LOS ANGELES — NorthMarq Capital has arranged $3 million in acquisition financing for 24th & Vermont, a 19,280-square-foot mixed-use property located at 451-467 N. Western Ave. in Los Angeles. The transaction was structured with a 10-year term with three years of interest-only payments, followed by a 27-year amortization schedule. David Blum of NorthMarq arranged the financing for the borrower through a regional bank.
THOUSAND OAKS, CALIF. — NorthMarq Capital has arranged the $6 million refinancing of Skyline Center, a 36,900-square-foot retail property located in Thousand Oaks. The 10-year, non-recourse loan features a 30-year amortization schedule and a seven-year fixed rate that will switch to floating for the last three years. Joe Giordani of NorthMarq’s Los Angeles office secured the financing for the undisclosed borrower.
ONTARIO, CALIF. — Noble House Home Furnishings has leased Prologis Mission Distribution Center, a 741,458-square-foot industrial distribution center in Ontario. The Class A center is located at 3655 S. Philadelphia St. It was built in 2001 and acquired by Prologis in 2007. The center was completely vacant prior to this lease. Peter Castleton of Voit represented the national residential furniture manufacturer in the transaction.
PLACENTIA AND SAN DIEGO, CALIF. — Vestar has been selected to two retail properties in Placentia and San Diego. In the first assignment, Vestar will manage Placentia Square, a community retail center in Placentia. Located at the corner of Yorba Linda and Kraemer boulevards, Wells Fargo, Walgreens, Supercuts, Pick Up Stix, Subway and Rubios occupy the 27,930-square-foot center. In the second assignment, Clarion Partners selected Vestar to manage Courtyard at Carmel Mountain Ranch, a community retail center at 11134 Rancho Carmel Drive in San Diego. Best Buy, TJ Maxx, Staples, Petco and The Vitamin Shoppe occupy the 128,000-square-foot property. With these assignments, Vestar now manages more than 26 million square feet of retail space throughout the West Coast.
CARLSBAD, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the lease of 1,270 square feet of space at Bressi Village, located at 2623 Gateway Road in Carlsbad. Cravory Holdings LLC signed a five-year lease with a consideration of $364,100 for the space where it plans to open a bakery. Stewart Keith and Bill Thaxton of Flocke & Avoyer represented the lessor, while Greg Bowman of Cushman & Wakefield represented the lessee in the deal.
LOS GATOS, CALIF. — Donahue Schriber has acquired Los Gatos Village Square, a 46,235-square-foot grocery-anchored shopping center located in the San Francisco Bay area community of Los Gatos. Trader Joe’s anchors the fully occupied center. Nicholas Bicardo, Danny Reddin and Brandon Rogoff of HFF represented the undisclosed institutional seller in the transaction.
GRANITE BAY, CALIF. — Vestar has acquired Sierra Oaks Plaza, a neighborhood shopping center located in Granite Bay in the Sacramento metropolitan area. The asset, which is situated at the intersection of Douglas and Sierra College boulevards, sold for $28.1 million. Walmart Neighborhood Market, Chick-Fil-A, Crunch Fitness, Tri Counties Bank and Habit Burger occupy the 105,555-square-foot property. Over the past 12 months, Vestar has acquired six retail centers valued at $700 million throughout the Western states.
CALABASAS, CALIF. — Michael Klein, principal and CEO, has opened Freedom Financial Funds (FFF) in Calabasas. FFF manages private equity funds that it uses for debt and equity capital for the construction, rehabilitation, repositioning, conversion or additions to commercial and residential properties in the Western United States. The firm’s team of experts includes Stanley Kafka, Minda Johnstone and Yan Lam, all principals and founding members of FFF. The firm uses pooled funding or managed accounts, provided by high-net-worth individuals, business managers, institutional investors and lines of credit provided by commercial banks.
SAN FRANCISCO — Bridgeton Holdings has received a $45 million loan to acquire 995 Market St., a 15-story office tower in San Francisco. The company purchased the 91,300-square-foot tower for $62 million. The office portion of the tower is occupied by WeWork and a nonprofit group. It also includes ground-floor retail that is fully leased to CVS. The property is situated in the Mid-Market neighborhood, which is also home to Twitter, Uber and Spotify. Jordan Ray, Ari Hirt, Steven Buchwald and Alex Draganiuk of Mission Capital Advisors arranged the non-recourse loan.
LOS ANGELES — An affiliate of Brooks Street has obtained a total of $9.8 million in financing to acquire a 1.2-acre land parcel in Los Angeles’ Koreatown neighborhood. The Newport Beach-based developer obtained entitlements for 166 apartment units and 5,000 square feet of retail. West Bay Capital LLC arranged the financing. The funds consist of a $5 million loan secured by a second deed of trust, as well as a $4.8 million senior loan that was placed with a capital partner. Both loans fetaure six-month terms and six-month extension periods.