RIALTO, CALIF. — Pieology is set to open a location at Rialto Marketplace, a new development anchored by Walmart in Rialto. Blindside 75, a multi-unit franchisee of Pieology, has signed a 10-year lease for 2,200 square feet at the center. Greg Giacopuzzi of NewMark Merrill Cos. represented the landlord, and Matt Adamczyk of Kennedy Wilson represented the tenant in the transaction.
SAN LUIS OBISPO, CALIF. — Asset Campus Housing has been selected as the management company of Mustang Village, a 1,006-bed student housing community. The property is located within walking distance of California Polytechnic University in San Luis Obispo. Mustang Village offers one-, two-, three- and four-bedroom units with private bedrooms and full-furnishing options. The student housing complex will undergo interior and exterior renovations to include upgraded flooring, cabinetry, counters, lighting, appliances and furniture. Upon completion of the renovations, amenities for the Mustang Village apartments will include a newly refurbished basketball court, BBQ grills, picnic area, computer lab, study room, TV lounge and pool.
IRVINE, CALIF. — WNC, an investor focused on affordable real estate, has promoted Wendy Yan to vice president of underwriting. Yan joined WNC in 2011 as a senior project manager of underwriting and was later promoted to a director of underwriting. Throughout her career, she has been involved in land acquisition and entitlement, due diligence review, financial underwriting/structuring and public and private financing. Yan earned a bachelor’s degree and a master’s degree from the University of California, Los Angeles.
SAN DIEGO — The Casey Brown Co. has purchased the San Diego Union-Tribune property for $52 million. The asset is located at 350 Camino de la Reina in the San Diego submarket of Mission Valley. The property contains a 170,000-square-foot office building and a 190,000-square-foot industrial building that formerly served as the newspaper’s printing facility. Casey Brown plans to upgrade the existing office building into an amenity-rich, Class A corporate campus. The industrial building is currently being evaluated for alternative uses. The site was also recently entitled for 200 apartment units. The seller, Doug Manchester, was the former publisher of the Union-Tribune. CBRE will handle leasing the property.
SANTA ANA, CALIF. — An unnamed buyer has purchased the 60-unit Mauna Loa Apartments in Santa Ana for $14.6 million. The community is located at 1311 Washington Ave. It is situated near Westfield MainPlace Mall and the Discovery Cube Orange County science museum. Tyler Leeson of Marcus & Millichap’s Newport Beach office represented the seller, an LLC.
IRWINDALE, CALIF. — Rexford Industrial Realty has purchased a 64,296-square-foot industrial facility in Irwindale for $8.1 million. The facility is located at 16321-16327 Arrow Highway. It is fully leased to one tenant that has used the property as its corporate headquarters, production and distribution facility for several decades.
LOS ANGELES — AvalonBay has purchased a 5.8-acre land parcel in Hollywood for more than $100 million. The parcel is located at 6677 Santa Monica Blvd. AvalonBay plans to demolish the existing site where it will build a mixed-use multifamily and retail development. The proposed development will include 24,900 square feet of retail space and 695 apartment units, including 56 affordable housing units. The project is currently in the pre-development stage. CBRE’s Curtis Palmer, Anthony Muhlstein and Peter Sherman represented the buyer. The seller was Calico and Tinseltown.
SAN JOSE, CALIF. — PCCP LLC has provided a $48.5 million senior loan to Dollinger Properties for the development of Sprouts @ Brokaw, a 143,000-square-foot shopping center to be anchored by Sprouts Farmers Market in San Jose. Construction has begun on the project, which is set to open in summer 2016.
LOS ANGELES — Institutional Property Advisors (IPA) has arranged the sale of The Shrine Collection, a 324-bed, 103-unit student housing community near the University of Southern California (USC), for $39.1 million. The sales price equates to just under $380,000 per unit and approximately $120,700 per bed. Ron Harris, IPA executive vice president of investments, director Paul Darrow and associate director Michael DiSimone advised the seller and procured the buyer, a joint venture between Stuho and Cambridge Capital Advisors. Situated on seven parcels of land totaling more than two acres, the properties are Chez Ronne, The Bungalows, Roma, Pisa, Corsica and Habitat Soozee. All are located one block from USC’s main campus, one block west of Figueroa Street and less than two miles from downtown Los Angeles. The portfolio’s properties feature controlled entry, security services, USC network accessibility, 24-hour on-site laundry facilities and all residents have the use of a fitness center.
CORTE MADERA, Calif. — The Atlanta-based Seniors Housing and Healthcare Finance Team of Grandbridge Real Estate Capital has arranged a $42.3 million refinancing for Aegis of Corte Madera, a 118-unit assisted living and memory care near San Francisco. A life insurance company provided funding for the loan. Grandbridge’s Richard Thomas, senior vice president, and Meredith Davis, vice president, originated the transaction. Grandbridge Real Estate Capital arranges permanent commercial and multifamily real estate loans, services loan portfolios and provides asset and portfolio management, as well as real estate brokerage services.