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.
ANTIOCH, CALIF. — SRS Real Estate Partners has brokered the sale of The Crossings, a retail center located at the corner of Hillcrest Avenue and Deer Valley Road in Antioch, for an undisclosed price. A limited partnership managed by Beverly Hills-based CNA Enterprises sold the property to a partnership controlled by Campbell-based JK Properties. Safeway and Rite Aid anchor the 125,000-square-foot property. Michael Federle of SRS represented the seller, while Mark Thomas, also of SRS, represented the buyer in the deal.
LOS ANGELES — US OCG Inc., a subsidiary of China-based Esong Group, has purchased the 405-room Holiday Inn near Los Angeles International Airport (LAX) for $52 million. The hotel is located at 9901 S. La Cienega Blvd. The Holiday Inn was built in 1973 and renovated in 2008. It has maintained an occupancy rate of more than 90 percent in 2016, according to Infinity Realty Advisors, which represented the buyer. LAX is currently undergoing an $8 billion modernization. This is the subsidiary’s first U.S.-based hotel acquisition. The seller was the CIM Group. Eddy Chao, Karin Chao and Richard Alter represented the buyer.
CHINO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.2 million sale of a 3,900-square-foot, multi-tenant pad building located at Stater Bros. Plaza in Chino. Starbucks Coffee anchors the property, which is located at 7055 Schaefer Ave. The site contained one vacant unit at the time of sale. Ed Hanley and Bill Asher represented the seller, Euclid Pad II LLC, and Michelle Chen of RE/MAX Premier Properties represented the buyer, a Southern California-based private investor, in the transaction.
ARROYO GRANDE, CALIF. — PAQ Inc. has acquired a 63,737-square-foot vacant building located in Five Cities Center, a 467,000-square-foot power center located in the California Central Coast community of Arroyo Grande, with the intention of opening a new Food 4 Less location. Haggen Food & Pharmacy Store formerly occupied the building. Nick Foster and Jonathan Metcalf of HFF represented the seller, Haggen Property Holdings LLC, in the transaction. Tenants at Five Cities Center include Walmart, Trader Joe’s, Regal Cinemas and Pier 1 Imports.
ISSAQUAH, WASH. — Regency Centers Corp. has acquired Klahanie Shopping Center, a grocery-anchored shopping center located in the Seattle suburb of Issaquah, for $36 million. A 40,000-square-foot Quality Food Centers (QFC) anchors the property. Tenants at the center include Starbucks Coffee, Great Clips, Wells Fargo and Subway.
FULLERTON, CALIF. — The Richman Group of California Development Company has completed construction of Ventana, a 95-unit affordable seniors housing community in Fullerton. The six-story, 130,000-square-foot midrise building on 0.6 acres features 3,200 square feet of retail space and a subterranean parking garage. The community is already fully leased. Richman Property Services will operate and handle leasing for Ventana. Irwin Partners of Costa Mesa was the architecture firm and Cannon Constructors of San Diego was the general contractor. City of Fullerton Housing Bonds, tax credit funds and Bank of America all provided financing for the project. Founded in 1987, The Richman Group is a residential real estate investment, development and asset management firm based in Connecticut. The California branch is based in La Jolla.
SANTA CLARA, CALIF. — Irvine Co. Retail Properties has added seven new tenants to Santa Clara Square Marketplace, a 125,000-square-foot shopping center located in Silicon Valley. New additions include Sur La Table, Lula’s Chocolates, Specialty’s Café & Bakery, Opa!, CorePower Yoga, Books Inc. and COMEBUY Drinks. Sur La Table and Lula’s Chocolates are set to open this summer, with the rest of the new retailers opening later this year. The shopping center is located within the 100-acre, master-planned community of Santa Clara Square.
SAN DIEGO — The San Diego Port Authority Commission has selected a $1.2 billion project proposal to transform 70 acres of downtown San Diego’s waterfront. ThrillCorp Inc. will develop a 480-foot observation tower, to be known as SkySpire, which will anchor the development. ThrillCorp is a partner in a consortium called 1HWY1, which is led by Protea Waterfront Development. In addition to the SkySpire, the $1.2 billion redevelopment proposal includes the 178,500-square-foot OdySea aquarium, bayfront beaches, three hotels totaling 1,077 rooms, marinas, more than 388,000 square feet of retail, 19,100 square feet of offices, dining and other entertainment. The winning proposal was one of 11 submitted for the site. The Port Authority and Protea Waterfront Development are expected to complete final review of the proposal by October, beginning the development process immediately afterward. “I believe this site is unquestionably one of the best waterfront sites in the United States,” says Yehudi Gaffen, spokesman for Protea Waterfront Development. “When completed, this will redefine experiential urban, mixed-use development and make San Diego a truly world class city.” The San Diego Unified Port District approved the development following a 6-1 vote. Construction is scheduled to begin in 2020 for completion in 2023, according to BisNow. …
