CaliforniaHospitalityLoansWestern
February 3, 2025
SONOMA, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $5 million in refinancing for El Dorado Hotel, a boutique hotel in Sonoma. Bill Lanting arranged the financing with a national bank on behalf of the client, a California-based hospitality management and development group. Terms of the five-year, nonrecourse loan include a 6.9 percent interest rate with a 25 year-amortization. Located at 405 1st St. West, El Dorado Hotel offers 27 guest rooms. Built in 1880, the hotel was recently renovated in 2023. Amenities include a saltwater pool, semi-private balconies, a courtyard and a restaurant and bar.
ESCONDIDO, CALIF. — Storm Properties has purchased a self-storage and retail asset in Escondido for $10.5 million. Located at 510 and 520 W. Valley Parkway, the property features 37,125 square feet of storage buildings, a 7,000-square-foot retail strip building and a 5,900-square-foot pad for future retail development.
The self-storage facility offers 262 storage units, while the retail space consists of four in-line suites and a single-tenant retail building. One of the retail suites serves as the onsite management for the self-storage facility. The retail is 100 percent occupied, while 97 percent of the self-storage units are currently rented.
Storm Properties, a subsidiary of Torrance, Calif.-based Storm Industries, currently manages a diverse portfolio of multifamily, industrial and retail properties.
AcquisitionsCaliforniaIndustrialWestern
February 3, 2025
BUENA PARK, CALIF. — CBRE has negotiated the sale of an industrial building located at 8401 Page St. in Buena Park. Products Go LLC acquired the asset for $18.1 million. Situated on 2.7 acres, the 55,362-square-foot building offers abundant parking and quick access to Interstate 5 and State Route 91. Keith Greer, Ben Seybold and Sean Ward of CBRE represented the seller, a private investor, in the deal.
RICHLAND, WASH. — Northmarq has arranged the sale of Richland Court, a multifamily property located at 2433 George Washington Way in Richland. KEI Apartment Fund 9 LLC sold the asset to BLV-Richland Court LLC for $19.9 million.
Built in 1994, Richland Court offers 88 one-, two- and three-bedroom apartments and 142 parking spaces, including 10 garage, 24 carport and 108 surface spots. Apartment amenities include full-sized washers and dryers, air conditioning, balconies, fireplaces, microwaves, ovens, vaulted ceilings and ADA-accessible rooms. Community amenities include onsite maintenance and management, a community clubhouse, seasonal pool, fitness center, package receiving, a recreation center, spa and tanning bed.
Tyler Smith, Joe Kinkopf and Steve Fischer of Northmarq’s Seattle Multifamily Investment Sales team represented the seller in the deal.