California

Prudential Acquires Stake in Bella Terra Shopping Center in Huntington Beach

by Nellie Day April 10, 2015

HUNTINGTON BEACH, CALIF. — Prudential Real Estate Investors (PREI) has formed a joint venture with DJM Capital Partners to own and manage Bella Terra Shopping Center in Huntington Beach. The purchase price was not disclosed. DJM has owned and operated the 840,909-square-foot outdoor retail center since 2005. The Class A property is located at 7777 Edinger Ave. PREI acquired about a 75 percent stake in the center, while DJM will maintain about a 25 percent stake. DJM will continue to lead the property management and leasing aspects of the property. The firm originally purchased Bella Terra in 2005 with its previous partner, an institutional investor advised by Sarofim Realty Advisors. That entity sold its interest to PREI. The asset underwent a transformation shortly after this initial acquisition. The new joint venture between PREI and DJM Capital Partners includes the original shopping center and the new Costco. DJM separately owns and operates the retail underneath Bella Terra’s luxury apartments. Sarofim Realty Advisors and DJM Capital Partners were advised by Eastdil Secured.

April 10, 2015

California Retail Western

The Shops at Palm Springs Marketplace Trades for $3.1M

by Nellie Day April 10, 2015

PALM SPRINGS, CALIF. – The Shops at Palm Springs Marketplace, a 10,301-square-foot, free-standing pad within the Palm Springs Marketplace, has sold to Huntington Beach Partnership for $3.1 million. The center is situated on the southeast corner of East Vista Chino and North Sunrise Way in Palm Springs. The Shops’ tenants include Subway, Little Caesars Pizza, Bank of America, Kaiser Permanente, Genetics Nutrition, David Andrew Salon and USA Taekwondo Center. Palm Springs Marketplace is anchored by Stater Bros. Other notable tenants include Arco, McDonald’s, Taco Bell, AutoZone, O’Reilly Auto Parts, Dollar Tree and Dairy Queen. Huntington Beach Partnership was represented by Harcourts & Freeman. The seller was Ramsey Real Estate Group.

April 10, 2015

California Multifamily Western

Jackson Courtyard Condominiums in Oakland Trades for $15.9M

by Nellie Day April 9, 2015

OAKLAND, CALIF. – The 45-unit Jackson Courtyard Condominiums in Oakland has sold to an unnamed buyer for $15.9 million. The community is located at 14th and Jackson streets in the city’s Lakeside district. It is situated near two Bay Area Rapid Transit (BART) stations. The seller, 685 Scofield LLC, was represented by Kevin Turner of Marcus & Millichap’s Oakland office.

April 9, 2015

California Office Western

San Diego Medical Office Building Sells for $2.4M

by Nellie Day April 9, 2015

SAN DIEGO – An 8,662-square-foot medical office building in San Diego has sold to BKC Commercial Properties for $2.4 million. The building is located at 9878 Hilbert Street. The buyer plans to relocate its dermatology clinic to the new facility, which will allow for expansion. BKC was represented by Mario Martinez of Lee & Associates – North San Diego County. The seller, Williams Charitable Remainder Trust, was represented by Colliers International.

April 9, 2015

California Hospitality Western

Doubletree San Diego-Hotel Circle Changes Hands

by Nellie Day April 8, 2015

SAN DIEGO — An affiliate of Oak Coast Properties LLC has acquired the 219-room Doubletree San Diego-Hotel Circle for an undisclosed sum. The hotel is located at 1515 Hotel Circle South. The eight-story hotel includes the Panini Restaurant, meeting and event space, an outdoor pool and spa and a five-story parking garage. It was originally built in 1970. The Doubletree has undergone extensive renovations and modernization throughout the years. The buyer purchased the leasehold and land in two separate transactions that closed concurrently. The property will be managed by Portfolio Hotels & Resorts. It will continue to operate under the Doubletree by Hilton flag. The seller was two locally-based investment entities. They were represented by Bob Kaplan and Rod Apodaca of CBRE Hotels.

April 8, 2015

California Multifamily Western

Park Laurel Apartments in San Mateo Trades for $10.3M

by Nellie Day April 7, 2015

SAN MATEO, CALIF. – The 26-unit Park Laurel Apartments in San Mateo has sold to MNM Partners LLC for $10.3 million. The community is located at 710 Laurel Ave. It was built in 1959. The seller, the Brenner Family Partnership, was represented by Ted Kokernak of Marcus & Millichap’s Palo Alto office.

April 7, 2015

California Industrial Western

Spike LLC Buys San Marcos Industrial Building for $5.4M

by Nellie Day April 7, 2015

SAN DIEGO – Spike LLC has purchased a 50,220-square-foot industrial building in the San Diego submarket of San Marcos for $5.4 million. The building is located at 495 Enterprise Street. The buyer plans to hold the property as a long-term investment. The seller, Thornton Technology, leased back 50 percent of the property for an undisclosed period of time. Spike was represented by Justin Beattie of Palomar Commercial. Thornton Technology was represented by Daniel Knoke, Peter Merz, Marko Dragovic and Isaac Little of Lee & Associates-North San Diego County.

April 7, 2015

California Office Western

Sorrento Mesa Office Campus in San Diego Sells for $85.5M

by Nellie Day April 7, 2015

SAN DIEGO — Invesco Real Estate and Cruzan have acquired a 311,305-square-foot office campus in the Sorrento Mesa submarket of San Diego for $85.5 million. The two-building campus is located at 6450 Sequence Drive. Amenities at the campus include secured lobbies, a cafeteria, gym, showers, basketball and volleyball courts, and several patios that serve as outdoor lounge and dining areas. Cruzan plans to renovate the campus. Renovations will include a contemporary café, a fully integrated fitness center, an outside amphitheater, and new passive and active spaces. The buyers represented themselves in this transaction. The seller, a publicly traded company, was represented by CBRE’s Louay Alsadek, Justin Parsonnet, Hunter Rowe, Chris Pascale and Mike Hoeck. Mark McGovern and Scott Peterson of CBRE Debt & Structured Finance secured a $70-million, four-year, variable rate loan for the buyers. It was provided by Cornerstone RE Advisors.

April 7, 2015

California Multifamily Western

Whispering Palms Apartments in Palm Springs Sells for $6.8M

by Nellie Day April 6, 2015

PALM SPRINGS, CALIF. – The 121-unit Whispering Palms apartments in Palm Springs has sold to Latitude 33 LLC for $6.8 million. The community is located at 449 E. Arenas Road. The buyer was represented by Milburn Stevens of Lee & Associates Palm Desert. The seller, Metropolitan Management Company and City Center Real Estate, was also represented by Stevens.

April 6, 2015

California Office Western

Northridge Office Park Sells for $6.1M

by Nellie Day April 6, 2015

LOS ANGELES – A 143,000-square-foot office park in the Los Angeles submarket of Northridge has sold to a local developer for $6.1 million. The building is located at 8350–8454 Reseda Blvd. It is currently occupied by three tenants in six buildings. The buyer, Harridge Capital Group, was represented by Lynwood Fields of Madison Partners. The seller, Lehr Properties, was represented by David Young and Chad Gahr of NAI Capital.

April 6, 2015

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