CLAREMONT, CALIF. — StarPoint Properties has purchased the 75-unit Indian Hill Villas apartment building in Claremont for $15.7 million. The community is located at 510 S. Indian Hill Blvd. It is a few minutes from the Claremont Colleges. Indian Hill Villas was originally built in 1971. It is set to undergo a $2.1 million renovation. Stewart Weston and John Montakab of Institutional Property Advisors represented StarPoint in this off-market transaction.
NIPOMO, CALIF. — Harborview Capital Partners, a New York-based commercial real estate finance, equity and advisory firm, has closed a $16.2 million construction loan for a 110-bed assisted living and memory care facility in Nipomo. The city is situated along the California coast between Los Angeles and San Francisco. Avi Begun, senior originator with Harborview, closed the transaction. The borrower and facility name were not disclosed.
RANCHO CUCAMONGA, CALIF. — Cohen Financial has secured an $8.9 million loan for Town Center Square, a 60,553-square-foot shopping center located roughly 40 miles outside downtown Los Angeles in Rancho Cucamonga. The property is fully leased to tenants including Aldi, Office Max and Barnes & Noble. Cathy Bronkema of Cohen Financial secured the fixed-rate, non-recourse, 15-year term loan with a flexible prepayment structure and 25-year amortization schedule. A private balance-sheet lender provided the financing, which was used to payoff an existing bridge loan.
CLIFTON, COLO. — Inspire Communities has purchased the 431-site Candlewood Park MHC in Clifton for an undisclosed sum. The all-age manufactured housing community is located at 424 32 Road, adjacent to Grand Junction. KeyBank Real Estate Capital provided financing for the deal. Inspire Communities represented itself in this transaction. Jeff Mueller of Mueller & Hoffman represented the seller. Inspire Communities also recently purchased the 477-site Whisper Creek RV Resort in Fort Myers, Fla. “These investments fit our criteria for acquiring market-leading manufactured housing communities where we can add homes and improve operations,” says Erik Rollain, Inspire Communities’ CIO. “We are excited to acquire our second RV resort and we hope to make additional investments in Florida and in Colorado.”
PEORIA, ARIZ. — Armstrong Development Properties is developing a 10,000-square-foot retail strip center in Peoria. The center will be located at 7473 W. Bell Road. A fuel station was recently demolished on the 1.3-acre site to make way for the five-tenant strip center. Café Rio, Smashburger and Mad Greens have already signed onto the project. Construction commenced in mid-September, with an expected completion date of June 2017.
SAN DIEGO — CalAtlantic Homes has purchased a 170-acre master-planned community site in the San Diego submarket of Del Sur for $24.5 million. The site is located at the intersection of Carmel Valley and Dove Canyon roads. David Santistevan and Gunder Creager of Colliers International represented both the buyer and seller, Mountain Glen Family LLC, in this transaction.
BERKELEY CALIF. — American Campus Communities and the University of California, Berkeley have broken ground on a 781-bed residence hall located on the south side of the university’s main campus in Berkeley. The development, expected to house first-year students, will feature eight stories of residential and amenity space, 7,000 square feet of ground-floor retail and an 11,000-square-foot community center. The community center will include an “academic success center,” fitness center and student and gaming lounges. The project will also be home to 5,000 square feet of integrated space owned by Stiles Hall, a nonprofit student service group associated with the university. The public-private partnership transaction was structured under the American Campus Equity (ACE) program, which gives universities the opportunity to expand and modernize their student housing portfolio without the use of university financial resources. The development will seek LEED Gold certification. The project will include outdoor courtyards for student gathering that incorporate sustainable landscaping to treat rainwater runoff, reducing water usage by 50 percent and heat island effect by 50 percent. An expected completion date has not been announced.
NEWARK, CALIF. — SAS Automotive Systems has pre-leased OMP Eureka Landing, a 142,188-square-foot advanced manufacturing property in Newark. The project will be located at 39888 Eureka Drive. It is situated two blocks west of Interstate-880 and less than five miles from Tesla’s Fremont plant. OMP Eureka Landing represents SAS’s first West Coast outpost where it will bring new manufacturing jobs to the Bay Area. Colliers International’s Mark Triska and Sanjiv Chadha represented SAS.
PORTLAND, ORE. — Alliance Residential Co. has purchased a 30,000-square-foot development site in Portland’s Pearl District for $5.8 million. The site is located at 1400 N.W. Raleigh St. It previously housed a 28,000-square-foot industrial building that has since been demolished. Alliance has already broken ground on a new 147-unit, six-story apartment building known as Broadstone Reveal. The project will also feature ground-floor retail. Gary Griff, Jim Lewis and Paul Carlson of Cushman & Wakefield’s Capital Markets team represented the seller, Diller Properties LLC.
TAOS, N.M. — Jayjala LLC has acquired a 49-room Super 8 Taos motel for $1.5 million. The property is located at 1347 Paseo Del Pueblo Sur in Taos. Leilani Tedeski and Bruce Barnhard of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.
