BWE secured $224.5M in financing for a six-property, 1,192-unit multifamily portfolio in Orange County. Five properties in the portfolio were refinanced to secure equity to acquire the sixth property, the Regency Palms in Huntington Beach.
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Senior Vice Presidents Jason Krupoff and Doug Taylor in BWE’s Irvine office originated the loans on behalf of the sponsor, a repeat client of BWE and a long-term investor-operator of Orange County multifamily properties.
Three of the properties, totaling $90.7M, were financed by one of BWE’s correspondent life companies. The other three, including the acquisition loan, totaled $134M and were financed through Fannie Mae. The six individual loans were nonrecourse, permanent transactions with fixed rates.
SALES
Daum Commercial Real Estate Services sold a 40K SF industrial property at 2640 E. 26th St. in Vernon to Privy. The apparel wholesaler will use the property for its expanded headquarters.
The building sold for $13.75M. Anthony Bergeman, Michael Chase and Krishna Shegran of Daum Commercial’s capital markets office in Costa Mesa represented the seller, a private investment company. Moon Lim and Ryan Judd of Daum’s Los Angeles office participated in the transaction as well. Privy was represented by Steve Kim of One Commercial.
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Kidder Mathews Senior Vice President Kelly Betpolice represented a private investor in acquiring two large multitenant industrial parks in the San Fernando Valley. The client purchased the properties for $30M from real estate investment firm Palatine Capital Partners: 820 Thompson Ave. in Glendale, a 46K SF building on 2 acres, and 7764-7766 San Fernando Road in Sun Valley, a 98K SF building on 2.8 acres. Both industrial parks are 100% occupied, with some rents below market rate.
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36th Street Partners acquired an approximately 17K SF multitenant industrial property in Ontario for $3.5M. The property at 1804-1828 E. Elma Court has 13 units and is 100% leased.
36th Street’s equity partner on the deal is JW Capital, a Los Angeles-based family office. Brian Tressen of Martin Associates represented 36th Street Partners. The seller, a private owner, was represented by Tony Guglielmo of Allied Commercial Real Estate.
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The Greater Los Angeles Vector Control District purchased a Pacoima industrial property at the end of 2023 for nearly $13M.
The 38K SF property at 10643 Glenoaks Blvd. features 13K SF of office space and has high-power capabilities, which the control district needs.
The buyer’s status as a government entity, which is exempt from Measure ULA, saved the seller $778K, according to a release from Lee & Associates.
Lee & Associates LA North/Ventura principal Chris McKenzie represented the district in the transaction. The seller was Glenoaks Partners LLC.
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CBRE Investment Properties’ Matt Pourcho, Anthony DeLorenzo, Matt Harris and Bryan Johnson negotiated the sale of the Tower Office Plaza in Temecula for $13.8M to Level Asset Capital.
The Class-A office building at 27555 Ynez Road is 94% leased. It sits within Tower Plaza, a remodeled grocery-anchored retail center.
CBRE represented the seller, Providence Real Estate Group. Hugo Cosio of Level Asset Capital represented the company.
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