Western

Woodmont Cos. Pays Record Price for Casa Roja Apartments in Mill Valley

by Nellie Day January 23, 2015

MILL VALLEY, CALIF. — Woodmont Companies has acquired the 38-unit Casa Roja Apartments in Mill Valley, just 14 miles north of San Francisco. Though the purchase price was not disclosed, the deal set a new record for the price paid per square foot for a multifamily property in Marin County, according to Colliers International, which represented the seller. The sales price equates to about $570 per square foot, while the in-place cap rate was in the low 4 percent range. Casa Roja is located at 396 Pine Hill Road. It is situated just 10 minutes from the Golden Gate Bridge. The community underwent an extensive renovation over the past 18 months. Common-area amenities include a pool terrace and laundry facilities. The seller, Red Island Real Estate LLC, was represented by Ryan Wagner, Brad Lagomarsino and James Devincenti of Colliers International.

January 23, 2015

California Loans Office Western

Menlo Equities Secures $38.6M Loan on Palo Alto Office Building

by Nellie Day January 23, 2015

PALO ALTO, CALIF. — Menlo Equities has received a $38.6-million loan on a 45,319-square-foot Palo Alto office building. The building is located at 529 Bryant Street in the city’s downtown region. It had previously been converted into an internet exchange, or data center. The 10-year, non-recourse loan carries a fixed rate and a 30-year amortization schedule after a 5.5-year interest-only period. Financing was arranged by Eric Von Berg and Tom Dao of Newmark Realty Capital. It was sourced through Wells Fargo’s CMBS program. Newmark Realty Capital will serve as primary servicer on this loan, while Wells Fargo will act as the master servicer.

January 23, 2015

California Retail Western

Agoura Hills Shopping Center Sells for $5.6M

by Nellie Day January 23, 2015

LOS ANGELES – A 19,481-square-foot retail property in the Los Angeles submarket of Agoura Hills, has sold to GJD Holdings for $5.6 million. The center is located at 29020 Agoura Road. It was built in 1991. The property is part of an even larger 82,226-square-foot retail center. Tenants at the recently sold center include Prime Steakhouse and Teague Pilates. GJD was represented by Rod Delson of NAI Capital’s Westlake Village office. The seller, Agoura Hills Shopping Center Capital LLC, was represented by Ken Simons of the same firm.

January 23, 2015

California Office Western

Mission Bay View Office Building Sells for $3M

by Nellie Day January 23, 2015

SAN DIEGO – An 11,390-square-foot-office building in the San Diego submarket of Mission Bay has sold to JWJ Properties One LLC for $3 million. The two-story building is located at 2437 Morena Blvd. It was recently renovated as creative office space. JWJ was represented by Craig Sanders of C. E. Sanders & Company. The seller, SDH Fund 1, LLC, dba SD Homes, was represented by Marc Posthumus of Colliers International.

January 23, 2015

California Loans Multifamily Seniors Housing Western

Thunderbird Retirement Resort in Glendale Receives $21.2M Loan

by Nellie Day January 22, 2015

GLENDALE, ARIZ. – The 345-unit Thunderbird Retirement Resort in Glendale has received $21.2 million in financing. The seniors housing community is located at 5401 West Dailey Street. The fixed-rate, non-recourse loan was provided to ROC Seniors for the acquisition of the community. It features a three-year term with two, one-year extensions. The initial term is interest-only, with amortization beginning in the extensions. The loan includes about $5 million for renovations and repurposing. Financing was originated by Richard Thomas and Meredith Davis of the Seniors Housing and Healthcare Finance team at Grandbridge Real Estate Capital. It was provided through BB&T Real Estate Funding’s Structured Loan Program.

January 22, 2015

California Retail Western

Ramon Plaza Near Riverside Sells for $9.1M

by Nellie Day January 22, 2015

RIVERSIDE, CALIF. – Ramon Plaza, a 70,131-square-foot retail property in the Riverside submarket of Cathedral City, has sold to an unnamed buyer for $9.1 million. The property is located at 68100 Ramon Road. It contains three buildings that feature a mix of medical, retail and office uses. The seller, a private investor, was represented by Pablo Rodriguez and Richard Vincent of Marcus & Millichap’s Ontario office.

January 22, 2015

California Office Western

San Diego Office Building Sells for $3.4M

by Nellie Day January 22, 2015

SAN DIEGO – A 27,648-square-foot office building in San Diego has sold to Activity MOB LLC for $3.4 million. The building is located at 8901 Activity Road. The facility underwent improvements about 20 years ago when it was occupied by Sharp Rees Stealy’s Urgent Care, in addition to other medical office users. The seller, GTF Properties, was represented by Brandon Keith of Voit Real Estate Services’ San Diego office. Activity MOB is affiliated with Oasis Medical Center, which is operated by Dr. James and David Chao.

January 22, 2015

California Multifamily Western

Apartment Building in Orange Sells for $2.9M

by Nellie Day January 22, 2015

ORANGE, CALIF. – A 12-unit apartment building in Orange has sold to Miracle Manor LLC for $2.9 million. The community is located at 323-333 S. Flower Street. It was built in 1977. The seller was a partnership that had owned the property since 1996. The transaction was executed by Berkadia’s Steven C. Brombal, Peter M. Hauser and Shane Shafer.

January 22, 2015

California Industrial Western

Engineered Floors Leases Fullerton Industrial Building

by Nellie Day January 22, 2015

FULLERTON, CALIF. – Engineered Floors has leased a 127,375-square-foot industrial building in Fullerton. The lease is valued at $3.2 million. The building is located at 675-679 Placentia Ave. Engineered Floors was represented by John P. Eddy and Tyler Rollema of Coldwell Banker Commercial BLAIR WESTMAC. The landlord, BB&K/Fullerton Industrial Properties, was represented by Mike Hefner and Mike Vernick of Voit Real Estate Services.

January 22, 2015

California Office Western

De Haro Place in San Francisco Sells for $92.7M

by Nellie Day January 21, 2015

SAN FRANCISCO — ASB Capital Management has acquired De Haro Place, a 138,430-square-foot creative office building in San Francisco, for $92.7 million. The building is located at 488 De Haro Street in the South of Market (SoMa) neighborhood. De Haro Place was originally built in 1927. The Class A building was completely transformed and renovated in 2013 to create a work environment that targeted technology and creative users. The seller, Ares Management, was represented by DTZ’s Robert Gilley and Steve Hermann.

January 21, 2015

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