SANTA CLARA, CALIF. — NorthMarq Capital has arranged $134 million in financing for two apartment communities in Santa Clara. The communities consist of the 340-unit Orchard Glen located at 101 Saratoga Ave. and the 173-unit Park Central located at 1050 Benton St. The transactions were structured on 10-year interest-only terms. NorthMarq arranged the financing on behalf of Prometheus Real Estate Group through its correspondent relationship with a life insurance company.
California
LA VERNE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of La Verne Courtyard, an 84,368-square-foot shopping center in La Verne, located 30 miles east of Los Angeles. The sales price was not disclosed, but The Real Deal reports Evan & MC LLC acquired the asset from Charles Co. for $20.7 million. Ed Hanley, Bill Asher and Kevin Fryman of Hanley arranged the transaction on behalf of the seller, while Wendy Wong and Katherine Quach of Treelane Realty Group represented the buyer. La Verne Courtyard was 97 percent leased at the time of sale to tenants such as Aldi, Orchard Supply Hardware, Jersey Mike’s Subs, Pacific Dental, OneMain Financial, Pizza Hut and Rubio’s.
LOS ANGELES — iBorrow, a private direct lender for commercial and multifamily real estate, has provided a $6 million loan for Golden Cross Health Care, a skilled nursing facility in the Pasadena submarket of Los Angeles. Originally constructed in 1965 and since remodeled, the facility sits on approximately one acre of land. The asset features 42 units and 96 beds, and is 97 percent occupied. The loan will refinance existing debt, with plans to approach HUD for a permanent loan in the future.
LOMPOC, CALIF. — An institutional investor has acquired an 81,687-square-foot industrial building in the Central California submarket of Lompoc for $6.1 million. The building is situated on eight acres at 1017 W. Central Ave. DenMat fully occupies the space. The dental product manufacturer recently signed a five-year lease extension at the site, which serves as the company’s headquarters. Tom Davidson of Lee & Associates Los Olivos represented the seller, Fagerdala USA – Lompoc, and DenMat in its lease extension.
CERRITOS, CALIF. — New-Indy Tripaq has leased 44,172 square feet of industrial space at 12765 166th St. in Cerritos. The space will accommodate the overflow of its other Cerritos facility. JLL’s Cameron Driscoll and Luke McDaniel represented New-Indy Tripaq. CBRE represented the landlord, Megaland Enterprises.
TULARE AND HANFORD, CALIF. — Retail California has arranged leases for two retail spaces in Tulare and Hanford, both located between Los Angeles and the Bay Area. In the first deal, The Habit Burger Grill leased 16,837 square feet of restaurant space at 989 E. Prosperity Ave. in Tulare. Prosperity Equity Partners is the landlord. Nick Frechou of Retail California and Shane Anderson of Commercial Retail Associates brokered the transaction. In the second deal, Aldi Food Market signed a lease for 22,500 square feet of retail space at the southwest corner of 12th Avenue and Lacey Boulevard in Hanford. Eureka Development Co. is the landlord. Frechou and Michael Arfsten of Retail California, along with Chris Campbell of CB Commercial, arranged the transaction.
LONG BEACH, CALIF. — Greystar Real Estate Partners, on behalf of its real estate funds, has purchased Pacific Court Apartments, located at 250 Pacific Ave. in Long Beach, for an undisclosed price. The property features 211 apartment units, 35,000 square feet of retail space and a 400-space subterranean parking garage. On-site amenities include a fitness center, dog wash, business center, poker room and clubhouse. The name of the seller was not released.
HEALDSBURG, CALIF. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Healdsburg Senior Living Community, a 110-unit assisted living, memory care and skilled nursing campus in the Sonoma County city of Healdsburg. Sitting on approximately seven acres, the community features 40 assisted living units, 32 memory care beds and 38 skilled nursing beds. A global private real estate investment firm with a large national seniors housing portfolio acquired the property for $19 million, or $173,000 per bed. The seller was not disclosed, though the property is featured on Pacifica Senior Living’s website. Mario Wilson and Christopher Hyldahl of Blueprint led the transaction.
Arriba Capital Arranges $5.3M Acquisition Loan for Multifamily Property in Beverly Hills
by Nellie Day
BEVERLY HILLS, CALIF. — Arriba Capital has arranged a $5.3 million loan for the acquisition of a multifamily property located in Beverly Hills. The borrower is a private equity real estate investment company, which plans to renovate the property. The 16-unit community was 38 percent vacant at the time of acquisition.
LOS ANGELES — A partnership between D & B Capital Partners, Arrowroot Family Office and ARB Investments has formed Arrowroot Real Estate, a new entity which will invest in modernizing and rebranding well located, Class B multifamily and student housing properties. Arrowroot Real Estate is led by Brennen Degner and Adam Barzilay, former executives of MJW Investments, as well as Devin Antin, co-founder of D & B Capital Partners. The team recently closed on its first multifamily acquisition, 11415 Venice Blvd in Los Angeles. Arrowroot targets total acquisitions in excess of $200 million over the next 18 to 24 months.