LOS ANGELES — The Salvation Army has completed the disposition of Booth Memorial Center, which is located at 2670 Griffin Ave. in Los Angeles. The 70,000-square-foot facility was purchased by Los Angeles Leadership Academy, a charter school that plans to use the space for classrooms. Built in 1931, the building was originally a hospital but has undergone many expansions and renovations, and mostly recently served as a maternity hospital, shelter and training center for unwed teenage mothers. Barry Baker and David Lachoff of Grubb & Ellis represented the seller; Howard Sadowski of Creative Environments represented the buyer in the transaction. Additional terms of the transaction were not disclosed.
Western
SOUTH GATE, CALIF. — A private investor has purchased Independence Square in South Gate for $3.45 million. Located at 8530 Long Beach Blvd., the property offers 21,290 square feet of retail space. Michael Woolbright of Marcus & Millichap represented the buyer in the acquisition. The seller was not disclosed.
DENVER — Inca Land Holdings has acquired a 25-unit apartment building, which is located at 1563 Washington St. in Denver’s Capitol Hill neighborhood. Built in 1938, the 13,188-square-foot property sold for $1.41 million or $56,500 per unit. The property offers 21 studio units and four one-bedroom/one-bath units. Jim Windsor of RE/MAX Alliance represented the buyer; Joe Hornstein and Bobby Hutchinson of Pinnacle Real Estate Advisors represented the seller, 1563 Washington LLC, in the transaction.
RIVERSIDE, CALIF. — Pinnacle Hotels USA has acquired Marriott Riverside, a 292-room hotel located in downtown Riverside, for $19.3 million or $66,000 per room. The 12-story hotel offers 14,000 square feet of meeting space, a restaurant, a lounge, a gift shop, an outdoor swimming pool and whirlpool, a fitness room and a business center. CB Richard Ellis Hotels represented the buyer; Pete Dannemiller of Hodges Ward Elliott represented the seller, Sunstone Hotels, in the transaction.
NORTH LAS VEGAS, NEV. — RBS Investments has purchased a 14,600-square-foot industrial building, which is located at 3825 Losee Rd. in North Las Vegas. JD Las Vegas sold the property for $2.37 million. Xavier Wasiak of Grubb & Ellis represented the buyer; Dan Doherty, Patti Dillon and Ben Campbell of Colliers International – Las Vegas represented the seller in the transaction.
SAN DIEGO — Taylor Trust 8-9-95 has purchased a 2,800-square-foot retail property in downtown San Diego. Located at 635 5th Ave., the property sold for $2.4 million. Rick Wu of Voit Real Estate Services represented the buyer and the seller, Chirco Trust, in the transaction.
PHOENIX — Meridian Capital Group has arranged $7.5 million in permanent financing for an 188,000-square-foot, single-tenant industrial warehouse and manufacturing facility in Phoenix. Located at 7822 S. 46th St., the property is occupied by a company engaged in the aerospace industry. Alex Katz of Meridian Capital Group negotiated the fully non-recourse, 5.76 percent fixed-interest rate 5-year loan. The financer was American United Life Insurance Co.
SEATTLE — An undisclosed buyer has acquired Fa Niente Apartments, a 14-unit apartment property located at 1121 Broadway East in Seattle. Built in 1909, the property sold for $1.46 million. The property offers 12 one-bedroom units and two studio units. Blake Rodgers and Daniel Swanson of Marcus & Millichap’s Seattle office brokered the transaction on behalf of the undisclosed seller.
KENT, WASH. — Wells Fargo & Co. has provided a $25 million Fannie Mae loan for the acquisition of Waterford at the Lakes in Kent. The 344-unit apartment community features a recreation room, two playgrounds, a racquetball court, two resort-style swimming pools, a fitness center, a heated spa, a tennis court, hiking/biking trails and a daycare center. The borrower, a Delaware Statutory Trust (DST), used proceeds of the DST execution to acquire and rehabilitate the property. Griffin Capital Corp. was the DST sponsor. Laurie Morfin and Patrick McAllister of Wells Fargo co-originated the transaction.
ONTARIO, CALIF. — Hager Pacific Properties has leased a 108,703-square-foot office/industrial property, which is located at 2400 E. Francis St. in Ontario, to Kim Lighting, a division of South Carolina-based Hubbell Lighting Inc. The 5-year lease renewal was valued at $2.8 million. Kim Lighting plans to use the facility to manufacture high-performance, architecturally relevant, outdoor lighting solutions for commercial, industrial, residential and institutional clients.