FOUNTAIN VALLEY, CA-Mile Square Plaza, a retail center located at 16501-16581 Brookhurst St., was purchased by FV Brookhurst Square LLC, a group of private investors, from Mile Square Plaza LLC. The purchase price for the three-building, 44,000-square-foot center, which was built in 1972, was $11 million. At the time of the sale, the non-anchored center was nearly fully leased, with 28 tenants occupying space ranging from 480 square feet to 4,700 square feet. There was only one vacant storefront. Kevin McNeil, managing director, and Karen Munroe, assistant director, in the Orange County office of Studley, represented both parties in the transaction. The buyer group, composed of local professionals who wanted to invest in their community, had very specific criteria with regard to property location and type. "After thoroughly researching a roughly 2.5–square-mile area, we identified Mile Square Plaza as the perfect fit, and were able to bring the buyer and seller together in an off-market capacity," McNeil says.

Silver Oaks Apartments Gets $3M-Plus Refi

EL CAJON, CA-Silver Oaks Apartments, a 57-unit multi-housing community at 945 Estes St. close to Interstate 8 in El Cajon, approximately 12 miles northeast of downtown San Diego, gets a $3.3 million refinancing. Holliday Fenoglio Fowler LP associate director Rob Hinckley and senior managing director Tim Wright worked exclusively on behalf of the borrower, a Linda Vista, CA-based private investor, to secure the 10-year, 5.9% fixed-rate Fannie Mae loan through Centerline Capital Group. The loan was originated to pay off a seller's note and secure historically low-priced long-term debt. The property has one- and two-bedroom units and is currently 98% occupied. Community amenities include a pool and on-site laundry and storage facilities.

[IMGCAP(4)]Faris Lee Completes $2.6M Sale

CORONA, CA-Faris Lee Investments has completed the sale of a Wells Fargo Bank building for $2.6 million. Located at 11764 De Palma Rd., the property totals 5,000 square feet and is situated on .75 acres. This is the first parcel to sell as part of a four-parcel break-up strategy for the Shops at Sycamore Creek. Dennis Vaccaro, senior managing director, Faris Lee Investments and Richard Walter, president, Faris Lee Investments, represented the seller, Orange County, CA-based Shops at Sycamore Creek LLC. The property closed at a 6.15% cap rate. According to Vaccaro, Faris Lee's marketing strategy was to target recent bank branch buyers and current 1031 buyers through the firm's unparalleled proprietary investor database. "Faris Lee is in the process of marketing the two remaining pad buildings for the seller within the Shops at Sycamore Creek which includes a Von's supermarket, Von's fuel center and CVS/Pharmacy," Vaccaro says.

Hotline Construction Takes 8,352 SF in Oxnard

OXNARD, CA-DAUM Commercial Real Estate Services represented both parties in a three-year lease of 8,352 square feet of office/industrial space located at 400 Spectrum Circle in Oxnard. The total consideration of the lease was not disclosed. Michael W. Walsh, SIOR and Melinda K. Walsh of DAUM's Ventura County office represented both the lessor, Eriksson Trust, and lessee, Hotline Construction Inc. in the transaction.

Lanak & Hanna Take 8,953SF

ORANGE COUNTY, CA-DAUM Commercial Real Estate Services has represented the law offices of Lanak & Hanna in the leasing of a new 8,953-square-foot office at 625 The City Drive. Brian Doner, EVP in DAUM's Newport Beach office represented the lessee in the transaction. Grubb & Ellis represented the lessor in this transaction.