REDONDO BEACH, CALIF. — The 184-unit Homewood Suites by Hilton has opened in Redondo Beach. The hotel is located at 2430 Marine Ave. The new property offers studio, one- and two-bedroom accommodations with fully equipped kitchens and separate living and sleeping areas. The hotel also provides complimentary breakfast, an evening social Monday through Thursday, Wi-Fi and grocery shopping service. Common-area amenities include an outdoor pool, whirlpool, sports court, fire pit, grill area and fitness center. The property also offers 1,157 square feet of flexible space for meetings and social events. Mogul Capital developed the property, which Evolution Hospitality manages.
SANTA CLARA, CALIF. — Buchanan Street Partners has purchased the Bayland Building, a 116,000-square-foot office building in Santa Clara, for $32 million. The property is located at 2953 Bunker Hill Lane, near Levi’s Stadium. The Bayland Building is fully leased to four tenants, including Inphi Corp. Buchanan plans to modernize the building systems, update common areas and increase on-site amenities to attract and retain Silicon Valley’s innovative workforce. The firm represented itself, while Eastdil Secured represented the seller, Sleepy Hollow Investment Co., in the transaction.
SPRING VALLEY, CALIF. — Covenant Retirement Communities has opened Peterson Life Center, a $19.1 million expansion at Mount Miguel Covenant Village in the San Diego suburb of Spring Valley. The Peterson Life Center will serve as a hub for Mount Miguel’s 400-plus residents. The property features an enclosed courtyard, three dining venues, an art studio and gallery, library, wellness center and fitness studio, outdoor pool with two lap lanes, a hot tub, and locker rooms. For entertainment and social gatherings, there’s a 24-seat movie theater, game and billiards room, kids’ corner for visiting children and more. Construction for the 33,082 square-foot, two-story, Spanish-style building started in 2014. Residents at Mount Miguel span the continuum of care. Peterson Life Center is named after Paul Peterson, retired Covenant president and former Mount Miguel administrator. Covenant is the sixth largest nonprofit seniors housing provider, featuring 15 communities in 10 states. It is a ministry of the Evangelical Covenant Church.
LOS ANGELES — Ready Capital Structured Finance has closed a $3.6 million non-recourse loan for an 8,500-square-foot office asset in Los Angeles. The property is located at 2818 La Cienega Ave. in Culver City. The borrower plans to renovate the property, which features open floor plans and an outdoor courtyard on the second floor. The interest-only loan features a 24-month term with one extension option and flexible pre-payment options. It includes a facility to provide for capital expenditures, tenant improvements, leasing commissions, and interest and carry reserves.
SAN DIEGO — American Assets Trust Inc., a San Diego-based REIT, has acquired Pacific Ridge, a 533-unit apartment complex near the San Diego coastline, for $232 million. The sale is one of the largest multifamily transactions in San Diego history, according to Berkadia, which brokered the transaction. Pacific Ridge is a Class A luxury community located on 15 acres with unobstructed ocean views. Carmel Partners developed the 577,147-square-foot property, which opened in 2010. Outdoor amenities include Moroccan-styled common areas, lounges, two saltwater pools and spas, an outdoor grill and dining pavilion, yoga deck, bocce court, fire pits, jogging trail and dog walk. Indoor amenities include a wine bar, coffee bar, demonstration kitchen, fitness center, tanning studio, board sport and bicycle storage, saltwater aquarium and concierge. The property is located near San Diego International Airport, SeaWorld San Diego and Petco Park, home of Major League Baseball’s San Diego Padres. Berkadia cited a declining unemployment rate — falling 60 basis points year-over-year to 4 percent at the end of February — as a reason for San Diego’s attractiveness as a market. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia represented the seller, identified only as “a San Francisco-based entity,” …
TORRANCE, CALIF. — The Bascom Group has acquired the 64-unit Harvard Villa Apartments in Torrance for $14 million. The community is located at 20341 Harvard Blvd. Harvard Villa is situated near the Pacific Ocean and the 405, 110, 710 and 105 freeways. The seller is a long-term private owner. Erich Pryor, Eric Snyder and Thomas Sherlock of Talonvest Capital arranged a $11.4 million acquisition loan from TCF National Bank. Hooman Emanuel of Emanuel Real Estate Group represented Bascom in the transaction.
CULVER CITY, CALIF. — McCormick Construction has completed the renovation of the 45,000-square-foot Westwood One radio broadcast facility in Culver City. The campus is located at 8935, 8965 and 8944 Lindblade Ave. Cumulus Media recently acquired Westwood One, adding sports, news, talk, music and programming services. McCormick built 21 radio broadcast studios on the property. The CIM Group owns the site.
ESCONDIDO, CALIF. — Faris Lee Investments has arranged the $25 million sale of Gateway Center, an 89,625-square-foot shopping center located in Escondido. The property was 95 percent occupied at the time of sale by tenants including Michaels, Barnes & Noble, Fantastic Sam’s, Firehouse Subs, Dickies and H&R Block. Rick Chichester, Donald MacLellan, Patrick Toomey and Tom Chichester of Faris Lee represented the seller, a partnership led by GDA Real Estate Services. Gene Ventura and Jeff Conover, also of Faris Lee, represented the buyer, a private investor from San Diego County.
SAN DIEGO — Capstone Advisors has signed six leases for tenants at The Presidio, a recently renovated and repositioned retail center located in San Diego’s Linda Vista community. The new tenants include Rip Curl, Luv Bridal, Hopsy, Babe Kombucha, West Coast Veterinary Hospital and Sharetea. Located at 5261-5401 Linda Vista Road, The Presidio is located between Napa Street and the University of San Diego. Capstone completed extensive renovations on the property at the end of 2015. Capstone Advisors originally purchased the property in 2014. For the new lease transactions at The Presidio, Aaron Hill and Justin Wessel of Newmark Grubb Knight Frank represented Capstone Advisors. Luv Bridal and Sharetea represented themselves, Jones Lang Lasalle represented Rip Curl, Newmark Grubb Knight Frank represented Hopsy, Kidder Matthews represented Babe Kombucha and Strategic Real Estate Group represented West Coast Veterinary Hospital.
SAN DIEGO — Colliers International has arranged the $1.3 million sale of a 3,044-square-foot, two-unit retail condominium located in San Diego’s Bankers Hill neighborhood. Bill Shrader, David Maxwell and Joe Brady of Colliers International represented the San Diego-based seller, CR 5th & Nutmeg, and San Diego-based buyer The Cohen Family Trust. Shrader, Maxwell and Brady also secured Brooklyn Bicycles as the tenant for one of the units concurrently with the sale of the property. The shell-condition condominium is located at 2655 Fifth Ave. on the ground floor of Vue on 5th, a recently completed 45-unit residential building.