ESCONDIDO, CALIF. — CDC Commercial Inc. has arranged the sale of a 15,600-square-foot, single-story retail space located at 840 W. Mission Ave. in Escondido for $3.9 million. Tenant O’Reilly Auto Parts recently extended their lease for 12 years. The buyer, 6021 Business Center Court LLC, and the seller, LTB Properties LLC, were both represented by Don Zech, Matt Orth and Nick Zeck of CDC Commercial.
SIERRA MADRE, CALIF. — Fountain Square Development West and HPI Architecture have completed The Kensington of Sierra Madre, an assisted living and memory care community in Sierra Madre. Occupying 58,000 square feet, The Kensington comprises 75 total units, 33 of which are memory care. The facility also offers a salon and art studio that is open to the community.
SAN BERNARDINO, CALIF. — National Community Renaissance (National CORE) has broken ground on the $200 million redevelopment of Waterman Gardens in San Bernardino. The redevelopment efforts will fill a housing void and serve as an economic catalyst for the neighborhood and city, National CORE notes. Phase I of the project will raze the 1940s-era public housing that currently sits on the Waterman Gardens site. The 252 affordable units will be replaced with 411 new units, including market-rate and senior apartments. An additional 76 new units will be built at Valencia Avenue and 9th Street, which will sit adjacent to the existing Waterman Gardens community. Phase I was awarded nearly $12 million in tax credits from the State of California this past fall. The City of San Bernardino is also investing $2.3 million of federally allocated HOME-Investment Partnership funds into the project. The $25 million remaining balance for first-phase funding was provided by the Housing Authority of the County of San Bernardino, the Department of Housing and Urban Development’s (HUD) Rental Assistance Demonstration (RAD) program and a permanent loan from PNC Real Estate. Amenities at the project will include a community center with community meeting rooms, after-school program facilities and a …
HUNTINGTON BEACH, CALIF. – Blue Sky HB LLC has purchased a few structures at Huntington Beach Medical Campus for $7.8 million. The acquisition includes a 19,288-square-foot surgery center, a 29,398-square-foot medical office building and a four-level parking structure. The building is located at 17752-17762 Beach Blvd. The campus includes Huntington Beach Hospital, Huntington Beach Diagnostic Imaging & Breast Center and Huntington Professional Tower and Pharmacy. Tenants within the campus include Quest Diagnostics, Beach Pediatrics, Surf City Pediatrics and other medical offices. The seller, KO’s HB Medical Building, was represented by Tom Nguyen of NAI Capital.
RANCHO CUCAMONGA, CALIF. – Rancho Plaza, an 11,691-square-foot retail center in Rancho Cucamonga, has sold to an unnamed buyer for $6.8 million. The center is located at 8678 19th Street. The fully leased center was built in 2007. Notable tenants include Starbucks, Juice It Up, Flame Broiler and Western Dental. The property was marketed by Brad Umansky and Frank Vora of Progressive Real Estate Partners.
ATASCADERO, CALIF. – The 130-room SpringHill Suites by Marriott Paso Robles Atascadero has opened in the San Luis Obispo submarket of Atascadero. It is located at 900 El Camino Real. The hotel is within minutes of more than 300 wineries throughout the Paso Robles/Atascadero Wine Country. The property also contains the Union and Vine Ranch Kitchen restaurant/bar, as well as more than 6,000 square feet of flexible meeting and event space.
VENTURA, CALIF. – A 43,138-square-foot building in Thousand Oaks that is triple-net leased to Orchard Supply Hardware has sold to Oppidan Investment Company for $16.7 million. The building is located at 1934 E. Avenida de Los Arboles. Christopher Maling, David Maling and Stephen Algermissen of Colliers represented both the buyer and seller, a local private investment firm, in this transaction.
POMONA, CALIF. – Universal Shipping has leased 142,000 square feet of space at the Chino Crossroads Business Park in Pomona. The lease is valued at $9 million. The space is located at 2855 S. Reservoir Street. The third-party logistics provider is currently expanding its presence in the U.S. and abroad. The company was represented by Barry Saywitz of the Saywitz Company. The landlord, Northwestern Mutual Life Insurance and Financial Service, was represented by Bill Budge of William A. Budge Inc.
PALM DESERT, CALIF. – Money360 has closed a $3.1 million loan for a commercial property in Palm Desert. The two-year loan was funded by institutional and accredited investors. It financed the existing debt on a multi-tenant commercial office building. The funds also provided the borrower the cash that will be used for other capital needs. The loan was secured by a first trust deed. The borrower also personally guaranteed the loan. Money360 is the first peer-to-peer lending platform for real estate loans, matching worthy commercial real estate borrowers with institutional and accredited private investors.
NEWPORT BEACH, CALIF. — The Seligman Group has received $309 million to refinance 23 of its assets throughout California. The portfolio includes more than 1.9 million square feet and 800 apartments. These assets make up the bulk of the San Francisco-based firm’s California holdings. It includes 12 commercial properties in Orange County and San Francisco, as well as 11 multifamily communities in Los Angeles. Financing was secured by Jordan Ray, Ari Hirt, Gregg Applefield, Steven Buchwald, Jamie Matheny and Eugene Shevaldin of Mission Capital Advisors. The portfolio received 23 separate loans. The refinance allowed the Seligman Group to replace its existing loans, taking advantage of favorable market conditions as the firm took additional cash out.
