CORONA, CALIF. — The Shops at Dos Lagos are welcoming two new retailers to the retail center located at 2780 Cabot Drive in Corona. Creative Souls Art Lounge is opening a 2,800-square-foot location at the property. The art lounge will bring its paint-and-sip concept to the area, as well as space for private parties. Additionally, Stone Church Brewery is joining the tenant roster at The Shops at Dos Lagos with a 2,483-square-foot location with up to 12 beers on tap. Creative Souls Art Lounge is hosting its grand opening on April 7, and Stone Church Brewery is celebrating its grand opening on April 23.
RIVERSIDE, CALIF. — CBRE has arranged the $43.9 million sale of University Village, a 180,681-square-foot, movie theater-anchored shopping center located in Riverside. University Village is located near the University of California at Riverside campus, and serves as the primary commercial area for the college. Philip Voorhees, Todd Goodman, Jimmy Slusher, Megan Wood, Matt Burson, Brad Rable, and Kirk Brummer of CBRE represented the seller, a Los Angeles-based partnership, in the transaction. A China-based private investor acquired the property.
LOS ANGELES — Meridian Capital Group has arranged the $4.8 million refinancing of a 12,630-square-foot mixed-use property located in Los Angeles. The two-story building, located at 8431 Melrose Place, features retail and office components, including Waterwork’s new flagship showroom. Drew Anderman and Sean Robertson of Meridian secured the seven-year, fixed-rate loan on behalf of the borrower, VE Equities, through a balance sheet lender. The financing features no prepayment penalty, and an amortization schedule that is coterminous with the ground lease.
NEWPORT BEACH, CALIF. — Kenneth Brown Salons has signed a lease for 4,000 square feet of retail space at 2700 W. Coast Highway within Mariners Mile Square in Newport Beach. The 10-year lease begins in May. Rick Turner of DAUM Commercial represented the tenant, while Ned McCune of Mariners Mile Co. represented the landlord in the transaction.
SAN DIEGO — RAF Pacifica Group has purchased a 16-building industrial portfolio in San Diego. The price was not disclosed, though the firm secured a $19.6 million loan at 50 percent leverage for the acquisition. The 277,040-square-foot portfolio is fully leased. It contains six projects with a total of 87 tenants. The projects include Carroll Way Industrial Park, Rancho Pacifica Business Center, Sorrento Mesa Commerce Center, Enterprise Business Center, and Oceanside Business Park I & II. Oceanside Business Park I & II was purchased from a private owner, while the remainder were acquired from a private international real estate investment firm. James Ruiz and Lori Wendel of Keystone Mortgage Corp. provided acquisition financing. Randy LaChance of Voit, Bob Willingham of Kidder Mathews, along with John Witherall, Josh McFadyen and Joe Crotty of Colliers International, executed the transaction.
YUBA CITY, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the $13.5 million sale of Summerfield Senior Living, a 71-unit assisted living and memory care community in Yuba City, approximately 40 miles north of Sacramento. The community opened in 1993. A California-based entrepreneur bought the community in 2005 as a value-add opportunity. It was the only seniors housing property in the owner’s portfolio, so it was sold to a growing owner/operator. Neither party was disclosed. The purchase price equates to approximately $190,000 per unit. Jacob Gehl and Mike Segal were the lead advisors on the transaction.
SAN FRANCISCO — Construction crews have begun infrastructure work on the redevelopment of Treasure Island and Yerba Buena Island in the San Francisco Bay Area. The total development costs for the 10-year project will be $6 billion, according to the San Francisco Business Times. The development team, known as Treasure Island Community Development LLC, includes Lennar Urban (NYSE: LEN), Kenwood Investments, Stockbridge Capital Group and Wilson Meany. The San Francisco Planning Commission approved the project in 2011, and Skidmore, Owings and Merrill LLP developed the master architectural and engineering plan. The development will feature up to 8,000 residential units, including 7,700 to 7,850 on Treasure Island and 150-300 units on Yerba Buena Island. At least 25 percent of the multifamily units will be offered at below-market rates. The project will also include up to 140,000 square feet of new retail space, 300 acres of parks and public open spaces, up to roughly 500 hotel rooms, a joint police/fire station and 100,000 square feet of office space. The development team will also repurpose Building 1 and Hangars 2 and 3 on Treasure Island and the historic buildings on Yerba Buena Island. According to Kenwood Investments’ website, the development could feature a …
HUNTINGTON BEACH, CALIF. — Hanley Investment Group has arranged the $18.6 million sale of a newly redeveloped retail center located on the corner of Brookhurst Street and Adams Avenue in Huntington Beach. Tenants at the fully occupied, 24,000-square-foot center include PetSmart, U.S. Bank, Phenix Salon, Tenet Healthcare and Orangetheory Fitness. LBG Real Estate Cos. LLC sold the property to an Orange County-based private investor. Ed Hanley, Bill Asher and Eric Vu of Hanley Investment Group arranged the sale of the property in an off-market transaction.
FOOTHILL RANCH, CALIF. — SeneGence International has leased 50,000 square feet of office space in Foothill Ranch. The new space is located at 19651 Alter. The beauty and personal care company is relocating from its current headquarters in the Irvine Spectrum. Andrew Morrow of Savills Studley represented SeneGence. CBRE’s Gregg Haly and Tyler Haly represented the landlord, Western States, in this transaction.
SAN DIEGO — Sunroad Enterprises has announced plans to develop Centrumplace II and III, a 583,000-square-foot office campus in central San Diego. Centrumplace is the commercial centerpiece of the Centrum Master Plan, which includes eight acres of business facilities, retail, residences and green space. The development already features Centrum I, a 275,000-square-foot building completed in 2008. The new addition will include Centrum II and Centrum III. The structures will include flexible floor plates that can range from 24,800 to 59,500 square feet. Dave Odmark, Eric Vann and Brian Starck from Cushman & Wakefield will lease the property. Gensler is designing the campus.