FREMONT, CALIF. — JLL Income Property Trust has acquired Fremont Distribution Center, a two-building industrial portfolio in the Oakland/East Bay submarket of Fremont. An undisclosed seller sold the asset for $47 million. At the time of sale, the 240,000-square-foot property was fully leased.
CAMPBELL, CALIF. — Sonnenblick-Eichner Co. has secured $36.3 million in first mortgage financing for the acquisition of DoubleTree by Hilton Hotel Campbell – Pruneyard Plaza, a 169-room full-service hotel in downtown Campbell. The undisclosed borrower used the long-term, fixed-rate loan to facilitate the purchase of the hotel and provide funds for a $5.8 million renovation. The 12-year loan, which a life insurance company provided, features a 4.5 percent interest rate with four years of interest-only payments and a 30-year amortization schedule.
SAN DIEGO — Colliers International San Diego has arranged the sale of the retail spaces at Harbor Club, a residential and retail building located in downtown San Diego. One Harbor sold the assets to Tower Investments for $13.6 million. Located at 285 J St., 100 J St., 200 Harbor Drive and 330 Third Ave., the property features 42,810 square feet of retail space. Current tenants include Morton’s The Steakhouse, Striders Clubhouse, Robert Cromeans Salon, San Diego Wine & Culinary Event Center, and the Luxe Lounge and Spa. Bill Shrader of Colliers’ Urban Property Team represented the seller and buyer in the deal.
SAN DIEGO — Donahue Schriber has announced a $120 million expansion at Del Mar Highlands Town Center, a destination mixed-use property at 12925 El Camino Real in San Diego. The expansion will bring the asset to more than 400,000 square feet of retail, dining and entertainment space. The expansion, known The Collection at Del Mar Highlands Town Center, will bring an additional 120,000 square feet space, offering 40 new retailers, restaurants, fitness studios and new spaces to work, play and lounge. The project centers around relocation of Jimbo’s…Naturally, as the grocery store expands to 25,000 square feet. The grocer’s new space is slated to open this summer. Additional tenants at The Collection will be OH! Juice; Cascade Spa; Perlman Wellness Center; Head Lettuce, a healthy dining concept; and Diesel, a Brentwood, Calif.-based bookstore. CermaiCafe will also relocate to the new space. The expansion includes a boutique fitness row, which is slated to open in 2020. The new collection of fitness brands will offer a variety of fitness options, including StretchLab, Row House and an expanded Club Pilates location. Located above the expanded Jimbo’s…Naturally, The Sky Deck will bring eight to 10 dining destinations, a central cocktail bar and an elevated …
VISTA, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Vista Gardens, a 71-unit memory care community in Vista, located between San Diego and Los Angeles. A private equity firm based in Colorado acquired the community for $22.8 million as part of a growth strategy in seniors housing. The seller was a local, single-asset owner seeking to exit the industry. Vista Gardens totals 44,000 square feet and is located on a 4.5-acre plot. The price equates to $321,000 per unit. Alec Blanc of Monarch Advisors (an affiliate of SLIB) sourced the senior debt for the transaction. It consisted of an $18.1 million loan, including $1.9 million for planned capital expenditures, from a regional commercial bank. The loan is structured with a five-year term, interest-only payments for the first two years and partial recourse from the buyer with a burn-off provision. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
RIALTO, CALIF. — Marcus & Millichap has negotiated the sale of two multi-tenant retail pads at Rialto Marketplace, located at the southwest corner of Riverside and San Bernardino avenues in Rialto, two blocks north of Interstate 10. Scott Hook of Marcus & Millichap arranged the sale. Terms of the transaction were not released. Recently developed by Newmark Merrill Cos., the assets total 25,567 square feet. Tenants include Starbucks Coffee, GNC, Wingstop, Pieology Pizzeria and T-Mobile. Walmart Supercenter is the anchor tenant for Rialto Marketplace.
CARSON, CALIF. — Developer MBK Rental Living and general contractor Snyder Langston have broken ground on Evolve South Bay, a multifamily complex at 20330 S. Main St. in Carson. Situated on 11.8 acres, the 300-unit Evolve South Bay will feature three-story stacked flats with top-floor lofts in a mix of one-, two- and three-bedroom layouts with private garages. The units will feature modern cabinetry, quartz countertops, stainless steel appliances and wood-style flooring. Community amenities will include a fitness center, resort-style pool and spa, barbecue area, outdoor fireplaces, outdoor fitness equipment, dog park, walking path, co-working space, business center, social lounge and California Room, an open-air transition space. Snyder Langston has completed more than 50 percent of the vertical and horizontal utility improvements and land stabilization work for Evolve South Bay. The property is slated to begin pre-leasing in early 2020.
SAN FRANCISO — Clarion Partners and LPC West have acquired 215 Fremont, an office building in San Francisco’s financial district for an undisclosed price. Constructed in 1927 and renovated in 2001, the eight-story office building features 360,000 square feet of office space with 45,000-square-foot floor plates and multiple roof decks. Additional building amenities include terraces, bicycle parking, shower facilities, on-site parking and 19,000 square feet of ground-floor retail space. JLL and Eastdil Secured assisted in the transaction.
SAN DIEGO — Brookwood Financial Partners has purchased Four Points Business Park in San Diego’s Kearny Mesa district. San Diego-based Fenway Capital Advisors and Water Asset Management sold the property for $28.2 million. Louay Alsadek and Hunter Rowe of CBRE represented the seller, while Fenway Capital Advisors and Waterfall Asset Management were self-represented. Located at 5575, 5625 and 5675 Ruffin Road, the 124,463-square-foot office campus was 92 percent leased at the time of sale. The asset consists of three freestanding buildings and 590 on-site parking spaces. The sellers acquired the property in 2013.
FAIRFIELD, CALIF. — Cushman & Wakefield Senior Housing Capital Markets has arranged a $26.4 million first mortgage loan to refinance Rockville Terrace, an assisted living community in the Bay Area city of Fairfield. The borrower was a joint venture between Blue Mountain Enterprises Inc. and Calson Management. PNC is the lender. The two-story Rockville Terrace offers 112 units of assisted living and 36 units of memory care. Blue Mountain, a local developer, and Calson, a regional operator, built the community as the second ground-up development for the partnership. The Cushman & Wakefield team involved in the transaction included Aaron Rosenzweig, Jay Wagner and Sam Dylag.