Los Angeles
Karlin Real Estate has acquired a condominium development in Baldwin Hills through bankruptcy. Named Bedford Parc & Bedford Promenade, it consists of approximately 110 condominium units and prime retail space encompassing 154,440 total square feet and 3.5 acres. KRE’s real estate team bought the property through a structured 363 sale. KRE had previously purchased the notes that secured the condominiums in August of 2009 and quickly moved into simultaneous negotiations with the developer to structure a credit bid sale that was approved by the judge in April. According to a prepared statement, this is not an uncommon scenario for KRE, which controls more than $1 billion in unleveraged equity capital. Matthew Schwab, KRE’s managing director, points out that “in addition to the special situation, we became interested in acquiring this particular asset because of its excellent location, the existence of multiple exit strategies, and the US Government’s efforts to boost the housing market with stimulus dollars for first time buyers.” KRE will continue to work with the property’s developer, the Bedford Group, to market and sell the units.
Century City-based Pegasus Investments, on behalf of seller, has completed the sale of a mixed-use property in El Monte located along Rosemead Boulevard. The property was sold by a private investor in connection with a Chapter 11 reorganization. Multiple offers were collected for a period of approximately 45 days, at which time a local investor was chosen as the lead bidder. The buyer closed on an all-cash basis approximately 60 days later. At the time of the sale the property was leased to a combination of commercial and residential tenants and represented an opportunity for the buyer to assemble a large parcel of land along a highly trafficked thoroughfare in El Monte. The sales price was approximately $835,000, which represents a building value of approximately $156 per square foot and a land value of approximately $32 per square foot. The buyer was sourced during Pegasus Investments’ marketing process and was not represented by an outside broker.
The closing of the Rosemead Boulevard property marks the second property sale completed by Pegasus Investments this year in connection with a Chapter 11 reorganization. The first property, which is located along Garvey Avenue in the city of Rosemead, was sold at the end of March 2010 for approximately $1.5 million. The Garvey Avenue property was purchased by one of the tenants operating a meat distribution business. The property was composed of a cold storage distribution warehouse and a retail building. The buyer obtained a loan in connection with the acquisition.
StarPoint Properties has formed new asset solutions division that focuses on helping banks and lending institutions increase value on their existing portfolio of non-performing loans and real estate owned assets. StarPoint Assets, the new division, is targeting opportunities in the multi-family, retail and office space where it and its affiliated companies currently owns and manages an existing 6-million-square-foot portfolio.
Watson Land Co. has leased 119,077 square feet of industrial space within the Dominguez Technology Center in Carson to C.H. Robinson Worldwide. The five-year lease is valued at $5 million. The Eden Prairie, MN-based company is relocating from its previus location in Compton in order to expand its operations and bolster its global distribution platform. Lance Ryan, vice president of marketing and leasing with Watson Land Co., says that locating within the Dominguez Technology Center will allow Robinson to both enhance its current operational efficiencies and expand its global reach. The property is located at 18620 Harmon Ave. in the master planned Dominguez Technology Center.
Orange County
Los Arcos Apartments, a 29-unit apartment property at 3340 W. Orange Ave. in Anaheim, has sold for $4.28 million. Greg Bassirpou, a senior associate, and Nicholas R. Petrosian, an associate in Marcus & Millichap’s Newport Beach office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. When asked about the sale, Bassirpou says, “The Los Arcos Apartments has a good West Anaheim location on a major thoroughfare; through our marketing efforts we were able to secure a 1031 exchange buyer.”
San Diego
World Triathlon Corp. leased 2,521 square feet of office space for four years at 512 and 514 Via de la Valle, Suite 300 and 304, in Solana Beach, from Generation Properties, L.P. for $287,656. Stacy Looney, Brooks Campbell and Peter Curry of Cassidy Turley BRE Commercial represented the lessor in the transaction. Brian Ffrench of Tenant Consulting Services represented the lessee.
Waikiki, HI
Taubman Centers Inc. and CoastWood Capital Group LLC have signed an agreement with Queen Emma Land Co. to explore development of a new, open-air shopping center at the current International Market Place in Waikiki. According to the agreement, Taubman will evaluate the market feasibility of developing the current International Market Place, as well as conduct more in-depth due diligence into physical and regulatory requirements as next steps before moving forward. The International Market Place sits on land owned by Queen Emma Land Co. in the heart of Waikiki on Kalakaua Avenue, the busiest pedestrian thoroughfare in the city. The Queen Emma Land Co. is a subsidiary of the Queen’s Health Systems.
Seattle
Atlanta-headquartered Apartment Realty Advisors has brokered the $8 million sale of Orchard Crest Apartments, a 136-unit multifamily property located just outside of Tacoma, WA. Seattle, WA-based senior vice president, Jim Claeys, represented the seller, Aspen Square Management in the sale of the class “B” property. The property was acquired by Goldendale, WA-based Ross Management, a renewable energy company that recently disposed of some of its existing assets, leaving the company in a liquid cash state. According to Claeys, “Orchard Crest was purchased as the leg up of multi-property 1031 exchange. Financing was provided by a new Fannie Mae loan with a 10-year cash out. Orchard Crest Apartments, located at 5808 Hannah Pierce Rd. W.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
