MORENO VALLEY, CALIF. – An all-cash buyer has acquired TownGate Center, a 285,775-square-foot community shopping center in Moreno Valley, for $41.9 million. The center is located at 12625 Frederick Street, just east of Riverside. It is situated next to the Moreno Valley Mall. TownGate is anchored by TJ Maxx/Home Goods and Ross Dress for Less. Other notable tenants include Regency Theatres, BevMo!, ULTA, Dollar Tree, Planet Fitness and Chipotle. CBRE’s Philip D. Voorhees and the National Retail Investment Group – West (NRIG-West) team represented the buyer. Voorhees also represented the seller, a partnership between Walton Street and Fritz Duda Company, along with NRIG-West and CBRE’s Megan Read, Jimmy Slusher, John Read and Brad Rable.
Western
PEORIA, ARIZ. — Baron Properties has acquired the 260-unit Alta Park West apartments in Peoria for $30 million. The community is located at 9680 West Northern Ave. in the Phoenix suburb. It is situated within Park West, a 250,000-square-foot, open-air lifestyle center. Alta Park also enjoys close proximity to Westgate Entertainment District, an 8-million-square-foot shopping, dining and entertainment venue. Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap represented the seller, a venture formed by Wood Partners and Boston Capital Real Estate Partners, in this transaction.
ESCONDIDO, CALIF. — Makena Medical Center, a 43,000-square-foot medical office building in Escondido, has received a $12.1-million refinance. It is the only medical office building located near the newly constructed Palomar Medical Center. It is also the only authorized off-campus medical office building in the Escondido Research & Technology Center. The seven-year, fixed-rate loan features a 30-year amortization schedule. The funds were used to refinance a bank loan. It was arranged by Nick West of Churchill Mortgage Capital through Guggenheim Commercial Real Estate Finance.
ONTARIO, CALIF. — Chenbro Micom has acquired an 88,797-square-foot manufacturing and distribution building in Ontario for $8 million. The building is located at 2800 Jurupa Street within IIT Hofer Ranch. The Tawain-based chassis manufacturer of computer equipment and products will use the space for its North American regional headquarters. It will relocate and expand from nearby 2888 E. Spruce Street. Chenbro Micom was represented by Andrew Herron of The Saywitz Company. The seller, Industrial Income Trust (IIT), was represented by CBRE’s Jim Koenig, David Consani, Dan de la Paz and Darla Longo.
LAS VEGAS — HMS Holdings Corp. has leased 65,000 square feet at The Gramercy in Las Vegas. The 500,000-square-foot, mixed-use development is currently under development just west of the 215 beltway at Russell Road. The cost containment solutions provider for the healthcare industry plans to move into the Class A space in early summer. The Gramercy is being developed by SWLV Development LLC, a collaboration between the principals of The Krausz Companies and WGH Partners. Wells Fargo provided the financing to complete the project.
RICHMOND, CALIF. — KTR Capital Partners and Sponsor Properties have acquired Pinole Point, a master-planned industrial park in Richmond, for an undisclosed sum. The three-building park is located atthe intersection of Atlas Road and Giant Highway near the Bay Area. It allows for more than 515,000 square feet of Class A warehouse/distribution and manufacturing space. The land is fully entitled and ready for construction. The groundbreaking is scheduled for this summer. Pinole Point Phase I is currently 100 percent leased to tenants like Restoration Hardware, Serena & Lily, Broadline Medical, International Delicacies and Bio-Rad Laboratories. Sponsor Properties and KTR were brought together by Preferred Capital Advisors. Greig Lagomarsino of Colliers International’s Oakland office represented both the buyer and seller, Sares-Regis Group, in this transaction. Todd Severson of the same firm assisted with this transaction. Lagomarsino and Severson will serve as the park’s exclusive leasing agents.
SAN DIEGO – Construction has been completed on the Storm and Nasatir Halls complex at San Diego State Univeristy (SDSU). The complex underwent a $73-million renovation that included a 30,000-square-foot expansion. Storm and Nasatir Halls were originally built in 1957. The complex now offers program space with upgraded technologies for eight academic departments, faculty offices, and academic and research laboratories. The renovation was executed by C.W. Driver and designed by LPA Inc. The building achieved LEED-Gold certification.
HUNTINGTON BEACH, CALIF. — Mitsubishi Electric Automotive has signed a 10-year lease for a 167,778-square-foot industrial building in Huntington Beach. The space is located at 5800 Skylab Road near the 405, 22 and 605 freeways. This is the second largest (by square footage) new lease to close in West Orange County in the past four years, according to CBRE, which represented the landlord, Morgan Stanley, in this transaction. The space will serve as Mitsubishi Electric Automotive’s regional headquarters for the company’s United States West Coast manufacturing and distribution. It will allow Mitsubishi to consolidate three of its Southern California facilities, while providing an opportunity for expansion over the next 10 years. Mitsubishi Electric Automotive was represented by Louis Tomaselli and Mitch Lundquist of JLL Orange County.CBRE’s Steve Young, Rick McGeagh and Bob Goodmanson represented Morgan Stanley.
CENTENNIAL, COLO. — MIG Real Estate has acquired the 168-unit Copper Terrace Apartments in Centennial for an undisclosed sum. The community is located at 6550 South Dayton Street in the Denver Technological Center submarket, which is just 15 miles south of Downtown Denver. It is also situated near the Arapahoe at Village Center FasTracks Station, Village Shops at the Landmark and the Park Meadows Mall. This is MIG’s sixth multifamily acquisition in Colorado. MIG Real Estate represented itself in this transaction, while the unnamed seller was represented by Doug Andrews, Jeff Hawks and Terrance Hunt of ARA Real Estate Investment Services. Alliance Residential will manage the property.
TEMECULA, CALIF. — Holiday Inn Express Temecula has received an $11.3-million SBA 504 loan. The hotel is located at 27660 Jefferson Ave. near Temecula’s wine country. The 20-year, fixed-rate loan was used to purchase the hotel. The financing will also allow the franchise owners to make interior upgrades and retain working capital. The loan was provided by TMC Financing. The lender was BBCN Bank. The sellers, Sapna and Sharad Khandwala of the Alps Group of Hotels, own and operate five hotels. Alps Group is also an SBA 504 client of TMC Financing.