LOS ANGELES AND HOLLYWOOD, CALIF. — Marcus & Millichap has brokered the sales of three Los Angeles-area multifamily properties for a total of approximately $5.8 million. First, the firm completed the sale of a 24-unit apartment building, located at 7621-7627 South Broadway, for $1.9 million. Josh Cohen and Tom Watkins of Marcus & Millichap’s Long Beach, Calif., office represented both undisclosed parties in the transaction. Nate Bascom, also of the Long Beach office, provided additional assistance on the buyer side. Cohen & Watkins also represented both sides in the disposition of a 12-unit apartment building located at 4214 S. Hoover Street in Los Angeles. Both parties were undisclosed. The property traded at a price of $672,000, or $154 per square foot. Finally, Marcus & Millichap’s Long Beach office brokered the sale of a 15-unit apartment building, located at 1401-1407 Havenhurst Dr. in West Hollywood, for $3.3 million. Marcus & Millichap’s Steve Soqui represented the seller, while Brendan Erickson, also with the firm, represented the buyer. In addition, Michael Derk with Marcus & Millichap’s Capital Markets group secured acquisition financing for the property in the amount of $2.15 million.
LOS ANGELES — Meridian Capital Group has arranged a total of $7.18 million in financing for four Southern California multifamily properties. First, Alex Katz of Meridian’s Los Angeles office secured a $5.15 million loan for two properties, totaling 58 units, at 1707-1759 Calle Jules in Vista and 1337 North Broadway in Escondido. Terms of the loan include a 5.78 percent fixed rate, non-recourse, and a 10-year term. Additionally, Ben Grossman, also of Meridian’s Los Angeles office, secured $2.03 million for 16 multifamily units located at 5414 Fountain Ave. in Hollywood and 14 Ozone Ave. in Venice Beach. Meridian originated the loan on behalf of Monem Corp. Terms of the loan include a 5.5 percent fixed interest rate and a 10-year term. The borrowers in both transactions were undisclosed.
CARLSBAD, CALIF. — Newport National Corp. is developing the third and final building at its Ventana Real Office Park in Carlsbad. The last building, located at 2175 Salk Ave., is slated for completion in October. The Class A office park will feature three buildings totaling 218,530 square feet. Currently signed tenants include Euro RSCG Direct Response, BBQ’s Galore, EISI and Brightstar. McArdle Associates Architecture is providing architectural services for the project. TSA Contracting Inc. is serving as general contractor. The property is being marketed by Mark Avilla, Justin Halenza and Matty Sundberg of Grubb & Ellis|BRE Commercial.
HOLLYWOOD, CALIF. — Suaya Properties has purchased a 6,500-square-foot retail property in Hollywood for $4.2 million or approximately $660 per square foot. Located at 6740 Hollywood Blvd., the property is fully occupied by Fashion Hollywood, a souvenir shop. Nathan Pellow of Colliers International and Matt Sullivan of Lee & Associates represented the buyer and the seller, Maxson Family Trust, in the transaction.
LOS ANGELES — Joshua Keimach and Robert Narchi of Marcus & Millichap’s West Los Angeles office represented both parties in the disposition and acquisition of 5704 Fountain Avenue, an apartment complex located in Los Angeles. Built in 1922, the 8-unit property sold for $800,000 or $185.30 per square foot.
LAS VEGAS — Colliers International — Las Vegas has brokered two office transactions totaling approximately $1.58 million in Las Vegas. In the first transaction, Keith Cubba and Grant Traub of Colliers International — Las Vegas represented David Tottori and Steven Mack Rhodes in the $1.1 million disposition of a 5,184-square-foot office property, which is located at 4441 S. Eastern Ave. in Las Vegas. Barton Hyde of Grubb & Ellis represented the buyer, Neri Blanco M.D., in the transaction. Additionally, Palm Court LLC has purchased a 2,775-square-foot office property, which is located at 6859 S. Eastern Ave. within the Palm Court Business Park in Las Vegas. Parkview Business Center LLC sold the property for $487,500. Cubba and Traub represented the buyer; Garrett Toft of Voit Commercial Brokerage represented the seller in the transaction.
The northern Nevada office market remained weak in 2008 with all four quarters recording increased vacancy and negative net absorption, a continuation of a trend that began in 2007 when three out of four quarters finished with negative net absorption. Last year finished with negative 116,000 square feet of leased office space and vacancy exceeding 20 percent. Directly related to the drastic downturn in the residential real estate market, Reno’s office performance had been fueled by the national homebuilders, mortgage companies and title companies, who saw their requirements for office space drop as quickly as the demand for their products and services. The area’s office sector quickly changed from growth and high demand to nearly non-existent demand and increasing vacancy, thus leaving investors and developers scrambling for tenants. With rising vacancy and demand declining, many office property owners are willing to slash effective lease rates to secure tenants. The average asking rate for Class A properties at year-end 2008 was $22.08 per square foot, a $1.56 less than a year earlier, and Class B was down to $16.68 per square foot. During the highs of late 2006, the effective rates for class A product exceeded $27 per square foot. With …
OCEANSIDE, CALIF. — New York-based Rockefeller Group is developing an 80,000-square-foot, built-to-suit outpatient client for the U.S. Department of Veterans Affairs at Seagate Corporate Center in Oceanside. The two-story facility is located north of Oceanside Boulevard. Smith Consulting Architects is providing architectural services along with Raymond Fox & Associates, which is serving as consulting medical architects and providing interior design services. Reno Consulting is serving as general contractor for the project.
LAS VEGAS — Construction is complete for the Seven Series @ Hughes Airport Center, a mixed-use complex located at 740 Pilot Rd. in Las Vegas. The project comprises seven free-standing buildings offering a total of 100,000 square feet of office and industrial space. The park offers office buildings ranging from 2,500 to 22,000 square feet and research and development industrial buildings ranging from 2,500 to 10,500 square feet. Irvine, Calif.-based Centra Realty Corp. developed Seven Series @ Hughes Airport Center. WM Architects Nevada provided architectural services for the project.
SAN DIEGO — SBDG Investments LLC, which specializes in hospitality textile solutions, has purchased a 9,510-square-foot industrial building. The property is located at 4787 Cardin St. in the Kearny Mesa submarket of San Diego. Hanover Investment Group Limited Partnership sold the property for $1.9 million. Bryce Aberg, Brant Aberg and Sam Wasserstein of Grubb & Ellis|BRE Commercial represented the buyer; Glen Volk and Randy LaChance of Voit Commercial Brokerage represented the seller in the transaction.