Charles Dunn Co. negotiated the sale of two apartment complexes in California and completed a 1031 exchange for two retail properties in Florida and Oklahoma.
The total value of the transactions was approximately $10.4 million.
The first transactions were on behalf of two Los Angeles-area apartment building owners, who sold their properties to a local land developer, Amoroso Cos. The properties, located at 11260 Missouri Ave. and 1921 Beloit Ave., sold for approximately $3.7 million and $3.5 million, respectively.
Amoroso Cos. plans to tear down the apartment buildings by next summer and replace them with 63 condos in a four-story structure to be completed by winter 2008. With two- and three-bedroom floor plans averaging 1,500 square feet, these condos will more than double the occupancy of the previous apartment buildings.
Charles Dunn also represented Matlin Trust in the completion of a 1031 exchange to purchase a 7,860-square-foot retail property located at 8500 Argyle Forest Blvd. in Jacksonville, Fla., and 200 Norman Center Court, which is a 9,008-square-foot retail property located in Norman, Okla.
Both the Florida and Oklahoma properties sold for approximately $1.6 million each.
At the time of sale, the Florida property was occupied by Childtime Learning Center, a network of private childcare facilities with 260 locations nationwide. The Oklahoma property was home to a Pier 1 retail store.
