California

Flower-Hill-Promenade-Del-Mar-CA

COSTA MESA, CALIF. — Costa Mesa-based Boardwalk Investments Group, led by Gary Jabara and Debi Kroger, has received $245 million in financing for a portfolio of properties in California. John Chun, John Marshall, Jordan Leake and Spencer Seibring of JLL Retail Capital Markets Debt Advisory secured the permanent financing from four lenders. The portfolio includes: The Estate, a 22-acre hospitality and destination retail complex in downtown Yountville. The property features the 193-room Hotel Villagio, Vintage House and the five-bedroom Villa at The Estate. Aliso Creek Shopping Center, a 49,149-square-foot, 92-percent occupied retail center in Laguna Beach. Flower Hill Promenade, a 168,249-square-foot, 95.6-percent leased retail center in Del Mar. The Landing, a 44,289-square-foot, fully leased shopping center on the Balboa Peninsula in Newport Beach. 1810 State Street, a 99-unit mid-rise apartment complex in downtown San Diego’s Little Italy neighborhood. Restoration Hardware Yountville, a single-tenant wine vault and restaurant space in downtown Yountville.

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THOUSAND OAKS, CALIF. — An affiliate of Maxxam Enterprises has received $84.7 million in refinancing for Janss Marketplace, a grocery-anchored regional retail center in Thousand Oaks. Matt Stewart, Alethia Halamandaris and Chris Jaffe of JLL Capital Markets Debt Advisory secured the financing through TerraCotta Credit Fund for the borrower. Located at 165-401 N. Moorpark Road, Janss Marketplace features 456,390 square feet of retail space. The property was built in phases from 1959 to 1999 and renovated in 2007 and 2020. Current tenants include Aldi, ULTA Beauty, Petco, Old Navy, Five Below and Golds Gym. At the time of financing, the property was 90 percent occupied.

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Bioterra-San-Diego-CA

SAN DIEGO — Square Mile Capital has closed a $202.6 million loan to finance the construction of Bioterra, a life sciences development in San Diego’s Sorrento Mesa submarket. Bank OZK co-originated the loan. Longfellow Real Estate Partners is developing the 316,000-square-foot project. In August, Longfellow broke ground on the six-story campus that will feature lab and office space and three stories of subterranean parking. The property will offer a first-floor coffee bar, conference facilities, full-service gym with outdoor space for fitness classes and a full-service restaurant/café. Aldon Cole and Patrick Burger of JLL’s San Diego office arranged the financing.

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PSRS-Co-Living-Project-Los-Angeles-CA

LOS ANGELES — PSRS has provided $14.7 million in construction financing for a co-living development in Los Angeles. The property will feature 18 units and 79 beds. Jacob Lee of PSRS secured the 24-month, interest-only loan, which a bank provided. The borrower was not disclosed.

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WEST VALLEY, CALIF. — Red Mountain Group has completed the disposition of a four-tenant retail property located in West Valley. An undisclosed buyer acquired the asset for $2.1 million. At the time of sale, the 6,764-square-foot property was fully leased to Tellica Imaging, Allstate Insurance, Metro by T Mobile and a nail salon. Dave Lucas of CP Partners Commercial Real Estate represented the seller in the deal.

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Cannon-Hotel-Site-Dana-Point-CA

DANA POINT, CALIF. — Sonnenblick-Eichner Co. has arranged the sale of the fee simple interest in the Cannon’s Hotel development site in Dana Point. The former home of Cannon’s Restaurant, the site is fully entitled and has received California Coastal Commission approval for a 100-room hotel. A private investor acquired the asset for an undisclosed price. Located on a bluff-top overlooking the Dana Point Harbor and Marina, the site is one block south of Pacific Coast Highway and approximately 2.5 miles west of Interstate 5. The Dana Point Harbor and Marina features more than 2,400 boat slips, several restaurants and various marine-oriented activities. The harbor and marina are undergoing a $338 million revitalization, including the addition of approximately 110,000 square feet of destination retail, restaurant, hotel and office space. Todd Bedingfield and David Sonnenblick handled the transaction.

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SAN FRANCISCO — Newmark has brokered the sale of 3175 17th Street, a flex building in San Francisco’s Mission District. ODC, a nonprofit dance company, acquired the asset from Seven Tepees, a nonprofit youth development program, for $6.7 million. Mark Geisreiter, Seth McKinnon and Aaron Gillespie of Newmark represented the seller in the deal. The building offers 14,000 square feet of flex space.

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2300-Garden-Rd-Monterey-CA

MONTEREY, CALIF. — Gantry has secured $14.3 million of construction financing for the adaptive reuse of an office property into workforce multifamily housing. The borrower is an undisclosed local developer. Located at 2300 Garden Road, the property will feature 64 one- and two-bedroom market-rate apartments on a 7.23-acre site. Robert Slatt, Jeff Wilcox and Andrew Ferguson arranged the financing for the borrower. Gantry’s secured the three-year construction loan through one of its correspondent life company lenders.

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1867-Temple-Ave-Signal-Hill-CA

SIGNAL HILL, CALIF. — Stepp Commercial has arranged the sale of a residential property located at 1867 Temple Ave. in Signal Hill, near Long Beach. Los Angeles-based VMG Properties sold the asset to a Long Beach-based family office for $9.3 million, or $338,543 per unit. Built in 1964, the two-story hilltop property overlooks Long Beach and sits on a 13,849-square-foot lot. The community offers 13 one-bedroom units and 11 two-bedroom units, as well as 24 subterranean parking spaces. Community amenities include a pool, elevator and close proximity to Hillbrook Park. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, while Robert Stepp also represented the buyer in the deal.

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1957-2021-E-Del-Amo-Blvd-Rancho-Dominquez-CA

RANCHO DOMINGUEZ, CALIF. — DAUM Commercial Real Estate Services has brokered the sale of a 60,104-square-foot, industrial-zoned land parcel at 1957-2021 E. Del Amo Blvd. in Rancho Dominguez. Private sellers sold the asset to Captiva Partners for an undisclosed price. The property features a freestanding, 9,484-square-foot office and industrial building. Anthony Bergeman, Krishna Shegran and Michael Chase of DAUM Commercial Real Estate Services represented one of the private sellers and the buyer in the deal.

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