California

United American, World Premier Receive $92M Refinancing for Grand Plaza in San Marcos

by Nellie Day February 10, 2017

SAN MARCOS, CALIF. — United American Properties and World Premier Investments have received a $92 million loan to refinance debt on Grand Plaza, a retail power center in San Macros. Anchored by Sprouts Farmers Market, the 356,796-square-foot property is 94 percent leased to a variety of tenants such as Orchard Supply Hardware, Bed Bath and Beyond, Ross Dress for Less, Marshalls, Boudin Bakery, Lane Bryant, Party City, Broken Yolk Café, Starbucks Coffee, Ulta Beauty and Nordstrom Rack. John Chun, Sebastian Trujillo and AJ Manas of HFF arranged the 25-year, fixed-rate loan with J.P. Morgan Asset Management.

February 10, 2017

California Industrial Western

TCC Commences Construction on Columbia Business Park in Riverside

by Nellie Day February 10, 2017

RIVERSIDE, CALIF. — Trammell Crow Company (TCC) has commenced construction on Columbia Business Park, a 1.4 million-square-foot spec industrial development in Riverside. The three-building project will be situated within the Hunter Park industrial corridor. The project will be constructed in phases to maximize flexibility. The first phase will include a 1 million-square-foot distribution center and the design of a 371,229-square-foot distribution center. The second phase will include the development of the adjacent seven-acre parcel, which could provide additional parking, trailer storage or accommodate a planned 86,853-square-foot building. Operating Engineers Pension Trust is developing the business park. Washington Capital Management served as Operating Engineers’ advisor.

February 10, 2017

California Retail Western

Marcus & Millichap Negotiates $11.1M Sale of 102,801 SF Shopping Center in Hemet

by Nellie Day February 10, 2017

HEMET, CALIF. — Marcus & Millichap has brokered the sale of Ramona Plaza, a shopping center located in Hemet. An undisclosed buyer acquired the property for $11.1 million, or $108 per square foot. Grocery Outlet, Planet Fitness, Dollar Tree, Subway and Little Caesars Pizza occupy the 102,801-square-foot property. Matt LoPiccolo, Matt Hardy and Mike James of Marcus & Millichap represented the buyer and undisclosed seller in the deal.

February 10, 2017

California Retail Western

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

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