ALBUQUERQUE, N.M. — BMC Capital has originated a $1.82 million loan for the refinancing of Palazzo at Sandia Heights in Albuquerque. Located at 14124 Chopper Ave., the multifamily property offers 60 units. The borrower was not disclosed. BMC Capital is a leading lender for small-balance multifamily loans in the Southwest.
Western
ORANGE COUNTY, CALIF. — Colliers International has brokered two transaction totaling $6.6 million in Orange County. In the first transaction, The Peaches Trust acquired a 16,047-square-foot office building, which is located at 1901 Dove St. in Newport Beach, Calif. WB Commerce Plaza sold the property for $5.5 million. Stephen Schloemer of Colliers International represented the buyer; Bob Davis of Grubb & Ellis represented the seller in the transaction. In the second transaction, Ajit Randhava & Associates purchased a 5,334-square-foot office building, which is located at 2564 W. Woodland Ave. in Anaheim, Calif. Ho Family Trust sold the property for $1.1 million. Kathe Morgan of Lee & Associates represented the buyer; Brad Christian of Colliers International represented the seller in the transaction.
SANTA MONICA, CALIF. — Forever 21 is slated to open 11 large-format stores by the end of March in former Mervyn’s locations in California, Utah and Arizona. The locations include Victor Valley in Victorville, Calif.; Northridge in Salinas, Calif.; South Towne Center in Sandy, Utah; Arrowhead Towne Center in Glendale, Ariz.; Lakewood Center in Lakewood, Calif.; and Montebello Town Center in Montebello, Calif.; Mall Del Norte in Laredo, Texas; Tucson Mall in Tucson, Ariz.; Crossroads Plaza in Calexico, Calif.; Valle Vista Mall in Harlingen, Texas; and Antelope Valley Mall in Palmdale, Calif.
AURORA, COLO. — Delmwood LLC, a HUD program of Agin Properties and Investments, has acquired Elmwood and Del Mar Apartments, a 96-unit multifamily property located at 1334 Xanadu St. and 140 Del Mar Circle in Aurora. The property sold for $4 million or $41,667 per unit. The property features a one-bedroom unit and 95 two-bedroom units. Mike Easter and Josh Simon of CB Richard Ellis (CBRE) Capital Markets’ Denver office arranged acquisition financing at 83% loan-to-purchase price for the buyer. The $3.338 million loan was fixed at a 6.38% interest rate for a 7-year term. Craig Stack and Steve Rahe of CBRE brokered the sales. The seller was EDM Housing Associates Ltd.
HOLLYWOOD, CALIF. — Los Angeles-based Lion Real Estate Group (LREG) has acquired two loans on a multifamily property in Hollywood. LREG purchased the senior and junior loans on the property for $4.02 million, representing just over half the original price. Located at 920 N. Wilcox, the property features 26 non-rent-controlled units, including one studio and 25 two-bedroom/two-bath units. The seller was not disclosed.
SAN BERNARDINO, CALIF. — Voit Development Company has completed the second phase of Waterman Business Park, a 500,000-square-foot mixed-use office and industrial center located along Waterman Avenue in San Bernardino. The second phase features seven buildings totaling 185,000 square feet, ranging in size from 20,000 to 40,000 square feet. Herrick Johnson and Alexey Zabolotskikh of Lee & Associates Riverside, Calif., office are marketing the industrial portions of the property.
LONGMONT, COLO. — Sacramento, Calif.-based Panattoni Development Company Inc., dba Harvest Junction North LLC, has completed the sale of a Walgreens drugstore at its Harvest Junction Shopping Center in Longmont. Realty Trust Group Inc. acquired the property for $5 million. The 13,650-square-foot property is located at 450 Ken Pratt Blvd.
INGLEWOOD, CALIF. — Mel Moss of NAI Capital’s West Los Angeles office represented a private family in the investment acquisition of an approximately 4,304-square-foot retail property. Located at 6802-6806 La Cienega Blvd. in Inglewood, the multi-tenant building sold for more than $3.6 million. The center is currently occupied by T-Mobile and Panda Express, which both have 10-year triple-net leases on the space. Shaun Riley of Faris Lee represented the seller, La Cienega Shopping Center Development LLC, in the transaction.
WEST VALLEY, UTAH — James Wadsworth and Greg Barrat of Hendricks & Partners represented the undisclosed seller in the disposition of Buena Vista apartment complex. The 79-unit property is located at 4425 S. Christopherson in West Valley. The undisclosed buyer plans to upgrade the property. The transaction price was not released.
SOUTH LAKE TAHOE, CALIF. — Reno, Nev.-based Blackfire Investors has acquired a 18,852-square-foot former auto dealership building, which is located at 1875 Lake Tahoe Blvd. in South Lake Tahoe. The buyer plans to reposition the property as a retail building. The seller and acquisition price were not disclosed.