REBusinessOnline

California

Infiniti of Montclair Acquires Land Parcel in Ontario for New Dealership Location

ONTARIO, CALIF. — Infiniti of Montclair has acquired a four-acre land parcel on Inland Empire Boulevard at the Meredith International Centre in Ontario for $4.9 million. The buyer plans to relocate its existing car dealership to a new facility. Construction is slated to be completed in 2018. Chuck Noble, John Hatzis, Dave Hunsaker and Brett Meredith of Lee & Associates represented the buyer and seller, Craig Development Corp., in the deal.

August 18, 2017

Sweet Kream Froyo Signs 1,215 SF Lease at Heritage Town Center in Chula Vista

CHULA VISTA, CALIF. — Sweet Kream Froyo is opening a location at Heritage Town Center, located at 1392 E. Palomar St. in Chula Vista. The frozen yogurt shop leased 1,215 square feet of space at the mixed-used project, which Paragon Real Estate Fund owns. The location is slated to open in September. Joe Yetter of Cushman & Wakefield represented the tenant and landlord in the deal. Heritage Town Center features 38,000 square feet of ground-floor retail space and 91 residential..

August 18, 2017

NewMark Merrill Cos. Negotiates Restaurant Lease at Janss Marketplace in Thousand Oaks

THOUSAND OAKS, CALIF. — NewMark Merrill Cos. has signed a new restaurant at Janss Marketplace, a shopping center located at the Moorpark Road and Hillcrest Drive in Thousand Oaks. Azi Grill, owned by Mazen Nadour, will feature Mediterranean cuisine, as well as American fare.

August 18, 2017

Bellwether Enterprise Arranges $185M Refinancing for Multifamily Portfolio in California, Maryland

LOS ANGELES, WOODLAND HILLS, CALIF. AND LAUREL, MD. — Bellwether Enterprise Real Estate Capital LLC has arranged three loans totaling $185.1 million for the refinancing of a multifamily portfolio located in California and Maryland. The portfolio consists of three properties totaling 1,384 units. The assets include: Avalon Russet in Laurel, Md.; eaves Woodland Hills in Woodland Hills, Calif.; and eaves Los Feliz in Los Angeles. Kip Kimble of Bellwether Enterprise arranged the 10-year..

August 18, 2017

Grandbridge Negotiates $90M Refinancing for Apartment Complex in San Francisco

SAN FRANCISCO — Grandbridge Real Estate Capital has arranged a $90 million refinancing for the 414-unit South Beach Marina Apartments in San Francisco. The community is located at 2 Townsend St. in the South of Market (SOMA) neighborhood. South Beach was built in 1989. It features 4,708 square feet of ground-floor retail that is currently occupied by two restaurants and a salon. Community amenities include two tennis courts, a luxury lobby/lounge area, community/billiards room, landscaped..

August 17, 2017

Red Stone Partners Arranges $18.8M in Bonds to Preserve Three Affordable Communities Near LA

LOS ANGELES — Red Stone Tax-Exempt Funding LLC recently provided $18.8 million in bond financing to BlueGreen Preservation and Development. The tax-exempt bonds will be used to acquire and rehabilitate a 90-unit portfolio of affordable seniors housing properties in the Los Angeles metro area. The properties acquired are Pacific Rim Apartments, Rancho Del Valle and Maple Park Apartments. The properties all benefit from Section 8 rental subsidies that were extended for 20 years to ensure the..

August 17, 2017

SpringHill Suites in Central California Sells for $25M

ATASCADERO, CALIF. — A Korean investment firm has acquired the 130-room SpringHill Suites Paso Robles Atascadero in Central California for $25 million. The hotel is located at 900 El Camino Real in the Paso Robles wine region. The four-story property opened in 2015. This is the new owner’s second U.S. investment. The group was attracted to the hotel’s location near the Central Coast and the emerging Paso Robles wine industry. Hunter Hotel Advisors represented the seller, an..

August 16, 2017

Sabra Shareholders Approve Merger with Care Capital Properties

IRVINE, CALIF. — Sabra Health Care REIT Inc. shareholders have voted to approve the company’s planned merger with Care Capital Properties, despite objections of several major shareholders. The proposed merger was announced in May. If completed, the transaction will create a healthcare REIT with a pro forma total market capitalization of roughly $7.4 billion and an equity market capitalization of roughly $4.3 billion. The all-stock transaction is scheduled to close Thursday, subject to..

August 16, 2017

Savills Studley Negotiates Sale of Chino Spectrum Towne Center in California

CHINO, CALIF. — Savills Studley has negotiated the sale of Chino Spectrum Towne Center, a 459,969-square-foot shopping center located in Chino. MetLife Investment Management acquired the property from a partnership between Vestar Development Co. and an institutional entity. The price was not disclosed. The property is home to tenants including Walmart, Kohls, Best Buy, Marshalls, Nordstrom Rack, DSW, Party City, Pier One Imports and Aki Home. Bill Bauman and Kyle Miller of Savills..

August 16, 2017

Sudberry Properties, Ayres Hotels Break Ground on Retail Center, Hotel Near San Diego

CHULA VISTA, CALIF. — Sudberry Properties and Ayres Hotels have broken ground on Millenia Commons, a 131,800-square-foot “lifestyle destination center” and a 135-room Ayres Hotel in the San Diego suburb of Chula Vista. The center and hotel will be part of the 210-acre, multi-billion-dollar Millenia master-planned community, which is currently being developed in South San Diego County. Millenia Commons will include tenants like HomeGoods, Cost Plus World Market, Ross Dress for Less,..

August 16, 2017