SAN PEDRO, CALIF. — Los Angeles-based Mountain Pacific Opportunity Partners, in partnership with South Bay Developers and ARK Construction & Development, has started construction 336 W. Seventh Street, a mixed-use development in San Pedro. Situated on a 14,000-square-foot opportunity zone site, the $14 million project will feature a five-story building offering 32 apartments in a mix of one-, two- and three-bedroom layouts, as well as two two-story penthouses. Three of units will be designated as affordable housing. Additionally, the property will feature 3,750 square feet of ground-floor commercial space and parking for 44 vehicles. Breen Engineering is providing architectural services for the project. Completion is slated for summer 2022.
CORONA, CALIF. — Hanley Investment Group has brokered the sale of two multi-tenant retail buildings located at 1240-1282 Border Ave. in Corona. A Denver-based private investment group sold the assets to a local private investor for $5.2 million. The Shops at Village Grove Plaza features a freestanding, 9,200-square-foot retail pad building occupied by six tenants and a two-tenant, 2,400-square-foot shop building adjacent to Stater Bros. Markets. Tenants at the properties offer a variety of services and products, including dental care, dry cleaning, laundry services, flowers, donuts, liquor, hair styling and nail services. Built in 1976, the assets, which total 11,600 square feet, are part of the 56,100-square-foot Village Grove Plaza that Stater Bros. Market and Crunch Fitness anchor. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Ranhee Im of ANA Capital of Los Angeles represented the buyer in the deal.
CHULA VISTA, CALIF. — A joint venture between LPC West and Crow Holdings Capital has purchased 491 C Street, an industrial distribution building in Chula Vista. Terms of the transaction were not released. Approximately 62,000 square feet of low-finish warehouse and distribution space is available for lease at the 112,000-square-foot property. The building features ample truck storage, 10 dock positions, a cross-dock appendage with 10 additional dock positions, 24-foot minimum warehouse clearance and two drive-in doors. The building is situated at the axis of State Route 54 and Interstate 5 and offers access to downtown San Diego, the Port of San Diego and the Otay Mesa Port of Entry at the United States and Mexico border. Ron Bement of Newmark Knight Frank and Syke Cook of Cushman & Wakefield handled the transaction, which marks the first time the property has changed hands since it was developed in 1992.
VERNON, CALIF. — NAI Capital has negotiated the sale of an office property located at 3375 E. Slauson Ave. in Vernon. An undisclosed buyer acquired the building for $11.6 million, or $294 per square foot. Built in 2006 on a 77,389-square-foot lot, the two-story building features 39,409 square feet of flex office space. The property features a high-end corporate office build-out, two passenger/freight elevators, a secured parking lot, full kitchen with lunch room and a training room. Philip Attalla, David Moore and Amber Leigh with NAI Capital represented the undisclosed seller in the deal.
LAS VEGAS AND LAKESIDE, CALIF. — NorthMarq has arranged a $31 million refinancing for a three-property multifamily portfolio in Las Vegas and Lakeside. The portfolio includes a combined 924 units. Gardiner Champlin of NorthMarq’s San Diego office secured the refinancing that was structured with 10-year, interest-only terms. The firm arranged the permanent-fixed loan for the borrower, a San Diego-based client, through its in-house Fannie Mae team. The two Las Vegas properties are Silverado Village at 3750 Arvill St. and Summerlin Entrada at 1701 Rock Springs Drive. Built in 1981, Silverado Village features 440 units, a clubhouse, two pools, an indoor spa, two dry saunas, three tennis courts and six laundry facilities. Summerlin Entrada, which was constructed in 1987, offer 352 units, a gated entrance, clubhouse, two pools, a spa, tennis court, basketball courts, fitness center, business center, tot lot and three laundry facilities. Located at 12840 Mapleview St. in Lakeside, Stoneridge Apartments features 132 units, tuck-under private garages, a pool and five laundry facilities. The property was built in 1986.
RIVERSIDE, CALIF. — Colony Capital has divested of Commerce Square Business Park, a four-building office portfolio located at 1550 Marlborough Ave. and 1737, 1777 and 1989 Atlanta Ave. in Riverside. An undisclosed buyer acquired the asset for just over $14 million. At the time of sale, the 128,912-square-foot business park was 90 percent leased to 14 tenants ranging in size from 1,395 square feet to 23,000 square feet. Tenants include Level 3 Communications (Century Link), T-Mobile, Honeywell International and the State of California. Kevin Shannon, Ken White, Sean Fulp, Scott Schumacher and Ryan Plummer of Newmark Knight Frank represented the seller. The buyer was self-represented in the transaction.
LATHROP, CALIF. — Overton Moore Properties, in a joint venture with Invesco Real Estate, has acquired a single-tenant industrial facility located at 18231 Murphy Parkway in Lathrop. Terms of the transaction were not released. Situated on 11 acres, the 118,056-square-foot property is fully leased to Simwon America Corp., a Tier 1 supplier of Tesla. The buyer plans to expand the current building by approximately 80,000 square feet for Simwon’s growing manufacturing demands. Mike Goldstein and Ryan McShane of Colliers International, Stockton/Central Valley office, represented the buyer and undisclosed seller in the deal.
COSTA MESA, CALIF. — Lee & Associates has arranged the sale of an office building located at 3545 Howard Way in Costa Mesa. Sovereign Lending Group acquired the property from Davies-Torrance Trust for $5.1 million. Built in 1986, the two-story building features 23,125 square feet of office space. The buyer intends to occupy the building. Allen Basso of Lee & Associates Irvine represented the buyer, while Eric Tse of Kidder Mathews represented the seller in the deal.
CARLSBAD, CALIF. — Badiee Development has completed construction of Carlsbad Innovate, an adaptive flex industrial building located at 2810 Caribou Court in Carlsbad. Situated within Carlsbad Oaks North Business Park, Carlsbad Innovate feature 50,150 square feet of Class A space with energy-efficient lighting and appliances, polished concrete floors, high-image creative office finishes and large-scale open spaces. The building is 70 percent leased, with 15,558 square feet still available. Tenants include Zense, an innovator in diabetic predictive health solutions; an international conglomerate; and The Berg Group, a commercial drywall contractor. The project team included TFW as general contractor and Smith Consulting Architects as architect. Additionally, Ware Malcomb served as interior designer of all the speculative suites in the project.
TEMECULA, CALIF. — PSRS has secured a $6.1 million loan for the refinancing of a warehouse facility located along Remington Avenue in Temecula. The newly built, concrete tilt-up property features Class A industrial space. David Hamilton of PSRS’ San Diego office arranged the 10-year, fixed-rate, non-recourse loan for the undisclosed borrower. The lender was a life insurance company.