Brutten
SAN DIEGO COUNTY
Radnor Holdings Co., an affiliate of San Diego-based Westcore Properties, has acquired 78 bank branches from CT Capital in this roundup of commercial real estate news in the West. According to Marc Brutten, chairman and president of Westcore, the branches are all long-term net leased to Charter One and Citizens Bank in various locations throughout the Midwest and New England. “Radnor is typically a portfolio buyer of net-leased real estate and holds these assets for long-term appreciation and cash flow,” Brutten said. With this most recent purchase, Radnor Holdings now owns and manages an existing portfolio of 168 net-leased fast food, drug store and service station properties throughout the Midwest and East Coast.
Eastlake Center
Pathfinder Partners of San Diego has brought a long-stalled office condo project back onto the market. The company has acquired the Eastlake Medical and Professional Center and has renamed it Eastlake Professional Center, with commercial brokerage firm Cassidy Turley BRE Commercial as the listing agent. The project, which consists of six class-A office medical and office buildings on 4.2 acres, with 10 suites ranging from 5,200 to 10,700 square feet, is an office and medical condominium development on Otay Lakes Road in Chula Vista’s Eastlake area. According to Mitch Siegler, senior managing director of Pathfinder Partners, his company bought the 68,000-square-foot property at a foreclosure sale in April. Said Siegler: “Sales at the property, which received its certificate of occupancy in 2008, had been stalled for several years. The original borrower defaulted on the $16.3 million loan and was embroiled in litigation with the lender, preventing the sale of any condos.” Pathfinder, as an all-cash buyer, reset the project’s cost basis and will now offer units starting at $139 per square foot, compared with the more than $300 per square foot the units were marketed at three years ago.
LOS ANGELES COUNTY
St. Germaine Apartments
Owners of the 49-unit St. Germaine Apartments have refinanced the seven-story property, which was built in 1929 and has a Hollywood history, with a $5.1 million Fannie Mae DUS loan arranged by Beech Street Capital. The fixed-rate, 10-year term loan, with 9.5 years of yield maintenance and a 30-year amortization schedule, is payable on an actual/360 basis. Beech Street notes that the complex was built by architect F. Leland A. Bryant in the French Norman style that was so popular at the time. Jean Harlow, Clark Gable, Errol Flynn, and Frank Sinatra all lived in Los Angeles apartments designed by Bryant. The transaction was originated by Meridian Capital Group and was financed by Beech Street Capital as part of its correspondent relationship with Meridian. The Beech Street team consisted of underwriter Kanett Curtis, underwriter Rohit Khanna and closing coordinator Lisa Pierotti, who specializes in closing small loans. Ben Grossman was the Meridian broker.
Exxel Outdoors acquired 341-345 Baldwin Park Blvd. in the City of Industry from Bentall Kennedy US for $8.2 million. The property consists of three buildings totaling 156,679 square feet of industrial space that were built in 1970 and sit on seven acres. Exxel was represented by SVP David Wu of Grubb & Ellis Co. Exxel, a manufacturer and distributor of outdoor gear, will use the property for its western distribution center, as well as its corporate, sales and design offices. Bentall Kennedy was represented by John Privett, Jeff Stephens and Cameron Merrill of CB Richard Ellis.
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