ONTARIO, CALIF. — Infiniti of Montclair has acquired a four-acre land parcel on Inland Empire Boulevard at the Meredith International Centre in Ontario for $4.9 million. The buyer plans to relocate its existing car dealership to a new facility. Construction is slated to be completed in 2018. Chuck Noble, John Hatzis, Dave Hunsaker and Brett Meredith of Lee & Associates represented the buyer and seller, Craig Development Corp., in the deal.
CHULA VISTA, CALIF. — Sweet Kream Froyo is opening a location at Heritage Town Center, located at 1392 E. Palomar St. in Chula Vista. The frozen yogurt shop leased 1,215 square feet of space at the mixed-used project, which Paragon Real Estate Fund owns. The location is slated to open in September. Joe Yetter of Cushman & Wakefield represented the tenant and landlord in the deal. Heritage Town Center features 38,000 square feet of ground-floor retail space and 91 residential units.
THOUSAND OAKS, CALIF. — NewMark Merrill Cos. has signed a new restaurant at Janss Marketplace, a shopping center located at the Moorpark Road and Hillcrest Drive in Thousand Oaks. Azi Grill, owned by Mazen Nadour, will feature Mediterranean cuisine, as well as American fare.
LOS ANGELES, WOODLAND HILLS, CALIF. AND LAUREL, MD. — Bellwether Enterprise Real Estate Capital LLC has arranged three loans totaling $185.1 million for the refinancing of a multifamily portfolio located in California and Maryland. The portfolio consists of three properties totaling 1,384 units. The assets include: Avalon Russet in Laurel, Md.; eaves Woodland Hills in Woodland Hills, Calif.; and eaves Los Feliz in Los Angeles. Kip Kimble of Bellwether Enterprise arranged the 10-year loans for the borrower, AvalonBay Communities (NYSE: AVB). New York Life was the lender. AvalonBay Communities is a real estate investment trust that owns and manages apartment properties concentrated in the Northeast and Western regions. Bellwether Enterprise is a subsidiary of Enterprise Community Investment. — Kristin Hiller
SAN FRANCISCO — Grandbridge Real Estate Capital has arranged a $90 million refinancing for the 414-unit South Beach Marina Apartments in San Francisco. The community is located at 2 Townsend St. in the South of Market (SOMA) neighborhood. South Beach was built in 1989. It features 4,708 square feet of ground-floor retail that is currently occupied by two restaurants and a salon. Community amenities include two tennis courts, a luxury lobby/lounge area, community/billiards room, landscaped courtyard, outdoor pool and spa and fitness center. The permanent, fixed-rate loan was funded through one of Grandbridge’s insurance company correspondents and structured with a 12-year, interest-only term. The borrower is a state pension fund advised by L&B Realty.
LOS ANGELES — Red Stone Tax-Exempt Funding LLC recently provided $18.8 million in bond financing to BlueGreen Preservation and Development. The tax-exempt bonds will be used to acquire and rehabilitate a 90-unit portfolio of affordable seniors housing properties in the Los Angeles metro area. The properties acquired are Pacific Rim Apartments, Rancho Del Valle and Maple Park Apartments. The properties all benefit from Section 8 rental subsidies that were extended for 20 years to ensure the long-term affordability of the communities for low-income seniors. The rehabilitation budget for the properties is more than $35,000 per unit. BlueGreen is a California-based company that develops and preserves affordable housing.
ATASCADERO, CALIF. — A Korean investment firm has acquired the 130-room SpringHill Suites Paso Robles Atascadero in Central California for $25 million. The hotel is located at 900 El Camino Real in the Paso Robles wine region. The four-story property opened in 2015. This is the new owner’s second U.S. investment. The group was attracted to the hotel’s location near the Central Coast and the emerging Paso Robles wine industry. Hunter Hotel Advisors represented the seller, an affiliate of J Street Hospitality, in this transaction.
IRVINE, CALIF. — Sabra Health Care REIT Inc. shareholders have voted to approve the company’s planned merger with Care Capital Properties, despite objections of several major shareholders. The proposed merger was announced in May. If completed, the transaction will create a healthcare REIT with a pro forma total market capitalization of roughly $7.4 billion and an equity market capitalization of roughly $4.3 billion. The all-stock transaction is scheduled to close Thursday, subject to customary closing conditions. Several shareholders vehemently opposed the merger, most notably Hudson Bay Capital, which owns 3.9 percent of Sabra shares. The company cited a report by advisory firm Institutional Shareholder Services that suggested Sabra was overpaying for CCP, and that headwinds in the skilled nursing sector would cause the CCP portfolio (which is nearly all skilled nursing) to struggle. The new REIT will be headquartered in Irvine and include a healthcare portfolio comprised of 564 investments across 43 states and Canada. Sabra’s current executive team will manage the company, which will continue to trade under the SBRA ticker symbol. The vote occurred at Sabra’s special meeting of stockholders. The company reports that holders of more than two thirds of the shares voted at the meeting in …
CHINO, CALIF. — Savills Studley has negotiated the sale of Chino Spectrum Towne Center, a 459,969-square-foot shopping center located in Chino. MetLife Investment Management acquired the property from a partnership between Vestar Development Co. and an institutional entity. The price was not disclosed. The property is home to tenants including Walmart, Kohls, Best Buy, Marshalls, Nordstrom Rack, DSW, Party City, Pier One Imports and Aki Home. Bill Bauman and Kyle Miller of Savills Studley brokered the transaction.
CHULA VISTA, CALIF. — Sudberry Properties and Ayres Hotels have broken ground on Millenia Commons, a 131,800-square-foot “lifestyle destination center” and a 135-room Ayres Hotel in the San Diego suburb of Chula Vista. The center and hotel will be part of the 210-acre, multi-billion-dollar Millenia master-planned community, which is currently being developed in South San Diego County. Millenia Commons will include tenants like HomeGoods, Cost Plus World Market, Ross Dress for Less, buybuy Baby, Mattress Firm, Hurricane Grill & Wings, Papagayos Grill & Cantina, Menchie’s Frozen Yogurt, Great Clips, Jamba Juice, McDonald’s and Pacific Dental Services. Flocke & Avoyer is handling the project’s retail leasing efforts. The retail component will extend on both sides of Millenia Avenue, just south of Birch Road, on two separate parcels. The urban design will place an emphasis on walkability and outdoor gathering spaces. The design of the center is intended to complement the style of the overall Millenia master plan. Sudberry Properties is the developer of Millenia Commons, which Andrew Hull Stevenson Architects designed. Hazard Construction is doing the initial grading and infrastructure work for this component, though Sudberry is in the process of selecting additional contractors. The boutique hotel is scheduled to open …