WALNUT, CALIF. — Majestic Realty Co. Capital Markets has completed the refinancing of two shopping centers in Walnut, located between Los Angeles and the Inland Empire. PGIM Real Estate provided a $12.6 million first trust deed loan on Snow Creek Village West Shopping Center and retired the existing debt on Snow Creek Village East Shopping Center. Both assets are located at the intersection of Valley Boulevard and Grand Avenue. Developed by Majestic Realty Co. affiliates, the properties offer a total of 128,922 square feet of retail space. Current tenants include TJ Maxx, HomeGoods, Aldi, Panera Bread, McDonalds, Starbucks Coffee and Applebee’s Grill + Bar.
PLACERVILLE, CALIF. — Marcus & Millichap has arranged the sale of a mixed-use property at 414-434 Main St. in Placerville, approximately 45 miles northeast of Sacramento. A private investor sold the asset to another private investor for $1.7 million. Constructed in the 1920s as a movie theatre, the 13,827-square-foot property has been converted into five ground-floor retail spaces and three top-floor residential units. Edward Nelson, Wyatt Figueroa and William Graves Jr. represented the seller, while Nelson procured the buyer in the deal.
SANTA BARBARA, CALIF. — Seth Ludwick of PSRS has arranged $16.3 million in refinancing for Foothill Centre, a medical office campus in Santa Barbara, approximately 115 miles northwest of Los Angeles. The single-tenant campus offers 61,664 square feet of medical office space and 225 parking spaces. Financed with a bank extension, PSRS provided the undisclosed borrower with a non-recourse, 10-year loan with 30-year amortization and no reserves.
BARSTOW, CALIF. — Marcus & Millichap has arranged the sale of Comfort Suites Barstow, a hotel in the Mojave Desert city of Barstow. A limited liability company sold the asset to an individual trust for $11.5 million. Located at 2571 Fisher Blvd., Comfort Suites Barstow offers 83 guest rooms. Andy Patel and Gordon Allred of Marcus & Millichap represented the seller and procured the buyer in the transaction.
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.