California

Highland Gardens Apartments in Mountain View Receives $54.8M Loan

by Nellie Day March 27, 2015

MOUNTAIN VIEW, CALIF. — The 187-unit Highland Gardens Apartments in Mountain View has received $54.8 million in acquisition financing. The garden-style community is located at 234 Escuela Ave. in Silicon Valley. Highland Gardens was built in 1963 and renovated in 2013. Community amenities include a fitness center, swimming pool, bocce ball court and barbecue cabana. The asset previously operated as two separate properties. They were split down the middle by a parcel of land owned by the San Francisco Public Utility Commission. This parcel includes underground water mains that provide water to the nearby San Francisco Bay area. The seven-year loan was structured as full-term, interest-only financing. The community was purchased by Decron Properties this past January for $86 million. The Fannie Mae loan was structured by Bryan Frazier of Walker & Dunlop.

March 27, 2015

California Hospitality Western

Visalia Marriott at the Convention Center Changes Hands

by Nellie Day March 27, 2015

SAN DIEGO – The Visalia Marriott is located at 300 S. Court Street in the San Diego submarket of Visalia. The buyer owns and operates a hotel portfolio that contains major brands like Marriott and Hilton. The seller, a national hotel company, was represented by Mike Armstrong of HREC Investment Advisors’ San Diego office.

March 27, 2015

California Hospitality Western

New Andaz Hotel Coming to Palm Springs

by Nellie Day March 27, 2015

PALM SPRINGS, CALIF. — A new 150-room Andaz hotel will soon debuted in downtown Palm Springs. The new hotel will be situated adjacent to the Uptown Design District. Hyatt Hotels Corporation has entered into a management contract with Rael Development Corporation on the new project. It will be situated within walking distance of the shops, restaurants and galleries along Palm Canyon Drive. The hotel is scheduled for completion late next year. Andaz Palm Springs will also contain 17 suites with panoramic views of the city and nearby San Jacinto Mountains. The ground level will feature 25,000 square feet of boutique retail space, as well as indoor and outdoor meeting facilities. The hotel will also offer spa services, a fitness facility, a signature restaurant and lounge and terrace bar. Two outdoor pools and garden areas will be situated on an elevated patio terrace. Andaz Palm Springs will collaborate with local artists, musicians, designers and other cultural influencers to create events and programs based on themes unique to its Palm Springs location. Andaz also operates hotels in other notable Western locations like Maui, Hawaii, and Napa, Calif.

March 27, 2015

California Industrial Western

Rexford Buys Chatsworth Distribution Building

by Nellie Day March 26, 2015

CHATSWORTH, CALIF. – Rexford Industrial Realty has purchased a 153,984-square-foot distribution building in Chatsworth for $14.1 million. The building is located at 9401 De Soto Ave. It was built in 1983. The building was the former corporate headquarters, manufacturing and distribution center for Topco Sales. David Young and Chad Gahr of NAI Capital’s Encino office represented both the buyer and seller, 9401 De Soto LLC, in this transaction.

March 26, 2015

California Retail Western

La Paz Gateway in Mission Viejo Sells for $5.5M

by Nellie Day March 26, 2015

MISSION VIEJO, CALIF. – La Paz Gateway, a 6,000-square-foot retail center in the Orange County submarket of Mission Viejo, has sold to an unnamed buyer for $5.5 million. The Class A center is located at the intersection of Muirlands Boulevard and La Paz Road, off Interstate 5. It is fully occupied by three tenants, including Roberto’s Taco Shop, Ortho Mattress and Beach Hut Deli. La Paz Gateway was built in 2007. Both the buyer and seller were represented by Scott Hook of Hook Retail Advisors/Coldwell Banker Commercial (CBC) Alliance Orange County.

March 26, 2015

California Office Western

Human Services Agency Leases Office Space in Simi Valley

by Nellie Day March 26, 2015

LOS ANGELES – Human Services Agency of Ventura County has leased 57,200 square feet of office space at Younan Executive Center in the Los Angeles submarket of Simi Valley. The Class A space is located at 2900 Madera Road. The new lease will allow the county agency to consolidate some of its departments under one roof. The landlord, Younan Properties, was represented by Mark T. Leonard, Cory Richmond and Jared Smits of Lee & Associates-LA North/Ventura.

March 26, 2015

California Office Western

Whalerock Industries Signs Lease at Pacific Design Center in West Hollywood

by Nellie Day March 26, 2015

LOS ANGELES – Whalerock Industries has leased space at the RedBuilding in West Hollywood’s Pacific Design Center. The center is located at 8687 Melrose Ave. The independent media/technology company will be relocating from nearby Santa Monica. The company was represented by Gayle Landes and Mike Geller of First Property Realty Corp. The 400,000-square-foot RedBuilding is the newest addition to the Cesar Pelli designed Pacific Design Center. The center is owned and developed by Charles S. Cohen.

March 26, 2015

California Retail Western

Kettlebar Opens at Union Market Tustin

by Nellie Day March 26, 2015

TUSTIN, CALIF. – Kettlebar restaurant has opened at Union Market Tustin. The Southern seafood offering will be located within the 22,000-square-foot artisanal center, which contains a mix of independent gourmet food, fashion and lifestyle micro-tenants. Union Market Tustin is situated within The District at Tustin Legacy, a regional shopping center. The District was developed by Vestar/Kimco and is operated by Vestar.

March 26, 2015

California Office Western

Water Garden Office Park in Santa Monica Receives $260M Refinancing

by Nellie Day March 25, 2015

SANTA MONICA, CALIF. — Phase I of Water Garden Office Park, a two-building office complex in Santa Monica, has received a $260-million refinancing. The Class A complex is located at 1620 26th Street. The 12-year, fixed-rate loan was provided by New York Life Real Estate Investors. Stroock & Stroock & Lavan law firm represented the institutional investors, which were advised by J.P. Morgan Asset Management.

March 25, 2015

California Multifamily Western

Bascom, Carlyle Buy Bridgecourt Apartments in Emeryville

by Nellie Day March 25, 2015

SAN FRANCISCO — The Bascom Group and funds managed by Carlyle Realty Partners have acquired the 220-unit Bridgecourt Apartments in the San Francisco Bay submarket of Emeryville for $45.1 million. The community is located at 1325 40th Street. Bridgecourt was built in 1998. It is situated near the headquarters of Pixar Animation Studios. The community also contains five ground-floor retail spaces. The transaction was executed by Stephen Jackson and Mark J. Feldman of Colliers International. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE Capital Markets arranged the $40.6-million loan with California Bank & Trust.

March 25, 2015

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