SAN DIEGO – A 6,577-square-foot office space in San Diego has sold to Linfield Investments LP for $2 million. The space is located at 2870 5th Ave. The LP was represented by Dan O’Donnel of Coldwell Banker Commercial Lyle & Associates. The seller, Old Fire Station No. 3 Building LLC, was represented by Tim Winslow, Jason Kimmel and Kevin Nolen of Cassidy Turley.
Western
A healthy retail market in California’s Inland Empire is expected in 2014. The region will gain measureable momentum as the return of homeowners is reviving tax revenue and retail sales in once-inactive neighborhoods. Retail builders are responding by restarting previously delayed projects in the area, including a few developments that have been involved in litigation for years. The Village at Mission Lakes was completed in 2013 after six years of stagnancy. After enduring several delays, Kendall Plaza in San Bernardino will come online in 2014. The value-add sector of the Inland Empire’s multi-tenant investment arena will move forward this year as buyers pursue opportunities ahead of a stronger improvement in operations. Local players and investors discouraged with a shortage of listings in Orange and Los Angeles counties will move farther east to find properties with potential upside. The influx of capital moving into the market will result in a greater number of repositioning plays, particularly in areas west of Interstate 15, where minimal construction has come online in recent years. Investors who acquire properties on highly trafficked corners should be able to leverage the tenant mix and collect higher rents. Once completed, these properties can be divested at cap rates …
BULLHEAD CITY, ARIZ. — Joshua Springs, a 95,300-square-foot assisted-living facility, has broken ground in Bullhead City. The $18-million project will be located at 2995 Desert Sky Blvd. within the Fox Creek master-planned development. Bullhead City is just north of Lake Havasu. The facility will include 74 assisted-living apartments and 30 apartments for memory care residents. It will also feature a bistro, hair salon/barber shop, theatre, spa and exercise room, billiards room, card and game rooms and a library. Construction should be complete next summer. Joshua Springs will sit adjacent to a five-acre medical office complex development. The planned project will be anchored by five 7,500-square-foot medical office buildings targeting medical/physician practices and health-related service providers. The developer, Brookfield Communities, sold the land for Joshua Springs in 2012 to Link Development, a developer that specializes in assisted-living facilities. The new project will be managed and operated by Milestone Retirement Communities.
OXNARD, CALIF. – A 48,168-square-foot building in Oxnard that is net leased to Best Buy has sold to an Orange County buyer for $11.2 million. The building is located at 2300 North Rose Ave. Mark Thiel of Marcus & Millichap’s San Diego office represented both the buyer and seller, a Southern California investment group, in this transaction.
SEATTLE — Kirkland Waterfront Market, a 23,957-square-foot, mixed-use building, has received an $8.5-million refinance. The market is located at 130 South Lake Street in the Seattle submarket of Kirkland. It contains both ground-floor retail and office space on the upper level. The owner occupies about 30 percent of the office space. The 10-year, fixed-rate loan features a 30-year amortization schedule. The loan was arranged by Mike Wood and Austin Johnson of NBS Financial Services. NBS Financial represented the local lender, Homestreet Bank, in this transaction.
BEND, ORE. – A 31,293-square-foot industrial business park in Bend has sold to Shep East LLC for $2.1 million. The park is located at 1320 SE Armour Road. It contains three fully leased buildings occupied by six tenants. The acquisition also included additional land for development. Shep East was represented by Gardner Williams and Peter May of Compass Commercial. The seller, DGS Enterprises LLC, was represented by Ron Ross and Terry O’Neil of the same firm.
WHEAT RIDGE, COLO. – An 11,470-square-foot building in Wheat Ridge that used to house Furr’s Family Dining has sold to a local buyer for $1.8 million. The building is located at 4900 Kipling Street. Furr’s vacated the building and filed for Chapter 11 bankruptcy earlier this year. The sale was executed by Justin Krieger of Pinnacle Real Estate Advisors.
EL SEGUNDO, CALIF. — The Los Angeles Lakers have agreed to purchase an undeveloped five-acre parcel within the Elevon at Campus El Segundo development. The purchase price was not disclosed. The site is located at the northwest corner of Mariposa Avenue and Douglas Street in the Los Angeles submarket of El Segundo. The site will be the future training center for the Lakers and its Development League team, the Los Angeles D-Fenders. The facility will also house the teams’ business operations. Elevon will be a 15-building office campus with about 210,000 square feet of for-sale creative office buildings. It will also feature 13,500 square feet of leasable dining and retail space. Elevon is located within Campus El Segundo, a 46.5-acre, mixed-use property. It is situated less than a block from the 405 and 105 freeways. The new project began construction this past November. It is slated for completion in the fourth quarter of this year. The project will reportedly cost $97 million. Elevon is being developed by Continental Development Corporation and its partner, Mar Ventures Inc. CBRE’s Bill Bloodgood and Bob Healey will handle the office sales, while JLL’s Steve Solomon and Carl Muhlstein will oversee build-to-suit opportunities.
GREENWOOD VILLAGE, COLO. — Harlequin Plaza, a 324,833-square-foot suburban office building in Greenwood Village, has received a $28-million refinancing. The building is located at 7600 E. Orchard Road, near the Interstate 225 and 25 interchange, just southeast of Downtown Denver. The two-building plaza was renovated in 2013. It is 90 percent leased. Harlequin’s notable tenants include Dex Media, Cherry Creek Mortgage and BELLCO Credit Union, as well as a mix of other finance, banking, media, engineering and medical firms. The loan was arranged for Unico by HFF’s Tom Wilson, Eric Tupler, Erica Christensen and Kristian Lichtenfels.
LOS ANGELES – A five-property retail portfolio that is based in Downtown Los Angeles’ Fashion District has received a $22-million recapitalization. The borrower was a locally based real estate investment consortium. Financing was composed of individual loans ranging in size from $1.1 million to $8.35 million. The loans were funded by three different off-shore lenders. The second-trust deed mortgage loan had a three-year term at 4.5 percent. The remaining permanent loans each featured seven-year terms, with fixed interest rates of 4 percent for five years. The loans were secured by Quantum Capital Partners. The team was led by Jonathan Hakakha. Quantum was tasked with finding and structuring the appropriate debt on each asset that would best meet the individual partnerships’ specific requirements.