SAN DIEGO — CIT Group’s Healthcare Finance business, part of the Commercial Finance division, has funded a $15.3 million loan to finance the purchase of Coast Medical Center, a medical office building in San Diego. The borrower is a joint venture between Kayne Anderson and MB Real Estate. Situated 10 miles from downtown San Diego, the four-story building is occupied by a variety of healthcare tenants offering a range of medical services, including surgery, urology, orthopedics and dentistry.
IRVINE, CALIF. — Newport Beach, Calif.-based Irvine Co. has purchased 58 Discovery, a mixed-use building located within Irvine Spectrum in Irvine, for an undisclosed price. Built in 2000, the property features 60 percent office space and 40 percent R&D/warehouse space. Thales Avionics, a long-term Irvine Co. customer, occupies the 127,000-square-foot building. Jeff Cole, Ed Hernandez and Nico Napolitano of Cushman & Wakefield represented the undisclosed seller.
IRVINE, CALIF. — MBK Real Estate has agreed to acquire a nine-property seniors housing portfolio in California, Washington and Arizona for $382 million. The Irvine-based investor is a subsidiary of Tokyo-based Mitsui & Co., and the parent company of MBK Senior Living. The seller is West Living LLC, a California-based owner-operator. Although the specific properties were not disclosed, West Living only lists 10 properties on its website. The portfolio totals 1,200 units and features an annual combined net operating income of $21 million. MBK plans to implement renovations to the properties. The acquisition is expected to close in June. MBK already owns a portfolio of 25 properties totaling 2,600 units, also all geographically centered in the West.
BAKERSFIELD, CALIF. — Hunt Mortgage Group has provided two Freddie Mac Small Balance Loans and a Fannie Mae Conventional Green mortgage to refinance a multifamily portfolio in Bakersfield. The loans totaled $16.9 million. The transactions include: A $6 million Freddie Mac Small Balance Loan for the refinance of Village Lane Apartments, a 200-unit property at 5101 Marsha St. The community features 33 one- and two-story buildings with 79 one-bedroom units, 120 two-bedroom units and one three-bedroom unit. A $1.9 million Freddie Mac Small Balance Loan for the refinance of River Oaks Apartments, a 46-unit multifamily property located at 336 Roberts Lane and 314 and 400 Locust St. The property includes 15 one- and two-story buildings consisting of all two-bedroom units. A $9 million Fannie Mae Conventional Green mortgage for the refinancing of Park Village Apartments, located at 1405 White Lane. Built in 1973, the property features 224 apartments and 371 open parking spaces. The two Freddie Mac loans feature a 10-year term and fixed rate with no interest-only period and a 30-year amortization schedule. The conventional mortgage features a 12-year term with a 30-year amortization.
BEVERLY HILLS, CALIF. — Global real estate investment firm Kennedy Wilson (NYSE: KW) has sold a 2,199-unit multifamily portfolio mostly located on the West Coast for $422 million. The Beverly Hills-based company had a 41.3 percent average ownership stake in the six properties. The buyer was undisclosed. The properties in the portfolio include: • Slate Creek in Roseville, Calif. (612 units) • Xander 3900 in Las Vegas (480 units) • Big Trout Lodge in Liberty Lake, Wash. (297 units) • Heatherbrae Commons in Milwaukie, Ore. (174 units) • Montair at Somerset Hill in Tumwater, Wash. (396 units) • StonePointe in University Place, Wash. (240 units) The garden-style apartment communities were originally built between 1989 and 1999. During Kennedy Wilson’s ownership the properties have undergone improvement plans, including exterior renovations and unit upgrades. The asset sales generated cash proceeds of $223 million for Kennedy Wilson, its commingled funds and equity partners, including net proceeds to Kennedy Wilson of approximately $104 million. “This portfolio sale enables us to recycle capital into other strategic investment opportunities,” says William McMorrow, chairman and CEO of Kennedy Wilson. “These six properties represent the successful rollout of our value-add asset management initiatives, and we are pleased to …
SAN DIEGO — CBRE has arranged the sale of Torrey Del Mar Plaza, a strip retail center located at 13857-13859 Carmel Valley Road in San Diego. Carmel Valley Plaza LLC sold the property to a local private investor for $6.5 million. Situated in the Torrey Highlands submarket, the 10,008-square-foot property was 100 percent occupied at the time of sale. Eight service-type tenants occupy the property, including a dentist, yoga studio, dry cleaner and animal hospital. Reg Kobzi, Sam Alison, Mike Philbin and Amar Goli of CBRE represented the seller, while Jason Richards represented the buyer in the transaction.
ALAMEDA, CALIF. — The City of Alameda and Alameda Point Partners have broken ground on the first phase of the $1 billion mixed-use, transit-oriented waterfront development at the gateway to Alameda Point, called Site A. The 68-acre Site A development is located on the former Naval Air Station Alameda, which closed more than 20 years ago. Alameda Point Partners is a joint venture between managing partner Trammell Crow Residential, a division of Dallas-based Crow Holdings; commercial developer srmERNST Development Partners; affordable nonprofit housing developer Eden Housing; retail landlord Madison Marquette; and financial partner Cypress Equity Investments. Slated to cost $500 million, the first phase of the Site A project consists of 673 housing units, including 130 affordable units for low-income households and an additional 310 units for middle-income households; eight acres of parks and open space; and 100,000 square feet of retail, dining and marker space, as well as community event and gathering space. Major infrastructure improvements on the 30-acre Phase I project include new water, sewer, electrical and gas lines, newly paved streets with bike and transit lanes, and bulkhead improvements on Seaplane Lagoon for a new ferry terminal. Eden Housing will develop 130 affordable housing units during Phase …
SOUTH PASADENA AND CLOVERDALE, CALIF. — Colliers International has arranged two sales of retail properties located in Sonoma and Los Angeles counties totaling $12 million. In the first deal, Guillermo Olaiz and John Archibald of Colliers represented a family trust in the $5.3 million sale of a corner lot located at 815 Freemont Ave. in South Pasadena. The property is short-term leased to Carrow’s Restaurant. The buyer was a San Gabriel Valley-based builder. In the second transaction, the family trust purchased a single-tenant, net-leased retail property located in Cloverdale for $6.7 million. Grocery Outlet, a regional discount grocer, occupies the 15,756-square-foot property. Olaiz and Archibald of Colliers represented the family trust in this 1031 exchange transaction.
RANCHO DOMINGUEZ, CALIF. — DAUM Commercial Real Estate Services has arranged the 10-year lease of a newly renovated industrial property located at 18554 S. Susana Road in Rancho Dominguez, a South Los Angeles County submarket. Industrial Property Trust leased the 104,339-square-foot space to Apex International, a global supply chain solutions provider. Apex will relocate and expand its operations from a nearby 34,500-square-foot facility. The new property features a truck court, dock-high doors, a 10,000-square-foot office space, warehouse clearance up to 26 feet, a secure fenced yard and a calculated sprinkler system. Total consideration of the lease is approximately $10.5 million. Michael Collins and Jordan Lara of DAUM Commercial represented the lessor, which is a REIT operated by Denver-based Black Creek Group, while Frank Shen of Realty Advisors represented Apex in the transaction.
PASADENA, CALIF. — Coretrust Capital Partners, through its investment fund Coretrust Value Fund I, has purchased Corporate Center Pasadena, a four-building office campus located at 201, 225, 251 and 283 S. Lake Ave. in Pasadena. The acquisition price was not disclosed. The 640,000-square-foot property features 40,000 square feet of retail space, a 60,000-square-foot plaza and more than 2,000 parking stalls. Coretrust acquired the campus from an ownership group that controlled the property for more than 30 years. The buyer plans to invest more than $90 million in renovations to the property. Renovations include upgrading the buildings with state-of-the-art technologies; creating inviting public spaces, including plazas, gardens and terraces; updating all lobbies; modernizing elevators; and adding on-site tenant serving businesses.