ENCINITAS, CALIF. — RAF Pacifica Group has purchased the retail portion of Pacific Station, a 100,000-square-foot mixed-use asset featuring residential office and retail space in Encinitas. Loja Retail Partners sold the asset for $24 million. Amazon, Whole Foods and Wells Fargo, among others, occupy the 39,000-square-foot retail portion. RAF Pacifica Group plans to hold the retail asset long-term. Matt Moser of Retail Insight represented the buyer and seller in the off-market transaction.
LOS ANGELES — CBRE has secured a $23.1 million bridge and construction loan for the repositioning of the nine-story 900 South Hill Street Garage in downtown Los Angeles. Mark Fisher and Alex Furnary of CBRE’s New York office, with the assistance of Val Achtemeier of CBRE’s Los Angeles, office secured the loan on behalf of the developer, Los Angeles-based Markwood Enterprises. Markwood will construct an additional floor, and combine and expand the ground-floor space to accommodate a single tenant, Erewhon, an organic market. The top three floors will be re-purposed as creative office space and the balance of the property will continue to operate as a garage.
KENNEWICK, WASH. — The Hotel Group has acquired the 107-unit Home2 Suites by Hilton Yakima – Airport in Kennewick for an undisclosed sum. The hotel is located at 2861 S. Lincoln St. in Rainer Square, southeast of Seattle. Construction of the property began in late 2017. It is scheduled to open in spring 2019. The hotel is being is being developed by Yakima-based Hogback Development and designed to host families and sports teams, along with business and leisure travelers. Amenities will include a swimming pool, fitness center, guest laundry, meeting facilities, indoor and outdoor lounge, and free breakfast. The hotel is situated less than a mile from Yakima Air Terminal, Yakima Valley Community College, SOZO Sports Complex and Virginia Memorial Hospital.
SAN DIEGO — Genesis Kitchen + Design has opened at Campus Point in San Diego. Located at 4242 Campus Point Court, the restaurant is part of the new Genesis life science development complex by Phase 3 Real Estate Partners Inc. The project includes a full-scale fitness center, outdoor lap pool and yoga training patio. The restaurant seats 56 people inside, with seating for 120 outside and a large bar, as well as semi-private outdoor space with a gas fireplace and ping-pong table. Genesis Kitchen + Design offers a seasonal menu, 13 craft beers on tap, nine wines by the glass and local kombucha for lunch Monday through Friday and a happy-hour menu Thursdays and Fridays. Bon Appétit Management Co. will operate the restaurant.
IRVINE, CALIF. — CB Global Investors has purchased a 311,000-square-foot office tower in Irvine for $120 million. The 16-story tower is located at 2600 Michelson Drive. The trophy property is 99 percent occupied. Notable tenants include Loan Depot, Jacobs Engineering, Zillow and Premier Business Centers. The property was built in 1986 and renovated last year. The tower features a polished-granite-and-glass exterior, a two-story lobby that overlooks a koi pond and courtyard, and a five-story adjacent parking structure. CB Global Investors represented itself in this transaction, while NKF represented the seller, Ocean West Capital Partners.
SAN FRANCISCO — Sonnenblick-Eichner Co. has arranged a $110 million refinancing for the 550-room InterContinental San Francisco hotel. The hotel is located at 888 Howard St. in downtown’s South of Market (SOMA) district. The hotel includes 43,000 square feet of meeting, banquet and pre-function space; Luce, a Michelin rated restaurant; a 10,000-square-foot spa; and subterranean parking accommodating 180 valet spaces. The 10-year, non-recourse loan has a fixed interest rate in the low 4 percent range. A Wall Street investment bank funded the loan.
LAS VEGAS — A joint venture between Citymark Capital and InterCapital Group has purchased the 368-unit Vintage Pointe apartments in Las Vegas for $49.2 million. The community is located at 6500 Vegas Drive. Vintage Pointe is situated along US Route 95, near employers including the North West Medical District, retail establishments and entertainment centers.
LAKEWOOD, COLO. — A joint venture between Holland Partner Group and North America Sekisui House has purchased the 472-unit Village at Bear Creek in Lakewood for an undisclosed sum. The apartment community is located at 2605 S. Miller Drive in the Bear Creek area. The asset was completed in two phases. It features two swimming pools, sun deck, hot tub, outdoor grilling area, basketball and tennis courts, 24-hour fitness center, business center, two clubhouses, community garden, and access to the adjacent Bear Creek hiking and biking trail. HFF’s Jordan Robbins, Jeff Haag and Anna Stevens represented both the buyer and unnamed seller in this transaction.
BOISE — MedEquities Realty Trust has provided a $19 million acquisition and construction loan to fund the purchase and conversion of an existing long-term acute care hospital to a 72-bed inpatient psychiatric hospital in Boise. Haven Behavioral Healthcare operates six inpatient psychiatric hospitals in Arizona, New Mexico, Ohio, Pennsylvania and Texas. The firm provides inpatient psychiatric stabilization and treatment to adults experiencing acute symptoms of depression, anxiety, psychosis or other severe behavioral problems. The loan has a three-year term and an annual interest rate of 10 percent. Upon completion of the planned renovation, MedEquities has the exclusive right to acquire the property for a purchase price equal to the outstanding loan balance in a sale-leaseback transaction that would include a 15-year triple-net master lease at an initial lease rate of 9.3 percent.
SAN DIEGO — Sunroad Enterprises has obtained $165 million in short-term, first-mortgage loans to refinance two new luxury apartment complexes in San Diego. Financing was secured for the 253-unit Ariva and the 302-unit Vive on the Park. The properties are recent apartment developments in the 40-acre, master-planned community of Sunroad Centrum in the Kearny Mesa submarket. Sunroad Centrum will include 1,622 multifamily units and 856,000 square feet of commercial office space once completed. Sunroad Centrum is part of the San Diego Spectrum Center, on the site of the former 232-acre General Dynamics aerospace facility. HFF’s Tim Wright and Aldon Cole arranged the financing. The five-year, non-recourse loan was structured in two pieces, with Mesa West holding $145 million and Clarion Partners holding $20 million.
