FREMONT AND SAN JOSE, CALIF. — Lument has provided $38.8 million in Freddie Mac refinancing loans for Carlton Senior Living, one of Northern California’s largest senior living providers with 11 independent living, assisted living, and memory care communities in operation. The loans are spread across two separate properties — $13.5 million to refinance a 123-unit senior living property in Fremont and $25.3 million to refinance a 126-unit senior living property in San Jose. Both loans feature a fixed interest rate, 10-year term and 30-year amortization. One loan also provides funds for renovations to improve the San Jose property. Lument’s Nick Hamilton and Casey Moore, both based in San Diego, led the transaction.
CHULA VISTA, CALIF. — Sudberry Properties has completed Phase II at the 50-acre Otay River Business Park in Chula Vista, just south of San Diego. The second phase consists of two manufacturing and warehouse buildings totaling 205,435 square feet. The 97,230-square-foot building is located at 2995 Faivre St., and the 108,205-square-foot building is located at 2855 Faivre St. The buildings offer 28- to 32-foot clear heights, dock-high and grade-level doors, 4,000 amps of 277/480-volt power and flexible spaces ranging from approximately 25,000 square feet to more than 108,000 square feet. PGW Auto Glass, a supplier of auto glass and shop accessories with more than 120 distribution branches in the United States and Canada, has leased approximately 23,500 square feet of warehouse space at 1995 Faivre St. The 137,500-square-foot Phase One is fully leased to variety of tenants, including Starbucks Coffee, SuperStar Car Wash, Jamba Juice, Menuderia Guadalajara, Knockaround Sunglasses, Colonna’s Shipyard Inc., Sunbelt Rentals, Luv Sola wood flowers, Shore Total Office and Boochcraft hard kombucha. The final phase of Otay River Business Park will include 108,700 square feet of manufacturing/warehouse space. Michael Mossmer of Voit Real Estate Services is handling leasing for the buildings. The project team includes San Diego-based TFW …
LOS ANGELES — BOLOUR Associates has acquired a site with three retail buildings in the Los Angeles Mid City submarket for $6 million. Located at 601, 611 and 619 S. Fairfax Ave., the buildings offer more than 11,500 square feet of net rentable area, including a former 99 Cents Only store. BOLOUR purchased the 99 Cents Only property through a bankruptcy auction after Number Holdings Inc., the parent company of 99 Cents Only Stores LLC, filed for Chapter 11 bankruptcy earlier this year and closed all of its stores. The company will renovate the three buildings to cater to gallery, design, furniture and showroom uses. In the long-term, BOLOUR plans to redevelop the site into 120 multifamily residential units. Hilco Global represented the undisclosed seller, while BOLOUR was self-represented in the deal.
SAN DIEGO — Marcus & Millichap has arranged the sale of North Park Retail, a restaurant property at 2884 University Ave. in San Diego’s North Park neighborhood. Carlos Partners LLC sold the asset to 1295 University Family LP for $1.9 million. Built in 1948, North Park Retail features 3,200 square feet of space. The single-tenant property was renovated in 2014 for Saiko Sake and Sushi Bar’s tenant build out. After operating for 10 years, Saiko Sushi will close when its lease expires in October. The buyers plan to lease out the property after Saiko Sake and Sushi Bar’s vacates. Ross Sanchez and Nick Totah of The Totah Group of Marcus & Millichap represented the seller, while Nate Benedetto of Next Wave Commercial procured the buyer in the transaction.
BELMONT, CALIF. — Värde Partners has provided Windy Hill Property Ventures, a firm specializing in real estate development in the Greater Bay Area, with $105 million in construction takeout refinancing for its Artisan Crossing apartment property in the Bay Area city of Belmont. The bridge financing supports the lease-up of the newly developed property. Chris Gandy and Tom Gilliland of JLL arranged the floating-rate loan, which has a three-year initial term with two one-year extension options. The 250-unit community features a fitness center, pool, dog spa, clubroom with rooftop deck, conference room, work pods and underground parking.
ORANGE, CALIF. — USA Properties Fund and Riverside Charitable Corp. have started construction of The Orion, an affordable seniors housing community in Orange. Located at 1800 E. La Veta Ave., The Orion will offer 166 affordable one- and two-bedroom apartments with energy-efficient appliances, lighting insulations and windows, as well as low-flow faucets, shower and toilets. Additionally, some apartments will include a balcony. Community amenities will include a clubroom, dog park, fitness center, computer workstations, a community garden with some elevated planters, a courtyard and shaded patio, and secured parking. Residents will also have access to LifeSTEPS, a social-services provider. The Orion will be available to seniors age 55 years and older who earn 30 percent to 70 percent of the area median income for Orange County. USA Properties Fund will manage the community. The City of Orange, County of Orange and Orange County Housing Finance Trust provided financial support for the $64 million project. The California Tax Credit Allocation Committee awarded bond funding for the development. Bank of America offered construction and tax credit equity financing, while Citibank served as the permanent lender.
LOS ANGELES — The Mogharebi Group (TMG) has brokered the sale of Pinetree Terrace Apartments, a multifamily property located at 7940 Reseda Blvd. in Reseda, a neighborhood in the San Fernando Valley area of Los Angeles. GLS Building Corp. sold the asset to Foundation for Affordable Housing for $17.6 million. The buyer plans to transform the 58-unit property into long-term affordable housing. Built in 1978, Pinetree Terrace features a mix of one-, two- and three-bedroom floor plans, ranging from 900 square feet to 1,263 square feet, spread across five two-story residential buildings. Community amenities include a pool and spa, fitness center, laundry room, leasing office and subterranean parking. At the time of sale, the property was 100 percent occupied. Otto Ozen and Brian Nakamura of TMG represented the seller in the deal.
SAN JOSE, CALIF. — Marcus & Millichap has facilitated the purchase of a 1.1-acre ground lease at 3155 Stevens Creek in San Jose. The property sold for $10 million in an off-market transaction. The land is encumbered by a long-term lease to Lincoln Auto Dealership. The buyer is the tenant that owned the leasehold improvements on the property. Yuri Sergunin and J.J. Taughinbaugh of Marcus & Millichap represented the buyer in the deal. The seller was not disclosed.
JAMUL, CALIF. — The Jamul Indian Village Development Corp. (JIVDC), a subsidiary of the Jamul Indian Village, has released plans for a $270 million Jamul Hotel to accompany the Jamul Casino in Jamul, approximately 20 miles east of San Diego. C.W. Driver Cos., as general contractor and construction manager, has topped out the 16-story project, which is slated for completion in spring 2025. The 254,000-square-foot hotel will feature 200 guest rooms, including 52 suites, an upscale restaurant, speakeasy bar, resort spa, banquet space and rooftop pool. The property will also feature a 350-space parking structure. JCJ Architecture provided architectural services for the project.
LOS ANGELES — Neutraderm, a medical-grade skincare manufacturer specializing in over-the-counter drug products, has acquired an industrial building at 20680 Nordoff St. in Los Angeles’ Chatsworth submarket. Nordhoff XC LLC sold the asset for $21 million. The manufacturer plans to combine this property with two nearby buildings, located at 9000 Lurline Ave. and its current West Coast headquarters at 20600 Nordhoff St. The resulting 115,000-square-foot facility will serve as Neutraderm’s flagship headquarters complex for Southern California. Erica Balin and Scott Caswell of Lee & Associates – LA North/Ventura represented the buyer in the deal.