LA QUINTA, CALIF. — The 223-unit Mediterra Apartments in La Quinta has recieved $21 million in acquisition financing. The community is located at 43-100 Palm Royale Drive. The loan features a 10-year term, two years interest-only and a 30-year amortization schedule. Financing was arranged by Robert R. Hervey of NorthMarq Capital. The transaction was co-brokered with Troy Tegeler of CBRE Capital Markets.
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LOS ANGELES — North Ranch Office Building in the Los Angeles submarket of Westlake Village has sold to Chippewa Enterprises for $7.7 million. The 45,000-square-foot building is located at 31225 La Baya Drive. It was 48 percent leased at the time of sale. Jeff and Travis Albeeof Sperry Van Ness represented both the all-cash exchange buyer and the unnamed seller in this transaction.
TEMECULA, CALIF. — Old Town Center, a 29,502-square-foot, mixed-use development in Temecula, has sold to Fair Oaks Valley, LLC, for $7.6 million. The center is located at 28544 Old Town Front Street in the Historic Downtown District of Temecula. It was built in 2009. Old Town Center is fully occupied by tenants like Edge Restaurant, Crush & Brew, La Point Wealth Management, Reliable Realty, Southwest Desert Insurance, Living Yoga Center, Cornerstone, Eye Eco, and Canela Software. Fair Oaks was represented by Jim Ashcraft and Bill Harp of Ashcraft Investment Company. The seller, Old Town Center 1, LLC, was represented by Chuck Wasker of Colliers International and Mark Kagan of Kagan Commercial Real Estate.
LOS ANGELES — The Burlington Apartments, a 48-unit multifamily community in Los Angeles, has sold to Armor Family Trust for $3.4 million. The community is located at 625 S. Burlington Ave. in the Westlake District. Armor Family Trustwas represented by Allen Afshar of Sperry Van Ness. The unnamed seller was represented by Michael Chang and Brian Heller of the same firm.
LITTLETON, COLO. – Villager Square, a 37,458-square-foot retail property in Littleton, has sold to an unnamed buyer for $3.2 million. The center is located at 9012-9142 West Ken Caryl Ave. The buyer was represented by Jeff Johnson of the Johnson Ritter Team.
The answer to that question is both yes and no. For some institutional investors and developers, perception is all that matters. And their perception of the metro Phoenix office market is “we’ll pass – for now.” Driving this perception is the 23 percent office vacancy rate reported by major brokerage firms in their recent quarterly market reports. But perception and reality are not always the same. Drilling down into the data reveals that certain submarkets have vacancy rates in the low single digits, and the size of available vacant space differs from what users in the market want. What cannot be determined from quarterly market reports is just how much space suffers from functional obsolescence. Numerous buildings sit vacant – even during good economic conditions – due to poor location, not enough parking, inadequate power, deferred maintenance and numerous other deficiencies. Most office brokers believe that at least 5 percent to 7 percent of vacant space is in obsolete buildings. Assuming that is true, why are good, quality buildings still 16 percent to 18 percent vacant? The majority of office vacancy is composed of smaller, non-contiguous, spaces. Due to lingering uncertainty in the overall economy, most small- to medium-size businesses …
SAN RAFAEL, CALIF. – Rafael Town Center, a mixed-use development in San Rafael that includes multifamily, office and retail space, has received $28 million in acquisition financing. The trophy asset is located at 1050 Court Street in the city’s downtown region. The development includes 113 apartment units, more than 40,000 square feet of flexible office space, and ground-floor retailers, including Coldstone Creamery, Opus Bank and Lime Wireless (Verizon). The seven-year, fixed-rate, interest-only loan was provided by Dennis Williams and Brian Esquivel of NorthMarq Capital through the firm’s correspondent relationship with a life company.
MARINA, CALIF. — The 60-room Sanctuary Beach Resort in Marina has received $14.7 million in first-mortgage financing. The resort is located at 3295 Dunes Road, just 10 miles north of Monterey. This 10-year, fixed-rate, non-recourse loan includesinterest-only payments for the first five years. Financing was provided by a money center commercial bank. Financing was arranged by Sonnenblick-Eichner Company.
HONOLULU — Hawaii is set to receive two new Long’s Drugs stores this year. The first Long’s will be a 20,114-square-foot store situated on 1.57 acres at King and Young streets in Honolulu. Construction should be complete in May. The store is scheduled to open in June. The second will be a 23,008-square-foot Long’s Drugs situated on 3.61 acres at Kuhio Highway and Aleka Loop in Kapa’a, Kaui. This store is projected to open in the fourth quarter of this year. Though CVS/pharmacy acquired Long’s Drugs in 2008, the two stores will retain the Long’s name due to its high brand awareness on the islands. The two stores are being developed by KZ DevCo, L.P.
WESTMINSTER, CALIF. — Harley Davidson has leased three industrial buildings in the Orange County submarket of Westminster. They are located at 15044, 15051, and 15080 Goldenwest Circle. The new space, which totals 41,939 square feet, will serve as the new Harley Davidson showroom. The ten-year lease was valued at $3.7 million. The lease transaction was executed by Mike Bouma and Paul Caputo of Voit Real Estate Services’ Anaheim office.