SANTA BARBARA, CALIF. – Carrillo Plaza, an 18,743-square-foot shopping center in downtown Santa Barbara, has sold to New Group-Santa Barbara LLC for $12.2 million. The center is located at 210 W. Carrillo Blvd. It is anchored by Starbucks. The property was completely renovated over the past four years. The seller, Carrillo Holdings LLC, was represented by Bill Bauman and Kyle Miller of Savills Studley.
LOS ANGELES – Rexford Industrial has acquired a 101,000-square-foot industrial property in the Los Angeles submarket of Santa Fe Springs for $12.2 million. The single-tenant building is located at 12907 Imperial Highway. It is fully leased through 2019 via an absolute net-lease arrangement. This is the third asset of a three-property portfolio Rexford has recently acquired. The initial two assets closed this past December.
SAN DIEGO – Oceanside Commerce Center, a 70,000-square-foot industrial center in the San Diego submarket of Oceanside, has sold to SR Commercial for $7.5 million. The center is located at 4747, 4749 and 4751 Oceanside Blvd., and 1818 and 1820 Peacock Blvd. The property was 85 percent occupied at the time of purchase. It was built in 1987. SR Commercial plans to immediately enhance the interiors and exterior. The property was acquired as part of a 1031 exchange. It will be held as a long-term cash-flow asset for SR Commercial. The company was represented by Michael Hartel and Joe Winkelmann of Voit Real Estate Services’ Irvine office. The seller, Bob Voit, was represented by Randy LaChance of Voit Real Estate Services’ San Diego office.
MILL VALLEY, CALIF. — Woodmont Companies has acquired the 38-unit Casa Roja Apartments in Mill Valley, just 14 miles north of San Francisco. Though the purchase price was not disclosed, the deal set a new record for the price paid per square foot for a multifamily property in Marin County, according to Colliers International, which represented the seller. The sales price equates to about $570 per square foot, while the in-place cap rate was in the low 4 percent range. Casa Roja is located at 396 Pine Hill Road. It is situated just 10 minutes from the Golden Gate Bridge. The community underwent an extensive renovation over the past 18 months. Common-area amenities include a pool terrace and laundry facilities. The seller, Red Island Real Estate LLC, was represented by Ryan Wagner, Brad Lagomarsino and James Devincenti of Colliers International.
PALO ALTO, CALIF. — Menlo Equities has received a $38.6-million loan on a 45,319-square-foot Palo Alto office building. The building is located at 529 Bryant Street in the city’s downtown region. It had previously been converted into an internet exchange, or data center. The 10-year, non-recourse loan carries a fixed rate and a 30-year amortization schedule after a 5.5-year interest-only period. Financing was arranged by Eric Von Berg and Tom Dao of Newmark Realty Capital. It was sourced through Wells Fargo’s CMBS program. Newmark Realty Capital will serve as primary servicer on this loan, while Wells Fargo will act as the master servicer.
LOS ANGELES – A 19,481-square-foot retail property in the Los Angeles submarket of Agoura Hills, has sold to GJD Holdings for $5.6 million. The center is located at 29020 Agoura Road. It was built in 1991. The property is part of an even larger 82,226-square-foot retail center. Tenants at the recently sold center include Prime Steakhouse and Teague Pilates. GJD was represented by Rod Delson of NAI Capital’s Westlake Village office. The seller, Agoura Hills Shopping Center Capital LLC, was represented by Ken Simons of the same firm.
SAN DIEGO – An 11,390-square-foot-office building in the San Diego submarket of Mission Bay has sold to JWJ Properties One LLC for $3 million. The two-story building is located at 2437 Morena Blvd. It was recently renovated as creative office space. JWJ was represented by Craig Sanders of C. E. Sanders & Company. The seller, SDH Fund 1, LLC, dba SD Homes, was represented by Marc Posthumus of Colliers International.
GLENDALE, ARIZ. – The 345-unit Thunderbird Retirement Resort in Glendale has received $21.2 million in financing. The seniors housing community is located at 5401 West Dailey Street. The fixed-rate, non-recourse loan was provided to ROC Seniors for the acquisition of the community. It features a three-year term with two, one-year extensions. The initial term is interest-only, with amortization beginning in the extensions. The loan includes about $5 million for renovations and repurposing. Financing was originated by Richard Thomas and Meredith Davis of the Seniors Housing and Healthcare Finance team at Grandbridge Real Estate Capital. It was provided through BB&T Real Estate Funding’s Structured Loan Program.
RIVERSIDE, CALIF. – Ramon Plaza, a 70,131-square-foot retail property in the Riverside submarket of Cathedral City, has sold to an unnamed buyer for $9.1 million. The property is located at 68100 Ramon Road. It contains three buildings that feature a mix of medical, retail and office uses. The seller, a private investor, was represented by Pablo Rodriguez and Richard Vincent of Marcus & Millichap’s Ontario office.
SAN DIEGO – A 27,648-square-foot office building in San Diego has sold to Activity MOB LLC for $3.4 million. The building is located at 8901 Activity Road. The facility underwent improvements about 20 years ago when it was occupied by Sharp Rees Stealy’s Urgent Care, in addition to other medical office users. The seller, GTF Properties, was represented by Brandon Keith of Voit Real Estate Services’ San Diego office. Activity MOB is affiliated with Oasis Medical Center, which is operated by Dr. James and David Chao.
