Provo-based GCD Inc. has secured $24.9 million in non-recourse construction financing for the Aldara Apartments, a 240-unit apartment complex in Saratoga Springs. The loan was funded through HUD’s Section 221(d)(4) program, providing an interest-only construction period of 18 months with a 40-year, fully-amortizing permanent loan term. The project will be a mix of units ranging from one to three bedrooms, with a community building, fitness center, outdoor pool, and large open park area. The site in the Saratoga Springs town center and commercial core. GCD is headed by Mike Stewart, the company’s president and owner, who has been active in real estate development in Utah for more than 20 years. The financing was originated by VP Doug Birrell in CBRE’s Debt & Equity Finance office in Salt Lake City, who partnered with first vice president John Taylor of CBRE HMF in the Seattle office.

WASHINGTON STATE

Wolff Co. has secured $15 million financing through HFF for Pine Valley Ranch, a 256-unit, recently completed multifamily complex in Spokane. HFF placed the 15-year, fixed-rate loan with a major institutional client represented by AEGON USA Realty Advisors LLC. Loan proceeds paid off the construction loan and recapitalized a portion of the borrower’s equity. Completed in 2011, Pine Valley Ranch has 11 residential buildings with units averaging 990 square feet. Community amenities include an outdoor pool, clubhouse with full kitchen, fitness center and theatre room. The property is situated on 24 acres at Highway 27 and East Belle Terre Avenue in southeast Spokane. The HFF team representing Wolff Co. was led by managing director David Bleiweiss and associate director Greg Brown.

LOS ANGELES COUNTY

Alliance Commercial has acquired the 100% occupied, 75,307-square-foot Fox Hills Business Park in Culver City from Fox Hills Business Park LLC for $14.6 million. The project was constructed in 1979 and consists of three single-story buildings and one two-story building on Bristol Parkway with parking of four stalls per 1,000 square feet of space. The tenants include Siemens, PetNet Solutions, LA County Assessor and Enterprise Rent-a-Car. The seller was represented by Bob Safai of Madison Partners.

Kian Investment LLC acquired the 32-unit, Montana Avenue Apartments at 11965 and 11973 Montana Ave. in Brentwood from American Alliance Capital Group for $8.85 million. The seller was represented by EVP Kitty Wallace of the West Los Angeles office of Colliers International, and the buyer was represented by Faraj Kerendian. The complex common area amenities include professional landscaping, a courtyard, fountain, on-site laundry, and 23 parking spaces.

Asia Direct, a furniture importer that distributes home and office furniture, has acquired a 96,888 square-foot industrial warehouse at 760-780 Baldwin Park Blvd. in the City of Industry from Gardena, CA-based Overton Moore Properties for $8.24 million. Asia Direct was represented by SVPs Brian McLoughlin and David Fults of the Commerce, CA office of Voit Real Estate Services. Asia Direct will relocate its headquarters from Commerce and will fully occupy the newly acquired facility, according to McLoughlin, who noted that very few functional industrial buildings in the 100,000-square-foot range are available in Greater Los Angeles. The furniture company, which imports directly from Taiwan, China, Malaysia and other Asian counties, offers both assembled and ready-to-assemble furniture. Overton Moore was represented by Cushman & Wakefield.

Gramercy Place Complex

Wilmington Harbor Properties LP has acquired a 33-unit apartment complex at 300 S. Gramercy Place in Los Angeles from Canfield Properties LLC for $6.14 million at a cap rate of 5.03%. The seller was represented by Henry Garcia of KW Commercial and the buyer by Bradley Gibbons of Commercial Property Group. The complex was built in 1970.

Music Reports Inc., a provider of music rights administrative services in the US, signed a 10-year lease for 31,630 square feet of office space in an expansion of its facilities at 21122 and 21204 Erwin St. in the Warner Center area of Woodland Hills. Music Reports is expanding into an adjoining building after an exhaustive search, according to principals Scott Silverstein, Jay Rubin and Marc Spellman of Lee & Associates-LA North/Ventura, who negotiated the lease. “This was a challenging assignment because our tenant wanted to remain in the Warner Center area to take advantage of its enterprise zone benefits, but also needed a space with the flexibility to accommodate its anticipated growth,” said Silverstein, who represented Music Reports. “At the same time, the company is very reliant on its IT systems, which created a strong preference for keeping its operation under one roof.” As a member of the committee to revise the Warner Center Specific Plan, Silverstein noted the benefits of remaining in Warner Center, where plans are under way for extensive growth and improvement. The search extended from Warner Center through West Hills, and ultimately, 21204 Erwin St., an adjacent building to the one Music Reports currently occupies, turned out to be the best option. A subterranean conduit between the original building, 21122 Erwin St., and the newly leased one. allows Music Reports to easily expand its IT systems. The second building also offers the flexibility to expand should Music Reports need additional space. Rubin and Spellman represented the landlord, Turnberry Properties.

Mercury GSE, a supplier of aircraft ground support equipment, has acquired a two-building industrial facility of approximately 40,000 square feet near LAX in Hawthorne from Ives Property Investment LLC for $3.2 million and will relocate its headquarters to the site. Mercury, which is relocating from Cerritos, CA, has scheduled an immediate occupancy of its new headquarters, which is on three acres at 12515-12519 Cerise Ave. The buyer will occupy one of the buildings and retain the existing tenant in the other. Mercury was represented by Andrew Dilfer, Harvey Beesen and Luke Staubitz in the Los Angeles office of the Klabin Company/CORFAC. Greg Dyer and Tres Reid of CBRE represented Ives Property Investment.

NORTHERN CALIFORNIA

LBA Realty LLC of Newport Beach, CA has acquired the 214,172-square-foot Whipple Industrial Center in Hayward from Woodside, CA-based WP Investments. The property, which was built in 1972 and renovated in 2002, is a manufacturing/warehouse facility situated on approximately 12 acres with an additional 4.2-acre development site. The institutional quality building is 100% leased to Morgan Technical Ceramics, a manufacturer of ceramic and carbon-based products, on a long-term lease that began on 2001. The sale was arranged by Greig Lagomarsino and Mark Maguire of Colliers International’s Oakland office along with Greg Cioth and Edmund Najera of Eastdil Secured. Terms of the sale were undisclosed, but an industry source pegs the price at $26 million.

A10 Networks has signed a 79,803-square-foot lease at 3 West Plumeria in San Jose for a new headquarters. The company was represented by the CBRE team of Christopher Shepherd, Tom Taylor and Todd Husak. The landlord, RREEF, was represented by the CBRE team of Don Lonsinger, Bob Steinbock and Frank Friedrich. A10 considered facilities in several cities before deciding to remain in San Jose, where it was founded and has grown over the past seven years, Shepherd said. He called A10 “one of the hottest private tech companies in Silicon Valley.” In its new lease, A10 has doubled its square footage in a facility that includes a data center and room for 350 employees.

COLORADO

JP Arbor Village LLC bought the 34,317-square-foot Arbor Village Phase I retail development at 8770 Wadsworth Blvd. in Arvada from AV1 LLC for $7.4 million. The seller was represented by EVP Riki Hashimoto and SVP Dan Grooters of Grubb & Ellis. JP Arbor Village represented itself. The property includes one strip center as well as two separate retail pads occupied by Taco Bell and Wendy’s. Other major tenants of the property include Tokyo Joe’s, Credit Union of Colorado, Advanced Dental Arts and Vineland Liquors.