SAN DIEGO — PSRS has arranged $2.6 million in acquisition financing for Melroy Investments, which will use the funds to purchase a three-story, 26-unit seniors housing community in San Diego’s North Park neighborhood. The total purchase price was $5.1 million. The property is restricted to those over the age of 55. The name of the property was not disclosed. In addition to the $2.6 million loan, PSRS included $700,000 in “earn outs” for hitting certain benchmarks as far as rent growth. If earned, Melroy will use that money for property improvements and future acquisitions. The nonrecourse loan features a 4 percent fixed rate and three years of interest-only payments.
SACRAMENTO, CALIF. — Avanath Capital Management LLC, an institutional fund manager that specializes in affordable and workforce housing investments, has acquired a three-property affordable housing portfolio in Sacramento for $56.5 million. The properties total 468 units and offer a mix of seniors housing, family housing and mixed-income housing. The acquisition nearly doubles Avanath’s footprint in Sacramento, which it cites as one of the hottest real estate markets in the country. The properties include: • Sierra Creek, a 144-unit property with all units reserved for seniors earning 50 to 60 percent of area median income (AMI). The property has a 200-person wait list and offers educational classes, transportation services and activities. • Lincoln Creek, a 172-unit community with 95 affordable family units, 48 affordable seniors housing units and 29 market-rate units. • Geneva Pointe, a 152-unit community reserved for families earning between 50 and 60 percent of AMI. There are no age restrictions on the property. Built in 2005 and 2006 under the Low Income Housing Tax Credit program, the three-building portfolio was 98.5 percent occupied at the time of acquisition. Units average 922 square feet. Planned renovations include upgrading exterior paint, installing LED lighting throughout the portfolio to optimize energy …
LOS ANGELES — Harbor Associates has purchased a 30,000-square-foot office property in the Los Angeles submarket of Century City for $14.7 million. The four-story building is located at 10281 West Pico Blvd. It was built in 1981. NKF’s Kevin Shannon, Ken White, Rob Hannan and Brad Feld represented the seller, Spanish Broadcasting System (SBS), in this transaction. SBS owned and occupied the building since 1994.
MANTECA, CALIF. — dd’s DISCOUNTS, a division of Ross Stores Inc. will open its 200th store in Manteca, Calif., on June 24. The 18,000-square-foot Northern California store is located in the Stadium Center at Highway 120 and Airport Way. The new location will increase the store count to 84 in California. Together, Ross Dress for Less and dd’s DISCOUNTS currently operate approximately 1,560 off-price apparel and home fashion stores in 37 states, the District of Columbia and Guam.
INGLEWOOD, CALIF. — The Los Angeles Clippers and the City of Inglewood have entered into a three-year exclusive negotiating agreement (ENA) that will allow the basketball team to explore the option of building a new basketball arena within the city. The arena would also include training facilities and team offices. The Clippers will consider a 20-acre site situated south of Century Boulevard at Prairie Avenue, directly across the street from the future football stadium and entertainment district that the Kroenke Group is developing. The ENA establishes a three-year timeframe during which the Clippers will develop the details of its proposed basketball facility. The city will conduct an environmental review, including an evaluation of the proposed facility’s construction and operational impacts, after that time. The Clippers have been playing at the Staples Center in downtown Los Angeles since 1999. The team’s current lease will expire at the end of the 2023-2024 NBA season. Anschutz Entertainment Group owns Staples Center. The new arena would be privately funded and privately capitalized. The Clippers would be responsible for the costs to plan, entitle and develop the proposed facility, per the agreement. Within 24 hours of signing the ENA, the L.A. Clippers will pay the City of …
ANAHEIM, CALIF. — Doyle Properties has purchased an 84,928-square-foot industrial facility in Anaheim for $19.8 million. The flex facility is located at 1250 N. Tustin Ave. The property will serve as the Econolite Group’s new high-image facility. The group specializes in dynamic intelligent transportation systems and transportation management. Econolite previously occupied a former 144,000-square-foot property on La Palma Avenue. The company was in search of a new facility where it could modernize the layout and design to help attract and retain employees. The company also wanted to transition from a heavy manufacturing and sheet metal fabrication site to an engineering/high-tech one. CBRE’s Carol Trapani, Ben Seybold and Sean Ward represented Doyle Properties. Clyde Stauff of Colliers represented the seller, Blackstone Group, in this transaction.
DANA POINT, CALIF. — Faris Lee Investments has arranged the sale of La Plaza Pacifica, a retail and office property located at 34052 La Plaza Drive in Dana Point. Raintree Evergreen LLC acquired the property from Trowbridge Vaughen Vivos Trust for $6.6 million, or $463 per square foot. At the time of sale, the 14,900-square-foot property was 95 percent occupied. Jeff Conover of Faris Lee Investments represented the buyer and seller in the deal.
SAN DIEGO AND POWAY, CALIF. — Regency Centers has signed two new tenants at retail centers in San Diego and Poway. Marshalls signed a 10-year lease for 23,500 square feet of space at Point Loma Plaza, a 200,000-square-foot retail property located at 3645 Midway Drive in San Diego. Omar Hussein provided in-house representation for Regency Centers, while Don Moser of Retail Insite represented Marshalls. 7 Seas International Market signed a 15-year lease at Twin Peaks, a 210,000-square-foot community shopping center located at 14287 Pomerado Road in Poway. Both Marshalls and 7 Seas International Market are slated to open this fall.
COVINA, CALIF. — CBM has arranged a 10-year lease with Ross Stores Inc. at a community shopping center located at the intersection of Arrow Highway and Azusa Avenue in Covina. Ross Dress for Less will occupy a 26,000-square-foot former Office Depot location. El Super is a co-anchor of the shopping center. Dave O’Connell completed the transaction.
FRESNO, CLOVIS AND KERMAN, CALIF. — Retail California has arranged four retail leases totaling 5,430 square feet. In Fresno, Lori Semas, dba Allstate Insurance leased 953 square feet of retail space at 8034 N. Cedar Ave. from J&V Fresno LLC. Nick Frechou and John Lee of Retail California brokered the transaction. Also in Fresno, Fiesta Insurance leased 1,107 square feet of retail space at 3064 N. Cedar Ave. from Ducket-Wilson Development Co. Michael Arfsten of Retail California and Jon Cox of Commercial Retail Associates brokered the deal. Clovis Black Belt signed a lease for 1,620 of retail space at 840 Herndon Ave. in Clovis from DN Clovis LLC and Rich North Freeway LLC. Peter Orlando and Lewis Smith of Retail California handled the transaction. In Kerman, Metrocom MDB Inc., dba Metro PCS, leased 1,750 square feet of retail space at 15010 Whitesbridge Ave. from Kerman Shopping Plaza LLC. Nick Frechou of Retail California, along with Brett Todd and Ted Fellner of Colliers International, brokered the transaction.