TEMECULA, CALIF. — The University of Redlands has signed a 66-month lease for 9,561 square feet of office space at Garrett Corporate Center in Temecula. The Class A building is located at 1 Betterworld Circle. The university will open its new space on July 1. Corey Martin and Matt Shaw of Legacy Properties Group represented the landlord.
GLENDALE, ARIZ. — CBRE has arranged a $19.7 million loan for the acquisition of MorningStar at Arrowhead, an 85-unit assisted living and memory care community in the Phoenix submarket of Glendale. The borrower is a joint venture between MorningStar Senior Living, Oakwood Real Estate Partners and Confluent. MorningStar developed the property, which opened in September 2015. The company will continue to operate the community after the transaction. The non-recourse, floating-rate loan features a three-year term, 36 months of interest-only payments and an all-in rate below 3 percent. A national bank provided the capital. Aron Will, vice president of CBRE National Senior Housing, arranged the financing. Oakwood is a commercial real estate private equity firm located in Denver. Confluent is a full-service real estate investment and development company, also based in Denver.
PHOENIX — Curtis Capital Group has purchased the 124-unit Barrington Regent apartment complex in Phoenix for $11 million. The community is located at 825 W. Osborn Road. It is less than a mile from the Metro Light Rail and about one mile from the Downtown Phoenix Corridor. Top employers in the area include both city and state governments, as well as TGEN Bioscience Research. Barrington Regent was built in 1980. The seller was Su Casa properties. Mark Forrester, Ric Holway, Dan Cheyne and Tom Wolff of Berkadia executed the transaction.
DEER VALLEY, UTAH — ValueRock Realty Partners has obtained all the entitlements and approvals for the 87-acre Deer Cove Master Plan, one of the largest planned mixed-use communities in the Deer Valley/Park City region. The development will be situated adjacent to U.S. 40, within walking distance of the Jordanelle Express Gondola at Deer Crest and Jordanelle recreational lake. ValueRock and its affiliates acquired the infill parcel in 2001. Since that time, the team has invested about $20 million in planning, engineering, infrastructure and water reservation fees to secure full entitlement approvals. The project will eventually include more than 1,000 residential units, a hotel, retail and open space in a master-planned community. There are a number of on-mountain adjacent developments planned for the area, including a 800- to 1,000-acre ski terrain expansion of Deer Valley Resort; development of a new on-mountain, four-star hotel at Pioche; proposed on-mountain luxury hotel and residential development at Blue Ledge by Extell Development; and progression of Mayflower, another development that encompasses about 4,000 acres of land.
GARDEN GROVE, CALIF. — King Shocks has acquired a 55,576-square-foot industrial building in Garden Grove for $9.4 million. The facility is located at 12472 Edison Way. The American manufacturer of off-road automotive parts will use the space for its corporate headquarters. Isuzu formerly occupied the property. Mike Bouma, Paul Caputo and Eric Smith of Voit’s Anaheim office represented the seller, LBA RIV-COMPANY XXVII LLC, in this transaction.
PHOENIX — Strategic Storage Growth Trust has acquired an 840-unit self-storage facility in the Phoenix submarket of South Mountain Village for an undisclosed price. The facility is located at 1500 E. Baseline Road. Glacier Development designed the Class A property.
SAN JOSE, CALIF. — A partnership between SteelWave (formerly Legacy Partners Commercial) and USAA Real Estate Co. has broken ground on Phase II of America Center in San Jose. This phase will add 450,000 square feet of office space in two six-story buildings. America Center is situated off Highway 101 at the junction of Highway 237 and Great America Parkway. It sits adjacent to the 175-room Aloft Hotel, and is surrounded by a 30-acre open space preserve, with access to public jogging and bicycle paths. The new phase will bring America Center to a total of 885,000 square feet. The project will eventually include 1.1 million square feet of Class A office space once Phase III is completed. Phase I is 88 percent leased. It is occupied by tech companies like Polycom and Flextronics International. The project was initially built in 2009. Newmark Cornish & Carey is handling leasing for the property.
LOS ANGELES — An undisclosed buyer has purchased the 90-unit Vista Catalina apartment complex in the Los Angeles County submarket of Rancho Palos Verdes for $40.1 million. The community is located at 6507-6510 Ocean Crest Drive. Vista Catalina was built in the early 1970s and renovated between 2010 and 2012. Ron Harris, Paul Darrow and Michael DiSimone of Institutional Property Advisors represented both the buyer and seller in this transaction.
SAN DIEGO AND ANAHEIM, CALIF. — An institutional owner has retained Vestar as the property management firm for Clairemont Town Square in San Diego and Anaheim Hills Festival in Anaheim. Located at Clairemont Mesa Boulevard and Clairemont Drive, the 550,000-square-foot Clairemont Town Square is anchored by Vons, CVS/pharmacy, Ross Dress For Less, T.J. Maxx, Michaels, Petco and Ulta. Situated at Weir Canyon Road and Santa Ana Canyon Road, the the 567,000-square-foot Anaheim Hills Festival is occupied by Target, Pavilions, Edwards Theatres, T.J. Maxx, Hobby Lobby, Stein Mart and Pier 1 Imports.
CARLSBAD, CALIF. — Turner Construction and Ware Malcomb have completed the construction of Hoehn Motors Audi Dealership, located at 5425 Paseo Del Norte in Carlsbad. The 54,688-square-foot, full-service auto dealership features a showroom, sales offices, public lounge seating areas, retail boutique, interior care delivery room, public Quattro Café, mezzanine executive level with offices and a conference room. Additionally, the property features 28 vehicle service and wash bays, a 120-stall parking deck above the offices and showroom, and a completed parts department with a bin-supported mezzanine. Turner Construction served as general contractor, Ware Malcomb provided architecture and interior design services and The Horine Group served as project manager for the project.