WOODLAND HILLS, CALIF. — Venture West Funding Inc. has arranged a $10.2 million loan for the refinance of Pride Center, a 185,265-square-foot shopping center located in Woodland Hills. Albertsons anchors the center, with tenants including Bank of America, CVS/pharmacy, Pep Boys, Tuesday Morning, HomeGoods, Harbor Freight Tools and Jo-Ann Stores. Jean-Marc Herrouin of Venture West Funding arranged the financing through Farmers & Merchants Bank.
WEST COVINA, CALIF. — Waterton Associates has acquired the 183-unit Sunset Plaza apartment complex in West Covina for an undisclosed sum. The community is located at 1234 W. Cameron Ave. Sunset Plaza amenities include two outdoor pools, a fitness center, resident clubhouse with business center and a children’s playroom. Waterton plans to implement a value-add renovation program that will update individual units and amenity spaces, as well as refresh the community’s exterior. This is Waterton’s fifth acquisition so far in 2015. The firm’s Southern California portfolio now contains six communities with nearly 1,400 units.
SACRAMENTO, CALIF. — The Garibaldi Co. has acquired 3310 Apartments, a 384-unit apartment building in Sacramento, for $35 million. The Class B community is located at 3310 Winter Park Drive in the city’s South Natomas area. The property was built in 1985. Though minor interior improvements were completed prior to the sale, the buyer plans to implement an improvement plan that will focus on building exteriors and common areas. Mark Leary of ARA Newmark represented both Garibaldi and the seller, Prometheus, in this transaction.
PLEASANTON, CALIF. — Britannia Business Center III, a 191,000-square-foot office and R&D portfolio in Pleasanton, has received $27.4 million in acquisition financing. The portfolio is located at 5870 Stoneridge Drive. The center contains about 125,000 square feet of office space and 66,000 square feet of research and development facilities. This space is situated in three non-contiguous buildings. The R&D portion is fully occupied by contact lens developer CooperVision. The non-recourse loan was secured by Steven Buchwald and Lexington Henn of Mission Capital Advisors’ Debt & Equity Finance Group on behalf of Ridge Capital Investors. The firm’s Will Sledge, Patrick Arnold and Gregg Applefield executed the $35.1 million sale.
OXNARD, CALIF. — CBRE Group, in collaboration with Red Mountain Group, has arranged three retail leases at the vacated Kmart property at the corner of Ventura Road and Channel Island Boulevard in Oxnard. The 137,175-square-foot retail site is being redeveloped into an anchored multi-tenant retail center. LA Fitness has leased 37,500 square feet, Smart & Final inked a deal for 31,044 square feet, and Star World, an appliance and electronic company, signed a lease for 26,487 square feet at the property. Each company signed a 15-year lease for the space. Scheduled for completion in the second quarter of 2016, the proposed renovations include new storefront elevations, parking lot, landscaping and lighting, as well as the construction of a new drive-thru pad along Ventura Road. The new tenants are scheduled to open for business in 2016. Several restaurant and retail spaces, ranging from 1,200 to 15,000 square feet, will be available for lease at the property. Scott Siegel, Larry Tanji and Lisa Engle of CBRE, along with Kristin Ambrose of Red Mountain, negotiated the leased on behalf of the investor, Red Mountain Group.
FRESNO, CALIF. — Phillips Edison Grocery Center REIT II Inc. has acquired a grocery-anchored shopping center in Fresno. West Acres LLC sold the 83,414-square-foot West Acres Shopping Center for $10.2 million. The fully leased center is occupied by 14 tenants, including Best Cuts, Little Caesars and Atlas Healthcare, and anchored by a 55,080-square-foot Food Maxx.
CITY OF INDUSTRY, CALIF. — A private investor has acquired Puente Hills East, a shopping center located at 17603-17799 Colima Road in City of Industry. The James Campbell Company sold the 195,063-square-foot retail center for $36.7 million. The center is fully leased to Target, Ross Dress for Less, PetSmart, Old Navy, Ulta Beauty, Wells Fargo and Macaroni Grill. Ryan Swanson and Kurt Bruggman of Lee & Associates Irvine represented the buyer, who plans to hold the property for the long term. Dixie Walker, Charley Simpson and Andrew Milne of DTZ represented the seller in the transaction.
BELMONT, CALIF. — An unnamed buyer has purchased three21@belmont, a 65-unit apartment complex in the Silicon Valley submarket of Belmont, for $23.6 million. The community is located at 301-321 Oxford Way. The property was recently renovated. Exterior renovations include new redwood siding, exterior paint, dual-pane windows and sliders and energy-efficient light fixtures. Interior upgrades include a new management office, remodeled lobbies, an electronic door entry system, new pool deck and resurfaced pool, gym, remodeled laundry facilities, and new common area hallways and interior common stairwells. Adam Levin and Robert Johnston of Marcus & Millichap’s Palo Alto office represented both the buyer and unnamed seller in this transaction.
BUENA PARK, CALIF. — An unnamed buyer has purchased the 88-unit Cypress Village apartments in Buena Park for $20.9 million. The community is located at 6343 Lincoln Ave. It was built in 1962. Community amenities include a swimming pool, clubhouse, fitness center, laundry facilities, a barbecue area and storage facilities. The asset is located on an expansive lot, with an option to redevelop the land. Stewart I. Weston, Alexander Garcia, Christopher Zorbas, David Sperling and John Montakab of Institutional Property Advisors represented the seller, NNC Apartment Ventures LLC.
LOS ANGELES — A private Asian investor has purchased a 106,560-square-foot office building in the Los Angeles submarket of Thousand Oaks for $19.1 million. The building is fully occupied by Anthem Blue Cross of California. The property is located at 2000 Corporate Center Drive. Anthem has occupied the building since 1993. There are more than seven years remaining on the lease. CBRE’s Kevin Shannon, Brad Burton, Mike Moll, Ken White, Michael Longo, Tom Dwyer and Michael Slater represented the seller, Gramercy Property Trust.