OXNARD, CALIF. — Los Angeles-based Primestor Development has acquired Esplanade Shopping Center, a grocery-anchored retail center in Oxnard, for $90 million. The 357,000-square-foot center was 94 percent leased at the time of sale. Current tenants include Home Depot, Nordstrom Rack, Staples, Dick’s Sporting Goods, TJ Maxx, Walmart Neighborhood Market, Cost Plus World Market, Tilly’s, Boot Barn, In-N-Out Burger and BJ’s Brewery and Restaurant.
LOS ANGELES — CBRE has secured $36.4 million in post-acquisition financing for TRC to recapitalize the purchase of La Canada Flintridge Town Center in Los Angeles. Target anchors the 115,939-square-foot property. At the time of financing, the center was 96.7 percent occupied by a mix of tenants, including HomeGoods, Panera Bread, Habit Burger and Taylor’s. Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE’s Capital Markets Debt and Structured Finance assisted in securing the seven-year, full-term interest-only loan on behalf of TRC.
LOS ANGELES — Rick Raymundo and Ben Savoy of Marcus & Millichap has brokered the sale of a six-unit apartment building, located at 6645 Farmdale Ave. in the North Hollywood neighborhood of Los Angeles. The asset traded for $1.7 million, or $283,333 per unit. Raymundo and Savoy represented the undisclosed buyer and undisclosed seller in the deal.
LONG BEACH, CALIF. — California State University, Long Beach (CSULB) has broken ground on La Playa Residence Hall, a 108,000-square-foot student housing project in Long Beach, located on the coast south of Los Angeles. Designed by Perkins&Will, the project is part of the State of California’s Higher Education Student Housing Grant Program, which aims to increase below-rate rental options for students living on campus. La Playa Residence Hall will add 424 beds to CSULB’s Hillside Housing village. The $115 million project will consist of three five-story buildings each surrounded by outdoor amenities, including patios, dining areas, a welcome plaza and central lawn. Upon completion, the community will offer a mix of single- and double-occupancy student rooms with lounges, study areas and maintenance facilities on every floor. Each building will feature a kitchen on the ground floor, three apartments for staff or faculty, a 2,000-square-foot multipurpose room and music practice rooms. Additionally, the residence hall will feature two dedicated offices that will expand the University’s Counseling and Psychological Services program to provide support for students in need. Completion is slated for summer 2026, with first occupancy for students for 2026 fall semester.
SAN DIEGO — Wells Fargo’s Community Lending and Investment (CLI) group has provided a total of $57.9 million in financing for construction of La Sabila, an affordable housing community for seniors in San Diego. The borrower is Wakeland. CLI provided a $30.5 million construction loan and $27.4 million equity investment. The project will consist of 85 residential units reserved for low-income residents over age 55. Further details were not disclosed. Timothy McCann, Terence Cordero and Jessica Gonzalez of CLI arranged the financing.
CERES, CALIF. — Marcus & Millichap has arranged the sale of The Vineyard, an apartment property in Ceres, a suburb of Modesto. The asset traded for $32.6 million, or $153,774 per unit. Jon Mimms of Marcus & Millichap’s Fresno office represented the undisclosed seller and undisclosed buyer in the deal. Built in 1979, The Vineyard features 212 apartments, averaging 671 square feet, with open floor plans, large kitchen pantries and central heating and air conditioning. Community amenities include two swimming pools, five laundry rooms, covered parking, pathways and a walking and jogging trail.
LOS GATOS, CALIF. — Marcus & Millichap has brokered the sale of a retail property, located at 52 N. Santa Cruz Ave. in Los Gatos, just south of San Jose. The asset traded for $4.5 million. Built in 1985, the 4,401-square-foot property is fully occupied and offers six commercial spaces. Yuri Sergunin and J.J. Taughinbaugh of Marcus & Millichap’s Palo Alto office represented the undisclosed seller and procured the undisclosed buyer in the deal.
ANAHEIM, CALIF. — CBRE has arranged the purchase of a seven-unit apartment building in Anaheim. A private investor acquired the asset for $2.5 million, or $360,714 per unit. Dan Blackwell and Amanda Fielder of CBRE represented the Orange County-based buyer in the deal. The seller was from Alameda County. Built in 1985, the 6,500-square-foot building is located at 406 E. South St. on a 9,148-square-foot lot. The community features individual patios, garage parking and a newly installed fire sprinkler system.
SAN DIEGO — Impact Real Estate LLC has sold a development site in San Diego to Gabriel Mauser for $1.3 million. The buyer plans to develop 11 accessory dwelling units (ADU) on the 30,493-square-foot property, which is located at 6353 Broadway. Aaron Bove of Marcus & Millichap represented the seller, while Simon Oliveri procured the buyer in the deal.
GLENDALE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has secured $11.2 million in refinancing for a single-tenant retail building, located at 1000 S. Central Ave. in the Los Angeles suburb of Glendale. Joann, a fabric and crafts retail chain that recently declared bankruptcy, occupies the property. Ron Bayls of Marcus & Millichap Capital Corp. arranged the 10-year loan, which includes a 5.97 percent interest rate with a 30-year amortization and 50 percent loan-to-value ratio.
