SANTEE, CALIF. — Cushman & Wakefield has negotiated the sale-leaseback of a 21,500-square-foot property occupied by Chuze Fitness in the San Diego suburb of Santee. The price was not disclosed. Paragon Properties acquired the property, located within Santee Town Center, from Chuze Fitness. Chad Lafrate and Kevin Held of Cushman & Wakefield represented Chuze Fitness in both the sale and lease transactions.
DEL MAR, CALIF. — GLL Real Estate Partners’ Del Mar Plaza has reached 90 percent occupancy following a joint repositioning effort with JLL. The 74,631-square-foot open-air center is located at 1555 Camino Del Mar in Del Mar. New tenants include Salon Republic, Union Bank, Del Mar Rendezvous, Momma’s Medi Spa, Del Mar Nails, PS Platinum, Kitchell Development and Fine Magazine. Each new tenant is slated to open by summer 2017. Craig Killman and Corinna Gattasso of JLL are handling leasing at the center.
TUSTIN, CALIF. — Lincoln Property Co. and Alcion Ventures have gained approval from the City of Tustin to move forward on Flight, an 870,000-square-foot creative office campus within the 1,600-acre master-planned community of Tustin Legacy. Flight will contain a mix of four-story buildings with outdoor platform decking and roll-up doors. The Rios Clementi Hale Studios-designed buildings will feature perforated metal building skins that shade the indoor/outdoor office space and large glass curtain walls on the ends to allow light penetration. Flight will be constructed in two phases, with Phase I anticipated to begin in early 2017 and finish within 14 to 18 months. Phase I will include more than 470,000 square feet of office space, a mess hall and conference center.
OXNARD, CALIF. — JRK Property Holdings has purchased the 168-unit Rancho Solana apartments in Oxnard for $30.7 million. The community is located at 2444 Alvarado St. Rancho Solana borders RiverPark, a 704-acre master planned community, that includes a mix of housing, schools and 14 community parks. The community was 99 percent leased at closing. Amenities include controlled access, swimming pool and spa, barbecue area, sports court, children’s playground and covered parking. Gregory Harris, Kevin Green and Joseph Grabiec of IPA represented both parties in the transaction. The seller was a private investor.
SANTA MONICA, CALIF. — Century West Partners has completed construction of the 56-unit Chelsea luxury apartment building in Santa Monica. The community is located at 1320 2nd St. in the downtown area. Chelsea’s units are set within a four-story building atop two restaurants, occupying 3,150 square feet and 2,850 square feet, respectively.
SAN FRANCISCO — Vanbarton Group has purchased a 117,000-square-foot office building in San Francisco for $83 million. The 15-story tower is located at 115 Sansome St. It is fully leased. The property was built in 1912 as the Standard Oil Co. headquarters. The seller, TA Realty, had converted more than 70 percent of the building to creative office space. JLL’s Michel Seifer and Erik Hanson represented TA Realty in the transaction.
SAN JOSE, CALIF. — A partnership between Trammell Crow Company and Principal Real Estate Investors has completed construction of MidPoint@237, a 563,000-square-foot manufacturing project in San Jose. The three-building project is situated at North 1st Street and Nortech Parkway at the top of Silicon Valley’s Golden Triangle. Rob Shannon and Chip Sutherland of CBRE marketed the Class A project. The architect is ARC TEC Inc. and the general contractor is Lusardi Construction Co.
LOS ANGELES — NSB Associates has purchased a 59,395-square-foot office building in El Segundo for an undisclosed sum. The Class B building is located at 181-185 S. Douglas St. in the Los Angeles submarket. NSB represented itself in the transaction, while Alan Pekarcik and Chris Smith of Avison Young represented the seller, an institutional investor.
SANTA MONICA. CALIF. — Mesa West Capital has provided a $283.3 million loan for the acquisition and renovation of the Lantana Media Campus, a 478,713-square-foot office complex in Santa Monica. The campus contains four Class A office buildings on a 12-acre site on Olympic and Exposition boulevards in Santa Monica’s Media District. It is leased to a variety of entertainment and media companies. A joint venture between Brightstone Capital Partners and Artisan Realty Advisors owns the campus. The seven-year, floating rate, non-recourse financing was originated out of the private lender’s open-ended Mesa West Core Lending Fund. Steve Fried and Jason Bressler led the origination for Mesa West.
LOS ANGELES — George Smith Partners has secured $33 million in refinancing for a nine-property multifamily portfolio in Los Angeles. The portfolio is located in the West Hollywood and Koreatown neighborhoods. The transaction required nine separate loans to close concurrently with a structure that provided $5 million in return of equity to the owner and developer. Ultimately, two capital providers provided the loans at a five-year fixed rate of 3.15 percent. Each of the nine loans will self-liquidate over 30 years. After the initial five-year fixed-rate period, the rates will reset and float at 235 over LIBOR for the remaining 25-year term. A step-down prepayment is underwritten, which opens without penalty after the third year. Bryan Shaffer, Jon Shapiro and Max Lehrman arranged the loans.
