SACRAMENTO, CALIF. — Madera Finra Properties has acquired 1 & 3 Wayne Court, a two-building industrial asset in Sacramento. Terms of the transaction were not released. At the time of sale, the 52,800-square-foot warehouse facilities were 45.5 percent leased. Ryan Sitov, Melinda Marino and Mark Detmer of JLL Capital Markets represented the undisclosed seller in the transaction.
TWENTYNINE PALMS, CALIF. — Marcus & Millichap has arranged the sale of Dollar Tree, a net-leased retail property in Twentynine Palms, just north of Joshua Tree National Park in Southern California. An individual/personal trust sold the asset to an undisclosed buyer for $2.1 million. The 15,506-square-foot Dollar Tree is located at 71737 29 Palms Highway. Dollar Tree has committed to four and a half years on the lease, having recently exercised its five-year option period. There are two additional five-year extension options. The asset occupies a 1.5-acre lot within a 90,000-square-foot retail plaza featuring Stater Bros., Burger King and Total Fitness Gym. Michael Grandstaff and Christopher Hurd of Marcus & Millichap represented the seller, while Karl Markarian of JohnHart Corp. represented the buyer in the deal.
LOS ANGELES — The Los Angeles Colliers Mortgage Structured Finance Group has arranged $24.4 million in construction financing for Kingsley Apartments, an affordable housing development in Los Angeles’ Koreatown submarket. Jonathan Lee, Shahin Yazdi, William Hyatt and Tommy Adelson of Colliers arranged the financing, which features a term of 30 months plus optional extensions. Upon completion, the 72,800-square-foot Kingsley Apartments will offer 136 studio and one-bedroom units restricted to residents earning up to 80 percent of the area median income. The undisclosed borrower plans to break ground on the project in June 2024.
LOS ANGELES — AvalonBay Communities has sold AVA North Hollywood, a multifamily community in the NoHo Arts District of Los Angeles. Prime Residential acquired the asset for $62.1 million, or $393,077 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 2015, AVA North Hollywood features 156 apartments with full appliance packages, washers/dryers and private patio areas. Most apartments have nine-foot ceilings and loft-style units have 14-foot ceilings. Common-area amenities include a swimming pool and spa, clubroom, sky deck, leasing office, movement studio, cybercafé and business center. The property also offers 11,000 square feet of ground-floor retail space, which is fully occupied by four eateries, a Pilates studio and a massage and spa center.
LOS ANGELES — Santa Monica-based Gortikov Capital has arranged a $101 million loan on behalf of AMCAL Housing for the refinancing of The Clarendon, a Class A apartment property in the Woodland Hills neighborhood of Los Angeles. Developed in 2020, The Clarendon offers 335 apartments with in-unit washers/dryers, Nest-controlled central cooling and heating, keyless entry and walk-in closets. Community amenities include a resort-style pool and spa, basketball court, state-of-the-art fitness center with yoga and spin rooms, and a business center. Bryan Gortikov of Gortikov Capital led the capital markets team that secured the two-year, floating-rate senior bridge loan through a U.S.-based debt fund.
ALISO VIEJO, CALIF. — MicroVention, a neuroendovascular medical device company, has purchased 45 Enterprise, a nine-story office building in the Orange County city of Aliso Viejo. An undisclosed seller sold the asset for $42.2 million, or $183 per square foot. Built in 2007 and renovated in 2022, the 242,706-square-foot building was vacant at the time of sale. The property features open floorplates, an onsite cafeteria, conference and meeting rooms, premier building signage and a parking ratio of 4.6 spaces to every 1,000 rentable square feet. Carol Trapani and Allison Kelly of CBRE represented the buyer in the deal.
PALM DESERT, CALIF. — Keystone Mortgage Corp. has arranged a $16.2 million bridge loan to fund the repositioning of retail center in the Coachella Valley city of Palm Desert. Situated on 8.2 acres, the 80,072-square-foot retail property is 97 percent occupied by 14 tenants, including Grocery Outlet and Ross Dress for Less. Tim Winton of Keystone secured the financing on behalf of the borrower, a private real estate investor. One of Keystone’s correspondent life company lenders provided the 36-month, high-leverage, non-recourse loan. The loan will allow the borrower to complete the remainder of property upgrades while providing maximum leverage, interest-only payments, fixed rate and prepayment flexibility, according to Winton.
SAN BERNARDINO, CALIF. — Affinius Capital has provided $58.2 million in financing to Dalfen Industrial for the acquisition of Hallmark Distribution Center, a Class A industrial building in the Inland Empire city of San Bernardino. Situated on 15 acres at 4982 Hallmark Parkway, the 340,000-square-foot facility features 32-foot clear heights, two drive-in doors, 47 dock-high doors, 135 truck courts and 62 dedicated trailer parking spaces, as well as additional trailer parking. The rear-loading industrial building was built in 2018. The seller and price were not disclosed.
SAN JOSE, CALIF. — PMB and Santa Clara Valley Healthcare (SCVH) have announced plans for Valley Health Center San Jose (VHC San Jose), a 10-story medical office building in San Jose. The development is slated for completion in late 2025. Located at 1410 S. Bascom Ave., the 230,000-square-foot facility will have 16 departments offering healthcare for adult medicine, OB/Gyn subspecialties, adult urgent care, behavioral health, dental, diagnostic imaging, facility support services, maternal and fetal medicine, patient support services, pediatric primary care, pediatric subspecialties, pediatric urgent care, pharmacy, specimen collection lab and administration. VHC San Jose is located near Valley Transport Authority’s forthcoming Bascom Station and an under-construction, 590-unit residential project. The project team for VHC San Jose includes WRNS Studio and Boulder Associates as architects, South Bay Construction as general contractor, Harrison Street as equity partner and Capital One as the lead bank.
OCEANSIDE, CALIF. — JLL Capital Markets has arranged a $5.1 million loan for a joint venture between Westview Real Estate and Pace Properties for the refinancing of an apartment property in Oceanside, approximately midway between Los Angeles and San Diego. Chris Collins and Emily Pohlman of JLL Capital Markets’ debt advisory team secured the three-year, fixed-rate loan through a regional bank. Located at 330 S. Horne St., the 21-unit property consists of 17 original units that were built in 1970 and renovated in 2023, as well as four newly constructed accessory dwelling units. Averaging 715 square feet, the units offer new kitchens with modern appliances and renovated bathrooms with high-end fixtures. On-site amenities include a surf shower, secure electric bike parking, a common area grill and Los Angeles-inspired artwork throughout the community.
