California

Mariner Court Office Building in Torrance Sells for $24M

by Nellie Day May 3, 2017

TORRANCE, CALIF. — A private, locally based commercial real estate entity has acquired the 109,841-square-foot Mariner Court office building in Torrance for $24 million. The Class B building is located at 3625 Del Amo Blvd. Mariner Court is situated near the 405, 91 and 110 freeways, and near to Los Angeles International Airport. Derek Caldwell of Institutional Property Advisors represented the buyer, while the firm’s Michael Lawrence and David Black represented the seller, an Orange County-based private commercial real estate company.

May 3, 2017

California Office Western

Douglas Emmett, QIA Buy Two Office Buildings in Santa Monica for $352.8M

by Nellie Day May 2, 2017

SANTA MONICA, CALIF. — A joint venture between Douglas Emmett and Qatar Investment Authority (QIA) has purchased two office buildings in Santa Monica for $352.8 million. The assets include a 206,000-square-foot building at 1299 Ocean Ave. and an 87,000-square-foot office building at 429 Santa Monica Blvd. The same consolidated joint venture also acquired 12100 and 233 Wilshire Blvd. in 2016. A portion of the purchase price was provided by a $142 million secured, non-recourse, interest-only loan to the joint venture that matures in July 2019 and bears interest at LIBOR plus 1.55 percent. Douglas Emmett provided 20 percent of the equity capital and manages the joint venture.

May 2, 2017

California Loans Multifamily Western

Northmarq Capital Arranges $61.2M Refinancing for San Diego Multifamily Portfolio

by Nellie Day May 2, 2017

SAN DIEGO — NorthMarq Capital has arranged a $61.2 million refinancing for a San Diego-based multifamily portfolio owned by a local private family office. The portfolio contains three communities and a total of 488 units. The properties are located in San Diego, Poway and La Mesa. The transaction was structured with a 12-year, interest-only term. Gardiner Champlin and Marty Meagher of NorthMarq arranged financing for the borrowers through Fannie Mae’s Green Rewards program.

May 2, 2017

California Multifamily Western

MJW Property Group Purchases Cantabria Apartment Homes in Menifee for $43.6M

by Nellie Day May 2, 2017

MENIFEE, CALIF. — MJW Property Group has acquired the 230-unit Cantabria Apartment Homes in Menifee for $43.6 million. The community is located at 30951 Hanover Lane. It sits adjacent to San Jacinto College off the 215 Freeway. Community amenities include a resort-style pool with cabanas, courtyard fireside lounge and fitness center. Kyle Pinkalla, John Chu and Ed Rosen of Berkadia executed the transaction. The seller was Strata Cantabria LLC.

May 2, 2017

California Industrial Western

Hill Properties, ReCap Acquire Scripps Ranch Business Park in San Diego for $31.4M

by Nellie Day May 2, 2017

SAN DIEGO — A joint venture between Hill Properties and ReCap has purchased Scripps Ranch Business Park, a 185,738-square foot industrial complex in San Diego, for $31.4 million. The nine-building industrial park is located on Willow Creek Road. It is currently leased to nine tenants. JLL’s Lynn LaChapelle, Bob Prendergast and Sach Kirpalani executed the transaction.

May 2, 2017

California Retail Western

Golf Galaxy Opens 36 New Stores

by Nellie Day May 2, 2017

PASADENA, CALIF. — DICK’S Sporting Goods has opened 36 new Golf Galaxy stores throughout the United States. This includes two stores in Arizona, five in California, two in Colorado and one in Oregon. These new locations were formerly Golfsmith properties acquired by DICK’S and have been converted to Golf Galaxy stores, bringing the specialty golf retailer’s footprint to 98 locations across 33 states. Founded in 1948, DICK’S Sporting Goods, Inc. is a leading omnichannel sporting goods retailer. As of January 28, 2017, the company operated more than 675 DICK’S Sporting Goods locations nationwide. Headquartered in Pittsburgh, DICK’S also owns and operates Golf Galaxy and Field & Stream specialty stores.

May 2, 2017

California Loans Retail Western

The Moinian Group Arranges $120M Refinancing for International Jewelry Center in Los Angeles

by Jeff Shaw May 1, 2017

LOS ANGELES — The Moinian Group has arranged a $120 million loan to refinance the International Jewelry Center in Los Angeles. The center is located at 550 S. Hill St. within the Jewelry District. The building contains 405 tenants that are primarily within the jewelry industry. Bank of China provided the five-year, interest-only loan.

May 1, 2017

California Healthcare Loans Western

Sims Mortgage Funding Closes $30.1M Loan to Expand Parkview Community Hospital in Riverside

by Jeff Shaw May 1, 2017

RIVERSIDE, CALIF. — Sims Mortgage Funding has closed a $30.1 million loan for Parkview Community Hospital in Riverside. The hospital is located at 3865 Jackson St. The loan will finance the expansion of Parkview’s emergency department. The loan was insured under the HUD Section 242/241 program.

May 1, 2017

California Industrial Western

Alameda Distribution Center in Lynwood Trades for $31.4M

by Nellie Day April 28, 2017

LYNWOOD, CALIF. — An unnamed buyer has acquired a 23-acre industrial land site called Alameda Distribution Center for $31.4 million. The site is located at 11840 and 11852 Alameda St. and 2800 Lynwood Road in the South Bay submarket of Lynwood. Travelers Insurance and Cargill occupy the space. CBRE’s Robert Flores and Andrew Briner represented the seller, Lynwood-Alameda Corp., in this transaction.

April 28, 2017

California Retail Western

Marcus & Millichap Arranges $15M Sale of Rosecrans Shopping Center in San Diego

by Nellie Day April 28, 2017

SAN DIEGO — Marcus & Millichap has arranged the $15 million sale of Rosecrans Shopping Center, a 43,108-square-foot retail center located in San Diego. The property is home to tenants including Rubio’s, CorePower Yoga, UPS, Allstate Insurance and Verizon. Mark Thiel of Marcus & Millichap represented the seller, an undisclosed private investor, in the transaction. Nick Totah and Ben Tashakorian, also of Marcus & Millichap, procured the buyer, Capital Asset Management. The new owner plans to renovate and reposition the center to attract health and fitness, lifestyle-oriented tenants.

April 28, 2017

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