SAN DIEGO AND OCEANSIDE, CALIF. — Newport Beach, Calif.-based Citivest Realty Services represented Beach Hut Deli in two new leases in San Diego and Oceanside. The gourmet deli sandwich restaurant has partnered with Ryan Brothers Coffee to open a 2,690-square-foot concept at Lane Field in San Diego. Beach Hut Deli signed a 10-year lease with LFN Developers for the space. Bill Shrader of Colliers International San Diego represented the landlord. Additionally, Beach Hut Deli signed a lease for 1,800 square feet at One Mission Ave. in Oceanside. Spencer Kerrigan of Voit Commercial Services represented the landlord, GFP Oceanside Block 18 LLC, in the transaction.
SAN BERNARDINO, CALIF. — Marcus & Millichap has arranged the sale of Inland Auto Service Center, a retail property located at 1680 S. Camino Road in San Bernardino. A partnership sold the 17,749-square-foot property to a personal trust for $1.2 million. The property was constructed in 1975 and renovated in 1990. Chuck Shillington of Marcus & Millichap represented the seller and buyer in the deal.
SAN JOSE, CALIF. — A joint venture between Community Preservation Partners (CPP) and Jamboree Housing has purchased the 144-unit Monte Vista Gardens apartments in San Jose for $53 million. The affordable housing community is located at 2601 Nuestra Castillo Court. CPP will invest more than $5.5 million to rehabilitate the community. The acquisition secures a series of tax incentives that will keep 80 percent of the units at affordable levels, while the other 20 percent will remain set by the open market. The rehab will commence in August and conclude next April.
GARDEN GROVE, CALIF. — CapRock Partners has purchased two industrial properties in Garden Grove for a total of $9.4 million. The assets are located at 7180 Lampson Ave. and 12570 Industry St. The two properties occupy one parcel and comprise a total of 76,888 square feet. CapRock plans to refurbish both the occupied 39,200-square-foot building on Lampson and the vacant 37,688 square-foot property on Industry. CBRE’s Steve Young, Bob Goodmanson and Brad Schneider represented both CapRock Partners and the seller, a local investor, in this transaction.
LOS ANGELES — MWest Holdings has purchased the Park Wilshire Apartments in Los Angeles for an undisclosed sum. The community is located at 2424 Wilshire Blvd. Park Wilshire originally opened in 1924 as a residential hotel. MWest plans to renovate the space. Greg Harris, Ronald Harris, Paul Darrow and Joseph Grabiec of Marcus & Millichap’s Institutional Property Advisors represented the buyer.
NEWPORT BEACH, CALIF. — R.D. Olson Construction has started construction of the 130-room Lido House Hotel in Newport Beach. It will be situated next to Lido Marina Village at the gateway to the Balboa Peninsula. The property will be part of Marriott International’s Autograph Collection. The hotel will feature 4,000 square feet of meeting rooms, a ballroom, events lawn, saltwater pool with television- and data-equipped private cabanas and a brick monument fireplace, high-end fitness center, and Boost, the hotel’s luxury spa. Lido House Hotel’s exterior amenities will also include an exterior courtyard along Newport Boulevard. The hotel will feature upscale called Mayor’s Table, and a rooftop deck and lounge named Top Side. Construction on the hotel should be complete in summer 2017.
LOS ANGELES — A private partnership has purchased a 22-unit apartment building in East Hollywood for $4.2 million. The community is located at 3933 Marathon St. It was built in 1990. The fully occupied complex is not rent controlled. Bryan Glenn of Charles Dunn Co. represented both the buyer and seller, a local private investment company in a 1031 exchange, in this transaction.
NAPA, CALIF. — An unnamed buyer has acquired Greenwood Business Center, a 226,044-square-foot distribution warehouse building in Napa, for an undisclosed sum. The Class A warehouse was fully leased to Adams Wine Group. It was built on spec in December 2015. New York Life Real Estate Investors sold the property on behalf of McMorgan Northern California Value Add/Development Fund.
SAN FRANCISCO — NorthMarq Capital has arranged a $70 million refinancing for an apartment project in Silicon Valley. The recently completed property required a short-term bridge loan structured with an interest-only feature. NorthMarq’s John Kerslake arranged financing for the borrower through a life insurance company relationship.
CERRITOS, CALIF. — HFF has secured a $66 million refinancing for Plaza 183, a 360,875-square-foot, open-air retail center located in the Los Angeles suburb of Cerritos. The property began an extensive renovation in 2014, most of which was completed in 2015, with more renovations scheduled to begin later this year. The center is over 97 percent leased to tenants including Burlington Coat Factory, Nordstrom Rack, Saks Off Fifth, T.J. Maxx, Buffalo Wild Wings, Guitar Center, Olive Garden, Old Navy, Off Broadway, Jersey Mike’s, Lane Bryant and 24-hour Fitness. Paul Brindley, Eric Tupler and Steven Paskover of HFF worked on behalf of the borrower, Cerritos Retail CenterCal LLC, to secure the 10-year, fixed-rate loan with Principal Life Insurance Co. Principal Real Estate Investors advised the lender in the transaction. Loan proceeds are being used to refinance the original acquisition and renovation financing.