SANTA CRUZ, CALIF. — Dominion Mortgage Corp. has both arranged and provided a $4.2 million bridge loan for Villa Senior Housing. The 58-unit seniors housing community is located south of the Bay Area in Santa Cruz. No further details were disclosed.
SAN JOSE, CALIF. — DICK’S Sporting Goods opened six new stores in May. A grand opening event was recently held for the new location in Chula Vista, and another will be held May 26-28 for the new location in San Jose. With the grand opening of these new stores, DICK’S will have 697 locations in the United States. Headquartered in Pittsburgh, DICK’S also owns and operates Golf Galaxy and Field & Stream specialty stores.
SAN JUAN CAPISTRANO, CALIF. — CBRE has arranged the $9.1 million sale of a net-leased property in San Juan Capistrano to a private local buyer utilizing a 1031 tax-deferred exchange. The property, a car dealership, traded for $348 per square foot. CBRE’s Gary Stache, Anthony DeLorenzo and Doug Mack represented the seller, TerraCotta Group LLC, a private investment firm based in El Segundo. CBRE’s Emil Gurfinkel, Tim Kuruzar and Ken McLeod represented the buyer. The 26,181-square-foot Fiat Chrysler Automobiles car dealership, located at 32881 Camino Capistrano, traded at a 5.1 percent capitalization rate.
HOLLYWOOD, CALIF. — Cahuenga Investors LP, a Los Angeles-based investment group, has acquired the home of Grandmasters Recorders, a recording studio on North Cahuenga Boulevard in Hollywood, to make room for a retail development. The price was $6.1 million. The building was built in the 1920s and began its life as Bijou Studios. Artists who have recorded at Grandmaster Recorders include Stevie Wonder, David Bowie, Ringo Starr, Tom Petty, Motley Crue, Chaka Kahn, Rick James, Blondie, Billy Idol, The Pointer Sisters, Red Hot Chili Peppers, The Black Crowes, Foo Fighters, Gwen Stefani, Jack Johnson, Kanye West, Nine Inch Nails, Tool and Rush. Kathleen Silver and Kay Sasatomi of Silver Commercial represented the seller in the transaction. Howard Sadowsky of Brooktree Partners represented the buyer. The property includes a 9,200-square-foot commercial building on 8,557 square feet of land, is located at 1518 N. Cahuenga Blvd. The buyer plans to renovate and convert the space to retail, restaurants and possibly a nightclub.
WALNUT CREEK, CALIF. — A joint venture between PCCP and Align Real Estate has purchased a two-building, 236,122-square-foot office property in Walnut Creek for an undisclosed sum. The property is located at 100 and 200 Pringle Ave. It is 96 percent leased. On-site amenities include a conference room, bike storage with lockers and bike pump, electric vehicle charging stations, four on‐demand Zip Car vehicles and an on‐site deli. The JV plans to enhance street frontage and offer outdoor amenities on the third-floor deck.
LIVERMORE, CALIF. — A 108-room Home2 Suites by Hilton has opened in Livermore. The hotel is located at 2625 Constitution Drive. Common-area amenities include an outdoor saline pool, barbecue grills and fire pit with seating. The hotel is situated near wine country, corporate businesses in the Tri-Valley area, Shadow Cliff’s Regional Recreation Area, San Francisco Premium Outlets and Del Valle Regional Park.
GOLETA, CALIF. — A local investment team has purchased a 105,257-square-foot office and R&D building in Goleta that is occupied by Allergan. Though the sales price was not disclosed, the asset was listed at $28 million. The office is situated on 10.2 acres in the Campus Pointe project where Los Carneros Road meets the 101 freeway. The facility contains office, laboratory and warehouse space. Raytheon constructed the building in 1990. Breast implant manufacturer McGhan/Allergan occupied the building between 1999 and 2014. Allergan recently subleased the entire building for the remainder of its term, which expires at the end of 2019. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the seller in this transaction.
LOS ANGELES — Rideback Ranch LLC has acquired a 20,800-square-foot industrial building in Los Angeles for $7.7 million. The facility is located at 1660 Beverly Blvd. The buyer plans to convert the property into a production campus for its company. John Anthony, Chris Giordano and Chris Steck of Charles Dunn Co. represented the seller, Bev-Union LLC. LS Capital represented the buyer.
LIVERMORE, CALIF. — RedMill Capital and ANICO Eagle LLC will break ground this month on The Shops at Livermore, a 115,000-square-foot mixed-use development in the upscale Bay Area suburb of Livermore. The center is expected to have a variety of fashion retailers and a mix of sit-down, quick-service and fast casual restaurants. The center is immediately adjacent to San Francisco Premium Outlets, a popular outlet center in the Bay Area. The 13-acre site for The Shops at Livermore is located the intersection of El Charro Road and West Jack London Boulevard. The Shops at Livermore is scheduled to open in the summer of 2018. Julie Taylor and Stephen Rusher of Colliers International are handling leasing. RedMill Capital, based in Summit, N.J., is the developer along with finance partner ANICO Eagle, a subsidiary of American National Life Insurance Co.
CORONA, CALIF. — Passco Cos. has acquired Temescal Village, a 102,976-square-foot neighborhood shopping center in Corona, for $16.9 million. The Corona market has a retail vacancy rate of 4.4 percent, limiting opportunities for expansion in the area, and making retail space in demand, according to Todd Siegel, vice president of retail acquisitions at Passco. The center is current 93.5 percent leased to 19 tenants, including CVS/pharmacy, Citibank, Carl’s Jr., Wells Fargo, The UPS Store and Metro PCS. Passco plans to modernize the property through strategic renovations and capital improvements. Additions include redesigned landscaping and updating the facade of the center. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller, a private investor, in the sales transaction. Architecture Design Collaborative will design renovations for the center. Chris Black of KeyBank Real Estate Capital’s commercial mortgage group arranged acquisition financing for Passco through Fannie Mae.