Digital Technology Entertainment Co. has acquired a three-story, 85,948 sq. ft. office building from Countrywide Home Loans Inc. in a sale-leaseback valued at $15.6 million. Built in 1999 by Lowe Development, the building is situated on six acres and includes 347 parking spaces. Countrywide will occupy the building through January 2009. The property is located in Calabasas, a business and residential community in Southern California.
J.S. Rosenfield & Co. has acquired Larkspur Landing Shopping Center, from Western Retail Real Estate Trust for $65 million. Built in 1978, the 173,000 sq. ft., 16-acre retail center sits on the western edge of San Francisco Bay, adjacent to the Larkspur Ferry terminal. The terminal is linked to the property by an elevated pedestrian walkway. The project is 70% occupied and includes retail, restaurants, personal services and shops.
ECI Capital has acquired the 268-unit Cabana West Apartments in Panama City Beach from an undisclosed seller in a short sale for $20.5 million, or $76,492 per unit. Originally constructed for conversion to condos, the property will be operated as a rental by the new owner. The property was approximately 50% occupied at time of closing in November 2008. ECI anticipates investing more than $2.5 million in upgrades to complete the project.