Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/566807
C A L I F O R N I A 12 • September 2015 • Western Real Estate Business www.REBusinessOnline.com RETAIL CALIFORNIA BROKERS TWO RETAIL PROPERTY SALES IN PORTERVILLE PORTERVILLE, CALIF. — Retail Cali- fornia, a division of Pearson Realty, has arranged two retail property sales in Porterville. The Stapleton Group sold two properties to Sage Investco Wood LLC for an undisclosed sum. The properties are a 2,400-square-foot retail building at 1132 W. Henderson and a 3,091-square-foot retail building at 1150 W. Henderson. Nick Frechou of Retail California represented the buyer, while John Hale and Jason Alexander of Colliers International represented the seller in both transactions. MANHATTAN TOWERS IN LA SELLS IN LARGEST SINGLE- ASSET E-COMMERCE TRANSACTION LOS ANGELES — Manhattan Tow- ers, 309,734-square-foot ofce prop- erty in the Los Angeles submarket of Manhattan Beach, has sold for $96 million. The unnamed buyer acquired the two-building asset through an on- line auction at Auction.com. It was the largest single e-commerce transaction, according to Guinness World Records. Manhattan Towers is located at 1230 and 1240 Rosecrans Ave. It was built in 1985. The Guinness record was pre- viously held by Mark Cuban, who purchased a Gulfstream V private jet for $40 million in 1999. The ofce property's auction con- cluded July 22. The seller was CW- Capital. The deal was brokered by Eastdil Secured. CUSTOM COMPANIES LEASES INDUSTRIAL SPACE IN SANTA FE SPRINGS SANTA FE SPRINGS, CALIF. — Cus- tom Companies has leased 306,286 square feet of industrial space in San- ta Fe Springs. The space is located at 13012 Molette. The lease is valued at $13.7 million. Custom Companies, which provides airfreight and truck shipments to and from all points in the U.S., Canada and Mexico, will be relocating from nearby Carson. The company will use the space for its warehouse, distribution, outside trail- er storage and general ofce needs. Custom Companies was represented by NGKF's Wesley Hunnicutt and Matthew Moore. The owner, Oltmans Real Estate Company, was represent- ed by Eric Knirk of Fremont Associ- ates. CBRE ARRANGES THREE RETAIL LEASES IN OXNARD FOR REPOSITIONED KMART SITE OXNARD, CALIF. — CBRE Group, in collaboration with Red Mountain Group, has arranged three retail leas- es at the vacated Kmart property at the corner of Ventura Road and Chan- nel Island Boulevard in Oxnard. The 137,175-square-foot retail site is be- ing redevelopment into an anchored multi-tenant retail center. LA Fitness has leased 37,500 square feet, Smart & Final inked a deal for 31,044 square feet, and Star World, an appliance and electronic company, signed a lease for 26,487 square feet at the property. Each company signed a 15-year lease for the space. Scheduled for completion in second quarter 2016, the proposed renova- tions include new storefront eleva- tions, parking lot, landscaping and lighting, as well as the construction of a new drive-thru pad along Ventura Road. The new tenants are scheduled to open for business in 2016. Several restaurant and retail spaces, ranging from 1,200 to 15,000 square feet, will be available for lease at the property. Scott Siegel, Larry Tanji and Lisa Engle of CBRE, along with Kristin Ambrose of Red Mountain, negotiat- ed the leased on behalf of the investor, Red Mountain Group. The unnamed buyer acquired Manhattan Towers through an online auction at Auction.com. MULTI-FAMILY FINANCING ONE OF THE TOP 100 MULTI-FAMILY LENDERS IN AMERICA $1,678,000 Purchase of an 18-Unit Multi-Family Property 3.25% 5-year fxed Hawthorne, CA 90250 $1,300,000 Purchase of a 9-Unit Multi-Family Property 3.25% 5-year fxed Buena Park, CA 90621 $1,518,000 Purchase of a 9-Unit Multi-Family Property 3.25% 5-year fxed Glendale, CA 91202 $2,000,000 Purchase of an 8-Unit Multi-Family Property 3.25% 5-year fxed Los Angeles, CA 90026 DONE DEALS Program Features Underwriting Features • Loan amounts from $1,000,000 to $7,000,000 • 75% LTV loans both purchases and refnances • 30-year term / 30-year amortization • Subject to a 1.20 DCR at the start rate • 40-year amortization is available • Today's 5-year fxed is 3.50% as of July, 2015 • 3, 5, & 7-year fxed rates • Broker rebates are available Lending Territory Southern California, the San Francisco Bay area, Miami-Dade, Boston, and Seattle We ofer some of the lowest rates in the market today. In return we are looking for experienced investors with excellent credit, good reserves, and a proftable real estate portfolio. Wayne D. McCoy OneUnited Bank Multi-Family Loan Consultant tel: 323.290.7569 • wmccoy@oneunited.com