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Loker Corporate Center on Loker West in Carlsbad sold for $13.45 million

The 123,454-square-foot Loker Corporate Center in the Carlsbad Oaks Business Park at 2777 Loker Ave. West in Carlsbad 92008, has been sold for $13,453,000.

The buyer was Whiteflag LLC, an apparel and footwear distributor with James M. Thomas as manager, 1330 Park Center Drive, Vista 92081.

The acquisition was financed with a first loan of $10,113,100 and a second of $1,946,900 from Torrey Pines Bank.

The seller of the property (assessor's parcel 209-081-30) was Loker Investment Partners LP, a California general partnership with Southern California Investors (SCI) as the general partner. R. Marty Smith is president of SCI, a privately held real estate investment and development company. The other general partner of Loker Investment is Velstone Investments LLC, a California limited liability company with Kenneth Dayne Wagoner and Stephen S. Prophet as managing members. Wagoner and Prophet are trustees of trusts.

Adam Molnar and Joe Crotty from Coldwell Banker Commercial-North County Properties represented the buyer and seller.

The buyer, as Black Box Inc., is planning to occupy half of the building as its corporate headquarters and lease out the remaining space. Thomas is president of Black Box.

Molnar and Crotty will be handling the leasing of the 40,000 square feet of remaining space.

SCI purchased the property for $9 million in October 2004 through Coldwell Banker Commercial-Almar Real Estate Group, after the building had been vacant for more than a year, and completed over $1 million of building renovations in 2005.

Source: The Daily Transcript, (November 8, 2005)