WEST HOLLYWOOD, CA—A 15,000-square-foot, $4 million addition to the famed Sunset Plaza shopping center on the Sunset Strip has reached completion. 

Still owned by the Montgomery family which developed it in the 1930s, the new building echoes the French Eclectic style of the famed original.

As designed by Wade Killefer of Los Angeles-based Killefer Flammang Architects, the  new building is intended to blend with the original style of Sunset Plaza. The original building had been designed by Charles R. Selkirk in the 1930s, when the flamboyant boulevard of high-end shops and outdoor cafes favored by the entertainment industry was “a dusty road flanked by nurseries,” according to Killefer. The new building can accommodate between one and six new tenants. Existing tenants in Sunset Plaza include Armani AIX, Nicole Miller, Calypso, BCBG and Zadig & Voltaire.

SALES

LAKE ELSINORE, CA-A 13,678-square-foot Walgreens changed hands for $8 million in a transaction between two unnamed investors. William B. Asher and Jeremy S. McChesney of the Irvine office of Hanley Investment Group Real Estate Advisors represented both buyer and seller. Walgreens is the sole occupant of the building and has a 75-year lease.

SUN VALLEY, CA-Monty & Barney LLC bought a 15,000 square foot industrial property and 57,253 square feet of land in this north San Fernando Valley location. The seller was Jack & Mercy Holiday Trust. The purchase price was not disclosed. Chuck Carmichael of NAI Capital’s Encino, CA office represented both buyer and seller.

SAN FRANCISCO-A performing loan secured by a Class B office building in downtown San Francisco sold for $17.5 million. The seller was the Receiver for Private Equity Management, the buyer was unnamed US-based real estate private equity firm. Justin Piasecki , Robert Hall and Aaron Iskowitz of The Carlton Group arranged the sale. The loan, underwritten in 2010, has a 10-year term and is interest-only for the first 36 months at LIBOR plus 350 basis points.

ALBUQUERQUE, NM-In a sale touted as the largest office building transaction in this New Mexico city so far this year, an unnamed investor bought the Masthead I and Masthead II buildings for an undisclosed sun; city records show that the assessed value of the properties in 2009 was $11.9 million. The seller was Titan Development, a local developer. The buildings are fully leased to the US Forest Service. Travis Trautvetter in the San Diego office of Marcus & Millichap represented the seller, while the buyer represented itself.

FINANCINGS

THOUSAND OAKS, CA—A  150,000-square-foot TOPS Self Storage building in this city 45 miles northwest of downtown Los Angeles  city has received a $17.5 million permanent loan. Arranged by Geoffrey Arrobio of Johnson Capital’s downtown Los Angeles office, the financing is a 10-year, fixed rate non-recourse loan with a 30-year amortization schedule, made with a 69% loan-to-value ratio and a approximately 23% cash out proceeds. The loan was made by a money center bank on a CMBS platrform.