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.
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.
SAN FRANCISCO – A two-story mixed-use property in a San Francisco Bay submarket has sold to an East Bay developer in a 1031 exchange for $9.5 million. The property is located at 329 Primrose Road in Burlingame. It is currently occupied by the U.S. Post Office and One Medical. The mixed-use asset’s interiors were fully renovated in 2012 and 2015. It is known around town as the Postcard Building. The buyer was represented by Eduardo Vergara of Marcus & Millichap. The seller was represented by Thomas Doglio and Richard Reisman of Marcus & Millichap’s National Land Group.
LOS ANGELES – A pair of multifamily properties in Los Angeles has sold to local investors for a total of $13 million. The acquisition includes the 44-unit Parc Regency Apartments in the Canoga Park submarket and the 23-unit VUE Apartments in Koreatown. The properties are located at 7500 Mason Ave. and 700 S. Berendo Street, respectively. The seller, Mason & Berendo Parc Regency Apartments Associates LLC, was represented by Darin Beebower of Madison Partners.
LOS ANGELES – A 19-unit apartment building in West Hollywood has sold to an unnamed buyer for $8.2 million. The community is located at 526 North Orlando Ave., just east of La Cienega Boulevard and south of Melrose Avenue. It was built in 1964 and renovated in 2012. The buyer was represented by represented by Michael Hanassab and Elliot Hassan of Marcus & Millichap. The seller was represented by Richard Ringer of the same firm.
CITY OF INDUSTRY, CALIF. – GELS Logistics has leased 250,000 square feet of industrial space in the City of Industry. The space is located at 20275 Business Parkway. The global logistics company will be relocating from its nearby facility in Baldwin Park. GELS was represented by Kevin Ching, Jeff Bethel and Henry Hong of Lee & Associates Industry. The landlord, Majestic, was represented by Terry Baker.
RIVERSIDE, CALIF. – A 7,508-square-foot building in Riverside that is triple-net leased to Citibank has sold to a local family trust for $4.8 million. The building is located at 3580 Tyler Street. It sits across the street from the Galleria at Tyler mall. The trust was represented by Shaun Riley of Faris Lee Investments. The seller, CP Sunshine, was represented by Equity Investment Advisors.
APPLE VALLEY, CALIF. – Rancherias Plaza, a 40,079-square-foot retail center in Apple Valley, has sold to Pacwest Management for $3.1 million. The four-building plaza is located at 20226 US Hwy 18. It sits across the street from Walmart, and adjacent to Apple Valley Commons. It was 40 percent occupied at the time of closing. Notable tenants include Domino’s, GNC, Boost Mobile and H&R Block. Pacwest was represented by David Wick of Marcus & Millichap. The seller, Huntington Beach Partnership, was represented by Brad Freeman of Freeman & Associates.
PALO ALTO, CALIF. —TIBCO Software has sold a 292,000-square-foot office/R&D campus in Palo Alto to Morgan Stanley’s Prime Property Fund for a reported $330 million. The campus is located at 3301-3307 Hillview Ave. within the Stanford Research Park. The acquisition was the largest sales transaction in Palo Alto history, according to Cushman & Wakefield, which marketed the property. The infrastructure and business intelligence software provider signed a long-term leaseback agreement with the new owner. The sale transaction was led by Adam Lasoff and Grant Lammersen of the firm’s Northern California Capital Markets team. They were assisted by Michael McMillan.
SANTA MONICA, CALIF. — Phase I of the Water Garden office complex in Santa Monica has received a $260-million refinancing. The complex is located at 2425 Olympic Blvd. and 1620 26th Street. Phase I includes 673,660 square feet situated in two, six-story office buildings. Tenants in this phase include Amazon, Edmonds, Group M Worldwide, Sony Computer Entertainment and AMC Networking Entertainment. Phase I is part of the larger 1.27-million-square-foot Water Garden office complex. It sits catty-corner to a light rail station that will be completed next year. The 12-year, fixed-rate loan was arranged by HFF’s Mike Tepedino, Paul Brindley and Jennifer Keller through New York Life Real Estate Investors. The borrower is composed of institutional investors advised by J.P. Morgan Asset Management.