AMERICAN CANYON, CALIF. — JLL Capital Markets has negotiated the sale of two industrial buildings totaling 1.3 million square feet of Class A space within Napa Logistics Park in American Canyon. A global investment advisor sold the asset to EQT Exeter for an undisclosed price. The assets include: Ryan Sitov, Melinda Marino, Glen Dowling, Matt Bracco and Chris Neeb of JLL Investment Sales and Advisory represented the seller in the deal.
YUCAIPA, CALIF. — Marcus & Millichap has brokered the sale of Center Point Plaza, a shopping center in Yucaipa. A partnership sold the asset to a private investor for $10.8 million. Located at 33490-33492 Oak Glen Road, Center Point Plaza offers 28,924 square feet of space occupied by a variety of tenants, including retailers, restaurants and medical office users. The property was constructed in 2007. Ivan Prochko, Orbell Ovaness and Ara Rostamian of the Ovaness-Rostamian Group of Marcus & Mililchap’s Los Angeles office represented the seller, while Bashir Tariq of Keller Williams Realty represented the buyer in the transaction.
UPLAND, CALIF. — Berkadia has arranged $46.7 million in refinancing for Arbor Park Apartments in Upland. The seven-year loan features a 4.6 percent interest rate, full-term interest-only payments and a 65 percent loan-to-value ratio. Allan Freedman of Berkadia Los Angeles secured the loan for the borrower, California-based NNC Apartment Ventures. Located at 859 N. Mountain Ave., Arbor Park Apartments offers 260 garden-style residences.
SAN DIEGO — Colliers has arranged the sale of Market Street Village Apartments, a multifamily community in downtown San Diego’s East Village. A private buyer acquired the asset from Equity Residential for $82.2 million, or $359,000 per unit. Located at 699 14th St., Market Street Village Apartments offers 229 market-rate and affordable apartments with full kitchens, dishwashers, large closets, high ceilings, in-unit laundry and vinyl flooring. Onsite amenities include a fitness center, theater screening room, multiple courtyards, a sundeck with a firepit, 406 parking spaces and a clubhouse with a pool and spa. Additionally, the property offers ground-floor retail space anchored by an Albertsons supermarket with a Sav-On Pharmacy and Starbucks Coffee. Kitty Wallace and Anna Kampling of Colliers represented the buyer and seller in the deal.
FONTANA, CALIF. — EK Apartments has completed the disposition of a nine-property multifamily and retail portfolio in Fontana to undisclosed buyers for $25.5 million. The portfolio includes eight apartment buildings and a four-tenant retail center. The multifamily properties, which were constructed mostly in the 1980s, offer a total of 108 apartments with 70 percent below market rents. The 10,627-square-foot retail center is fully occupied by a mini mart, laundromat, restaurant and dessert shop. Douglas McCauley, David Covarrubias and Bruce Rajaee of Marcus & Millichap represented the seller and procured the buyers in the deal.
LOS ANGELES AND MILPITAS, CALIF. — Gantry has secured $18.9 million in permanent loans for three self-storage facilities in California. The Saf Keep-branded properties offer a total of 2,654 units, with two facilities in Los Angeles and one in Milpitas. Tom Dao and Erinn Cooke of Gantry represented the borrower, a private real estate investor. The three 10-year loans were provided by one of Gantry’s correspondent life company lenders and feature 30-year amortization schedules. The loan terms were structured with exact nonrecourse provisions, generous prepayment windows, ease of execution and competitive rates.
CORONA, CALIF. — Castle & Cooke has received $140 million in financing for Crossings at Corona, a Class A retail power center in Corona. John Marshall, Spencer Seibring and Nick Englhard of JLL Capital Market’s Debt Advisory arranged the balance sheet loan through Deutsche Bank AG for the borrower. Completed in 2005, Crossings at Corona offers 833,995 square feet of retail space. The retail and entertainment destination shopping center is shadow anchored by Target and includes sub-anchors Marshalls, Kohl’s, HomeGoods, Sportsman’s Warehouse, Burlington, Edward’s Theatre and other national retail and restaurant tenants.
PERRIS, CALIF. — San Francisco-based DECA has broken ground on a warehouse and distribution facility within Perris Gateway, a fully entitled, speculative cross-dock development on 42 acres in Perris. The new warehouse facility is the second phase of the project, with the first phase consisting of 27,000 square feet of retail space that began construction along Ramona Expressway in March 2023. The 855,330-square-foot industrial building will offer a clear height of 40 feet, 124 dock and four grade loading doors, separate 308 trailer stalls and ample auto parking, heavy power, on-site queuing lane and future adjacent retail amenities. The property is situated at the southeast corner of Ramona Expressway and Nevada Road, just off the Interstate 215 on/off ramp. Andrew Starnes, Phil Lombardo and Cruise Adams of Cushman & Wakefield are handling leasing efforts for the warehouse facility. DECA recently closed on a $135 million construction loan to fund the development of the new warehouse facility. The loan was provided by Affinius Capital and Bank OZK. The equity commitment originated from DECA’s principals and Wildcat Capital Management.
VISALIA, CALIF. — Northmarq has arranged $29.5 million in refinancing for Quail Park at Shannon Ranch, a seniors housing property at 3440 W. Flagstaff Ave. in Visalia. Quail Park offers 120 independent living, assisted living and memory care studio, one- and two-bedroom floor plans, as well as adjoining studio suites. Units include full-size kitchens, in-home washers/dryers, weekly housekeeping and linen services, scheduled transportation and pet-friendly rooms with available personalized pet care. Community amenities include a sports den, theater, pub, beauty salon, chef-prepared meals with signature anytime dining options, a fitness center with a swimming pool and fitness classes, and an on-site personal trainer. The community is operated by Seattle-based Living Care Lifestyles, and the ownership group includes the principal of Living Care Lifestyles, several investors local to Visalia and Kaweah Health System of Visalia. Northmarq’s Seattle Debt + Equity team led by Stuard Oswald secured the financing on behalf of the borrower, Northwest Visalia Senior Housing LLC, through a correspondent relationship with Poppy Bank of California. The financing was structured on a 10-year term with interest-only payments for the first five years. The loan proceeds were used to retire a bridge loan that Northmarq originated in 2021.
REDWOOD CITY, CALIF. — Walker & Dunlop has secured $113 million in financing on behalf of Acacia Capital for the acquisition of 299 Franklin, a Class A multifamily property located at 299 Franklin St. in Redwood City. Jeff Burns, Chris Botsford, Rene Alvarez, Jeff Conahan and Matt DeMarche of Walker & Dunlop Multifamily Finance team arranged the financing. Built in 2013, 299 Franklin offers 304 market-rate studio, one- and two-bedroom apartments, including 11 direct-access townhomes, with an average unit size of 845 square feet. Community amenities include a rooftop deck, fitness center, swimming pool and spa deck, business and resident lounges, bicycle parking and electric vehicle charging stations.
