HEMET, CALIF. — Marcus & Millichap has brokered the sale of Ramona Plaza, a shopping center located in Hemet. An undisclosed buyer acquired the property for $11.1 million, or $108 per square foot. Grocery Outlet, Planet Fitness, Dollar Tree, Subway and Little Caesars Pizza occupy the 102,801-square-foot property. Matt LoPiccolo, Matt Hardy and Mike James of Marcus & Millichap represented the buyer and undisclosed seller in the deal.
ONTARIO, CALIF. — Progressive Real Estate Partners has brokered the sale of a retail center located at 404-426 N. Euclid Ave. in downtown Ontario. The City of Ontario acquired the 64,000-square-foot property from a private investor for $3.2 million. Secoya Market, Papa John’s Pizza and Wells Fargo occupy the property, which was built in the 1960s. Frank Vora, Mike Lin and Pablo Velasco of Progressive Real Estate represented the seller, while Paul Galmarini, also of Progressive Real Estate, represented the buyer in the transaction.
OCEANSIDE, CALIF. — Stos Partners has acquired a two-tenant retail property located at 610-612 Mission Ave. in Oceanside. A private owner sold the property for $1.4 million. The buyer plans to implement capital upgrades to the building and market the property as retail and/or office space. Peter Curry of Cushman & Wakefield represented the buyer and seller in the transaction.
PORTLAND, ORE. — Land and Houses has acquired the 284-unit Yard Apartment Tower in Portland for $126.7 million. The community is located at 22 N.E. 2nd Ave. in a former industrial neighborhood on Portland’s east side. The 21-story tower is part of the Portland Development Commission’s Burnside Bridgehead Master Plan, an effort to revitalize entrepreneurial development in Portland. Yard was completed in 2016. It was sold pre-stabilization at 50 percent occupancy. Land and Houses is a subsidiary of a Bangkok-based investment firm. This is its first investment in Portland. Philip Saglimbeni and Elizabeth Davis of Institutional Property Advisors represented the buyer. Davis also represented the seller, Block 67 LLC, with assistance from Pete Shelton and Kim Grant.
LOS ANGELES — Encino Corporate Plaza, a 126,275-square-foot office complex in the Los Angeles submarket of Encino, has sold to an undisclosed investor through receivership for $35.5 million. The center is located at 16661 Ventura Blvd. Encino Corporate Center was built in 1968 and fully renovated in 1988. It is currently 76 percent leased, housing a mix of medical and professional services tenants. Trigild will remain on board as property manager. HFF’s Andrew Harper and Evan Kovac brokered the sale.
WALNUT CREEK, CALIF. — Mesa West Capital has originated a $35.7 million first mortgage loan for the refinancing and repositioning of Rossmoor Shopping Center in Walnut Creek. A joint venture between Citivest Commercial and Tallen Capital Partners was the borrower. The borrower acquired the property in 2012 and is implementing a city-approved redevelopment plan for the 108,000-square-foot property. In addition to upgrading the exterior façade, expanding the inline space and adding new retail pads, the plan also includes adding an additional 27,000 square feet of net rentable area to the existing property. Steve Fried and Seth Hall of Mesa West Capital originated the five-year, non-recourse, floating-rate loan for the borrower.
ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased a Class A office building at the Olympus Corporate Center in Roseville. The center is located at 3001, 3005, 3009, and 3013 Douglas Blvd. The price was not disclosed. Notable tenants at the four-building center include Direct Technology, Granite Bay Development, KB Home, Gallelli Real Estate, Orange Hook and UBS. Chris Lemmon and Zac Collie of Newmark Cornish & Carey are acting as Olympus’s leasing agents. BBVA Compass provided debt financing.
LOS ANGELES — Mission Foods has leased a 50,689-square-foot distribution building in the Los Angeles submarket of Van Nuys. The building is located at 14400 Arminta St. The space was built in 2007. David Young and Chad Gahr of NAI Capital’s Encino office represented Gruma Corp., dba Mission Foods, in the lease.
ONTARIO, CALIF. — NorthMarq Capital has arranged a $65 million refinancing for a three-property industrial portfolio in the Inland Empire. The portfolio contains a total of nearly 1.6 million square feet. The transaction includes 3100 Milliken Ave. in Mira Loma and 5555 and 5772 E. Jurupa St. in Ontario. The financing will allow the borrower to recapitalize the portfolio. The 10-year loan features a forward rate lock of 3.65 percent and a 30-year amortization schedule. NorthMarq’s Michael Elmore arranged the loan through the firm’s correspondent relationship with Hartford.
MORENO VALLEY, CALIF. — Cherry Heights LLC has acquired the 206-unit Legends at Rancho Belago in Moreno Valley for $33.8 million. The community is located at 13292 Lasselle St. Legends was originally built as a 40-unit for-sale condominium property in 1993. The remaining 166 apartment units were built in 2006. The property was fully converted to a rental community in February 2016. Peter Sherman of Avison Young represented the LLC, a 1031 exchange buyer. Institutional Property Advisors represented the seller, the Reliant Group.
