PHOENIX — The Leona Group has leased 15,054 square feet at Catalina Terraces in Phoenix. The Class A office building is located at 7878 North 16th Street. The Leona Group, which provides services to charter schools, will use the space for its corporate headquarters. It was represented by Justin Himelstein of Cassidy Turley. The landlord, Catalina Terraces Operating Associates, a company formed by Rosemont Realty, was represented by Phil Breidenback, Keith Lambeth, Lindsey Carlson and Ryan Timpani of Colliers International.
Western
MOUNTAIN VIEW, CALIF. – The 373-unit Park Place Apartments and the 116,205-square-foot Mountain View City Center office building in Silicon Valley have received $173 million in senior debt refinancing. The properties are owned by Prometheus Real Estate Group. Park Place is located at 851 Church Street in Mountain View. The Class A community received $118 million in refinancing. The adjacent Mountain View City Center is located at 650 Castro Street. It received $55 in refinancing. The loan features a 10-year term and a 30-year amortization schedule. Financing was arranged by Jeff Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office through the firm’s correspondent relationship with Allianz Real Estate of America. Allianz worked on behalf of Allianz Life Insurance Company of North America.
BAKERSFIELD, CALIF. – The new 1-million-square-foot distribution center that has been leased to American Tire Distributors has broken ground in Shafter. The facility will be located within the Paramount Logistics Park at 5000 Capital Road, less than 20 miles northwest of Bakersfield. The new $65-million, built-to-suit facility will be situated on more than 45 acres and will include 10,000 square feet of office space. American Tire has occupied a 176,500-square-foot industrial building at Paramount Logistics Park since 2007. The company had entered into a build-to-suit lease agreement with Roll Real Estate Development this past May for a 350,000-square-foot building within the park. American Tire recently restructured that lease, however, and tripled its requested space due to a consumer demand increase in the Western U.S. The new 20-year lease is valued at more than $119 million. The new facility will be built by Millie & Severson Inc. and designed by RGA. Roll Real Estate is the commercial real estate development division of Roll Global.
MORENO VALLEY, CALIF. – Alto Real Estate Funds has acquired TownGate Center, a 300,000-square-foot retail complex in Moreno Valley, for $47.2 million. The complex is located at 12625 Frederick Street, just east of Riverside. It is currently 91 percent occupied. Notable tenants include TJ Maxx, ULTA, AT&T, Chipotle, Chase Bank, Time Warner Cable, Wells Fargo Bank and Dollar Tree. TownGate was purchased by Alto through Alto Fund 2, the company’s new American investment vehicle. The transaction was financed with $15 million of equity, as well as a $32-million loan from Deutsche Bank. The loan carries a fixed interest rate of 4.55 percent.
REDONDO BEACH, CALIF. – Construction has commenced on the new 54-room Shade hotel in Redondo Beach. The luxury boutique hotel will be located at 655 North Harbor Drive, just steps from the harbor. The project will include the three-story, 50,700-square-foot hotel, as well as a separate 11,600-square-foot event building. Construction is scheduled for completion early next year. The new Shade hotel is being developed by Michael Zislis, built by Summit DCK and designed by Ware Malcomb. This will be the hotel’s second location. The original Shade is located in nearby Manhattan Beach. It is the city’s only luxury boutique hotel.
TACOMA, WASH. — The Henry Apartments, a 161-unit, mixed-use building in Tacoma, has received a $25-million construction loan. The $32-million project will be located along the Thea Foss Waterway near the Museum of Glass. It will include 10,500 square feet of ground-floor retail/commercial space. The Henry is being developed by Henry Foss Group LLC, built by Sierra Construction Company and designed by BCRA. It will be managed by Carino and Associates. The loan was arranged by Carmen Esteban of HomeStreet Bank.
ALISO VIEJO, CALIF. – A 25,960-square-foot property in Aliso Viejo that is triple-net leased to PetSmart has sold to RPM Catalina & Tanque Verde LLC for $8.1 million. The building is located at 26761 Aliso Creek Road within the Aliso Viejo Town Center. RPM Catalina was represented by Dennis Vaccaro of Faris Lee Investments. Vaccaro also represented the seller, a local partnership that had owned the property since it was constructed, along with Nicholas Coo.
PHOENIX – A 58,120-square-foot building in Phoenix that is fully leased to Universal Technical Institute has sold to Hyperion Fund L.P. for $6.3 million. The Class B building is located at 2844 West Deer Valley Road and 2837 West Louise Drive in the Deer Valley submarket. The new owner plans to hold the property and maintain the current tenant, which provides technical training for auto mechanics, marine technicians and NASCAR techs. Hyperion was represented by Eric Wichterman and Mike Coove of Cassidy Turley. The seller was City Park, LLC, a company formed by Cutler Commercial.
SALINAS, CALIF. – A 22,500-square-foot retail building in Salinas that is occupied by CVS has sold to Robert Miles Living Trust for $5.2 million. The building is located at 662 E. Boronda. The trust plans to hold the property as an investment. It was represented by Matt Weaver, Al Apuzzo and Patrick Miller of Lee & Associates North County San Diego. The seller, LD&B Investment LLC, was represented by Brian Bethea of NAI Capital.
SAN DIEGO – The seven-unit Casa Rosada Apartments in the San Diego submarket of La Jolla has sold to La Jolla Casa Rosada LLC for $2.2 million. The community is located at 6241-6253 La Jolla Blvd. in the city’s Upper Hermosa neighborhood. The LLC was represented by Gary B. Urtiaga of Apartment Realty Group. The seller, the Estate of Eileen Gambs, was represented by Robert Vallera and Matt Kennedy of Voit’s San Diego office.