Hirsch Sherman and Jared Levine of KW Commercial represented the buyer in the successful close of Quakertown Terrace in the San Fernando Valley. Located at 5410-5422 Quakertown Terrace Ave. in Woodland Hills, CA, the 52-unit apartment complex is just south of Ventura Blvd with 330 feet of street frontage and only minutes away from the 101 freeway. Made up of two buildings, the approximate 42,000-square-foot apartment complex was built in 1963 and is situated on over an acre of land. Amenities include two swimming pools, secured gated and intercom access, and two laundry rooms. The unit mix is comprised of one, two, and three bedroom units with street and carport parking. This was not a distressed sale, according to a prepared statement, it was a conventional deal between two local private multifamily investment operators. With an asking price of $7.5 million, a buyer was secured for the property in less than a week of it being on the market and the deal closed in approximately 45 days.

Orange County

Faris Lee Investments has completed the $7.2 million sale of a single-tenant property occupied by Henry’s Marketplace, the anchor retailer within Trabuco Hills Shopping Center. The property totals 24,240 square feet and is located at 27765 Santa Margarita Pkwy. in Mission Viejo, CA. Dennis Vaccaro, senior managing director, and Richard Walter, president of Faris Lee Investments, represented the Orange County, CA-based seller, Trabuco Hills O5 LLC. Dennis Vaccaro and Chris Tramontano of Faris Lee Investments represented the buyer, Burbank, CA-based DAP LLC. The transaction closed at a 6.6% cap rate. “Faris Lee’s marketing efforts focused on the combined strength of the investment's location, curb appeal, and strength of the tenant. All of these factors provide strong investment stability for the owner,” says Vaccaro. “This Henry’s Marketplace boasts outstanding sales, far exceeding the industry average for grocery stores.” Faris Lee Capital also acted as an advisor to both the buyer and seller during a complicated CMBS loan assumption process. The in-place loan for Henry’s Marketplace was for $4.2 million with a fixed interest rate at 5.91%. The lender required that the buyer either assume the loan or pay a heavy defeasance penalty. “The buyer assumed a $4.2 million existing loan on the property,” says Walter. “The assumption of the existing loan in today’s volatile marketplace proved to be challenging. During these assumptions we often encounter lenders requiring adjustments to the existing loan terms, using the assumption application as their opportunity to improve their security position in the loan documents. Having been through this process, Faris Lee is adept at meticulously preparing documentation for submittal to the lender that provides the buyer the most favorable terms possible.”

Towne Plaza Rendering

Continuing a series of retail center upgrades across Southern California, Watt Commercial Properties is investing over $6 million for a complete renovation of the Alicia Towne Plaza in Mission Viejo, CA. Plans for the phased redevelopment include converting an existing Mervyns building into a smaller retail space for L.A. Fitness and updating the fa