TORRANCE, CALIF. — PSRS has arranged $9.6 million in refinancing for Southwood Village, a retail property in Torrance. Trevor Blood of PSRS originated a non-recourse, five-year loan with a 30-year amortization and two years of interest only through a life insurance company. The borrower was not disclosed. Built in the 1950s and renovated in 2003, Southwood Village offers 67,302 square feet of multi-tenant retail space. Current tenants include Ace Hardware, Goodwill, Dollar Tree and Embroidme.
LOS ANGELES — Seven Hills Realty Trust (SEVN) has secured $23.8 million floating-rate first mortgage loan to recapitalize a self-storage facility located at 2515 S. Broadway in Los Angeles. Staley Point Capital is the borrower. The Extra Space Storage-branded facility offers 80,000 square feet of self-storage space. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by JLL, which advised Staley Point Capital.
FOUNTAIN VALLEY, CALIF. — Hanley Investment Group Real Estate Advisors, in conjunction with Oaks Commercial Real Estate, has arranged the sale of a single-tenant restaurant property located at 11321 Talbert Ave. in the Orange County city of Fountain Valley. A Newport Beach-based family trust sold the absolute triple-net ground lease to a Fountain Valley-based 1031 exchange buyer for $3.8 million in an all-cash transaction. McDonald’s occupies the 3,500-square-foot property, which is an outparcel to a Costco Wholesale. Situated on an acre, the building was constructed in 2011. Bill Asher and Jeff Lefko of Hanley Investment Group, in association with Fred Encinas of Eastvale-based Oaks Commercial Real Estate, represented the seller. Robert Tran of Westminster-based HPT Realty represented the buyer in the deal.
FREMONT, CALIF. — Marcus & Millichap has arranged the sale of two buildings with a combined size of 7,200 square feet in the Bay Area city of Fremont. A private investor sold the medical office assets to an undisclosed buyer for $3.7 million. Western Dental occupies the assets, located at 3055 Mowry Ave. and 38780 Paseo Padre Parkway, on a net-lease basis. Yuri Sergunin, J.J. Taughinbaugh and Eric Carrillo of Marcus & Millichap’s Palo Alto office represented the seller in the deal.
HEALDSBURG, CALIF. — Replay Destinations is developing a luxury hotel within Mill District, a master-planned neighborhood in downtown Healdsburg in Sonoma County. The company will redevelop a 10-acre former lumber site to construct the hotel. The hotel will offer 53 guest rooms; a spa and wellness center; an outdoor pool and spa deck; a restaurant and bar; and a vintners and wine program, as well as curated local guest experiences throughout Healdsburg and Sonoma County. Replay will retain ownership in the hotel “to ensure the realization of the company’s vision.” Dunnigan Sprinkle Architects will blend local agrarian influences and industrial inspiration from the site’s past with a contemporary wine-country aesthetic. The project is currently in the design review process with the City of Healdsburg, with construction expected to begin in spring 2025.
ENCINITAS, CALIF. — Calbay Development has completed the sale of 1967 San Elijo Ave. in Cardiff-by-the-Sea, a beach community in Encinitas, north of San Diego. Albatross LLC acquired the asset for $3.1 million. Situated on 16,702 square feet, the coastal pad is adjacent to Cardiff Seaside Market Center and across from San Elijo State Beach. Jack in the Box formerly occupied the 1,429-square-foot building, which offers 20 parking spaces. The buyer plans to redevelop the property and occupy the site. Reg Kobzi, Michael Peterson and Joel Wilson of CBRE represented the seller in the deal.
SUNNYVALE, CALIF. — Sares Regis Group of Northern California (SRGNC) has started leasing at The Martin, an apartment community in downtown Sunnyvale, just west of San Jose. The 12-story building offers 479 apartments in a mix of studio, one-, two- and three-bedroom layouts, along with penthouse and townhome options. The first residents are expected to move in in July. Situated within the master-planned Cityline, The Martin’s on-site amenities include a pool, spa, clubroom, two fitness centers, a sky lounge on the 11th floor with panoramic views, a 3,000-square-foot rooftop deck with outdoor barbecues, pet spa and bike storage. Additionally, the development will offer 11 retail spaces and co-working space for residents. The Martin’s all-electric, high-efficiency apartments will offer stainless steel appliances, contemporary cabinets with quartz countertops, ceramic tile bathtubs and showers, in-unit washers/dryers, central air conditioning, wall-to-wall wood-plank flooring, floor-to-ceiling windows, private bathrooms and patios. San Francisco-based Heller Manus is the architect for the project. A joint venture between SRGNC and Hunter Partners is developing the larger Cityline project. Upon completion, Cityline will encompass 1,100 new apartments, 1 million square feet of office space and more than 500,000 square feet of retail space.
WEST HOLLYWOOD, CALIF. — Priority Capital Advisory has arranged $35 million in debt financing to refinance Faring’s planned Robertson Lane, a 400,000-square-foot retail and hotel project in West Hollywood. Centennial Bank provided the financing, which Zachary Streit of Priority Capital Advisory arranged. Located at 645-681 N. Robertson Blvd., the 84,506-square-foot development site is an assemblage of eight contiguous lots. The assembled site was originally entitled for a 10-story, 237-room hotel with dining, nightclub, entertainment and retail space, a rooftop pool and a three-level, 750-car underground parking garage. In 2022, the ownership submitted a revised plan for a 123-room luxury hotel and seven-story office tower over ground-floor retail space and a subterranean garage. Current plans include the adaptive reuse and rehabilitation of the Factory Building, a historical building dating to 1929.
STEVENSON RANCH, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of Stevenson Ranch Plaza, a neighborhood shopping center in Stevenson Ranch, approximately 35 miles northwest of Los Angeles. San Francisco-based Catalyst Real Estate sold the asset to a Los Angeles-based private investor for an undisclosed price. Kevin Fryman, Ed Hanley, Sean Cox and Alexander Moore of Hanley Investment Group represented the seller, while Edmond Bina of Beverly Hills-based EMB Properties represented the buyer in the deal. Originally built in 1999 and remodeled in 2023, Stevenson Ranch Plaza offers 29,817 square feet of retail space at 25804-25860 Hemingway Ave. Tutor Time, a subsidiary of Learning Care Group, anchors the retail center and has operated at the property since it was built.
SANTA MONICA, CALIF. — NAI Capital Commercial has arranged the sale of The Powerhouse, a historic retail building located at 3116 2nd St. in Santa Monica, a coastal city west of Los Angeles. Temple Mishkon sold the asset to 2nd Street Santa Monica LLC for $2.5 million, or $1,660 per square foot. Built in 1909 and totaling 1,500 square feet, The Powerhouse is on the California Register of Historical Resources. In 1982, Ry Hay, Paul Linke and Lucinda Zeising converted the building into a playhouse, but by the early 1990s, the theatre fell into disrepair and was abandoned. The Powerhouse Theatre Co. revitalized the space in 1995 and operated until 2011. In 2016, the building underwent an extensive renovation that included an earthquake retrofit, new electrical and plumbing systems, a new roof, updated bathrooms and an exterior dock.
