SAN DIEGO — ACI Commercial, a San Diego-based real estate brokerage firm, has arranged the $2 million sale of a 10,000-square-foot lot in the Little Italy section of San Diego. The site, located at 2148 India St., is zoned for mixed-use commercial development. Norm Root of ACI Commercial represented the seller, the Wilson and Stodelle Family trusts, in the transaction. Victor Krebs of Colliers International represented the buyer, HG Fenton Property Co. Teresa McElaney of Chicago Title Co. handled the escrow obligations, and Chicago Title provided title insurance for the transaction.
SAN DIEGO — Solana Beach Pho Bar & Grill, a Vietnamese restaurant, has signed a 2,881-square-foot lease at 1005 Rosecrans St. in San Diego. The landlord is OliverMcMillan Rosecrans LLC. The lease is for 10 years with a consideration of $1.1 million, according to Flocke & Avoyer Commercial Real Estate. Steve Avoyer, Matt Peckham and Michael Stuhmer of Flocke & Avoyer Commercial Real Estate represented OliverMcMillan Rosecrans in the transaction. Jose Bravo of Vanguard Resource Group represented the tenant.
SAN DIEGO — Davlyn Investments has acquired Paseo Summit, a 74,807-square foot, two-building office park located in Carlsbad, Calif., for $16.4 million. The property is 83 percent occupied. Michael Roberts and Brunson Howard of Cushman & Wakefield represented LNR, the special servicer acting on behalf of the lender/seller, in the transaction. Davlyn Investments was self-represented. City National Bank provided the acquisition financing. Davlyn Investments is a San Diego-based owner and operator of apartment communities and commercial property throughout California. To date, the firm has acquired more than $920 million in real estate assets.
MOUNTAIN VIEW, CALIF. — The 187-unit Highland Gardens Apartments in Mountain View has received $54.8 million in acquisition financing. The garden-style community is located at 234 Escuela Ave. in Silicon Valley. Highland Gardens was built in 1963 and renovated in 2013. Community amenities include a fitness center, swimming pool, bocce ball court and barbecue cabana. The asset previously operated as two separate properties. They were split down the middle by a parcel of land owned by the San Francisco Public Utility Commission. This parcel includes underground water mains that provide water to the nearby San Francisco Bay area. The seven-year loan was structured as full-term, interest-only financing. The community was purchased by Decron Properties this past January for $86 million. The Fannie Mae loan was structured by Bryan Frazier of Walker & Dunlop.
SAN DIEGO – The Visalia Marriott is located at 300 S. Court Street in the San Diego submarket of Visalia. The buyer owns and operates a hotel portfolio that contains major brands like Marriott and Hilton. The seller, a national hotel company, was represented by Mike Armstrong of HREC Investment Advisors’ San Diego office.
PALM SPRINGS, CALIF. — A new 150-room Andaz hotel will soon debuted in downtown Palm Springs. The new hotel will be situated adjacent to the Uptown Design District. Hyatt Hotels Corporation has entered into a management contract with Rael Development Corporation on the new project. It will be situated within walking distance of the shops, restaurants and galleries along Palm Canyon Drive. The hotel is scheduled for completion late next year. Andaz Palm Springs will also contain 17 suites with panoramic views of the city and nearby San Jacinto Mountains. The ground level will feature 25,000 square feet of boutique retail space, as well as indoor and outdoor meeting facilities. The hotel will also offer spa services, a fitness facility, a signature restaurant and lounge and terrace bar. Two outdoor pools and garden areas will be situated on an elevated patio terrace. Andaz Palm Springs will collaborate with local artists, musicians, designers and other cultural influencers to create events and programs based on themes unique to its Palm Springs location. Andaz also operates hotels in other notable Western locations like Maui, Hawaii, and Napa, Calif.
DENVER — 29th Street Capital (29SC) has purchased the 110-unit Asbury Plaza Apartments in Denver for an undisclosed sum. The community is located at 5170 E. Asbury Ave. Asbury Plaza is situated east of Interstate 25. It is within walking distance of a pedestrian bridge that will lead to the RTD Colorado light rail station. The bridge will be completed later this year. 29SC plans to invest about $850,000 – or $7,700 per unit – in property improvements. It will upgrade the roof, windows, landscaping, corridors, and resident amenities, including the BBQ area and rooftop deck. The firm will also install new appliances, countertops, fixtures, lighting and flooring. Exterior work will be completed within six months, while interior work will be conducted as tenants vacate. This is 29SC’s eighth acquisition in the past eight months. The seller was a private ownership group.
TACOMA, WASH. — Goodman Real Estate has acquired the 230-unit Eagles Landing Apartments in Tacoma for $18.5 million. The community is located at 2201 104th Street South. Eagles Landing was built in 1990. It is currently 98 percent leased. Common-area amenities include a fitness center, swimming pool, Jacuzzi, laundry facility, controlled-access gates and parking. In-unit amenities include fully equipped kitchens, fireplaces, cable access, washers and dryers, and balconies and patios. The property is located near Interstate 5, State Route 512 and Pacific Avenue. The seller was Eagles Landing LLC. The transaction was executed by Kenny Dudunakis and Jim Jensen of Berkadia.
CHATSWORTH, CALIF. – Rexford Industrial Realty has purchased a 153,984-square-foot distribution building in Chatsworth for $14.1 million. The building is located at 9401 De Soto Ave. It was built in 1983. The building was the former corporate headquarters, manufacturing and distribution center for Topco Sales. David Young and Chad Gahr of NAI Capital’s Encino office represented both the buyer and seller, 9401 De Soto LLC, in this transaction.
MISSION VIEJO, CALIF. – La Paz Gateway, a 6,000-square-foot retail center in the Orange County submarket of Mission Viejo, has sold to an unnamed buyer for $5.5 million. The Class A center is located at the intersection of Muirlands Boulevard and La Paz Road, off Interstate 5. It is fully occupied by three tenants, including Roberto’s Taco Shop, Ortho Mattress and Beach Hut Deli. La Paz Gateway was built in 2007. Both the buyer and seller were represented by Scott Hook of Hook Retail Advisors/Coldwell Banker Commercial (CBC) Alliance Orange County.