SAN DIEGO — CBRE has announced that Young Hickory — a café offering local coffee, craft beer, breakfast and lunch — will open a 1,577-square-foot location at IDEA1, a mixed-use development by Lowe Enterprises, LaSalle Investment Management and I.D.E.A. Partners in San Diego’s East Village neighborhood. The development, which opens in December, will feature a mix of apartment homes, live/work lofts, retail and an outdoor collaborative workplace. CBRE’s Reg Kobzi and Michael Peterson represented the tenant and the landlord, IDEA1 Property LLC, on the 10-year lease.
OCEANSIDE, CALIF. — Capital One has provided a $49.8 million loan to refinance the 358-unit Riverview Springs apartments in Oceanside. The community is located at 4398 Rainier Way. Riverview Springs was built by Spruce Grove in 1990. The 10-year, fixed-rate, interest-only, Freddie Mac loan has standard defeasance prepayment. Chuck Christensen originated the financing.
SACRAMENTO, CALIF. — Pathfinder Partners has acquired the 195-unit Savannah Court apartments in Sacramento for $22 million. The community is located at 4337 Norwood Ave. The 24-buillding community was built in 1986. Amenities include a fitness center, swimming pool and spa and a tennis court. CBRE’s Marc Ross represented both Pathfinder and the seller in this transaction.
LOS ANGELES — Paradigm Talent Agency has leased 83,000 square feet of office space in Beverly Hills. The space is located at 8942 Wilshire Blvd. within the Wilshire La Peer Building. Paradigm will use the entire building for its headquarters, with plans to move in during spring 2018. The company plans to make capital renovations to the property. The agency is consolidating three locations into one space. NKF’s Michael Moll, CBRE’s Jeff Pion and BCRS’s Willa McNamarra Fields represented the talent agency, while LA Realty Partner’s Peter Best, Lisa St. John and Rick Buckley represented the building owners, Ocean West and Walton Street, in this transaction.
LOS ANGELES — C.W. Driver Cos. has completed construction of Fountainview at Gonda West, a luxury continuing care retirement community in Los Angeles’ Playa Vista neighborhood. The 460,000-square-foot property features 199 units that incorporate independent living and assisted living with healthcare services. Development costs were estimated at $120 million. Gensler designed the project for Jewish Home for the Aging, while The Los Angeles Jewish home will be the sponsor. The property is already fully pre-leased and includes a 257-space underground parking garage. C.W. Driver is a builder serving California since 1919. The company has already built several seniors housing campuses in the Los Angeles area for Jewish Home for the Aging.
RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $22.2 million sale of Michaels Plaza, a 62,952-square-foot retail center located adjacent to the 1.2 million-square-foot Galleria at Tyler Mall in the Inland Empire community of Riverside. The property was 98 percent occupied at the time of sale by tenants including Michaels, David’s Bridal, Lamps Plus, Armed Forces, The Flame Broiler, GameStop and Miracle Ear. Ed Hanley, Bill Asher and Kevin Fryman of Hanley Investment represented the seller, an affiliate of The Krausz Companies Inc., in the transaction. Jefferson Kim of jKim Group Inc. represented the buyer, a private investor from Fullerton.
BERKELEY, CALIF. — Landmark Properties has announced $2 billion worth of student housing project starts and deliveries. The developer delivered close to 5,000 beds this fall, including a student housing project called Stonefire at Berkeley near the University of California, Berkeley, in Northern California. In addition to its fall deliveries, the company has begun working on 11 new developments totaling more than 8,000 beds. These projects included the Standard at Flagstaff near Northern Arizona University and the Mark at Tucson near the University of Arizona. Landmark is also slated to break ground on another 12 projects totaling close to 9,000 beds in 2018.
SAN JOSE, CALIF. — Community Preservation Partners (CPP) has completed rehabilitation of two affordable apartment complexes in San Jose. The rehabilitations occurred at the 144-unit Monte Vista Gardens and 81-unit Courtyard Plaza Apartments. The properties are situated a few blocks from each other. They will maintain below-market-rate rents for another 55 years. Monte Vista Gardens received $5.5 million in rehab efforts, including new kitchens, bathrooms, flooring, computer lab, media center and community kitchen. Courtyard Plaza received a $25 million rehabilitation, including new bathtubs, appliances, vanities, siding, windows, doors, and a remodeled community room and manager’s office.
LOS ANGELES — A local buyer has purchased a 30-unit apartment building in Santa Monica for $23.8 million. The community is located at 153 San Vincente Blvd. The asset was built in 1967. It was sold at auction after several months in bankruptcy court. Bidding began at $21 million. The building will begin a remodeling process, during which time current tenants in the 13 occupied units will be relocated. The buyer has plans to rehab all of the units, upgrade electrical and plumbing, construct a new rooftop observation deck, install a new pool and boost overall curb appeal. Shiva Monify of SVN- Rich Investment Real Estate Partners represented the buyer.
ESCONDIDO, CALIF. — Badiee Development and Exeter Property Group have partnered to develop a 10.9-acre industrial campus in Escondido. The campus will be located at 1925 and 2005 Harmony Grove Road. Construction on the campus is set to commence in the fourth quarter of 2017 with a completion date of summer 2018. Badiee sold the two industrial land parcels to Exeter Property Group. The group plans to develop a 200,000-square-foot industrial distribution building on the site in conjunction with Badiee as the project developer. Mike Erwin of Colliers International represented Badiee Development, while the firm’s Chris Holder and Mark Lewkowitz represented Exeter Property Group in this transaction.