Ventura County
Colliers International has completed the sale of 208,493-square-foot industrial property at 2900-2950 Madera Rd. in Simi Valley, CA, to Kingsbridge International Inc., an importer/wholesaler of housewares and giftwares. The transaction is valued at $11.42 million. The two-building property is comprised of a 135,683-square-foot distribution building and a 72,810-square-foot office building. Kingsbridge will be relocating to this location from their Chatsworth, CA headquarters, and will occupy the distribution building. “Kingsbridge was attracted to this property because the quality of the real estate and the price point were incredibly attractive. Our client will operate its business from the 135,683-square-foot distribution building and will lease the office building back to the seller, Bank of America,” says John DeGrinis, executive vice president, who represented the buyer in the transaction, along with Patrick DuRoss, senior associate, and Jeff Abraham, associate, all based in Colliers International’s Encino, CA, office. Abraham adds that “Once Kingsbridge saw that the functionality, image, size and location of the distribution building were all exceptional for its use, they became very excited about this opportunity as an investment in Kingsbridge’s operations, as well as a great real estate investment opportunity.” Bank of America was represented by Cushman & Wakefield.
San Diego
Marcus & Millichap Real Estate Investment Services has brokered the sale of Poway Royal Estates, a 399-space, 51-acre mobile home park in Poway. The sales price of $38.3 million represents $95,990 per space. Douglas Danny, a vice president investments and senior director of Marcus & Millichap’s national manufactured home communities group in San Diego, represented the seller, the City of Poway. “Poway Royal Estates is one of the premier manufactured home communities in Southern California,” says Danny. “We received 11 offers for the property in 28 days. Throughout the transaction, the City of Poway provided excellent leadership and support.” The property was constructed in 1972 at 13300 Alpine Dr. The park is surrounded by singlefamily residential developments, prime commercial office space, retail centers and open space. The community has pedestrian access to all city amenities. Poway Royal Estates consists of almost all doublewide homes on all doublewide sites. There are 396 revenue-generating sites, one vacant park-owned home and two park-owned employee homes. The sites are built on 45.18 net acres with a density of 8.26 sites per gross acre and the sites measure from 40 feet to 42 feet in width and from 70 feet to 74 feet in length. The community has all city services with all utilities sub-metered or passed-through to the residents. The park is fully amenitized with two clubhouses, pools and ample RV storage. The buyer is committed to a $1-million renovation of the common-area amenities, landscaping and utility system over the next two years. The buyer obtained a new first loan for 50% of the purchase price and the city provided 26% of the financing in second position. The down payment was 24% of the selling price. The property closed at a 6.59 cap rate with $5,097 per site in expenses, 44.6% of SGI, based upon the current rent roll, with a 1% vacancy allowance.
Voit Real Estate Services has directed the $5.4-million sale of an office campus site with 53,000 square feet of office property in San Diego, CA, to the Korean United Methodist Church of San Diego. Harry Stone of Voit Real Estate Services’ San Diego office represented the seller, Kearny II LLC. “The Korean United Methodist Church of San Diego anticipates conducting extensive redevelopment on the existing property,” explains Stone. “They plan to construct a sanctuary, offices, a children’s center, and a community center with a kitchen to serve their local members.” To assist with purchasing the property, the Korean United Methodist Church of San Diego was financed with a first-mortgage loan for $3.5 million from the United Methodist Development Fund. The property is located at 6701-6861 Convoy Court between the 805 Freeway and the 52 Freeway. The buyer, Korean United Methodist Church of San Diego, was represented by Inmook Hwang of American National Realty.
Eddy Gosschalk purchased a 15,300-square-foot office building at 7863 La Mesa Blvd., in La Mesa, CA, from Black Pearl Real Estate Investments LLC for $1.6 million. Kerry Schimpf, Ken Ruppert and Cameron Czubernat of Cassidy Turley BRE Commercial represented the seller in the transaction. The buyer’s representation was not disclosed.
Las Vegas
Clarion Suites Hotel, a 150- unit hotel situated on 5.68 acres at 325 Flamingo Rd., near the world famous Las Vegas Resort Corridor has sold for a price of $12 million or $80,000 per unit and provided the market with a comparable sale of more than $2 million per acre off the Las Vegas Strip. The seller was Pacific East Flamingo LLC. The buyer, 325 Flamingo LLC, is an overseas investment group with plans of a long-term hold. It has rebranded the property as a Ramada.
Portland, OR
HFO Investment Real Estate, a Northwest real estate investment firm with headquarters in Portland, has brokered the sale of the Twin Creeks Apartments, a 220-unit apartment complex built in phases starting in 1996 and completed in 1999. Twin Creeks is a garden-style apartment complex situated on nearly 12 acres in the Sunnyside corridor in Southeast Portland. The complex consists of 66 one-bed one-bath, 54 two-bed one-bath, 63 two-bed two-bath, and 37 three-bed two-bath apartments. The complex sold for $17 million, or $77,273 per unit. The seller was Twin Creeks Apartments LLC of Portland and the buyer was Twin Creeks LLC, a private equity firm based in the San Francisco Bay area. The seller developed and built the property and had meticulously cared for the buildings and grounds. The property includes a fitness center, clubhouse, basketball court, two swimming pools, and tile roofs and covered parking. Unit amenities include fireplaces and air conditioning. The purchaser of the property assumed the existing CMBS loan which had a 65% LTV and an above-market interest rate. “Twin Creeks represented a unique opportunity to acquire a solid class B property that had been well maintained. We had a lot of interest,” says HFO partner Greg Frick, “even with the requirement that the loan be assumed with an interest rate above what is currently available in the market.”
Seattle
Tall Tree Properties has successfully completed the sale of Arbor Heights, a 22-unit complex located at 625 N. 130th St. in Seattle, for $2.3 million to a local property investor. Natalia Beran of GVA Kidder Mathews represented Tall Tree in the transaction.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.
