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Carlsbad Oaks Business Park Industrial building on Loker W. sold for $9 million
Real Estate Briefs
by Richard Spaulding

The 123,454-square-foot industrial building  in the Carlsbad Oaks Business Park at 2777 Loker Ave. W. in Carlsbad 92108, has been sold for $9 million.

The buyer was Loker Investment Partners LP, 27708 Jefferson Ave., Suite 204, Temecula 92590. The general partners of the buyer are Southern California Investors Inc. with R. Marty Smith as president and CEO, and Velstone Investments LLC with Dayne Wagoner as managing member.

The acquisition was financed with a loan of $8.95 million from Bank of America.

The buyer plans to rehabilitate the property to include multiple tenant availability.

The sellers of the property (assessor's parcel 209-081-30) were PTF for Operating Engineers LLC; Northern Trust Co. as corporate custodian for the Motion Picture Industry Individual Account Plan; Bank of Hawaii as corporate co-trustee of the Hawaii Sheet Metal Workers Pension Fund; The Bank of New York as corporate co-trustee for the Carpenters Pension Trust Fund for Northern California as special trustee of a trust.

Chuck McNary, SIOR, of Coldwell Banker Commercial North County Properties represented the buyer and McNary, along with Ron King, SIOR, and Jon Crotty, also of Coldwell Banker Commercial-North County Properties, represented the sellers.

The marketing will be handled exclusively by McNary, Crotty, and Adam Molnar of Coldwell Banker Commercial-North County Properties.

"this is a value-added acquisition for our new company. We will demise the building into four separate properties available for lease or sale by January 2005, when construction is slated to be complete," said Smith, president of the newly funded investment development company, Southern California Investors Inc.

"Southern California Investors is also currently seeking additional new investment opportunities in the Southern California area," he added.

Source Code: 20041014tra

Nineteen residential units at 1234 Division St. and 343-347 Grant St. in Oceanside 92054, have been sold for $2.5 million. The transaction included nine units on Division and 10 on Grant.

The buyers were Francesco and Teresa Dorigo, 1609 Saphire Drive, Carlsbad 92009.

The acquisition was financed with a loan of $1.7 million from Provident Savings Bank.

The sells of the property (assessor's parcels 150-141-08 and 150-243-11) were Jerome A. and Christine Nava (50 percent) and Phillip A. and Karen U. Boatman (50 percent).

The side-by-side properties at the corner of Division and Grant occupy and approximately half-acre lot and were built in 1987.

The property was sold in February 2002 for $1,101,000.

Code:20041014trb