(Save the date: RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27.)
CARSON, CA-Trammell Crow has sold a class-A, multi-tenant, 210,710-square-foot warehouse/distribution and manufacturing facility situated at 16325 S. Avalon Blvd. here, to TIAA-CREF. Final terms of the agreement were not disclosed. Jeffrey Morgan, EVP of DTZ, negotiated the sale and represented both parties, assisted by associate Patrick Morgan of DTZ in Los Angeles and co-brokers David Stromath and Dean Haney of CBRE. Trammell Crow had acquired the land site in December 2011 from Evergreen USA for an undisclosed sum, and both parties in that earlier transaction were also represented by Morgan.
EL CAJON, CA-Betty T. Ma has sold the 34-unit Autumn Ridge Villas multifamily complex at 1019 Peach Ave. here for $3.264 million to DCC Peach Ave. LLC. Eric Comer, Jim Neil and Merrick Matricardi of CBRE San Diego represented the buyer, while the seller represented itself. The apartment complex consists of two two-story buildings built in 1968 with a mix of 10 one-bedroom and 24 two-bedroom units totaling 26,500 square feet. The property was 100% occupied at the time of sale.
SAN CLEMENTE, CA- Rick Applebaum of Morgan Skenderian Investment Real Estate Group's Newport Beach, CA, office represented seller Acebo Acebo Associatets in the sale of a nine-unit apartment complex located at 315 Acebo Lane here to Wilson Trust for $2.895 million.
VISTA, CA-Breeze Hill I LLC has sold a ground lease for a free-standing US Bank-occupied property located at 640 Hacienda Dr. here for $2.865 million to a San Diego-based private family trust on an all-cash basis. The sale broke a national sales record, since it marked the lowest cap rate ever of 4.05% for a bank-occupied property, according to industry reports. Matt Mousavi, Nicholas D'Argenzio, and Thomas Chichester of Faris Lee Investments represented the seller, while the buyer was self-represented.
LOS ANGELES-M & A Gabaee has sold a two-tenant retail strip center at 3853 East Third St. here to Heavenly Mountain for $1.85 million or $645.72 per square foot. Paul Z. Matysek of Matysek Investment Group and Ken McLeod of CBRE represented the seller of the 2,865-square-foot building, while Jay Lee of IRN Realty Co. represented the buyer.
FINANCING
SANTA MONICA, CA-HFF has arranged a $14 million refinancing for 2700 Pennsylvania Ave., a 62,000-square-foot, class-A office building here, on behalf of the Luzzatto Co. Inc. and Welk Real Estate Inc. The seven-year, fixed-rate loan was secured though Principal Real Estate Investors. The HFF debt placement team representing the borrower was led by director Chris Vittetoe and real estate analyst Steven Paskhover.
EXECUTIVE MOVES
WEST LOS ANGELES, CA-Charles Dunn Co. has promoted Blake Rogers to managing director out of the firm's West Los Angeles office. Rogers specializes in the sale of multifamily properties and land for development within the greater Los Angeles region.
AWARDS
LOS ANGELES-Jones Lang LaSalle has recognized its Top 10 performing leasing brokers in Los Angeles in 2012. The brokers, who were recognized for their transaction achievements, were chosen from 65 brokers in five Los Angeles offices. They included Peter McWilliams, Gary Horwitz, Michael Condon Sr., Tony Morales, Mike McCrary,Dan Sanchez, Anthony Gatti,Tom Turley, Jordan Quinn and Jim Lindvall.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
