LAS VEGAS – The Grove, a 54,490-square-foot shopping center in North Las Vegas, has received an $11.6-million loan. The center is located at 365 W. Craig Road. The funds were used to finance the property’s acquisition. The Grove was built in 2006. It was 90 percent occupied at the time of sale. The borrower was High Valley VI LLC, a 1031 exchange buyer. The long-term, fixed-rate loan was arranged by CBRE’s Bruce Francis, Dana Summers and Robert Ybarra. It was funded through Goldman Sachs Mortgage Company.
Western
EL SEGUNDO, CALIF. – A 39,306-square-foot industrial warehouse in El Segundo has sold to 291 Coral Circle Partners LLC for $7.3 million. The building is located at 291 Coral Circle. The LLC plans to convert the building into afood assembly and packaging plant for its company, Chef'd. The buyer was represented by Cardinal Investments.The seller, Hoffman Associates, was represented by JLL’s Luke Staubitz, Harvey Beesen and Andrew Dilfer.
PHOENIX – The 26-unit Encanto Oasis Apartments in Phoenix has sold to a local private capital investor for $1.2 million. The community is located at 1840 West Thomas Road, across from the Encanto Golf Course. It was built in 1962. Brian Tranetzki and Rich Butler of Marcus & Millichap represented both the buyer and seller, Encanto Oasis Partners, in this transaction.
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.
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.