DENVER – The 312-unit LongsView Apartments development in the Denver submarket of Westminster has received a total of $64 million in debt and equity. The Class A development will be located on the southeast corner of Federal Parkway and Zuni Street. Cohen Financial secured a combination of $42 million in debt financing and about $22 million in equity investment for the development. The floating rate construction loan was secured by the firm’s Robert Lindner, John Carrick and Mark Strauss. The loan was placed with Fifth Third Bank. The team also secured the $22-million equity investment from a leading life insurance company. The borrower is a national multifamily owner/operator and developer.
Western
IRVINE, CALIF. – An unnamed buyer has purchased a 118,086-square-foot Irvine Business Complex (IBC) office propertyfor $26.5 million. The property is located at 17000-17040 Red Hill Ave. This space serves as the corporate offices of Pacific Dental Services. The group has occupied the space since it was renovated 18 months ago. The renovation added many creative office elements, such as an indoor/outdoor patio, indoor plants and trees, high ceilings, and natural lighting from skylights and solar tubes. The seller, Red Hill Covenant Group LLC, was represented by Scott Read and Michael Kane of NGKF.
CARLSBAD, CALIF. — Regent Properties has acquired Fairway Corporate Center, a 115,414-square-foot office property in Carlsbad, for $23.5 million. The two-building, Class A center is located at 5540 and 5541 Fermi Court inside the Carlsbad Research Center. TaylorMade-adidas Golf occupies the former address. It also occupies part of the latter address, along with Hartford Life. The property is 70 percent leased in total. The center was built in 1999. Regent Properties now owns seven properties in the North San Diego County area. Aric Starck of Cassidy Turley represented both the buyer and seller, Fermi Court LP, an entity for Greene Properties, in this transaction.
LOS ANGELES – A 164,312-square-foot office and retail property in the Los Angeles submarket of Woodland Hills has received $19.3 million in financing. The property is located at 6325 & 6355 Topanga Canyon Blvd. Notable tenants at the property include Fleming’s and Roy’s. The first-mortgage loan featured a significant cash-out for the office and retail buildings. The 10-year, interest-only loan was arranged by David Blum and Michael Elmore of NorthMarq Capital’s Los Angeles office through the firm’s relationship with a CMBS lender.
RIVERSIDE, CALIF. — Riverwalk office building, a 40,361-square-foot office space in Riverside, has sold to California Riverside LLC for $7.1 million. The Class A building is located at 11801 Pierce Street. Notable tenants include US Bancorp Real Estate, Regus Workplaces and American College of Healthcare. Riverwalk was built in 2007. California Riverside was represented by Traci Thomas of Continental Property Group. The seller, Turner Real Estate Investments, was represented by CBRE’s Mike Kendall, Darla Longo and Barbara Emmons, along with Tom Pierik and Dave Mudge of Lee & Associates.
LAKE OSWEGO, ORE. – Albertsons has purchased the ground lease at its Lake Oswego store for $5.3 million. The grocer occupies a 40,019-square-foot retail space. It is located at 16199 Boones Ferry Road. Albertsons has occupied this space for 55 years. The sellers, Denny Allen and Adele Reget, were represented by Denis O’Neill of NAI Norris, Beggs & Simpson.
LAGUNA NIGUEL, CALIF. — The Grove Shopping Center, a 45,038-square-foot retail center in Laguna Niguel, has received $5.1 million in financing. The center is located at 28971-28991 Street of the Golden Lantern. Notable tenants include Pet’s Plus and Fresh & Easy. The loan features a 10-year term and 15-year amortization schedule. It was arranged by David Blum of NorthMarq Capital’s Los Angeles office through a CMBS platform.
GLENDALE, CALIF. – The Osborn Office Building, an 8,762-square-foot office space in Glendale, has sold to 320 Harvard LLC for $4.1 million. The space is located at 320 East Harvard Street. The seller, the Osborn Family Trust, was represented by Shari Baner of NAI Capital’s Encino office.
SAN LEANDRO, CALIF. — DSW Designer Shoe Warehouse has leased a 14,818-square-foot space in the Bayfair Center in San Leandro. The space is located at 15555 E. 14th Street. Other notable tenants at the center include Target, Macy’s, Old Navy, Bed Bath & Beyond and Kohl’s. DSW was represented by Tom Power of SRS Real Estate Partners. The landlord, Bayfair Center, was represented by Richard Wolf of Madison Marquette.
SAN CLEMENTE, CALIF. — Meta Housing Corporation has completed the $32.4-million Cotton’s Point Senior Apartments in San Clemente. The community is located at 2358 N. El Camino Real. The 76-unit, affordable housing complex accommodates seniors aged 62 and older. It is currently 95 percent occupied. Community amenities include a large community courtyard with two adjacent community rooms to encourage social interaction, a fitness center, tech room, numerous seating areas, a putting green and a barbeque grilling station. Residents also have access to many complimentary classes and services that focus on learning, wellness and creativity. Western Community Housing acted as both a co-developer and a general partner for the project. The community was designed by YM Architects. Public-sector financing was provided by the City of San Clemente; the County of Orange; the Mental Health Services Act; the State of California Multi-Housing Program; and the Federal Home Loan Bank of San Francisco’s Affordable Housing Program.