SAN MATEO, CALIF. — HFF has secured a $15 million loan for the renovation of The Baywood, a 26,157-square-foot retail and office building in San Mateo. Chris Gandy of HFF arranged the three-year, floating-rate loan through a national bridge lender on behalf of the borrower and developer, B St Development. Proceeds of the loan will be used to remodel the façade and will add a third floor totaling approximately 5,000 square feet of rentable space.
SAN DIEGO — CBRE has arranged the $10.1 million sale of Riverdale Shopping Center, a 66,416-square-foot retail center in San Diego. Philip Vorhees, Reg Kobzi, Jimmy Slusher, Kirk Brummer, Megan Wood and Sean Heitzler of CBRE arranged the transaction on behalf of the seller, a partnership advised by SENTRE that includes Peckham Properties Inc., Commercial Sites Limited and Wells Fargo Bank. Kobzi also represented the buyer, Becker Properties LLC. CVS/pharmacy anchors Riverdale Shopping Center, which was fully leased at the time of sale to food and service tenants including Black Angus and Armstrong Nursery.
CYPRESS, CALIF. — Meridian Capital Group has arranged $8.5 million in permanent financing for The Boardwalk, a shopping center in the Southern California town of Cypress. Seth Grossman and Andy Strauss of Meridian arranged the 10-year, CMBS loan on behalf of the borrower, The Festival Cos. The 13,700-square-foot, single-story property is home to Noodles & Co., Uroko Café, Which Wich, Pita 360 and Fisherman’s Market Grill.
SAN JOSE, CALIF. — Lane Partners has obtained a $200 million loan to acquire HQ@first, a 603,666-square-foot creative office property in the Silicon Valley city of San Jose. The asset is located at 110, 120 and 130 Holger Way. The Class A property features a campus environment with landscaped paths, natural light, views of the bay and hills, outdoor barbeque and patio areas, basketball court, fitness center and locker rooms, game room, executive business center, and 300-seat cafeteria. HQ@first was built in 2010. The LEED Gold-certified asset is situated on approximately 10 acres at the intersection of Highway 237 and North First Street. It is adjacent to multiple VTA Light Rail stations that connect to Caltrain, AMTRAK, ACE Train and BART. The property offers immediate access to a restaurant, retail and hotel options at the @first retail center across the street. Tenants at @first include Chipotle, Chick-fil-A, Five Guys, Panera Bread, Coffee Bean, CVS, Target, Chase, Courtyard by Marriott and Hyatt House. Ramsey Daya and Chris Moritz of NKF Capital Markets arranged the financing on behalf of Lane Partners and its capital partner. The loan was placed with Blackstone Mortgage Trust. “Given the strength of the sponsorship and quality of …
LINCOLN, CALIF. — SyWest Development has acquired Parkway Plaza, a 205,452-square-foot retail center in Lincoln, for $21.6 million. Bob and Jared Dong of TRI Commercial/CORFAC International arranged the transaction on behalf of the seller, Parkway-Sterling Investors, which developed the property in 2007 in a joint venture with Catlin Properties. At the time of sale, Parkway Plaza was fully leased to tenants including Lowe’s Home Improvement, Dollar Tree, Big 5 Sporting Goods, Red Robin, Paradise Laundry and Verizon Wireless.
TARZANA AND ORANGE COUNTY, CALIF. — iBorrow, a private direct lender for commercial real estate, has provided a $16.5 million loan for assisted living facilities in the Los Angeles suburbs of Tarzana and Orange County. The first property is an 88-unit, 50,054-square-foot facility and the second property is an 81-unit, 40,207-square-foot facility. Both properties are private pay, were built in 1974 and were renovated in 2016. Their names were not disclosed. The borrower is a local businessman whose experience is in the healthcare sector. He has had a successful career in developing structured finance products for high net worth individuals, closely held businesses and hedge funds. The use of the funds was not disclosed.
PITTSBURG, Calif. — JRK Property has purchased the 242-unit Diamond Hillside apartment community in the San Francisco East Bay community of Pittsburg for $52.8 million. The community is located at 2205 E. Leland Road. Diamond Hillside was built in 1985 and has undergone physical improvements since that time. These include updated vinyl wood floors, new cabinetry, appliance packages, contemporary lighting, new hardware, plumbing fixtures and paint. Additional improvements were made to the pool and spa area, clubhouse and fitness center. A new dog park, children’s playground and barbecue area were also added. Mark Leary, Nate Oleson and Rob LeDoux in the San Francisco office of ARA/Newmark represented both parties in the transaction.
SAN BERNARDINO, CALIF. — Westcore Properties has purchased Northgate Industrial Portfolio, a more than 1 million-square-foot industrial portfolio in San Bernardino, for an undisclosed sum. The fully leased, two-building, Class A industrial portfolio is located at 927 E. 9th St. and 7776 E. Tippecanoe Ave. The distribution buildings are situated on more than 44 acres. They were built in 2009. Each of the buildings provides cross-dock loading, ESFR sprinkler systems, secured concrete truck courts, 30-foot clear heights and T-5 lighting. The properties also provide immediate access to the Southern California freeway system via Interstates 215 and 10, as well as nearby State Route 210. Westcore represented itself in the transaction. Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, Nico Napolitano and Bryce Aberg of Cushman & Wakefield represented the seller, Bentall Kennedy, in this transaction. Bentall Kennedy acted on behalf of an institutional client.
SAN JOSE, CALIF. — PCCP has provided a $63.8 million senior loan to Hudson Cos. for the development of Vespaio, a mixed-use project located at 138 Stockton Ave. in San Jose. The seven-story property will feature 162 residential units and 39,042 square feet of retail and commercial space. Slated for completion in 2019, the project will consist of three floors of commercial space fronting Stockton Avenue and two levels of structured parking. Amenities include a business center, fitness center, resident lounge, test kitchen, gaming area, pool, spa, outdoor cabanas, and rooftop deck with grills and a fire pit.
SAN JOSE, CALIF. — A joint venture between Western National Group, Anchor Real Estate Capital and Fantasia Holding Group has started construction of a 551-unit apartment complex within the master-planned community of Market Park in San Jose. The mixed-use development is situated near major freeways like Highway 87, 101, I-680 and I-880. The new community has been dubbed The Platform. It will include 37,500 square feet of retail. The new development will be the closest apartment community to the new Berryessa BART transit station, scheduled to open in June 2018. The Platform will offer two resort-style pools, two fitness centers with indoor-outdoor convertible space, multiple high-end outdoor kitchen areas, a dog salon, two bike stations for maintenance and storage, and two clubhouses with indoor entertainment and gaming facilities. The community is scheduled to open in the third quarter of 2019.
