LOS ANGELES-Charles Dunn Co., one of the largest full-service regional real estate firms in the Western US, has completed the $17 million sale of a 199-unit multifamily portfolio consisting of four properties in the Mid-Wilshire submarket of Los Angeles. The properties are situated in prime Koreatown locations and are non-rent controlled buildings. Janet Neman and Bryan Glenn of Charles Dunn represented both sides of the transaction. The buyer was a Los Angeles-based investment company, and the seller was Los Angeles-based 4D Development. David Pourbaba, CEO of 4D Development, purchased the Mid-Wilshire portfolio as a distressed asset in 2011 from Wells Fargo Bank. Through repositioning of the asset and a change in management, he was able to improve the value of the portfolio and sell it approximately one year later for a “substantial profit.” The closing cap rate was 7.16%. The properties included in the sale were: 3835 W. 8^th St.; 715 S. St. Andrews Place; 324 Catalina Ave.; and 326 S. Normandie Ave.

DENVER-Bitzer Real Estate Partners/CORFAC International has completed of the sale of Peakview Office Plaza at 7807 E. Peakview Ave. in Centennial, CO. The property was sold by MEPT Peakview Office Plaza I & II LLC to Peakview-Denver LLC for $13 million. Peakview-Denver LLC is an affiliate of H.W. Kaufman Financial Group, an international network of insurance-related corporations. JR Bitzer of Bitzer Real Estate Partners/CORFAC International represented the buyer. Mary Sullivan and John Jugl of Jones Lang LaSalle represented the seller.

LEASES

TORRANCE, CA-The Klabin Co./CORFAC International has been chosen to lease a 272,245-square-foot distribution center on 14 acres in Torrance, CA. Currently under construction, the project is being developed by Prologis Inc. Located at 20000 S. Western Ave., the Capelin Distribution Center provides convenient access to Los Angeles International Airport and the Ports of Los Angeles and Long Beach. David Prior of The Klabin Co./CORFAC International, along with colleagues Todd Taugner and Frank Schulz, in the company’s Torrance office are exclusive marketing agents for the project.

IRVINE, CA-KBS Realty Advisors has finalized a new, long-term lease for 20,076 square feet at its 250,867-square-foot Dupont Centre office complex in the John Wayne/Orange County Airport submarket in Irvine, CA. KBS acquired the class-A complex in 2008. Glidewell Laboratories maintains other offices in Irvine and will expand its operations to the sixth floor of Dupont Centre Building 2201. The lease will commence in May upon completion of tenant improvements. Glidewell Laboratories was represented by Allison Schneider from CBRE in Newport Beach, CA, while Dean Chandler also from CBRE in Newport Beach negotiated on behalf of KBS.

DEVELOPMENT

SAN DIEGO-The San Diego office of Hines has recapitalized its 12.3-acre mixed-use La Jolla Commons campus in San Diego’s University Towne Centre area. In addition to the recapitalization, Hines executed a 15-year lease for a new 415,000-square-foot office building to be built on the campus for LPL Financial. Over the past six years, a joint venture of Hines and TIAA-CREF developed La Jolla Commons tower one, a 13-story, 300,000-square-foot LEED Gold office building on the La Jolla Commons mixed-use campus, and reconfigured development entitlements for two additional towers. That venture has now sold the campus to a new joint venture of Hines and institutional investors advised by J.P. Morgan Asset Management to realize the campus’ second and third phases. Groundbreaking for the new building will be in mid 2012, and opening will be in 2014. LPL Financial will consolidate its San Diego offices from seven locations into one building at La Jolla Commons, bringing all of its San Diego-based employees together into a single facility optimized for supporting their needs and enabling them to support the needs of their customers. The new building will be of similar height and design to the existing La Jolla Commons tower one office building, and will incorporate high-quality materials in an efficient layout that will maximize operational efficiency.

FINANCING

IRVINE, CA-Talonvest Capital Inc., a boutique commercial real estate advisor serving clients throughout the US, procured a three year bridge loan for CIP Real Estate’s refinance of a four office building portfolio located within the Centerpointe office project here. The $13.5-million, non-recourse loan was funded by a commercial finance company that uses its own balance sheet and maintains servicing of their loans. According to Tom Sherlock, principal at Talonvest, "getting this loan funded less than 30 days after signing the application was predicated, in part, on CIP’s outstanding reputation in the marketplace." Sherlock and Eric Snyder, also a principal of Talonvest, represented CIP in negotiating this financing assignment. Centerpointe buildings 1, 2, 3 & 6 are a mix of one, two and three story, high image, multi-tenant office buildings totaling approximately 105,000-square-foot. Located at the prime intersection of Jamboree and MacArthur Blvd., the southwest corner of the Irvine Business Complex, the property is 92% occupied. CIP expects this stabilized property will benefit from increasing rental rates as the market dynamics in the Airport Area continue to improve.

SAN BRUNO, CA-Red Mortgage Capital LLC has processed and funded a $72.24 million FHA Section 221(d)(4) insured mortgage loan that will provide for the rehabilitation and permanent financing on a 308-unit multifamily property located here, approximately 10 miles south of San Francisco. Pacific Bay Vistas, as the property will be named, originally was constructed circa 1984 and then acquired by Aimco as part of a previous large portfolio acquisition. Proceeds of the FHA financing will be used to undertake a substantial rehabilitation of the property, which is located on the highest residential hill in San Bruno in a predominantly residential section and has both San Francisco Bay and Pacific Ocean views. The rehab work will include new wall and ceiling insulation, replacing all exterior siding, new kitchen layouts including energy star appliances, and the addition of dual pane windows. Common amenity improvements will include a fitness center, clubhouse and theater, indoor pool, outdoor covered and heated lounge with fireplace, a fenced dog park and a sustainable, drought-tolerant landscaping design.