HOLLYWOOD, CALIF. — Avison Young has brokered the sale of a retail and office property located at 6501 Hollywood Blvd. in Hollywood. A Los Angeles-based private investor sold the 7,000-square-foot property for $3.7 million. At the time of sale, the two-story property was fully leased. John Tronson and Steven Tronson of Avision Young represented the seller and buyer, a private investor from New York City, in the deal.
CORONA, CALIF. — Progressive Real Estate Partners has arranged 9,776 square feet in retail leases at Metro at Main, a mixed-use community located at the corner of North Main and Rincon streets in Corona. Metro at Main features 60,000 square feet of retail space and 868 luxury high-rise residential units. The new tenants include a 1,845-square-foot Coffee Bean & Tea Leaf, a 3,138-square-foot America’s Best Vision, a 1,398-square-foot Poki Cat, an 859-square-foot Organic Junkie, a 1,337-square-foot Meraki Salon and a 1,199-square-foot Union Barber & Beer Lodge. Paul Galmarini and Gretchen Lastra of Progressive Real Estate represented the landlord internally in the lease transactions.
PARAMOUNT, CALIF. — Colliers Retail Foresight has arranged a lease for restaurant space at Clearwater Crossing, a 12,000-square-foot restaurant development in Paramount. Stinkin’ Crawfish will occupy 2,800 square feet of space at the property. James Rodriguez and Michael Bohorquez of Colliers represented the tenant and undisclosed landlord in the deal.
LOS ANGELES — Douglas Emmett has received a total of $550 million in loans to refinance a four-property multifamily portfolio in Los Angeles. The Class A assets are located in Los Angeles and Santa Monica. About 90 percent of the total loan amount, or nearly $500 million, qualified for Fannie Mae’s Delegated Underwriting and Servicing (DUS) Green Rewards program, making it the largest transaction using Fannie Mae’s Green Rewards to date. The Green Rewards program will fund environmental upgrades to three of the four properties. These improvements allowed the borrower to secure competitive loan terms while ensuring more sustainable operations and cost savings for years to come. Walker & Dunlop closed the four interest-only loans.
SAN FRANCISCO — A joint venture between CIM Group and fifteenfortyseven Critical Systems Realty (1547) has acquired a 7.3-acre site at 400 Paul Ave. in the Portola neighborhood of San Francisco for an undisclosed sum. The site will soon be home to a 187,000-square-foot data center with 24 megawatt power capacity. The acquisition also includes two 1930s-era buildings that total 54,225 square feet. The facilities will undergo improvements to serve as office and support space for data center tenants.
IRVINE, CALIF. — Digital Map Products has leased 22,000 square feet of office space at University Research Park in Irvine. The cloud-based location technology and data solutions provider will occupy an entire floor that was formerly home to chipmaker Broadcom. The research park is situated next to UC Irvine. Digital Map Products is working with local universities like UC Irvine to provide free access to the company’s technology. The campus also houses Irvine Co.’s tech incubator, The Vine, where startups have generated more than $24 million in funding, and UCI Applied Innovation.
LOS ANGELES — Business Finance Capital (BFC) has serviced more than $148 million in SBA 504 funds in Los Angeles so far in 2017. The certified development company has completed a total of 106 SBA loans, which are designed to assist businesses seeking finance mechanisms such as real estate and machinery. The program works by distributing the loan across three parties: a conventional lender (50 percent), a nonprofit certified development company such as BFC (40 percent) and the buyer (10 percent). BFC also services the 504 Refinance Program. BFC services a range of industries, including wholesalers and distributors, manufacturers, assisted living facilities, hotels, law practices, medical and dental offices, car washes, construction companies and more.
CHICO, CALIF. — Fountain Residential Partners has broken ground on Campus Walk, a 174-bed student housing community located near California State University – Chico. The property will offer fully furnished two- and four-bedroom units. Community amenities are set to include study rooms, a pool deck with a movie screen, and a specially designed outdoor fitness and lounge area. Chico-based general contractor Modern Building Inc. is building the community, which Aspen Heights will lease and manage. The development is scheduled for completion in fall 2018.
SAN BERNARDINO, CALIF. — Westcore Properties has purchased an 830,750-square-foot industrial property in San Bernardino for an undisclosed sum. The Class A, cross-dock facility is located at 6207 North Cajon Blvd. The asset features 36-foot clear height, all-concrete truck yards and secured trailer parking. Nearby corporate neighbors include Hewlett Packard, JC Penny and FedEx, among others. CBRE’s Darla Longo brokered the off-market transaction with an undisclosed seller. The firm is also marketing the space for lease.
MILPITAS, CALIF. — Nazareth Enterprises has purchased a 180,086-square-foot flex building in Milpitas occupied by Johnson & Johnson Vision for $49.8 million. The building is located at 510 Cottonwood Drive in the Silicon Valley submarket. The property was developed in 1981. Significant renovations commenced in 2008. The property features concrete construction, solar power, four dock doors and ample parking.
