ONTARIO, CALIF. — Lake View Center, a 106,345-square-foot office property in Ontario, has sold to BH Properties for $13.8 million. The office complex is located at 3257 & 3237 E. Guasti Road. It is currently 62 percent leased. Notable tenants include East West Bank, T-Mobile and the University of La Verne. BH Properties plans to invest additional capital into the project. BH Properties represented itself in this transaction, while the sellers, PCCP and the Muller Companies, were represented by CBRE’s Kevin Shannon, Darla Longo and Phil Woodford.
SANTA FE SPRINGS, CALIF. – 99¢ Only has signed a lease for 14,226 square feet at Santa Fe Springs Promenade that is valued at more than $2.5 million. The space is located off Telegraph Road and Orr and Day roads in Santa Fe Springs. This will be the discount retailer’s ninth Southern California location to open so far this year. Matt Hammond and Ben Terry of Coreland Companies represented both 99¢ Only and the landlord, Milan Capital Management, in this lease transaction.
HOLLADAY, UTAH – The 366-unit Sandpiper Apartment Homes in Holladay has sold to Kennedy Wilson for an undisclosed sum. The community is located at 1492 East Spring Lane. The seller, DiNapoli Capital Partners LLC, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap. They were assisted by Danny Shin of Marcus & Millichap’s Salt Lake City office.
PHOENIX — Steak 44 has signed a 10-year lease for a 7,700-square-foot restaurant space inside the Camelback Village in Phoenix. The space was previously occupied by Cork ‘N Cleaver Restaurant. The upscale steakhouse is scheduled to open by fall 2013. Steak 44 is operated by the Mastro family, which created the Mastro’s and Ocean Club restaurant chains. It also operates Michael Dominick’s Steakhouse at Scottsdale Quarter. Steak 44 was represented by Josh Gosnell of Commercial Properties. The landlord, Camelback and 44th OPCO LLC, was represented by Randy Banchik and Joe Hoye of Westwood Financial Corp.
NEWPORT BEACH, CALIF. — A 376,000-square-foot, Class A office complex in Newport Beach has received a $55-million recapitalization loan. The two-building complex is located at 4000 MacArthur Blvd. It recently underwent a multi-million-dollar renovation. The loan was originated by Mesa West Capital through its Mesa West Real Estate Income Fund III on behalf of Emmes Asset Management. This was the first loan provided by this fund. Financing was arranged by Jonathan Firestone and J.P. Leveque of Eastdil Secured.
MCKINLEYVILLE, CALIF. – A 100-unit assisted-living facility in McKinleyville has received a $4.4-million refinance loan. The facility is located on the Pacific Coast three miles north of Eureka. The non-recourse, FHA-insured loan has a 40-year term. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Rick Hayward of Johnson Capital’s San Francisco office on behalf of the borrower, a Northern California investment group.
CHARLOTTE, N.C. — Crescent Communities has broken ground on the $33.6 million Alexander Village, a 63-acre mixed-use development in Charlotte's University Research Park. Phase I will include the construction of Crescent Alexander Village, a 320-unit apartment community on Senator Royall Drive, just south of Mallard Creek Church Road. Plans for Alexander Village also include a hotel, up to 75,000 square feet of retail and 250,000 square feet of office. Crescent expects to begin preleasing the apartments this fall and have the first units available for occupancy in early 2014.
ST. JOHNS, FLA. — St. Johns Medical Ventures LLC has acquired 2 Doctors Village Drive in St. Johns, a 10,944-square-foot freestanding emergency room built in 2012, for $3 million. Giles Stevens of Lee & Associates represented the buyer in the transaction. Josh Pardue of Stan Johnson Co. represented the seller, Jacksonville Medical Center Development LLC.
NORFOLK, VA. — Mid-Atlantic Maritime Academy has leased 20,833 square feet of office space at 5301 Robin Hood Road in Norfolk Commerce Park II. The three-story, Class A property includes a renovated lobby, onsite cafe and onsite management. Perry Frazer and Matt Wilbricht of CBRE | Hampton Roads represented the landlord, Norfolk Commerce Park II, in the transaction. Don Crigger of CBRE | Hampton Roads represented the tenant.
MIAMI GARDENS, FLA. — Marcus & Millichap has arranged the $8.2 million sale of Dolphin Plaza, a 93,991-square-foot shopping community at 17201-17237 N.W. 27th Ave. in Miami Gardens. The property, which is 90 percent occupied, is anchored by a recently renovated Winn-Dixie. Additional tenants include Foot Locker, BP Gas Station, Rent-A-Center and Rainbow Fashions. Jason Yukins of Marcus & Millichap represented the buyers, business partners from Canada, in the transaction.