SAN LUIS OBISPO, CALIF. — JLL has secured a $55 million loan for Jamestown LP to refinance The San Luis Obispo Collection, a 213,655-square-foot retail asset located in San Luis Obispo. The collection totals eight buildings: two multi-tenanted retail properties and six standalone historical buildings. Additionally, the asset is nearly fully leased to a credit tenant roster. John Manning, Alex Witt, Pavan Malhotra and Sarah Bernhisel of JLL arranged the financing for the borrower.
NEWPORT BEACH, CALIF. — Meridian Capital Group has negotiated $17.8 million in bridge financing for the purchase of a marina and mixed-use portfolio located at 2751 and 2801 Coast Highway and 2620 Avon St. in Newport Beach. The three-year, non-recourse loan features floating-rate, interest-only payments for the full term and two one-year extension options. A bridge lender provided the capital. The portfolio consists of three retail-oriented properties, a 24-slip marina and an off-site parking lot. The properties total 29,350 square feet and house Billy’s at the Beach and The Ritz restaurant. Brandon Harris of Meridian Capital Group negotiated the financing for the undisclosed borrower.
MONROVIA, CALIF. — NAI Capital has arranged the sale of mostly vacant retail supermarket site located at 723-727 E. Huntington Drive in Monrovia. 723 EHD LLC acquired the 97,497-square-foot site, known as Shamrock Center, for an undisclosed price. The property was 90 percent vacant at the time of sale, with O’Reilly Auto Parts as the remaining tenant. The property was originally built in 1972 for Kmart. Scott Martin and James Houghton of NAI Capital represented the buyer in the transaction.
LOS ANGELES — Wood Kusaka Studios has acquired a 14,474-square-foot light industrial property in Los Angeles for $3.3 million. The building is located at 310 N. Madison Ave. It was built in 1971. The property was previously used as a flex space for entertainment and sporting events. Wood Kusaka will use the property as its art studio. It is relocating from nearby Culver City. John Anthony, Chris Steck, Dennis Slattery and Chris Giordano of Charles Dunn Company represented the seller, Fitzpatrick Trust, in this transaction.
LOS ANGELES — Luxury real estate platform Compass has opened its new Los Angeles headquarters in Beverly Hills. The firm now occupies the fourth floor at 9454 Wilshire Blvd., a 12-story office building on the corner of Wilshire Boulevard and Beverly Drive. The space is situated within the Golden Triangle. The move more than doubles the firm’s footprint in Beverly Hills.
SAN FRANCISCO — R.D. Olson Development has received a $49.8 million construction loan to build the 204-room Residence Inn by Marriott Silicon Valley in the San Francisco Bay Area community of San Carlos. The new hotel will be situated at Industrial Road and East San Carlos Avenue, halfway between San Francisco and San Jose. The four-story, select-service hotel will feature 1,500 square feet of meeting space, a convenience market, fitness center, outdoor pool and spa, sport court and outdoor patio with fire pit. The hotel is slated for completion in 2017. The three-year, floating-rate loan features two one-year extensions through a diversified financial services company. HFF’s James Fowler secured the financing on behalf of the developer.
LOS ANGELES — A private 1031 exchange investor has purchased The Micropolitan at Urban Lights, a 45-unit multifamily community in the Miracle Mile submarket of Los Angeles, for $27.1 million. The community is located at 739 S. Ogden Drive. The Micropolitan was built in 2015. It is situated near the Los Angeles County Museum of Art, and is within a two-minute walk of the Los Angeles Metro Purple Line station, which will soon debut. Ron Harris and Paul Darrow of Institutional Property Advisors represented the seller, Micropolitan, a subsidiary of Psomas, in this transaction.
PHOENIX — Mainstreet, a skilled nursing developer based in Indiana, has revealed its plans for a skilled nursing facility in Phoenix. It was announced earlier in March that Mainstreet had bought a plot in West Phoenix’s Algodon Medical Office Park for $1.7 million. The company has now released its plan to build a $21.9 million skilled nursing facility on the land. The facility will feature 94 beds in a 67,697-square-foot building, and offer assisted living in addition to skilled nursing. When completed in early 2017, it will be the first community managed by Mainstreet Health, Mainstreet’s new operational arm. In conjunction with the plans, Mainstreet Health hired Sonja Nelson as vice president of strategy and business development for Arizona. She will be responsible for developing the provider and payer relationships for this and any future Mainstreet developments in the state. She most recently served as director of strategy and planning for Banner Health.
OAKLEY, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant property in Oakley currently triple-net leased to O’Reilly Auto Parts. An investor from Northern California acquired the asset to complete 1031 exchanges. The 8,037-square-foot store is located at 100 E. Cypress Road. Jeremy McChesney of Hanley Investment Group represented the seller. Dan Diehl of Keller Williams Realty represented the buyer in this transaction.
LAS VEGAS — IKEA, a home furnishings retailer, has completed the solar installation atop its Las Vegas store, which will open on May 18, 2016. The project is the largest single-use retail rooftop solar array in Nevada, according to the company. The store’s 240,504-square-foot solar array comprises a 1.14 megawatt system, built with 3,620 panels, and will produce approximately 1.8 million kilowatt hours of electricity annually for the store — the equivalent of reducing 1,207 tons of carbon dioxide, the company claims. For the development, design and installation of IKEA Las Vegas’ solar power system, IKEA selected Helix Electric, an electrical contractor specializing in design-build electrical projects in the U.S. R&O Construction is managing the site work and building of the actual store.
