LANCASTER, CALIF. — Los Angeles-based Investment Real Estate Associates (IREA) has completed the sale of a Del Taco restaurant location in Lancaster. Innovative Property Partners LLC sold the property to an undisclosed buyer for $2.25 million. Located at 1751 E. Ave., the property offers 2,547 square feet of space. Warren Berzack of IREA represented the buyer; Matthew Mousavi and Dennis Vaccaro of Faris Lee Investments represented the seller in the transaction.
LOS ANGELES — Josh Cohen and Adrian Malin of Marcus & Millichap represented both parties in the disposition and acquisition of a 5-unit apartment building, which is located at 1536 W. 30th St. in Los Angeles. The property sold for $510,000 or $102,000 per unit. Built in 1912, the property features two- and three-bedroom apartments. The buyer and seller were not disclosed.
CHINA LAKE, CALIF. — Barnhart Inc. and Naval Facilities Engineering Command (NAVFAC) Southwest are developing the $63.7 million Weapons and Armament Technology Center at Naval Air Weapons Station (NAWS) in China Lake. The 170,000-square-foot project comprises state-of-the-art laboratories and supporting administration offices. Designed by KMA Architects, the project is slated to achieve LEED Silver certification. The center will include a dividable 335-seat conference room, secure work areas and fully equipped transient office workspaces. The grounds will offer Navy exhibits, including an F-18A fighter jet, and various Navy missile armaments developed at NAWS China Lake in addition to parking for 700 vehicles.
LAS VEGAS — Las Vegas-based Crisci Builders is developing and constructing Crisci Properties LLC, a commercial building located at 8845 W. Flamingo Rd. in Las Vegas. The two-story, 17,450-square-foot property will house Crisci Builders’ headquarters, as well as two other tenants. The general contractor is to complete ground-up construction on its professional building, which will include a 48-foot tall rotunda with a dual spiral staircase. Completion of the $2.3 million project is slated for June 2009. DAH Design is the architect of record.
SANTA ANA, CALIF. — A private investor has acquired Evergreen Apartments, a 38-unit apartment property located in Santa Ana. The asset sold for $4.2 million. John Nguyen and David Beauchamp of Marcus & Millichap’s Newport Beach, Calif., office represented the undisclosed seller in the transaction. The property is located at 1601-1605 Evergreen.
TUCSON, ARIZ. — Alliant Capital LLC has arranged a $7.92 million loan for the refinance of La Jolla de Tucson, an affordable apartment community located in Tucson. The 223-unit La Jolla de Tucson was the final property to close as part of a three-property Tucson purchase transaction. This portion of the transaction closed on February 27, 2009, using an extended rate lock of 229 days. The loan has a 9-year term and a 30-year amortization. The borrower is Holualoa Arizona Inc., an international real estate investment firm.
ALBUQUERQUE, N.M. — HREC Investment Advisors has arranged senior financing in the amount of $8.5 million for a Doubletree hotel in downtown Albuquerque. The 295-room hotel is owned by an affiliate of American Property Management Corp. HREC procured the 5-year loan at a fixed rate of 7.25 percent through a regional bank.
KAPOLEI, HAWAII — Tampa, Fla.-based DeBartolo Development is moving forward with its plans to develop Ka Makana Alii in East Kapolei. The company is currently in the process of selecting a general contractor for the $500 million project. The 1.5 million-square-foot, mixed-use, open-air shopping center will feature a department store anchor, an entertainment anchor, restaurants, a fitness center, two business hotels offering 300 to 500 rooms, 200,000 square feet of office space and more than 4,000 surface and underground parking spaces. The company plans to break ground in 2010, with phased construction through 2013.
ALISO VIEJO, CALIF. — Laguna Beach, Calif.-based Zamindari Real Estate Investment Two LLC has acquired a 13,386-square-foot Walgreens property, which is located on 1.76 acres within Aliso Viejo Town Center in Aliso Viejo. Walgreens has a 20-year initial lease on the newly constructed property. Anil Sharma of Lotus Investments represented the buyer; Dennis Vaccaro of Faris Lee Investments represented the seller, Dana Point, Calif.-based Aliso Commons Corner LLC, in the transaction.
DENVER — Denver-based ProLogis has closed on a $120 million, 10-year, secured financing on behalf of the ProLogis California Fund. The financing has a loan-to-value of approximately 50 percent with 11 industrial properties located in the Los Angeles Basin and Inland Empire. The proceeds will be used to partially refinance a $176 million secured debt facility that was set to mature in March 2009, but has been extended to March 2010.