ESCONDIDO, CALIF. — Duhs Commercial has arranged the sale of a shopping center located at 426 W. Second Ave. in Escondido. William and Helen Taylor Trust acquired the 8,694-square-foot asset for $1.9 million. Austin Dias and Scott Duhs of Duhs Commercial represented the sellers, Tom Family Trust and Golden Meadows Investments LLC, while Matt Belshin and Bill Morgan of Morgan Real Estate represented the buyer in the deal.
LONG BEACH, CALIF. — Red Mountain Group Inc. has completed the disposition of The Knolls Shopping Center, a retail center located at 4250 Long Beach Blvd. in Long Beach. An undisclosed buyer acquired the property for $29.1 million in an all-cash transaction. After acquiring the asset in 2015, Red Mountain Group redeveloped and re-tenanted the property with Trader Joe’s, Pet Food Express, Chipotle, Jersey Mike’s Subs, Verizon Wireless, Mob Pizza and Crunch Fitness. Bill Bauman of Savills Studley brokered the deal.
POMONA, CALIF. — Reliable Properties has acquired Foothill & Garey Center, a retail property located at the southeast corner of Foothill Boulevard and Garey Avenue in Pomona, for an undisclosed price. Situated on 10.7 acres, the 124,000-square-foot property is occupied by Superior Grocers, O’Reilly Auto Parts, Chase Bank, Carl’s Jr., Sally Beauty Supply, Fred Loya Insurance and Boost Mobile, among others. The name of the seller was not released.
REDDING, CALIF. — CBRE has arranged an undisclosed amount of financing for Ray Stone Inc., which will use the capital to acquire River Oaks Retirement Community, a 102-unit independent living community in Redding, approximately 160 miles north of Sacramento. CBRE Multifamily Capital originated a fixed-rate loan through its Fannie Mae DUS multifamily loan origination program. Ray Stone will operate the property following the sale. CBRE’s Kevin Randles and Aron Will arranged the financing.
PALM DESERT, CALIF. — Marcus & Millichap has brokered the sale of Las Sombras, a retail property located at 72-261 Highway 111 in Palm Desert. An undisclosed buyer acquired the property for $3.7 million. The property includes 18,041 square feet of existing buildings that are currently vacant. Pablo Rodriguez, Richard Vincent and Bruce Haulley of Marcus & Millichap represented the seller, a private investor, in the deal.
LOS ANGELES — Advanced Real Estate Services has received $73.9 million to refinance a five-property multifamily portfolio in Southern California. The portfolio contains a total of 479 units. The properties include Cantabria, Four Seasons, Lanter Bay, Solara and the Pines at Montclair. These assets are spread throughout Orange, Los Angeles and San Bernardino counties. The refinancing features a seven-year term, 3.78 percent interest rate and a 30-year amortization schedule. NorthMarq’s Michael Elmore arranged the financing through a national bank. The transaction was completed under the lender’s portfolio recapitalization program, which minimized prepayment and closing costs. It also provided cash-out proceeds to Advanced, which plans to use the excess funds for future acquisitions.
LOS ANGELES — An unnamed buyer has acquired The Merritt Building, a 55,948-square-foot office building in downtown Los Angeles, for $24 million. The historic site is located at 761 S. Broadway, also known as 301 W. 8th St. in the SoBro (South Broadway) district. The building was originally designed by the Reid Brothers in 1915 as a rendition of Minerva’s Temple. The Home Savings & Loan Association bought the building in 1957. Today, the property is a nine-story commercial building with a basement level and ground-floor retail. Mike Condon Jr. and Kelli Snyder of Cushman & Wakefield represented the seller, LIZ, in this transaction.
ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased Lava Ridge Business Center, a 182,302-square-foot office campus in Roseville, for an undisclosed sum. The three-building campus is located at 2990, 3000, and 3010 Lava Ridge Court. Lava Ridge Business Center was built in 2000. Current tenants include American Pacific Mortgage, Polycomp Admin Services, Asurea Insurance and Wells Fargo. Palmer Capital’s Bill Palmer, Ryan Thompson and Brad Idleman brokered the sale of the property. The firm’s Jeremy Thornton assisted the JV in securing new lender financing from Compass Bank. Chris Lemmon and Zac Collie of Newmark Cornish & Carey are acting as the center’s leasing agents.
IRVINE, CALIF. — Quality Care Properties, the spinoff of HCP’s ManorCare skilled nursing portfolio, has begun trading on the New York Stock Exchange under the symbol QCP WI. QCP is now a completely separate company from HCP (NYSE: HCP), one of the largest seniors housing REITs in the United States. QCP is also classified as a REIT following the spinoff. HCP common stockholders received one share of QCP common stock for every five shares of HCP common stock they held on October 24. Stockholders will receive cash in lieu of fractional shares of QCP. Barclays and Morgan Stanley were financial advisors to HCP, and Skadden, Arps, Slate, Meagher & Flom LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel.
SAN DIEGO — Mitek has leased 29,000 square feet of office space in downtown San Diego. The mobile capture and identity verification software solutions provider relocated from its current headquarters in Kearny Mesa. The new space is located at 600 B St. Mitek completed the relocation in October. Ron Miller of Colliers International represented Mitek in the lease deal.