IRVINE, CALIF. — Real estate investment company WNC has closed WNC Institutional Tax Credit Fund X California Series 13 LP, a $75 million institutional, low-income housing tax credit (LIHTC) fund. The fund, which includes seven investors, will acquire nine properties in California. Composed of family and senior housing properties, the fund includes 978 units of affordable housing in both suburban and urban parts of the state, including Casa de Seniors in San Clemente, a 72-unit seniors housing rehabilitation project. This is the company’s second largest equity raise, thus far. WNC, which is based in Irvine, has closed a total of 18 California funds that have acquired more than 250 properties in 46 counties.
CERES, CALIF. — Phillips Edison & Co. has acquired Central Valley Marketplace, an 81,897-square-foot shopping center in Ceres. A 59,809-square-foot Food 4 Less anchors the center. Additional tenants include Starbucks Coffee, GameStop, H & A Wireless, Panda Express, Round Table Pizza, Wingstop, Bel Air Nails and Subway.
PHOENIX — Lowe Enterprises Investors (LEI) has purchased three office buildings at the Phoenix Gateway Center office complex for an undisclosed sum. The properties are located in the North Airport/44th Street corridor area of Phoenix. The transaction included the 107,755-square-foot Gateway I; the 107,963-square-foot Gateway II; and the 221,885-square-foot Gateway III buildings. LEI plans to improve the properties’ common areas and public spaces. The overall occupancy at the buildings is 94 percent. Peter Morgan led LEI’s acquisition team. CBRE’s Barry Gable and Kevin Shannon represented the seller, a partnership of Pearlmark/Transwestern and Oaktree Capital.
MANHATTAN BEACH, CALIF. — West Ridge Rentals LLC has purchased a 35,911-square-foot medical office complex in Manhattan Beach for $15.6 million. The three-building complex is located at 500 S. Sepulveda Blvd. The buildings include small retail elements that house related businesses. The complex was built in 1976. Eric Lastition and Geoff Ludwig of Colliers International represented the seller, Manhattan Beach Mall LP.
SAN BERNARDINO, CALIF. — The Pool Corporation has leased a 184,646-square-foot building in San Bernardino. The space is located at 1410 E. Central Ave., within Carson Alliance, a newly developed, two-building industrial park at the Gateway of the Master Alliance of California project. Chris Barbieri of ANR Asset Management and Ron Barbieri of Coldwell Banker Commercial represented Pool Corporation. JLL’s Ruben Goodsell, Peter McWilliams and Mike McCrary represented the landlord, Carson Companies.
DENVER — A local multifamily investor has purchased a 20-unit apartment building in Denver for $2.8 million. The community is located at 833 Dexter St. The new investor also owns a few other properties within the same neighborhood. Matt Lewallan and Kevin Calame of Pinnacle Real Estate Advisors represented the buyer.
TORRANCE, CALIF. — Grocery chain Fresh & Easy is relocating its executive and administrative hub from El Segundo to nearby Torrance. The hub will be located at 20101 Hamilton Place. NGKF’s David Kluth and Joel Smith negotiated the lease.
SANTA FE SPRINGS, CALIF. — Custom Companies has leased 306,286 square feet of industrial space in Santa Fe Springs. The space is located at 13012 Molette. The lease is valued at $13.7 million. Custom Companies, which provides airfreight and truck shipments to and from all points in the U.S., Canada and Mexico, will relocate from nearby Carson. The company will use the space for its warehouse, distribution, outside trailer storage and general office needs. NGKF’s Wesley Hunnicutt and Matthew Moore represented Custom Companies. Eric Knirk of Fremont Associates represented the owner, Oltmans Real Estate Company.
PHOENIX — The 331-room Wigwam Resort in the Phoenix submarket of Litchfield Park has received a $29 million loan. The hotel is located at 300 E. Wigwam Blvd. The resort features 45,000 square feet of indoor meeting space, 55,000 square feet of outdoor meeting space, an Elizabeth Arden Spa, four food and beverage venues, four swimming pools and three 18-hole golf courses. JLL’s Dustin Stolly, Mike Huth and Aaron Niedermayer secured the floating-rate loan. East West Bank provided the funds to JDM Holdings.
MILL VALLEY, CALIF. — Ultima Hospitality and Argosy Real Estate have sold the 100-room Holiday Inn Express in Mill Valley, a submarket in Marin County that is just north of San Francisco. The hotel is located at 160 Shoreline Highway. The price was not disclosed. The hotel was formerly known as the Larkspur Mill Valley Hotel until the partners rebranded it in fall 2012. The property’s guestrooms, common areas and exteriors were also renovated at this time.