California

Southgate Plaza, Sacramento, Calif.

SACRAMENTO, CALIF. — CBRE has arranged the $42.1 million sale of Southgate Plaza, a 339,369-square-foot shopping center in Sacramento. Tenants at the center include Walmart Neighborhood Market, 99 Ranch Market, 99 Cents Only, Ross Dress for Less, Baskin-Robbins, Sally Beauty and Payless Shoe Source. CBRE’s Philip D. Voorhees, Jimmy Slusher, Todd Goodman, Megan Wood, Matt Burson, Kirk Brummer, Preston Fetrow and John Read represented the seller, Wrightwood Financial, and the buyer, a subsidiary of NewMark Merrill Cos. LLC, in this transaction.

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CLAREMONT, CALIF. — StarPoint Properties has purchased the 75-unit Indian Hill Villas apartment building in Claremont for $15.7 million. The community is located at 510 S. Indian Hill Blvd. It is a few minutes from the Claremont Colleges. Indian Hill Villas was originally built in 1971. It is set to undergo a $2.1 million renovation. Stewart Weston and John Montakab of Institutional Property Advisors represented StarPoint in this off-market transaction.

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NIPOMO, CALIF. — Harborview Capital Partners, a New York-based commercial real estate finance, equity and advisory firm, has closed a $16.2 million construction loan for a 110-bed assisted living and memory care facility in Nipomo. The city is situated along the California coast between Los Angeles and San Francisco. Avi Begun, senior originator with Harborview, closed the transaction. The borrower and facility name were not disclosed.

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RANCHO CUCAMONGA, CALIF. — Cohen Financial has secured an $8.9 million loan for Town Center Square, a 60,553-square-foot shopping center located roughly 40 miles outside downtown Los Angeles in Rancho Cucamonga. The property is fully leased to tenants including Aldi, Office Max and Barnes & Noble. Cathy Bronkema of Cohen Financial secured the fixed-rate, non-recourse, 15-year term loan with a flexible prepayment structure and 25-year amortization schedule. A private balance-sheet lender provided the financing, which was used to payoff an existing bridge loan.

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SAN DIEGO — CalAtlantic Homes has purchased a 170-acre master-planned community site in the San Diego submarket of Del Sur for $24.5 million. The site is located at the intersection of Carmel Valley and Dove Canyon roads. David Santistevan and Gunder Creager of Colliers International represented both the buyer and seller, Mountain Glen Family LLC, in this transaction.

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BERKELEY CALIF. — American Campus Communities and the University of California, Berkeley have broken ground on a 781-bed residence hall located on the south side of the university’s main campus in Berkeley. The development, expected to house first-year students, will feature eight stories of residential and amenity space, 7,000 square feet of ground-floor retail and an 11,000-square-foot community center. The community center will include an “academic success center,” fitness center and student and gaming lounges. The project will also be home to 5,000 square feet of integrated space owned by Stiles Hall, a nonprofit student service group associated with the university. The public-private partnership transaction was structured under the American Campus Equity (ACE) program, which gives universities the opportunity to expand and modernize their student housing portfolio without the use of university financial resources. The development will seek LEED Gold certification. The project will include outdoor courtyards for student gathering that incorporate sustainable landscaping to treat rainwater runoff, reducing water usage by 50 percent and heat island effect by 50 percent. An expected completion date has not been announced.

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NEWARK, CALIF. — SAS Automotive Systems has pre-leased OMP Eureka Landing, a 142,188-square-foot advanced manufacturing property in Newark. The project will be located at 39888 Eureka Drive. It is situated two blocks west of Interstate-880 and less than five miles from Tesla’s Fremont plant. OMP Eureka Landing represents SAS’s first West Coast outpost where it will bring new manufacturing jobs to the Bay Area. Colliers International’s Mark Triska and Sanjiv Chadha represented SAS.

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DAVIS, CALIF. — Fulcrum Properties has acquired University Research Park, a 304,912-square-foot campus in Davis, for $70 million. The 17-building park is located at 1440-1590 Drew Ave., 1850-2020 Research Park Drive and 1947 Galileo Court, less than one mile from the University of California, Davis. The property was 92 percent occupied at the time of sale. Major tenants include Novozymes, Marrone Bio Inovations and UC Regents. CBRE’s Russell Ingrum, Joe Moriarty, Tyler Meyerdirk, Sean Sullivan, Stuart Wright and Matt Post represented the seller, Interland LLC. The firm’s Mike Stassi and Daniel Baker provided leasing market expertise .

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SAN JOSE, CALIF. — Ridge Capital Investors has purchased One Eleven Market Square, a 320,559-square-foot office property in San Jose, for an undisclosed sum. The property is composed of two towers. A 163,775-square-foot building is located at 111 W. St. John St., while a 156,784-square-foot building is located at 111 N. Market St. The property is 78 percent leased to tenants like Pacific Business Centers, Rockwell Automation, Kerio Technologies, BAM Labs Opportunity Fund and Diamanti. Ridge Capital Investors purchased the property in partnership with an undisclosed commingled discretionary equity fund. The seller was Swift Real Estate Partners, which made capital improvements during its two years of ownership.

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MONTCLAIR, CALIF. — JCH Consulting Group has arranged the $15.5 million sale of a 119-unit assisted living and memory care community in the Los Angeles suburb of Montclair. The community was built in 1990 and was 67 percent occupied at the time of sale. An investment company sold the community to a regional owner-operator as a value-add opportunity. The name of the facility was not disclosed. Nick Stahler and Jim Hazzard of JCH arranged the transaction.

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