ONTARIO, CALIF. – A 115,316-square-foot industrial building in Ontario has received a $4.2-million refinance. The building is located at 4502 E. Airport Drive. It is occupied by the Newark Group. The non-recourse, 10-year loan features a 25-year amortization schedule. It was arranged by Robert R. Hervey of NorthMarq Capital’s Los Angeles office through the firm’s relationship with a correspondent life company.
Western
MESA, ARIZ. — Village Square at Dana Park, an urban lifestyle center in Mesa, has added three new tenants to its roster. Pita Jungle recently opened a new 3,600-square-foot space; Soma Intimates has occupied 2,200 square feet; and Thinique has debuted a new 2,300-square-foot studio at the center. The three leases total more than 8,000 square feet. Village Square is owned by Whitestone REIT.
PHOENIX — Alliance Financial Resources has leased 25,000 square feet at The Offices On High Street in Phoenix. The home loan provider will occupy the second floor of the A5 building. It will relocate about 110 employees from its Deer Valley office. Alliance was represented by CBRE’s Dave Carder. The landlord is a joint venture between ScanlanKemperBard Companies and Wayzata Investment Partners.
SAN FRANCISCO — Equity Residential has broken ground on 340 Fremont, a $160-million residential tower in San Francisco’s South of Market (SOMA) district. The 40-story tower is located just a few blocks from the bay, near Interstate 80 and Market Street. The tower is being built by Suffolk Construction and designed by Handel Architects. It will include a clubhouse, outdoor courtyards and kitchens, a fitness center, lounge, demonstration kitchen, a dog spa and bike facilities with a repair room. The tower is scheduled for completion by the end of next year.
CABAZON, CALIF. — Desert Hills Premium Outlets has opened its 50-store expansion, making it one of the largest centers in the country, according to its owner, Simon Property Group. The outlet center is located on Interstate 10 off of the Malki Road exit on Seminole Drive, next to the Morongo Casino Resort and Spa. The fully leased center now contains 650,000 square feet and 180 stores. The expansion added Alexander McQueen, Bally, Belstaff, CH Carolina Herrera, Fendi, Helmut Lang, John Varvatos, Maje, Max Mara, Rag and Bone, Sandro, Valentino and Wolford to the center. They join notable tenants like Armani, Coach, Elie Tahari, Gucci, Jimmy Choo, Neiman Marcus Last Call, Loro Piana, Polo Ralph Lauren, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Tod's, Versace and Saint Laurent Paris. The property also received some enhancements during the expansion. They included the addition of a 1,100-space parking garage, improved landscaping and wider walkways.
NEWPORT BEACH, CALIF. — Lido Marina Village, a 123,391-square-foot, mixed-use development in Newport Beach has received a $51.4-million loan that will finance its renovation. The village is located at 3400 Via Oporto on Lido Isle. Lido features retail, restaurant and office space throughout 14 separate structures. It includes prime waterfront boutique and dining space with views of the harbor, along with 47 boat docks and common area space. Lido Retail Group, an affiliate of DJM Capital Partners, purchased the property from Vornado Realty Trust in an off-market transaction last year. Bridge financing was arranged by Steve Bram and David Pascale of George Smith Partners.
TORRANCE, CALIF. – Construction has commenced on Phase II of Storm Plaza, anew retail center in Torrance. The 21,500-square-foot phase will be located on 4.2 acres at the northwest corner of Sepulveda Boulevard and Normandie Avenue. Wells Fargo recently signed onto the center, announcing it would open a 4,250-square-foot branch. The second phase of construction is scheduled for completion this fall. Phase I included a 16,556-square-foot CVS/pharmacy that opened this past November. Phase III of Storm Plaza will add 13,000 additional square feet of space. Anticipated uses include restaurants and large retail. All phases of the $15-million project should be complete by the first quarter of 2015. The 50,000-square-foot Storm Plaza is being constructed on the site of the former Ricky & Ronnie's Drive-in. It is being developed by Storm Properties.
VERNON, CALIF. – The City of Vernon has broken ground on Vernon Village Park, its first-ever private development. The 45-unit affordable housing project is located at 4675 E. 52nd Drive, just 5 miles south of Downtown Los Angeles. The $12.8-million, garden-style development is scheduled for completion in summer 2015. It is being built to LEED-Silver specifications. Vernon Village Park will include a community room with a kitchen, a computer room, meeting room, common laundry facility, a courtyard and barbecue area, children’s play area and edible community gardens. The project is being developed by Meta Housing Corporation, which worked with the City of Vernon, as well as its non-profit partner, Community Home Builders and Associates. The California Tax Credit Allocation Committee, Bank of America, Federal Home Loan Bank San Francisco – Affordable Housing Program and the California Community Reinvestment Corporation also participated in this project.
TUCSON, ARIZ. – A 143,650-square-foot office building in Tucson has sold to W. P. Carey Inc. for $19 million. The firm purchased the Class A building on behalf of CPA:17 – Global, one of its managed REITs. It is located at 3350 E. Hemisphere Loop at the Tucson International Business Center. The building is leased to a single unnamed tenant. Neil Glassmoyer, Tivon Moffitt and Peter Bauman of Colliers International in Greater Phoenix represented both the buyer and the seller, Summit Properties, in this transaction.
SAN MATEO, CALIF. – The 45-unit Mariner’s West apartments in San Mateo has sold to a private family LLC in a 1031 exchange for $16.4 million. The community is located at 730 Mariner’s Island Blvd. and 735 Fathom Drive. It was built in 1979. Major employers in the area include Oracle, Visa, Sony Computer Entertainment, Life Technologies, Gilead Sciences and Electronic Arts. Adam Levin and Eric Katz of Marcus & Millichap’s Palo Alto office represented both the buyer and the seller, a private equity firm, in this transaction.