RIVERSIDE, CALIF. — Industrial Property Trust has acquired Alessandro Business Center, a 582,000-square-foot industrial facility in Riverside, for $51.6 million. The facility is located at 7295 San Gorgonio Drive. Ascena Retail Group fully occupies the institutional-quality center. Jeff Chiate, Jeff Cole and Chuck Belden of Cushman & Wakefield, along with James Panting of Commercial Realty Advisors, represented the seller, Western Realco/Cigna, in this transaction.
SAN FRANCISCO — PCCP has provided a $48.5 million construction loan for the development of Bay Area Logistics Center, a 707,600-square-foot distribution facility in the East Bay submarket of Richmond. The park will be situated within the master-planned Pinole Point Industrial Park. Other notable tenants at the park include Amazon, Whole Foods, Williams and Sonoma and UPS. Bay Area Logistics Center is about 16 miles from the Port of Oakland and 27 miles from Oakland Airport. It will sit adjacent to a UPS hub. The facility is scheduled for completion in September 2017. The borrower was LDK Ventures.
LOS ANGELES — Equity Office has announced plans to reposition Howard Hughes Center, a 1.3 million-square-foot office center in the West Los Angeles submarket of Playa Vista. The renovation will transform the project into a connected, creative campus. Initial upgrades will include enhanced, flexible outdoor entertainment areas, drought-tolerant landscaping with mature trees, upgraded “wired” lobbies, contemporary spec suites and customizable floor plans. The repositioning will also better connect the five-building campus. Equity Office is a U.S. office platform that is wholly owned by Blackstone’s real estate funds. Blackstone acquired Howard Hughes Center in November 2016.
SAN DIEGO — CBRE Capital Markets’ Debt & Structured Finance team has secured approximately $90 million in acquisition and repositioning financing for an eight-building office and R&D campus in San Diego. The property is located at 16399 W. Bernardo Drive in the Rancho Bernardo submarket. Financing was arranged on behalf of the buyer, an entity owned and managed by Swift Real Estate Partners. CBRE tailored the balance-sheet financing with a base term of three years and the ability to extend the loan as long as seven years. The non-recourse financing included capital toward the purchase of the property, as well as funding to perform capital improvements to reposition the buildings and amenities. The funds will also cover tenant improvements and leasing commissions. CBRE structured a prepayment provision that will allow Swift to sell individual buildings or refinance with long-term debt. CBRE closed the financing with Acore Capital, a domestic advisor of debt investments that worked on behalf of a Japanese Life Insurance Company.
LOS ANGELES — The Los Angeles City Planning Commission has unanimously approved plans for the Los Angeles LGBT Center’s new Anita May Rosenstein Campus in Hollywood. Slated for opening in early 2019, the campus will serve as the new administrative headquarters for the Center, and include up to 100 units of affordable housing for seniors, 100 beds for homeless youth, new senior and youth centers, up to 35 units of permanent supportive housing for young people, and ground-floor retail space. Architecture firm KFA, in collaboration with design firm Leong Leong, is the architect for the development. The project will tie together The Village at Ed Gould Plaza, creating one large campus. Currently, The Village includes two theaters, two gallery spaces, offices for AIDS/LifeCycle and community meeting space. The campus expansion will also free up space at the Center’s McDonald/Wright building, which can then be fully dedicated to medical and mental health care, addiction recovery services, HIV/STD testing and treatment and other medical services. The project will now seek approval from the Los Angeles City Council. The Los Angeles LGBT Center was founded in 1969 and claims to serve more people in the LGBT community than any other organization in the …
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.
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.
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.
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.
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.
