LA VERNE, CALIF. — Commercial builder Bernards has broken ground on a 114,970-square-foot residence and dining hall at the University of La Verne in California. Designed by Steinberg Architects, the development will consist of 396 beds, an 18,700-square-foot dining hall, lounge and study spaces, and outdoor patios. The residence hall is the first development within the university’s recently approved Facilities & Technology Master Plan, and will be completed in August 2018.
IRVINE, CALIF. — The design-build team of Hensel Phelps and Mithun is set to break ground on a $98 million redevelopment project at the University of California – Irvine. The 215,000-square-foot development — titled the UCI Middle Earth Expansion — will be completed in two phases. The first phase will include the demolition of Brandywine Commons and Brandywine Student Center to be replaced by a new student housing building. The second phase of development will include the renovation of Pippin Commons. The new project, in total, will house roughly 494 students in two five-story residential towers and include a new dining facility, classrooms and amenity space. The new student housing is set to open for occupancy in August 2019.
CARLSBAD, CALIF. — ZMI Real Estate has received a $16 million loan to refinance the 145,759-square-foot Carlsbad Commerce Center. The center is located at 2185-2237 Faraday Ave. It contains a mixture of office, creative office and flex units. The campus was built between 1984 and 1986. It was renovated in 2004. The campus is currently 91.3 percent leased to tenants like Advanced Brain Monitoring, SabreSciences and GIMDx. CBRE’s Mark McGovern, Scott Peterson and Brian Cruz secured the five-year loan through Aetna Life Insurance Company. It will pay off the existing mortgage, which was coming due in September.
LOS ANGELES — Goldman Sachs Asset Management (GSAM) Private Real Estate has purchased a 161,610-square-foot distribution center in the Mid Counties submarket of Los Angeles for an undisclosed sum. The Class A facility is located at 12252 Whittier Blvd. The property is fully leased to one tenant. John Repstad and Mark Repstad of Realty Advisory Group represented both the buyer and seller, Terreno Realty Corp., in this transaction.
CUPERTINO, CALIF. — Harbor Group International (HGI) has purchased Torre Plaza, an 88,580-square-foot office complex in Cupertino, for $66.2 million. The Class A property is situated near the 280 and 85 freeways. It is fully leased. This is HGI’s second Cupertino acquisition in the past five months.
FULLERTON, CALIF. — Morningside, a seniors housing community in the Orange County city of Fullerton, has completed a $1.6 million expansion of its outdoor amenities. Morningside added a pitch-and-putt golf course and a pickleball court on 4 acres of vacant land. The project included a $100,000 habitat restoration project through the California Department of Fish and Game and the Army Corps of Engineers. This is the most recent of several expansion and renovation projects at the community. The dining and kitchen areas were recently renovated, and the wellness center was expanded to include a spa and fitness area. The community room also underwent a $2 million redevelopment.
SACRAMENTO, CALIF., AND LOS ANGELES — Decron Properties has traded a 264-unit multifamily property in Sacramento, plus some cash, to Sequoia in a direct exchange for a two-property, 504-unit apartment portfolio in Simi Valley. The combined value of the properties was estimated at $193 million. Decron acquired the 372-unit the Villas and the 132-unit Overlook for $141 million. Both communities are situated on Country Club Drive within half a mile of each other in the 4,000-acre Wood Ranch master-planned community. Sequoia took title to Broadstone at Strawberry Creek, a 264-unit apartment community in the Sacramento suburb of Elk Creek, for $52 million. Broadstone was Decron’s first investment in Northern California when they acquired the property in June 2012. Stan Jones, Philip Saglimbeni, Salvatore Saglimbeni, Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both Decron and Sequoia in the transaction. The trade required more than 15 lawyers across five law firms.
PARAMOUNT, CALIF. — Faris Lee Investments has brokered the sale of two freestanding, single-tenant retail buildings located on a 1.5-acre land parcel at 8819 Alondra Blvd. in Paramount. A private investor acquired the properties, which total 15,772 square feet, for $12.5 million. A 13,972-square-foot CVS/pharmacy and a 1,800-square-foot Starbucks Coffee occupy the buildings. Nicholas Coo and Joseph Chichester of Faris Lee Investments represented the seller, a private family company, while RE/MAX Premier Properties represented the buyer in the deal.
SAN DIMAS, CALIF. — Marcus & Millichap has arranged the sale of Bonita Canyon Gateway, a retail property located at 671 E. Bonita Ave. in San Dimas. An undisclosed developer sold the 7,860-square-foot property for $2.1 million. At the time of sale, the shopping center was 78 percent occupied. Richard Longobardo of Marcus & Millichap represented the seller. The name of the buyer was not released.
LOMA LINDA, CALIF. — Easterly Government Properties has purchased the 327,614-square-foot Department of Veterans Affairs (VA) Ambulatory Care Center in Loma Linda. The center is located at 26001 Redlands Blvd. The price was not disclosed. The property serves as the U.S. Department of Veterans Affairs’ flagship outpatient facility. It is fully leased to the VA for 20 years. The center is situated on 37 acres in an enclave that features the Jerry L. Pettis Memorial VA Medical Center and Loma Linda University. The collective VA Loma Linda Healthcare System currently serves more than 72,000 area veterans. JLL’s Brian Saal, Bill Prutting, Lucy Fletcher, Mike Yavinsky, Joe Brennan, Marc Rampulla, Ryan Smith and Tom Bohlinger executed the transaction.
