SANTA CLARA, CALIF. — Parkview Financial has funded a $10.7 million construction loan for a mixed-use project located in Santa Clara. The new project will feature more than 6,500 square feet of retail space and 28 condominiums. The sponsor is an experienced developer, which began purchasing the development parcels for the project in 2012. Paul Rahimian of Parkview Financial arranged the financing.
PHOENIX – The 44th and McDowell Hotel Group LLC has purchased the 228-unit Holiday Inn Hotels & Suites Phoenix Airport North for an undisclosed sum. The hotel is located at 1515 N. 44th Street. The property underwent an $11 million conversion to Holiday Inn & Suites in 2011. It is situated just two miles from Phoenix Sky Harbor Airport. The seller, Jordan Hotels LLC, was represented by Bill Murney of HREC Investment Advisors’ Phoenix office.
GLENDALE, CALIF. – College Plaza, a 5,528-square-foot retail building in the Los Angeles submarket of Glendale, has sold to James Hsu for $6.3 million. The building is located at 1500 Canada Blvd. It was built in 2005. Notable tenants include Coffee Bean and Flame Broiler. The buyer was represented by Peggy Chen of Ko Tai Realty. The seller, Hovik Khatchaturian of Turian Properties, was represented by Alex Vasquez of Stevenson Real Estate Services.
CONCORD, CALIF. – The 48-unit Rosemont Apartments in Concord has sold to 29th Street Capital for an undisclosed sum. The community is located at 1431 Monument Blvd., near Cambridge Park. The buyer plans to invest about $450,000 to renovate the property. Enhancements will include upgraded cabinets, countertops, flooring, paint and appliances. Exterior renovations will include fresh landscaping, paint and signs.
LA MESA, CALIF. – Trion Properties has sold the 21-unit Casa Verde Apartments in La Mesa for $3.5 million. The community is located at 7629-33 Normal Ave. It was built in 1958. The unit interiors were renovated prior to the sale. This included improvements to the flooring, kitchen cabinetry, countertops, bathroom vanities and showers, as well as new fixtures throughout the units. The sale was executed by Corey McHenry and Peter Scepanovic of Colliers.
SALT LAKE CITY — Gelt has purchased the 334-unit Layton Meadows in Salt Lake City for an undisclosed sum. Layton Meadows is located at 540 W. 1425 N. in Layton, about 25 miles north of Downtown. It is fully leased. Gelt will conduct light exterior and interior renovations to the property. It will also remodel the leasing office.
SAN DIEGO — A joint venture between AGC SD Retail Holdings and Citivest Commercial Investments has purchased a nine-property retail portfolio in San Diego for $183.2 million. The portfolio contains a total of more than 520,000 square feet. The properties include retail space within Pacific Coast Plaza and Town Center North in Oceanside; Palm Promenade and Stonecrest Plaza in San Diego; East County Square and East County Village in El Cajon; and EastLake Terraces, Eastlake Village Center East and Southbay Marketplace in Chula Vista. The portfolio’s average occupancy rate was more than 92 percent at the time of sale, with 78 percent of that being credit, national or regional tenants. Notable tenants throughout the portfolio include Best Buy, Stater Brothers, Bed Bath & Beyond, GNC, Supercuts, Payless Shoes, Starbucks, Wells Fargo, Subway, USPS and Massage Envy. The portfolio will be managed by Voit Real Estate Services. Brokerage was handled by Flocke & Avoyer.
SALT LAKE CITY — Gelt has purchased the 294-unit Miller Estates in Salt Lake City. Miller Estates is located at 4929 S. Lake Pines Drive in the Murray submarket, which is 10 miles south of Downtown Salt Lake City. It is currently 97 percent occupied. The community features a man-made lake and a historic house that serves as the leasing office. Although the previous ownership invested about $4 million in upgrades to the asset, Gelt is planning to further add value via significant capital improvements, which will include the addition of a dog park, children’s play area and bike room.
LOS ANGELES — A 420,000-square-foot, first-of-its-kind wellness village will break ground next summer in the Los Angeles submarket of Palmdale. Dubbed the Oasis, this development will offer a continuum of care adjacent to Palmdale Regional Medical Center. The new project will sit on 17.5 acres that includes multiple districts promoting health and wellness. The Oasis will contain public amenities and public infrastructure improvements that will enhance the project’s look and feel. This will include a public pavilion, parking, circulation amenities, a park, pedestrian areas, signage, decor and landscaping. It will also include services like yoga, a farmer’s market and physical therapy sessions. The $200 million Oasis is being developed by Thomas Partners Properties, which is collaborating with nationally renowned leaders in healthcare to provide safe, reliable and branded healthcare services. It is being designed by HKS architects.
LAS VEGAS — Cornerstone Capital has purchased Crossroads Towne Center, a 148,791-square-foot shopping center in North Las Vegas, for $52 million. The center is located at 6436-6592 N. Decatur Blvd. Crossroads Towne Center is anchored by Super Walmart and Bed Bath & Beyond. Other notable tenants include Bank of America, Hallmark, Radio Shack, Payless, GNC, Starbucks and Baskin Robbins. The center was completed in 2007. It can be seen from the 215 Freeway. The seller, EagleCrossroads Center 2 LLC, was represented by Jeff Mitchell and Chris Emanuel of Virtus Commercial, and by DTZ’s Michael Hackett, Vic Russell and Ryan Schubert.
