California

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

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

California Multifamily Western

LaTerra Development Breaks Ground on Two SoCal Infill Apartment Projects

by Nellie Day August 23, 2016

SANTA ANA, CALIF., AND SAN DIEGO — LaTerra Development has broken ground on two infill apartment projects in Southern California. The Line at Santa Ana is a transit-oriented, mixed-use development with 228 apartment units and 4,000 square feet of ground-floor retail in Santa Ana. Stone Creek Casitas is a 97-unit, garden-style apartment project in the San Diego submarket of Chula Vista. In addition to the new apartment projects, LaTerra recently completed entitlements on two projects with 179 entry-level homes in infill Los Angeles and El Monte. These two projects were recently sold to two public residential homebuilders.

August 23, 2016

California Multifamily Western

Interstate Equities Corp. Acquires Meritage Apartments in Silicon Valley for $46M

by Nellie Day August 23, 2016

MILPITAS, CALIF. — Interstate Equities Corp. (IEC) has acquired the 137-unit Meritage Apartments in the Silicon Valley submarket of Milpitas for $46 million. The community is located at 555 S. Park Victoria Drive. The asset will be rebranded as 555 Apartments. The community will undergo a series of improvements. It was built in 1973. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of Institutional Property Advisors, as well as Carlos Azucena of Marcus and Millichap, executed the transaction. IEC is currently targeting unrenovated or partially renovated apartment communities with 20 to 400 units located in coastal infill markets.

August 23, 2016

California Restaurant Retail Western

Lincoln Property Co., Alcion Ventures Announce Eight Tenants for Trade Food Hall in Irvine

by Nellie Day August 23, 2016

IRVINE, CALIF. — Lincoln Property Co. and Alcion Ventures have announced eight chef-driven tenants to open at Trade Food Hall in Irvine. Lincoln and Alcion purchased the 32,600-square-foot Trade Marketplace in 2014, and have since transformed the project’s food court into a 9,000-square-foot food hall. Tenants to open within the food hall include Chef Andrew Gruel’s Two Birds and Butterleaf; Chef Hop Phan’s Dos Chinos and Megadon; The Sandwich Society; Portside; Sweet Comforts; and Gyro King. Ootoro Sushi and KRISP Fresh Living will anchor the property, which is set to feature a mix of service-oriented and soft goods retailers. The project is scheduled to open this fall.

August 23, 2016

California Office Western

Bomel Construction Buys Office Building in Irvine for $15M

by Nellie Day August 22, 2016

IRVINE, CALIF. — Bomel Construction has purchased a 41,585-square-foot creative office building in Irvine for $15 million. The building is located at 96 Corporate Park. The three-story, multi-tenant building will become the new headquarters for Bomel Construction, which is currently located in Anaheim. Gary Marquis of Coldwell Banker represented Bomel, which purchased the building as a partial owner/user investment opportunity.

August 22, 2016

California Retail Western

SBH Real Estate Group Sells 15,176 SF Retail Center in Koreatown for $6.7M

by Nellie Day August 22, 2016

LOS ANGELES — SBH Real Estate Group has completed the sale of a retail center located at 3138-3148 W. Pico Blvd. in the Koreatown neighborhood of Los Angeles. Hasty Yadegaran, a local real estate investor, acquired the property for $6.7 million, or $441 per square foot. Dollar Tree and a multi-unit coin laundry operator occupy the 15,176-square-foot property. Dan Hoogesteger and Chris Sands of Sands Investment Group represented the seller in the deal.

August 22, 2016

California Retail Western

C.W. Driver Cos. Breaks Ground on Five Lagunas Mall in Laguna Hills

by Nellie Day August 19, 2016

LAGUNA HILLS, CALIF. — C.W. Driver Cos. has broken ground on Five Lagunas, a rebranding and renovation of Laguna Hills Mall in Laguna Hills. Plans for the 68-acre site include 300,000 square feet of newly built retail space, 45,000 square feet of retail pad construction, and extensive interior and exterior renovations that will upgrade and modernize the shopping center. The 846,885-square-foot lifestyle center is slated to open in summer 2018. Current tenants include JCPenney, Macy’s and Nordstrom Rack. Merlone Geier Partners owns the property.

August 19, 2016

California Retail Western

Civic Partners to Build 95,000 SF Retail Development in Lake Elsinore

by Nellie Day August 19, 2016

LAKE ELSINORE, CALIF. — Civic Partners has selected KTGY Architecture + Planning to design Artisan Alley at The Diamond, a retail development located in Lake Elsinore. Situated on 11 acres at the northeast corner of Diamond Drive and Malaga Road, the project will feature 95,000 square feet of retail and restaurant space and a 130-room hotel. Rene Brochier of Colliers International and Philip Riedy of Riedy Commercial Real Estate are handling the leasing and pad site sales at the property.

August 19, 2016

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