California

Progressive Real Estate, SRS Real Estate Broker $4M Sale of Walmart Building

by Nellie Day August 29, 2016

PERRIS, CALIF. — Progressive Real Estate Partners and SRS Real Estate Partners have arranged the sale of a former Walmart building, located at 2560 N. Perris Blvd. in Perris. A California-based private investor acquired the 127,000-square-foot building from a Santa Monica, Calif.-based private investment firm for $4 million. Built in 1991, the building is easily divisible and features parking for approximately 750 vehicles. Additionally, the building is part of the 292,000-square-foot Spectrum Shopping Center, which is occupied by Cardenas, Dollar Tree, Wells Fargo Bank, Verizon, Taco Bell and Payless ShoeSource. Greg Bedell and Paul Galmarini of Progressive Real Estate Partners and Townsand Cropsey of SRS Real Estate Partners represented the seller, while Drew Wetherholt of Marcus & Millichap represented the buyer in the deal.

August 29, 2016

California Retail Western

Tropical Holdings, Ruffin Tech Center Sell Restaurant Property in La Habra for $3.3M

by Nellie Day August 26, 2016

LA HABRA, CALIF. — Tropical Holdings LLC and Ruffin Tech Center Ltd. has completed the sale of a restaurant property located at 1000 S. Beach Blvd. in La Habra. A Rowland Heights, Calif.-based private investor acquired the property for $3.3 million. The newly constructed, single-tenant, 5,506-square-foot property is absolute triple-net leased to Black Bear Diner. Jeremy McChesney of Hanley Investment Group represented the sellers, while Peter Deltondo of Marcus & Millichap represented the buyer in the transaction.

August 26, 2016

California Retail Western

Arroyo & Co., Colliers Broker Acquisition of 36,816 SF Shopping Center in Oakland

by Nellie Day August 26, 2016

OAKLAND, CALIF. — Arroyo & Co. and Colliers have arranged the acquisition of Shops at Broadway, a newly constructed grocery- and pharmacy-anchored shopping center located in Oakland. A group of San Francisco Bay area developers sold the property to an undisclosed buyer for an unreleased sum. Sprouts Farmers Market, Walgreens, Starbucks Coffee, Chipotle and Sleep Train occupy the 36,816-square-foot center. Pedro Arroyo and David Kram of Arroyo & Co., along with Mark Lewkowitz of Colliers, represented the buyer in the deal.

August 26, 2016

California Retail Western

Shea Properties Adds Four Retailers to Del Sur Town Center in San Diego

by Nellie Day August 26, 2016

SAN DIEGO — Shea Properties has added four new retailers to Del Sur Town Center, a specialty dining and retail development in the master-planned Black Mountain Ranch in San Diego. The new tenants are Sprouts Farmers Market, Orangetheory Fitness, Just Run, a specialty boutique catering to walkers and runners, and Ogden’s Cleaners, an eco-friendly dry-cleaning company. Additional tenants at Del Sur Town Center are Target, CürBar, The Bike Shop and Del Sur Ranch Dental.

August 26, 2016

California Loans Multifamily Western

Meridian Capital Arranges $74.7M in Financing for Adagio at South Coast in Santa Ana

by Nellie Day August 25, 2016

SANTA ANA, CALIF. — Meridian Capital Group has arranged $74.7 million in acquisition and recapitalization financing for the 349-unit Adagio at South Coast in Santa Ana. The community is located at 3124 S. Main St. The acquisition loan features four years of interest-only payments during the initial term, followed by an extension option. Meridian’s Seth Grossman and Sarah Kuebler negotiated the transaction on behalf of Decron Properties. A balance-sheet lender provided the capital.

August 25, 2016

California Industrial Western

Karma Automotive Leases 262,000 SF Manufacturing Facility in Irvine

by Nellie Day August 25, 2016

IRVINE, CALIF. — Karma Automotive has leased a 262,000-square-foot manufacturing facility in Irvine. The facility is being developed at 9950 Jeronimo Road on the site of the former Kawasaki USA headquarters. Karma will relocate from nearby Costa Mesa. Bixby Land Company acquired the space from Kawasaki in 2015 for $44.2 million. It has since been rebranded as creative work environment Habitat. Karma Automotive is owned by Wanxiang Group, which purchased Fisker Automotive’s assets in 2014. Karma recently announced its distribution strategy for the new Revero automobile, which includes an Orange County Brand Experience Center that will be housed at this new location. Kevin Leonard and George Okita of California Commercial Real Estate Services represented the automotive company. CBRE’s Gregg Haly and Jeff Carr represented Bixby in this lease transaction.

August 25, 2016

California Retail Western

Marinita Development Co. Completes 95,000 SF Retail Building at Sun Lakes Village in Banning

by Nellie Day August 25, 2016

BANNING, CALIF. — Marinita Development Co. has developed a retail building at Sun Lakes Village Shopping Center, a retail center at the intersection of Highland Springs Avenue and Interstate 10 in Banning. With a grand opening celebration scheduled for the end of September, the 95,000-square-foot building, located at 300 S. Highland Springs Ave., is fully leased to Hobby Lobby, Marshalls, Party City and Big 5 Sporting Goods. Additional tenants at Sun Lakes Village Shopping Center include Albertsons and Rite Aid. Marinita Development has offices in Newport Beach, Calif. and Las Vegas.

August 25, 2016

California Western

C.W. Driver Completes $58.5M Davidson Library Renovation at UCSB

by Nellie Day August 24, 2016

SANTA BARBARA, CALIF. — C.W. Driver has completed the $58.5 million renovation of the Davidson Library at the University of California, Santa Barbara (UCSB). The project included the addition of a 62,000-square-foot, three-story building to the north of the library that houses the Special Research Collections, a collection of rare artifacts and unique materials for UCSB students, faculty and the scholarly community. The upgraded library is designed to enhance teaching, learning and research at UCSB and meet the needs of the campus’ growing student body. The work included Fire and Life Safety upgrades, seismic retrofits and various renovations to bring the existing library up to code and add a range of collaboration spaces, a café and numerous open-air study areas.

August 24, 2016

California Loans Multifamily Western

CBRE Arranges $48.8M Acquisition Loan for 300-Unit Apartment Complex in Temecula

by Nellie Day August 24, 2016

TEMECULA, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $48.8 million loan for the acquisition of the 300-unit Cape May at Harveston apartment community in Temecula. The community is located at 40140 Village Road. The garden-style complex was built in 2006. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz arranged the financing on behalf of MIG Real Estate. The Fannie Mae loan features a 10-year term and floating rate.

August 24, 2016

California Multifamily Seniors Housing Western

WNC Closes $102M Institutional LIHTC Fund

by Nellie Day August 24, 2016

IRVINE, CALIF. — WNC, an Irvine-based national investor in real estate and community development, has closed WNC Institutional Tax Credit Fund 42 L.P., a $102 million institutional low-income housing tax credit (LIHTC) fund. The fund is estimated to include 1,504 affordable housing units in total, and is comprised of 17 multifamily and seniors housing communities scheduled for new construction and rehabilitation. The properties will be located in 12 states, including Arkansas, California, Iowa, Idaho, Louisiana, Massachusetts, Minnesota, New Jersey, South Dakota, Tennessee, Texas and Wisconsin. This is the second national fund and third multi-investor fund WNC has closed in 2016, totaling $329.7 million.

August 24, 2016

Newer Posts

Older Posts