California

Progressive Real Estate Arranges $3.2M Sale of 64,000 SF Retail Center in Ontario

by Nellie Day February 10, 2017

ONTARIO, CALIF. — Progressive Real Estate Partners has brokered the sale of a retail center located at 404-426 N. Euclid Ave. in downtown Ontario. The City of Ontario acquired the 64,000-square-foot property from a private investor for $3.2 million. Secoya Market, Papa John’s Pizza and Wells Fargo occupy the property, which was built in the 1960s. Frank Vora, Mike Lin and Pablo Velasco of Progressive Real Estate represented the seller, while Paul Galmarini, also of Progressive Real Estate, represented the buyer in the transaction.

February 10, 2017

California Retail Western

Stos Partners Acquires Retail Property in Oceanside for $1.4M

by Nellie Day February 10, 2017

OCEANSIDE, CALIF. — Stos Partners has acquired a two-tenant retail property located at 610-612 Mission Ave. in Oceanside. A private owner sold the property for $1.4 million. The buyer plans to implement capital upgrades to the building and market the property as retail and/or office space. Peter Curry of Cushman & Wakefield represented the buyer and seller in the transaction.

February 10, 2017

California Office Western

Encino Corporate Plaza Sells for $35.5M

by Nellie Day February 9, 2017

LOS ANGELES — Encino Corporate Plaza, a 126,275-square-foot office complex in the Los Angeles submarket of Encino, has sold to an undisclosed investor through receivership for $35.5 million. The center is located at 16661 Ventura Blvd. Encino Corporate Center was built in 1968 and fully renovated in 1988. It is currently 76 percent leased, housing a mix of medical and professional services tenants. Trigild will remain on board as property manager. HFF’s Andrew Harper and Evan Kovac brokered the sale.

February 9, 2017

California Loans Retail Western

Mesa West Capital Arranges $35.7M Refinancing for Retail Center in Walnut Creek

by Nellie Day February 9, 2017

WALNUT CREEK, CALIF. — Mesa West Capital has originated a $35.7 million first mortgage loan for the refinancing and repositioning of Rossmoor Shopping Center in Walnut Creek. A joint venture between Citivest Commercial and Tallen Capital Partners was the borrower. The borrower acquired the property in 2012 and is implementing a city-approved redevelopment plan for the 108,000-square-foot property. In addition to upgrading the exterior façade, expanding the inline space and adding new retail pads, the plan also includes adding an additional 27,000 square feet of net rentable area to the existing property. Steve Fried and Seth Hall of Mesa West Capital originated the five-year, non-recourse, floating-rate loan for the borrower.

February 9, 2017

California Office Western

JV Buys Olympus Corporate Center Building in Roseville

by Nellie Day February 9, 2017

ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased a Class A office building at the Olympus Corporate Center in Roseville. The center is located at 3001, 3005, 3009, and 3013 Douglas Blvd. The price was not disclosed. Notable tenants at the four-building center include Direct Technology, Granite Bay Development, KB Home, Gallelli Real Estate, Orange Hook and UBS. Chris Lemmon and Zac Collie of Newmark Cornish & Carey are acting as Olympus’s leasing agents. BBVA Compass provided debt financing.

February 9, 2017

California Industrial Western

Mission Foods Leases Distribution Space in Van Nuys

by Nellie Day February 9, 2017

LOS ANGELES — Mission Foods has leased a 50,689-square-foot distribution building in the Los Angeles submarket of Van Nuys. The building is located at 14400 Arminta St. The space was built in 2007. David Young and Chad Gahr of NAI Capital’s Encino office represented Gruma Corp., dba Mission Foods, in the lease.

February 9, 2017

California Industrial Loans Western

NorthMarq Capital Arranges $65M Refinancing for Inland Empire Industrial Portfolio

by Nellie Day February 8, 2017

ONTARIO, CALIF. — NorthMarq Capital has arranged a $65 million refinancing for a three-property industrial portfolio in the Inland Empire. The portfolio contains a total of nearly 1.6 million square feet. The transaction includes 3100 Milliken Ave. in Mira Loma and 5555 and 5772 E. Jurupa St. in Ontario. The financing will allow the borrower to recapitalize the portfolio. The 10-year loan features a forward rate lock of 3.65 percent and a 30-year amortization schedule. NorthMarq’s Michael Elmore arranged the loan through the firm’s correspondent relationship with Hartford.

February 8, 2017

California Multifamily Western

Cherry Heights Buys Legends at Rancho Belago Apartments in Moreno Valley for $33.8M

by Nellie Day February 8, 2017

MORENO VALLEY, CALIF. — Cherry Heights LLC has acquired the 206-unit Legends at Rancho Belago in Moreno Valley for $33.8 million. The community is located at 13292 Lasselle St. Legends was originally built as a 40-unit for-sale condominium property in 1993. The remaining 166 apartment units were built in 2006. The property was fully converted to a rental community in February 2016. Peter Sherman of Avison Young represented the LLC, a 1031 exchange buyer. Institutional Property Advisors represented the seller, the Reliant Group.

February 8, 2017

California Industrial Western

Kidder Mathews Merges with Heger Industrial

by Nellie Day February 8, 2017

LOS ANGELES — Kidder Mathews has merged with Los Angeles-based industrial firm Heger Industrial. The new company will retain the Kidder Mathews name and operating structure. Robert Thornburgh, Heger’s CEO, will join Kidder’s executive leadership committee. Heger Industrial manages one of the largest independent portfolios of industrial properties in the Los Angeles area. The firm employs 35 commercial real estate professionals and staff, maintaining offices in Long Beach and Commerce, Calif., and Phoenix.

February 8, 2017

California Office Western

Casey Brown Buys San Diego Office Portfolio for $77M

by Nellie Day February 7, 2017

SAN DIEGO — The Casey Brown Company has purchased a three-property office portfolio in San Diego for $77 million. The transaction includes Chesapeake Park Plaza at 9665 Chesapeake Drive in the Kearny Mesa submarket; Valley Corporate Center, a 176,132-square-foot office tower at 591 Camino De La Reina in Mission Valley; and Old Town Plaza, a two-building creative office project at 2251 San Diego Ave. in Old Town. CBRE’s Louay Alsadek and Hunter Rowe represented the seller on Chesapeake Park Plaza and Valley Corporate Center. Josh Buchholz, Doug Ceresia and Matt Midura of NAI San Diego represented the seller on the Old Town Plaza transaction.

February 7, 2017

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