California

Genesis at Campus Point in San Diego to Undergo $96.4M Biotech Conversion

by Nellie Day November 10, 2015

SAN DIEGO — HFF has arranged a $96.4 million loan for Genesis at Campus Point, a vacant, four-building office complex in the UTC submarket of San Diego, which will fund the complex’s conversion into a biotech space. The 311,022-square-foot campus is located at 4224, 4242 and 4244 Campus Point Court and 10210 Campus Point Drive. The space is situated near the convergence of interstates 5 and 805 inside a life science cluster. Other notable tenants in the area include the University of California San Diego, Scripps medical campus, Illumina, Eli Lilly and Celgene. The buildings will feature multiple conference rooms, an on-site café with indoor and outdoor seating, a full-service fitness center, large balconies and a combination of covered and surface parking. HFF’s Tim Wright, Todd Sugimoto and Zack Holderman arranged the financing on behalf of the borrower, a partnership between Phase 3 Real Estate Partners and its institutional partner. The 36-month, floating-rate loan was placed with TPG Real Estate Finance Trust. Proceeds will be used to recapitalize the mid-year acquisition and fund the immediate repositioning costs of the asset.

November 10, 2015

California Loans Multifamily Western

Berkadia Arranges $130M Fannie Mae Financing for St. Moritz Apartments in Aliso Viejo

by Nellie Day November 10, 2015

ALISO VIEJO, CALIF. — Berkadia has arranged $130 million in financing for the 675-unit St. Moritz Apartments. The community is located at 23411 Summerfield in Aliso Viejo, southeast of Los Angeles. The property was about 95 percent occupied at the time of closing. The loan features a 10-year term, 3.51 percent interest rate and interest-only payments for the full term. Mitch Thurston and Andy Ahlers of Berkadia originated the loan through the firm’s Fannie Mae program.

November 10, 2015

California Hospitality Western

Bartell Hotels Buys San Diego Airport Hilton on Harbor Island for $37.7M

by Nellie Day November 10, 2015

SAN DIEGO — Bartell Hotels has purchased the 211-room San Diego Airport Hilton on Harbor Island for $37.7 million. The hotel is located at 1960 Harbor Island Drive. The property is situated along San Diego’s waterfront, less than a mile from San Diego International Airport. It underwent an extensive renovation in the early 2000s when the hotel joined the Hilton Worldwide brand. Bartell plans to make an additional $5 million in upgrades. The company now owns eight properties in San Diego.

November 10, 2015

California Multifamily Student Housing Western

Sundt Tops Out Campus Village Phase II at San Jose State University

by Nellie Day November 10, 2015

SAN JOSE, CALIF. — Sundt Construction Inc. recently topped out Campus Village Phase II, a 10-story student housing building at San Jose State University. When complete, the building will feature 850 beds, common study rooms, a lounge, multi-purpose room, recreation room and more. Sundt is working with architects Solomon Cordwell Buenz on the $102 million project, which is expected to be completed in mid-2016.

November 10, 2015

California Office Western

Private Investor Acquires Medical Office Building in Culver City for $6.5M

by Nellie Day November 9, 2015

LOS ANGELES — A private investor has purchased an 8,568-square-foot medical office building in the Los Angeles submarket of Culver City for $6.5 million. The building is located at 10801 Venice Blvd. It was built in 1979. Lloyd Bakan and Gary Berwick of Avison Young represented the seller, also a local private investor.

November 9, 2015

California Multifamily Western

Mariposa Place Apartments in Los Angeles Sells for $4.7M

by Nellie Day November 9, 2015

LOS ANGELES — A local real estate syndicator has purchased the 24-unit Mariposa Place Apartments in Los Angeles for $4.7 million. The community is located at 501 Mariposa Place. The buyer acquired the property through a 1031 exchange transaction. The seller was Lion Real Estate Group. Keller Williams Commercial Studio City executed the transaction.

November 9, 2015

California Office Western

Regus Corp. Signs 11-Year Lease in Arcadia

by Nellie Day November 9, 2015

ARCADIA, CALIF. — Regus Corp. has signed an 11-year lease at Arcadia Gateway Centre. The center is located at 440 E. Huntington Drive. The company will occupy the entire third floor, totaling 16,400 square feet. Other notable tenants at the center include Oracle Corp. and Arroyo Insurance. Carl Anderson represented the landlord, Arcadia Gateway Centre Delaware Partners LLC.

November 9, 2015

California Multifamily Seniors Housing Western

WNC Appoints Howard Heitner to Advisory Board

by Nellie Day November 9, 2015

IRVINE, CALIF. — WNC, an investor focused on affordable real estate including seniors housing, has named 35-year industry veteran Howard Heitner to its advisory board. Heitner began his career in 1976 with the Federal Reserve Board in Washington, D.C. He has also served as president and member of the investment committee of JRK Residential America; as chief operating officer of SunAmerica Affordable Housing Partners; and spent nearly two decades as a partner with O’Melveny & Myers LLP. Heitner earned a bachelor’s degree from Bucknell University, as well as an M.B.A. and juris doctorate from the University of Chicago. He has served as chairman of the board of The Los Angeles Conservancy, and as a member of the Hollywood Community Housing Board, Shelter Partnership Board, Menorah Housing Foundation Board, Curtis School Board and Adobe Community Board’s finance committee. Heitner joins other WNC advisory board members Jim Ashby, CEO of CareMeridian; Denise Kiley, a low-income housing tax credits (LIHTC) specialist; and Michael Novogradac, managing partner in the San Francisco office of Novogradac & Company LLP.

November 9, 2015

California Retail Western

Joint Venture Sells Food 4 Less Retail Property in Stanton for $18.5M

by Nellie Day November 6, 2015

STANTON, CALIF. — A joint venture between Heslin Holdings Inc., a privately owned commercial real estate investment and development firm, and San Diego-based Becker Properties has completed the disposition of a retail property located at 7910 Katella Ave. in Stanton. Safeco purchased the 81,000-square-foot property for $18.5 million. Food 4 Less fully occupies the building on a long-term lease through 2026. Steve Frey at Sperry Commercial and Chris Sands of Sands Investment Group represented Heslin Holdings in the transaction.

November 6, 2015

California Retail Western

TCA Architects Unveils Renderings for Mixed-Use Project in San Diego

by Nellie Day November 6, 2015

SAN DIEGO — TCA Architects has unveiled its design for Millennium Mission Valley, a mixed-use community located in San Diego’s Mission Valley. Situated on 5.3 acres, the property will feature 291 apartment homes, 14 live-work units and more than 9,000 square feet of retail space. The retail component includes two single-story retail structures and the 14 live-work units, which feature storefronts and retail awnings. The residential component is situated behind the retail space and a public paseo. Developed by The Dinerstein Companies, the project is scheduled for completion in fall 2017.

November 6, 2015

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