SAN DIEGO — NorthMarq Capital has arranged a $61.2 million refinancing for a San Diego-based multifamily portfolio owned by a local private family office. The portfolio contains three communities and a total of 488 units. The properties are located in San Diego, Poway and La Mesa. The transaction was structured with a 12-year, interest-only term. Gardiner Champlin and Marty Meagher of NorthMarq arranged financing for the borrowers through Fannie Mae’s Green Rewards program.
MENIFEE, CALIF. — MJW Property Group has acquired the 230-unit Cantabria Apartment Homes in Menifee for $43.6 million. The community is located at 30951 Hanover Lane. It sits adjacent to San Jacinto College off the 215 Freeway. Community amenities include a resort-style pool with cabanas, courtyard fireside lounge and fitness center. Kyle Pinkalla, John Chu and Ed Rosen of Berkadia executed the transaction. The seller was Strata Cantabria LLC.
SAN DIEGO — A joint venture between Hill Properties and ReCap has purchased Scripps Ranch Business Park, a 185,738-square foot industrial complex in San Diego, for $31.4 million. The nine-building industrial park is located on Willow Creek Road. It is currently leased to nine tenants. JLL’s Lynn LaChapelle, Bob Prendergast and Sach Kirpalani executed the transaction.
PASADENA, CALIF. — DICK’S Sporting Goods has opened 36 new Golf Galaxy stores throughout the United States. This includes two stores in Arizona, five in California, two in Colorado and one in Oregon. These new locations were formerly Golfsmith properties acquired by DICK’S and have been converted to Golf Galaxy stores, bringing the specialty golf retailer’s footprint to 98 locations across 33 states. Founded in 1948, DICK’S Sporting Goods, Inc. is a leading omnichannel sporting goods retailer. As of January 28, 2017, the company operated more than 675 DICK’S Sporting Goods locations nationwide. Headquartered in Pittsburgh, DICK’S also owns and operates Golf Galaxy and Field & Stream specialty stores.
LOS ANGELES — The Moinian Group has arranged a $120 million loan to refinance the International Jewelry Center in Los Angeles. The center is located at 550 S. Hill St. within the Jewelry District. The building contains 405 tenants that are primarily within the jewelry industry. Bank of China provided the five-year, interest-only loan.
RIVERSIDE, CALIF. — Sims Mortgage Funding has closed a $30.1 million loan for Parkview Community Hospital in Riverside. The hospital is located at 3865 Jackson St. The loan will finance the expansion of Parkview’s emergency department. The loan was insured under the HUD Section 242/241 program.
LYNWOOD, CALIF. — An unnamed buyer has acquired a 23-acre industrial land site called Alameda Distribution Center for $31.4 million. The site is located at 11840 and 11852 Alameda St. and 2800 Lynwood Road in the South Bay submarket of Lynwood. Travelers Insurance and Cargill occupy the space. CBRE’s Robert Flores and Andrew Briner represented the seller, Lynwood-Alameda Corp., in this transaction.
SAN DIEGO — Marcus & Millichap has arranged the $15 million sale of Rosecrans Shopping Center, a 43,108-square-foot retail center located in San Diego. The property is home to tenants including Rubio’s, CorePower Yoga, UPS, Allstate Insurance and Verizon. Mark Thiel of Marcus & Millichap represented the seller, an undisclosed private investor, in the transaction. Nick Totah and Ben Tashakorian, also of Marcus & Millichap, procured the buyer, Capital Asset Management. The new owner plans to renovate and reposition the center to attract health and fitness, lifestyle-oriented tenants.
LOS ANGELES — Dickens SO LLC has acquired the 11-unit Dickens Apartments in the Los Angeles submarket of Sherman Oaks for $3.1 million. The community is located at 15114 Dickens St. Jeff Louks and Brett Sanson of Marcus & Millichap represented the buyer and seller, an LLC, in this transaction.
SAN DIEGO — Azusa Pacific University (APU) has leased 48,000 square feet of office space at Mission Center in San Diego. The space is located at 5333 and 5353 Mission Center Road. It will continue to serve as the university’s San Diego regional campus. CBRE’s Greg Nassir and Scott Kincaid represented APU. JLL’s Richard Gonor, Tony Russell and Brandt Riedman represented the landlord, Kearny Real Estate, in this transaction.