LONG BEACH, CALIF. — An unnamed buyer has purchased the 127-unit Patio Garden Apartments in Long Beach for $35.3 million. The community is located at 4874 E. Los Coyotes Diagonal in the Long Beach Traffic Circle neighborhood. Patio Garden is less than two miles from California State University, Long Beach. It was built in 1958. Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone represented both the buyer and the seller in this transaction.
SAN DIEGO — Carey Watermark Investors 2 has acquired the 372-room San Diego Marriott La Jolla for an undisclosed sum. The hotel is located at 4240 La Jolla Village Drive. The 14-story building includes 24,000 square feet of meeting and event space, three food and beverage outlets, 467-space parking garage, outdoor pool, sundeck, fitness center and business center. The hotel has undergone a total of $21 million worth of capital improvements since 2011, including a $17 million comprehensive renovation in 2013.
ONTARIO, CALIF. — Majestic Realty Co. has broken ground on a 239,400-square-foot, build-to-suit warehouse and manufacturing/production facility in Ontario. The site, which was the former home of the Sunkist factory, is located at 752 Campus Ave. Melmarc will occupy the property. The screen printing package company will consolidate its multiple Orange County operations and headquarters into this single facility. The building is scheduled for completion and occupancy in early 2017.
LAKEWOOD AND CULVER CITY, CALIF. — Corona Del Mar-based Hanley Investment Group Real Estate Advisors has arranged the sale of two 7-Eleven stores located in California. The properties include a 1,481-square-foot 7-Eleven located in Culver City, as well as a 4,690-square-foot, two-tenant strip center occupied by 7-Eleven in Lakewood. Jeremy McChesney of Hanley represented the buyer and seller, both undisclosed private investors, in the sale of the Culver City property for $2.7 million. McChesney represented the buyer, an undisclosed private investor, and Dave Hunsaker and Chuck Noble of Lee & Associates represented the sellers, Orange, Calif.-based private investors, in the sale of the Lakewood strip center for $3.4 million.
WALNUT CREEK, CALIF. — JCH Seniors Housing Group has brokered the $1 million sale of Heatherwood Alzheimer’s Assisted Living, a 32-bed memory care community in Walnut Creek, located approximately 25 miles northeast of San Francisco. Next Level Skilled Nursing purchased the community from Alzheimer Program Development Corp. Heatherwood was built in 1964 and has undergone numerous renovations since that time. Shep Roylance and Chris Harmon of JCH facilitated the transaction.
SUNNYVALE, CALIF. — Aessense is consolidating, expanding and relocating its headquarters and R&D facility to Sunnyvale. The 16,260-square-foot, single-story building is located at 1281 Reamwood Drive. The Class A flex property has been fully renovated. It is situated near Highway 237 and the Lawrence Expressway. The developer of aeroponic plant growth systems and products is currently located at 1400 Terra Bella Ave. in Mountain View and 1220 Alderwood Drive in Sunnyvale. The company has nearly tripled its size. It will occupy the new space in October. AEssense is a Pan-Pacific company with a significant manufacturing facility in Shanghai. Scott Kinder of Savills Studley represented AEssense, while Greg Davies, Steve Horton, Alan Guterman and Kelly Yoder of Cushman & Wakefield represented the landlord, WTA Reamwood LLC, in this transaction.
LOS ANGELES — A joint venture between Douglas Emmett and Qatar Investment Authority (QIA) has purchased a 365,000-square-foot office property in the West Los Angeles submarket of Brentwood for $225 million. The Class A office building is located at 12100 Wilshire Blvd. The property will be 77 percent leased after a few impending vacancies. The space was acquired using a new secured, non-recourse, $90 million, interest-only loan that matures in July 2019. The loan bears interest at a floating rate of LIBOR plus 1.55 percent.
LOS ANGELES — Rockwood Capital has acquired Playa Jefferson, an 11-acre creative office campus in the Playa Vista submarket of Los Angeles, for a reported $165 million. The campus is located at 12777 W. Jefferson Blvd. Playa Jefferson contains four buildings that total 200,000 square feet. A fifth building containing 55,000 square feet is slated for construction later this year. The campus serves as the Los Angeles headquarters for Facebook. It is also home to Arup engineering firm, Omnicom advertising agency and R/GA Regus flexible workspace provider. The seller, Vantage Property Investors, transformed the ‘70s-era property into its current creative iteration. The campus is 93 percent leased.
ORANGE, CALIF. — BC 2 Environmental has leased 34,215 square feet of industrial manufacturing facilities in Orange. The leased space includes 3,600 of office space. The environmental and geotechnical drilling services provider signed two five-year leases for 1150 & 1250 W. Trenton Ave. The leases are valued at $2.1 million. Bryan Miller and Jim Snyder represented the landlord, Sukut Real Properties, in these transactions.
SACRAMENTO, CALIF. — Ready Capital Structured Finance has closed a $5 million loan for the acquisition, renovation and stabilization of a 92-unit multifamily complex in Sacramento. The two-story community is situated 1.5 miles from the Capital City Freeway, which connects the property to downtown Sacramento. The two-year, non-recourse loan will help fund interior and exterior renovations. The loan features a one-year extension, along with flexible pre-payment. It also includes a facility to provide for interest and working capital reserves, as well as future funding for capital expenditures. Ready Capital Structured Finance originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add, and event-driven commercial and multifamily real estate opportunities.
