SAN DIEGO — Anchor Health Properties has obtained a $68 million loan to purchase a San Diego medical office building portfolio. The portfolio contains a total of 206,000 square feet in the La Jolla/UTC submarket. The acquisition includes the two-building Chancellor Park Medical Campus, which is situated near the UC San Diego Jacobs Medical Center and Scripps Memorial Hospital La Jolla. The properties were built in 1988 as traditional office buildings before they were converted into medical uses. The properties are 94 percent occupied. UC San Diego Health currently leases 44 percent of the buildings, which form the largest outpatient medical campus in UTC and one of the larger outpatient medical campuses in Southern California. The funding will also support future tenant improvements and leasing commissions for the properties. Capital One provided the funds.
ANTIOCH, CALIF. — Westcore Properties has purchased Antioch Distribution Center, a 665,775-square-foot manufacturing/distribution project in Antioch, for $32.4 million. The two-building center is located at 2200 to 2300 and 2110 Wilbur St. Westcore represented itself, while Steve Hermann, Scott Bertrand and Brooks Pedder of Cushman & Wakefield represented the seller, The Covington Group, in this transaction.
SAN DIEGO — Berkadia has secured $29 million in financing for Pinnacle Medical Office in San Diego. The office is located at 10670-10672 Wexford St. in the Scripps Ranch submarket. The property provides services like primary care, wellness exams, treadmill stress testing, annual physicals, sports and camp physicals, full laboratory testing, vaccinations and pre-operative clearance. The 10-year, fixed-rate loan features interest-only payments for the full term and features a 4.3 percent interest rate through Wells Fargo. The borrower was LP Scripps Lot 1 LLC.
SAN FRANCISCO — Shorenstein Co. has purchased an 89,904-square-foot creative office building in the San Francisco submarket of North Waterfront-Jackson Square for an undisclosed sum. The building is located at 901 Battery St. The Swig Company and Medley Partners purchased the asset in December 2012. The JV immediately executed a capital investment program designed to reposition the four-story building as an institutional-quality asset in a submarket growing in popularity with creative tenants. The team recently completed lobby and façade renovations, and upgrades to each tenant floor. The renovated building features large, open floorplates, natural light and high ceilings. NKF’s Kyle Kovac, Michael Taquino, Daniel Cressman and Mandy Lee represented the sellers in this transaction.
SACRAMENTO, CALIF. — Insight Realty Co. has purchased Park Plaza, a 73,000-square-foot office building in downtown Sacramento, for an undisclosed amount. The Class A building is located at 1303 J St. The firm partnered with local developer and investor Patrick Molloy, along with his firm Gavden Investments, to acquire the asset.
NEWPORT BEACH, CALIF. — A joint venture between The Picerne Group and Shopoff Realty Investments has broken ground on Phase I of Uptown Newport, a 25-acre mixed-use development located in Newport Beach. The first phase of development will include 462 residential units, 218 for-sale condominiums, 6,500 square feet of restaurants and a one-acre public park. Leasing will begin for the residential units in 2019. At completion, the project will feature 1,244 residential units, up to 11,500 square feet of retail and restaurants and two one-acre parks.
RANCHO BERNARDO, CALIF. — CBRE has brokered the sale of Rancho Carmel Village Center, a retail center located at 12125-12165 Alta Carmel Court in Rancho Bernardo. New World Limited Partnership acquired the 27,132-square-foot property from AP-Rancho Carmel LLC for $10.5 million. Situated on 3.3 acres, the property consists of three one-story buildings with a total of 14 tenants. At the time of sale, the center was fully occupied. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the buyer, while Kobzi, Kirk Brummer and Phil Voorhees, also of CBRE, represented the seller in the deal.
SAN DIEGO — The Port of San Diego has issued a request for proposals (RFP) to select a third-party management and operation company on an interim basis for Seaport Village after the current lease expires on Sept. 30, 2018. The port wants to ensure the shopping and dining complex remains a waterfront destination for residents and visitors until the Port’s planned redevelopment of the Central Embarcadero. The presentation to the Board of Port Commissioners is scheduled for Dec. 5. The board selected the 1HWY1 team and their “Seaport San Diego” concept in late 2016 for the redevelopment of the Central Embarcadero, which includes Seaport Village and surrounding areas. The design, planning and permitting will likely take several years due to the size of the redevelopment and uniqueness of some of the proposed programmatic components.
SANTA CLARITA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $15.5 million sale of Seco Canyon Village, a 42,134-square-foot shopping center located in Santa Clarita, 35 miles northwest of downtown Los Angeles. CVS/pharmacy anchors the property, which is home to tenants including AIM Mail Center, Papa John’s Pizza, Verizon Wireless and Supercuts. Ed Hanley and Kevin Fryman of Hanley Investment represented both the private 1031 exchange buyer and the seller, a private investor based in Beverly Hills, in the transaction.
SACRAMENTO, CALIF. — Dick’s Sporting Goods plans to open three new stores in California in the first half of September. The company will have 711 Dick’s locations and 34 Field & Stream locations across the country. The new stores will open in Delta Shores in Sacramento, Stanford Ranch Crossing in Roseville and Solano Town Center in Fairfield.