SANTA CLARITA, CALIF. — Marcus & Millichap has negotiated the sale of a multi-tenant retail property located at 23460 Cinema Drive in Santa Clarita. A local investor purchased the property from a limited liability company for $9.2 million. At the time of sale, the 32,343-square-foot property was fully occupied. Built in 1997, the property consists of 13 suites anchored by Valencia Laser Blast. Marty Cohan and Neda Rassouli of Marcus & Millichap represented the seller in the deal.
GLENDALE, ARIZ. — Encore Real Estate Investment Services has brokered the sale of a single-tenant retail property located at 5011 W. Union Hills Drive in Glendale. A New York City-based private investor sold the building to an undisclosed New York-based buyer. Walgreens occupies the property on a 25-year absolute triple-net lease with approximately 9.5 years remaining. Brandon Hanna of Encore Real Estate represented the seller, while Brandon Hanna, Deno Bistolarides and Brent Hanna, also of Encore, represented the buyer in the deal. The acquisition price was not released.
MORENO VALLEY, CALIF. — Trammell Crow Co.’s Southern California-Newport Beach office has started construction of a 200,000-square-foot medical office building in Moreno Valley. Riverside University Health System (RUHS) will occupy the three-story facility, which will feature space for specialty physician groups, an outpatient surgery center and expanded pharmacy services. he new medical office building will occupy 17.4 acres on the southern portion of RUHS’s 80-acre medical center campus and feature a single-story, 7,000-square-foot lobby and café. The new outpatient building and the existing medical center will be linked to the new property by a second-floor pedestrian bridge. Completion is slated for 2019.
TIMNATH, COLO. — The Neenan Co. has started construction for The Plaza at Riverbend, a mixed-use retail center in Timnath, a suburb of Fort Collins. The project will total 39,000 square feet and include two freestanding single-story buildings with retail, office and restaurant space. The larger building will feature 23,000 square feet of commercial space. Studio 68 will own 9,307 square feet of space, slated to open by the end of the year. The second facility will feature 16,000 square feet of speculative commercial space. Serving as the project’s developer and design-builder, The Neenan Co. will sell the retail and office condominiums to each end user upon the project’s completion in late 2018.
LOS ANGELES — Bellwether Enterprise Real Estate Capital, a subsidiary of Enterprise Community Investment, has arranged $22.5 million in refinancing for MDR Truss Campus, an office complex located in the Marina Del Rey submarket of Los Angeles. Situated on 2.7 acres, the property consists of six separate buildings totaling 68,693 square feet of creative office space and 179 parking spaces. The 15-year, fully amortizing, fixed-rate loan features a 3.64 percent interest rate. It was used to pay off the construction loan and cover closing costs. Shelley Magoffin and Max Sauerman of Bellwether secured the loan through one of the company’s correspondent life insurance companies. The name of the borrower was not released.
LAGUNA HILLS AND MURRIETA, CALIF. — JLL Capital Markets has brokered the sales of two retail properties in Laguna Hills and Murrieta. In the first deal, an undisclosed buyer acquired a restaurant property, located at 23971 El Toro Road in Laguna Hills, for $5.5 million. Raising Cane’s Chicken Fingers leases the property on a 13-year, triple-net ground lease. Additionally, this Raising Cane’s location is the first to sell in California. In the second transaction, an undisclosed buyer sold a gas station and convenience store property located in Murrieta. Shell Gas Station occupies the property under a 20-year, triple-net lease. Adam Friedlander and Matt Berres of JLL Capital Markets’ Irvine, Calif., office arranged the transactions.
NEWPORT, ORE. — Crystal Investment Property (CIP), a member of Hotel Brokers International, has brokered the sale of the Econo Lodge in Newport. The property features 43 rooms, which have been updated with new granite and tilework throughout. Joseph Kennedy of CIP represented the undisclosed seller and undisclosed buyer in the deal. The acquisition price was not released.
ALAMEDA, CALIF. — A joint venture led by Trammell Crow Residential (TCR) plans to develop Alameda Point, a $500 million mixed-use project located in the Bay Area city of Alameda. Alameda Point Partners (AAP), which includes srmERNST Development Partners, Madison Marquette, Eden Housing and Cypress Equity Investments, officially closed on the transfer of approximately 30 acres for Site A of the mixed-use, transit-oriented waterfront development. The first phase of Site A will consist of 673 housing units, including 130 units for low- and very-low-income households and 310 units for middle-income households; eight acres of parks and open space; funding for the Seaplane Lagoon Ferry Terminal; and 93,000 square feet of retail space. Completion of the new infrastructure is expected over the next two to three years, with the first new residences scheduled to open in 2021. AAP negotiated the sale of several parcels to various builders and developers to coincide with the sale and transfer of the first 30 acres: Block 8 – Eden Housing will develop a 70-unit multifamily affordable community and a 60-unit affordable seniors housing community. Block 6 – Trumark Homes will develop 123 townhomes. Block 9 – Cypress Equity Investments will develop a 200-unit apartment community with …
DAVIS, CALIF. — HighBridge Properties will soon break ground on Lincoln40, a 708-bed student housing community located near the University of California, Davis. The community will include a mix of three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Shared amenities will include a fitness center, game room, café lounge, swimming pool with cabanas, and outdoor lounges with barbeque stations and gas fire pits. In addition, the community will offer LincolnLift, a student rental-assistance program that will offer reduced monthly rents to students based on 50 to 60 percent of the area’s median income. The program will be available for up to 10 percent of the property’s residents. Lincoln40 is expected to open in time for the 2020-2021 academic year.
SANTA FE SPRINGS, CALIF. — Bridge Development Partners has completed the disposition of three industrial properties totaling 224,000 square feet at Bridge Point Santa Fe Springs in Los Angeles County. Two of the buildings were completed as build-to-suit developments for the companies that acquired them, while the third was sold to a real estate investment firm. UniFirst Corp. acquired the 74,120-square-foot Building I, located at 13101 Rosecrans Ave. Paul Sablock and Christopher Lawrence of JLL represented the buyer. Novella Plastics purchased 75,331-square-foot Building II, located at 13123 Rosecrans Ave. Michael Lee of Redpoint Realty represented Novella Plastics in the deal. Westcore Properties acquired the 74,038-square-foot Building III, located at 13915 Maryton Ave., upon completion of the shell. Westcore leased the property to Carroll Tire Co., a division of Sumitomo Tire. Scott Heaton and Chris Sheehan of Colliers International represented Bridge Development in all three transactions, as well as Westcore Properties. Financial terms of the deals were not disclosed.
