LONG BEACH, CALIF. — Truist has closed a $152 million construction loan for Marina Shores, an apartment community at 6615 E. Pacific Coast Highway in Long Beach. Carmel Properties is developing the asset. The six-story project will convert an office complex and surface lot into a mixed-income community with 390 apartments and approximately 5,400 square feet of ground-floor retail space. Construction began in October, with completion slated for March 2029. Truist served as administrative agent and sole bookrunner on the development loan. Jason Paxton and Walt Reece led the transaction.
LANCASTER, CALIF. — Gantry has secured a $31 million permanent refinance for the Valley Central Shoppes, located at 44410-44690 Valley Central Way in Lancaster. Tony Kaufmann, Jake Davis and Ramza Zeiter of Gantry represented the borrower, a private real estate investor. The 10-year, fixed-rate, nonrecourse loan was secured from one of Gantry’s insurance company correspondents. Gantry will service the loan for the lender. The 174,000-square-foot inline center is part of a master-planned retail power center cluster and shadow anchored by a Walmart Supercenter and a Food 4 Less. Additional tenants includes Boot Barn, Staples, Marshalls, Five Below, Planet Fitness, Starbucks Coffee, Jersey Mike’s Subs, Black Angus Steakhouse, Ulta, Sally Beauty Supply, Lenscrafters, Calidental, America’s Tire Co. and additional entertainment, restaurant and necessities retailers.
OCEANSIDE, CALIF. — William Roth Group of Lee & Associates has arranged the sale of 2620 Temple Heights Drive in Oceanside. Temple Heights Property Co. LLC sold the asset to 2620 Temple Heights LLC for $6.1 million. The owner-user buyer plans to expand its operations into the 34,168-square-foot industrial building that features 30 percent of office space and four grade-level loading doors. The property is situated on 2.1 acres. Rusty Williams, Chris Roth and Jake Rubendall of Williams Roth Group represented the seller, while Jim Benson of Kidder Mathews represented the buyer in the transaction.
LA PALMA, CALIF. — CBRE has brokered the sale of an office building located at 20 Centerpointe Drive in La Palma. A local private investor acquired the property from an institutional seller for $14.3 million, or $255 per square foot. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Jackson Marlow of CBRE represented the seller in the deal. Built in 1988 on 3.5 acres, the single-story property features 56,175 square feet of office space and 194 parking spaces. At the time of sale, the building was 84 percent leased. Current tenants include Convergint Technologies, ISEC Inc. and Telecare Corp.
FULLERTON, CALIF. — Hanley Investment Group Real Estate Advisors and Summit Real Estate (RE) have brokered the sale of Fullerton Court, a two-story retail center adjacent to Fullerton College in Fullerton. A Newport Beach, Calif.-based private partnership sold the asset to a Los Angeles-based, private 1031 exchange investor for $12.7 million. Sean Cox and Kevin Fryman of Hanley, in association with Scott Hook of Summit RE, represented the seller, while the buyer was self-represented in the deal. Located at 444 N. Harbor Blvd., Fullerton Court was originally built in 1982 and expanded in 2004 to its current 20,309-square-foot footprint. At the time of sale, the property was fully occupied by multiple tenants, including FedEx Office, which has operated at the property for more than 25 years and extended its lease for additional 10 years, and Pixiu Mala Hongtang, which recently executed a new 10-year lease.
SAN DIEGO — A joint venture between Akara Partners and Development Ventures (DEVEN) Group is set to break ground on a 305-bed, transit-oriented development located at 5077 College Ave. near the San Diego State University campus in California. The eight-story community will span 98,500 square feet and offer 110 units. The project is scheduled for completion ahead of the 2028-2029 academic year. The partnership was facilitated by JLL Capital Markets.
CUPERTINO, CALIF. — CBRE has arranged a $32.8 million loan for the refinancing of the Hilton Garden Inn Cupertino, located at 10741 N. Wolfe Road in Cupertino. Mike Walker, Brad Zampa, Andy Gross and Pierson Souza of CBRE arranged the financing on behalf of ownership, a partnership between Heil & Associates and Terracommercial. Built in 1988, the five-story hotel features 164 guest rooms totaling 100,110 square feet on 2.7 acres. Hotel amenities include Pavilion Cafe serving breakfast and dinner, a 24-hour Pavilion Pantry market, an outdoor pool and spa, a fitness center, guest laundry facilities, 1,650 square feet of flexible meeting space, complimentary parking and weekday shuttle service within a three-mile radius. Heil Associates and Terracommercial have owned and operated the Hilton Garden Inn Cupertino since acquiring the asset in 2007.
SAN JOSE, CALIF. — Kennedy Wilson has partnered with two Japanese investment firms to acquire One South Market, a 312-unit community in downtown San Jose, for $176 million. The investment partners are Tokyo-based real estate company Hulic Co. Ltd. and Fuyo General Lease (USA) Inc., the U.S. subsidiary of Japanese financial services company Fuyo General Lease Co. Ltd. The acquisition marks Beverly Hills, Calif.-based Kennedy Wilson’s fifth joint venture with Hulic and its first with Fuyo. Locally based Lakevision Capital was the seller. Built in 2015, One South Market is located adjacent to San Pedro Square. The high-rise community features 312 units as well as 6,534 square feet of fully leased ground-floor retail. CBRE’s Jon Teel represented the buyers in the transaction.
LOS ANGELES — Northmarq has arranged $95.8 million in refinancing for a six-property, 1,461-unit multifamily portfolio owned and operated by E&S Ring Management Corp. across Southern California. Nathan Prouty, Andrew Slaton and John Holt of Northmarq arranged the financing through Voya Investment Management. The transaction refinances existing debt across the portfolio, including four loans originally placed with Voya in 2007. Structured as six separate, non-cross-collateralized loans, the financing combines fixed- and floating-rate structures, interest-only payments and flexible prepayment provisions. The new financing addresses upcoming maturities while preserving flexibility for E&S Ring across the portfolio. The portfolio includes the 168-unit Case Granada and 183-unit Sunset Barrington Gardens in Brentwood, the 117-unit Meadows South in Culver City, the 400-unit Mountain Vista in Victorville, the 317-unit Rancho Los Feliz and the 276-unit Villa Vicente in Mid-Wilshire.
SUNNYVALE, CALIF. — MidPen Housing has completed and opened Ira D. Hall Square in Sunnyvale. The 176-unit property comprises studios, one-, two- and three-bedroom units that are reserved for residents earning up to 30 to 70 percent of the area median income, which is approximately $43,170 to $100,730 for a one-person household. Ira D. Hall Square is adjacent to the Lawrence Caltrain Station and is the first development built under the city’s Lawrence Station Area Plan, which calls for a mixed-use district around the transit hub. MidPen Property Management manages the community, and MidPen Resident Services provides residents with free, onsite services such as adult education, ESL courses, after school and summer programs and case management for supportive housing residents. Amenities include a community room, outdoor play areas, on-site laundry, garden space and an after-school learning center.
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