MONTEREY PARK, CALIF. — Coldwell Banker Commercial George Realty, on behalf of the private investor seller, has arranged the $38 million sale of the Holiday Inn & Suites hotel at 400 S. Atlantic Blvd. in Monterey Park. Details of the sale were not released. Completed in 2024, the six-story property features 136 guest rooms and 2,000 square feet of meeting space. The hotel is part of the Atlantic Times Square project, which has brought new development to the area south of I-10, west of downtown Los Angeles.
CARLSBAD, CALIF. — Greenwood Village, Colo.-based Hill Cos. has completed the disposition of Studio 2200, a Class A, freestanding industrial flex building in Carlsbad. IDEC Corp. acquired the asset for $49.5 million. IDEC, a manufacturer of industrial automation and control products, is relocating its existing operation from Silicon Valley to occupy a majority of the two-story 233,194-square-foot building, which is located at 2200 Faraday Ave. Situated on nearly 14 acres, Studio 2200 features private balconies and outdoor amenity spaces, prominent signage, ample dock- and grade-loading positions, a freight elevator, clear heights ranging from 15.5 to 17 feet and heavy power. Aric Starck and Drew Dodds of Cushman & Wakefield represented the seller, while Peter Curry of Cushman & Wakefield and CBRE’s Dennis Visser and Weston Yahn represented the buyer in the deal.
MILPITAS AND FREMONT, CALIF. — Gantry has arranged a total of $18.3 million in two permanent loans for the Spinnaker Pointe Apartments in Milpitas and Crossroads Village Apartments in Fremont. Totaling 540 units, the properties are fully stabilized and professionally managed. Gantry’s Tom Dao and Erinn Cooke represented the borrower, a private real estate investor, in arranging the financing. One of Gantry’s correspondent life company lenders provided the two five-year loans, which feature 30-year amortization schedules. The loans also feature no prepayment fees after the first 12 months from loan closing with rates in the mid-5 percent range, nonrecourse terms and a turnkey loan closing.
IRVINE, CALIF. — JLL Capital Markets and HJ Sims have arranged $473 million in tax-exempt and taxable bond financing for the ground-up development of The James, a luxury rental, 350-bed seniors housing community in Irvine. The transaction is the largest tax-exempt senior living financing of the year and the largest nonprofit, single-site senior living bond issue in history, according to JLL. JLL’s Seniors Housing Capital Markets team worked on behalf of Harbert South Bay Partners, LAMB Properties, P3 Foundation and Momentum Senior Living to secure the 35-year financing with HJ Sims hired as sole underwriter of the bonds. The financing consisted of $442.1 million of publicly offered tax-exempt senior series 2024A bonds, $12.9 million in taxable senior series 2024B bonds, and $18 million in subordinate tax-exempt series 2024c and 2024d bonds. JLL also handled the land sale to the partnership on behalf of the seller. The groundbreaking for The James — the first new senior living community in the Irvine market in 28 years — will take place later this month and the target date for completion is June 2027. The community will offer 210 independent living units, 110 assisted living units and 30 memory care units with a mix of …
IRVINE, CALIF. — Tishman Speyer and Mitsui Fudosan America (MFA) have started construction on the 380,000-square-foot first phase of Bake Freeway Business Park in Irvine. When fully completed, Bake Freeway will encompass 600,000 square feet of Class A industrial space with direct access to Interstate 5 and greater Orange County, Calif. The first phase will feature a 176,337-square-foot building with 186 parking stalls on 9.5 acres at 15700 Bake Parkway, and a 202,831-square-foot building with 287 parking stalls on 10 acres at 15800 Bake Parkway. The buildings will each feature 36-foot clear warehouse space, 25 dock-high doors and two ground-level doors. KPRS is serving as general contractor on the initial phase, which is slated for completion in third-quarter 2025. The joint venture acquired the fully entitled, 31.9-acre development site in December 2023. At full build-out, the park will offer four buildings ranging in size from 73,000 square feet to 203,000 square feet. To help finance the first two buildings of Bake Freeway, Tishman Speyer and MFA secured an $84.7 million construction loan from JPMorgan Chase.
COSTA MESA, CALIF. — Space Investment Partners has completed an $11 million renovation of The Ranch at Newport Bay, a 60,000-square-foot, grocer-anchored mixed-use retail property in Costa Mesa. The asset is located at 2651-2675 Irvine Ave. With the addition of Verde, a restaurant and bar concept, The Ranch is fully occupied. Verde, which opened in November, occupies two spaces in the neighborhood center encompassing 5,000 square feet. Created by Koire Rogers and Anthony Laborin, Verde features a highly developed beverage program in its lower-level Verde Bar and ingredient-driven seasonal California cuisine in its upper level restaurant. Additional tenants include Nike Training Studio (4,100 square feet), XPT Studio (900 square feet), Del Mar Wellness (1,350 square feet), Coffee Dose (1,300 square feet) and Tiny Tooth Pediatric Dentistry (2,091 square feet). Irvine Ranch Market, as the anchor tenant, occupies 17,500 square feet at the center.
LAGUNA BEACH, CALIF. — CBRE has negotiated the sale of Sterling Plaza Apartments, a multifamily property in Laguna Beach. Located at 2607 Solana Way, Sterling Plaza features 12 one- and two-bedroom apartments, including a two-bedroom penthouse. The three-story, 9,823-square-foot property was built in 1962 and 1963. The property offers 14 parking spaces (11 carports plus three open spaces), an onsite laundry facility and the units are individually metered for electricity. Dan Blackwell and Mike O’Neill of CBRE represented the San Francisco Bay Area-based seller and the Los Angeles County-based buyer in the deal.
PASADENA, CALIF. — Pasadena, Calif.-based ExchangeRight has purchased 13 net-leased properties as a sale-leaseback transaction with Tractor Supply. Totaling more than 425,000 square feet, the properties are in Arizona, Florida, Georgia, Indiana, Maryland, Ohio, Pennsylvania, South Carolina and Texas. With this acquisition, ExchangeRight has expanded its portfolio of assets net leased to Tractor Supply to more than 100 properties as of Oct. 31, 2024.
PANORAMA CITY AND HAWTHORNE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $13.5 million in refinancing for two multifamily properties in Panorama City and Hawthorne. Michael Derk of MMCC secured the agency financings on behalf of a private client. MMCC secured a 10-year, $7 million loan with full-term interest-only payments at 5.67 percent and a loan-to-value ratio of 50 percent for Canyon Crest Apartments. Located at 7833 Ventura Canyon Ave. in Panorama City, Canyon Crest features a mix of one-, two- and three-bedroom units, a spa, swimming pool, fitness center, parking garages, a dog park and picnic area. MMCC arranged a 10-year, $6.5 million loan with full-term interest-only payments at a rate of 5.9 percent and a loan-to-value ratio of 65 percent for Hawthorne Chateau Apartments. Located at 3505 W. 139th St. in Hawthorne, the property offers a mix of one- and two-bedroom apartments, laundry facilities, a fitness center and an underground gated parking garage.
SAN DIEGO — JLL Capital Markets has negotiated the sale of a fully vacant flex office building located at 16980 Via Tazon in San Diego. Montana Avenue Capital Partners sold the asset to a private investor for $9.9 million in an all-cash, off-market transaction. Built in 1984, the single-story, 35,312-square-foot property can accommodate a variety of uses, including wet/dry lab, manufacturing and creative office space. The building features 14- to 16-foot clear heights and roll-up doors for grade-level loading. Bob Prendergast, Lynn LaChapelle and Zac Saloff of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.