MILPITAS, CALIF. — BWE has arranged $65 million in bond financing for Ivy Park at Milpitas, a seniors housing property in Milpitas. The financing was secured on behalf of a joint venture between Blue Mountain Enterprises and SRM Development. Oakmont Management Group is managing the property. Ryan Stoll and Taylor Mokris of BWE arranged the financing. The loan was structured as a 15-year bond issuance, credit-enhanced by a letter of credit from Poppy Bank, and features five years of interest-only payments along with a favorable covenant structure. The financing provides the sponsor with enhanced flexibility and a long-term runway to complete lease-up and drive operational performance. The four-story, 205,000-square-foot Ivy Park at Milpitas offers 199 independent living, assisted living and memory care units, as well as a subterranean parking garage. Community amenities include all-day dining at The Vine at Ivy restaurant, a fitness center, indoor heated pool, library, salon, movie theater and a landscaped outdoor courtyard. The community also offers 24-hour staffing, concierge services and a social calendar for residents.
STOCKTON, CALIF. — Family-owned real estate platform Mershops has acquired Weberstown Mall, an 800,000-square-foot regional shopping center located in Stockton, for $50.8 million. Originally opened in 1966, the center is anchored by JCPenney, Dillard’s and Barnes & Noble. Other tenants include Old Navy, Five Below, BoxLunch, Foot Locker, Lids, Victoria’s Secret and Journeys. Steerpoint Capital brokered the sale on behalf of Mershops. The seller was Washington Prime Group. This transaction marks Mershops’ sixth enclosed shopping center acquisition across California and Nevada. Mershops’ current portfolio includes North County Mall in Escondido, Calif.; Galleria at Sunset in Henderson, Nev.; Antelope Valley Mall in Palmdale, Calif.; The Shops at Montebello in Montebello, Calif.; Northridge Mall in Salinas, Calif.; and two office campuses in Silicon Valley. The company plans to make reinvestments for each property, blending retail, hospitality and community elements.
SANTA CLARA, CALIF. — First Industrial Realty Trust has acquired a low-coverage industrial property located at 415 Aldo Ave. and 420 Nelo St. in Santa Clara for $10.6 million. Situated on 2.4 acres, the fully occupied site includes a 9,896-square-foot industrial facility and secured yard space. Ray Devlin of Colliers represented the buyer, while Mark Biagini of Biagini Properties represented the undisclosed sellers in the deal.
ENCINO, CALIF. — Elysian Housing and Capstone Equities have acquired an office building located at 5435-5445 Balboa Blvd. in Encino from 5435 Balboa LLC for $20.6 million. The buyers will convert the 74,947-square-foot office building into The Oaks on Balboa, an affordable housing community offering 117 studio and one-bedroom apartments. Darren Casamassima and Scott Romick of Lee & Associates LA North/Ventura represented the seller and buyer in the deal.
SAN DIEGO — Rexford Industrial has inked a lease with an undisclosed tenant to fully occupy 8888 Balboa Avenue in San Diego’s Kearny Mesa submarket. The Class A distribution facility offers 111,706 square feet of warehouse space, 11,786 square feet of two-story office space, 20 dock-high loading positions, a clear height of 36 feet, ESFR sprinklers, concrete paving throughout the loading and yard area, and multiple access points with gated entry/exit and fencing. Evan McDonald, Mark Lewkowicz and Tucker Hohenstein of Colliers represented Rexford, while Wills Allen and Mike McQuaid of Newmark represented the tenant in the transaction.
FRESNO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $4.6 million sale of a 7,052-square-foot multi-tenant retail pad site located at 6770 North Brawley Ave. in Fresno. A Dutch Bros Coffee drive-thru anchors the property, which is situated within the River Oak Plaza shopping center. Built in 2019 on 1.3 acres, the building is fully leased to four additional tenants including West Coast Sourdough, WaBa Grill, Sport Clips and Organic Nails & Spa. Sean Cox and Bill Asher of Hanley Investment Group represented the seller, California Gold Development Corp., in the transaction. Vicky Casey of Casey & Associates represented the buyer, a Visalia, Calif.-based private investor. Hanley Investment Group has sold 96 coffee-related retail properties totaling $357 million across the U.S. in the past two years, including 11 Dutch Bros Coffee shops in the past 12 months.
SAN DIEGO — The San Diego division of construction firm Swinerton has been tapped to lead the design-build team for a 3,640-bed project on the San Diego State University (SDSU) campus. Dubbed the “Evolve Student Housing” project, the development will include a suite-style residence hall named Tarastec, offering 650 beds for freshman and sophomore students; University Towers East, a 720-bed residence hall offering double-occupancy rooms for first-year students; and Templo del Sol, a two-story, 17,420-square-foot community center with dining facilities, communal spaces, food services, conference rooms and mailing services. Tarastec and Templo del Sol will be located on the west side of the SDSU campus near 55th Street and Aztec Circle Drive. University Towers East will be located next to the existing University Towers development on Montezuma Road. Construction on Tarastec began this summer with completion scheduled for fall 2026. University Towers East is expected for completion in fall 2027. Architectural firm Gensler is part of the development team for the project.
SAN DIEGO — Lowe has purchased Tenth & G, a multifamily property located in downtown San Diego. Terms of the transaction were not released. Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas of CBRE represented the undisclosed seller in the deal. Andrew Behrens and Jesse Weber of CBRE facilitated a loan on behalf of of the buyer. Built in 2008, the eight-story Tenth & G features 207 studio, one- and two-bedroom floor plans, averaging 704 square feet. The building features floor-to-ceiling windows, generous ceiling heights, exposed concrete accents and expansive panoramic views of the city and bay. At the time of sale, the property featured original finishes. The buyer plans to implement a comprehensive interior renovation and repositioning of the common area amenities.
SUNNYVALE, CALIF. — Prime Residential has completed the disposition of Citra, a value-add multifamily property located at 745 Bernardo Ave. in Sunnyvale. Terms of the transaction were not released. Ryan Wagner, Brandon Geraldo, Matt Kroger and Fatai Alashe of JLL Capital Markets represented the seller in the deal. Charles Halladay, Jonah Aelyon, Sarah Murphy and Joseph Choi of JLL originated a $44.2 million Freddie Mac loan for the undisclosed buyer. Built in 1968 and renovated in 2019, Citra offers 147 one- and two-bedroom apartments, 133 of which are fully renovated with vinyl plank flooring, quartz countertops and upgraded bathroom vanities. All units contain in-unit washers and dryers. Community amenities include a landscaped pool terrace, spa, fitness center with spin room, outdoor barbecue and picnic areas, a business center, community room, children’s playroom, media room and an outdoor play structure.
SIMI VALLEY, CALIF. — Gantry has secured a $26 million bridge loan to refinance maturing debt for Civic Center Plaza, a retail center in Simi Valley. Situated on 11.5 acres, the 145,000-square-foot asset is occupied by Regal IMAX Cinema, Starbucks Coffee, Panda Express, Carl’s Jr., two credit unions, Unleashed by Petco and a new grocer, which is slated to open in 2026. Mark Ritchie and Austin Ridge of Gantry represented the borrower, a private real estate operator. Funds managed by affiliates of Fortress Investment Group provided the three-year, nonrecourse loan, which features a variable rate and interest-only term.