Commercial, multifamily loan originations get boost

Despite slipping from the fourth quarter of 2006, commercial and multifamily mortgage bankers' loan originations in the first quarter were up 37 percent from a year ago, according to a survey conducted by the Mortgage Bankers Association.

MBA's quarterly survey found an increase in loan originations across all property types and most investor groups, "led by increases in commercial mortgage-backed securities (CMBS) conduit loans and loans financing office properties," said Jamie Woodwell, MBA's senior director of commercial/multifamily research, in a statement.  more...

Beachfront office deal tops $17M

A two-story office building situated on nearly 1.5 acres in Malibu, Calif., recently sold for $17.5 million.

Santa Monica-based Kenmore Group LLC purchased the property from Beverly Hills-based Malibu Vista Partners.

Originally built in 1980, the 30,742-square-foot building is located at 22761 Pacific Coast Highway.

At the time of sale, the property was fully occupied and featured tenants such as Jakks, Wolf Designs, World Telecom, Heartbeat, Allen Agency, among others.

Phillips Edison enters Washington market

Retail real estate developer Phillips Edison & Co. recently purchased its first shopping center in Washington state for an undisclosed price.

The property, Blaine Center, is a 127,572-square-foot center located in Blaine, which, according to a press statement, is the "busiest border crossing point between Washington and British Columbia."

At the time of sale, the property was anchored by a 43,550-square-foot Cost Cutter store. Cost Cutter is a brand of grocery stores owned by Brown and Cole Stores operating solely in Washington state.