SANTA MONICA, CALIF. — A joint venture between Douglas Emmett and Qatar Investment Authority (QIA) has purchased two office buildings in Santa Monica for $352.8 million. The assets include a 206,000-square-foot building at 1299 Ocean Ave. and an 87,000-square-foot office building at 429 Santa Monica Blvd. The same consolidated joint venture also acquired 12100 and 233 Wilshire Blvd. in 2016. A portion of the purchase price was provided by a $142 million secured, non-recourse, interest-only loan to the joint venture that matures in July 2019 and bears interest at LIBOR plus 1.55 percent. Douglas Emmett provided 20 percent of the equity capital and manages the joint venture.
SAN DIEGO — NorthMarq Capital has arranged a $61.2 million refinancing for a San Diego-based multifamily portfolio owned by a local private family office. The portfolio contains three communities and a total of 488 units. The properties are located in San Diego, Poway and La Mesa. The transaction was structured with a 12-year, interest-only term. Gardiner Champlin and Marty Meagher of NorthMarq arranged financing for the borrowers through Fannie Mae’s Green Rewards program.
MENIFEE, CALIF. — MJW Property Group has acquired the 230-unit Cantabria Apartment Homes in Menifee for $43.6 million. The community is located at 30951 Hanover Lane. It sits adjacent to San Jacinto College off the 215 Freeway. Community amenities include a resort-style pool with cabanas, courtyard fireside lounge and fitness center. Kyle Pinkalla, John Chu and Ed Rosen of Berkadia executed the transaction. The seller was Strata Cantabria LLC.
SAN DIEGO — A joint venture between Hill Properties and ReCap has purchased Scripps Ranch Business Park, a 185,738-square foot industrial complex in San Diego, for $31.4 million. The nine-building industrial park is located on Willow Creek Road. It is currently leased to nine tenants. JLL’s Lynn LaChapelle, Bob Prendergast and Sach Kirpalani executed the transaction.
PASADENA, CALIF. — DICK’S Sporting Goods has opened 36 new Golf Galaxy stores throughout the United States. This includes two stores in Arizona, five in California, two in Colorado and one in Oregon. These new locations were formerly Golfsmith properties acquired by DICK’S and have been converted to Golf Galaxy stores, bringing the specialty golf retailer’s footprint to 98 locations across 33 states. Founded in 1948, DICK’S Sporting Goods, Inc. is a leading omnichannel sporting goods retailer. As of January 28, 2017, the company operated more than 675 DICK’S Sporting Goods locations nationwide. Headquartered in Pittsburgh, DICK’S also owns and operates Golf Galaxy and Field & Stream specialty stores.
Local market conditions are always related in some way to what’s happening on the national stage, so let’s first acknowledge our new leadership. Trump has continued talking like the businessman he is and in very much the same style that got him elected. In reaction, equities markets have continued to boil over into record-setting heights as the business sector embraces the potential for more business-friendly stances that will sooner or later emerge from Washington. Business resurgences always impact Northern Nevada, thanks to both its strategic location advantage in distributing to the 11 Western states and its highly business-friendly state climate. As for Tesla, 2016 showcased increasingly tangible direct and indirect effects from the expanding Gigafactory. Tesla leased a large warehouse in the Tahoe Reno Industrial Center near the Gigafactory to receive product for several years. Panasonic, Tesla’s quieter partner in the Gigafactory, also leased a large warehouse in the same park that is close to the plant. Another Tesla vendor, Daehan Solutions America, an international company supplying the automotive industry and headquartered in South Korea, leased a large space in the vacant ex-Amazon space in Fernley. These three transactions alone comprise a large portion of the market’s total quarterly absorption. …
LOS ANGELES — The Moinian Group has arranged a $120 million loan to refinance the International Jewelry Center in Los Angeles. The center is located at 550 S. Hill St. within the Jewelry District. The building contains 405 tenants that are primarily within the jewelry industry. Bank of China provided the five-year, interest-only loan.
THORNTON, COLO. — TruAmerica Multifamily and the Magnolia Real Estate Fund have acquired the 287-unit Fox Creek apartments in Thornton for $53 million. The community is located at 12220 Colorado Blvd. The property was built in two phases between 1984 and 1999. CBRE’s David Potarf and Dan Woodward represented the buyers and private seller. TruAmerica financed the acquisition through Freddie Mac’s select sponsor program.
RIVERSIDE, CALIF. — Sims Mortgage Funding has closed a $30.1 million loan for Parkview Community Hospital in Riverside. The hospital is located at 3865 Jackson St. The loan will finance the expansion of Parkview’s emergency department. The loan was insured under the HUD Section 242/241 program.
SEATTLE — Terreno Realty Corp. has purchased a 35,000-square-foot industrial building in Seattle for $5.9 million. The building is located at 25-29 S. Hanford St. It is 72 percent leased to two tenants. It is situated on 1.1 acres within the SoDo district, adjacent to the port. Terreno Realty Corp. acquires, owns and operates industrial real estate in six major coastal U.S. markets.