured the loan on behalf of the borrower, Griffis Premium Apartment Fund. Terms of the loan were not released.
SAN DIEGO — Eastman Kodak Co. has signed a lease for 65,755 square feet of industrial and research & development space at 16275 Technology Dr. in San Diego. The lease carries an 18-month term at a cost of $1.37 million. Chris Pascale of CB Richard Ellis represented Eastman Kodak in lease negotiations. Mickey Morera of Cushman & Wakefield represented the landlord, First Industrial LP.
LAS VEGAS — CORE Construction – Nevada has completed the 333,654-square-foot Sunrise Mountain High School. The $77 million property is located on 47 acres at 2575 N. Los Feliz St. in Las Vegas. Sunrise includes an indoor gym, activity fields and tennis and basketball courts. Tate Snyder Kimsey of Las Vegas designed the project.
ALISO VIEJO, CALIF. — Quest Software has secured a $34 million loan for a cash-out refinance of its two-building headquarters. Located in Aliso Viejo, the buildings total 168,703 square feet. Two lenders — a Midwest-based bank and a California-based bank — funded the fixed-rate loan, which carries a 25-year amortization schedule and a 70 percent loan-to-value ratio. Bruce Krall of Cohen Financial’s Newport Beach, Calif., office secured the deal.
MOAB, UTAH — Walker & Dunlop has secured a $29.85 million loan for the construction of a 17-bed hospital in Moab. The property will replace an existing facility, which was built in 1957. The Federal Housing Administration’s Hospital Mortgage Insurance Program provided financing for the loan, which comes with a 16-month interest-only period and a 25-year amortization.
SCOTTSDALE, ARIZ. — Arizona-based Mesquite Corporate Partners has sold the 79,537-square-foot Mesquite Corporate Center to Mesquite Partners I of Colorado for $10 million. Located at 14646 N. Kierland Blvd. in Scottsdale, the property is currently 67 percent leased. Barry Gabel and Mindy Korth of CB Richard Ellis’s Phoenix office represented the seller. Justin Lutgen and Nate Schnabel of Denver-based DPC Development Co. represented the buyer.