SAN DIEGO — Latitude 33 Apartments, a 198-unit, Class A complex in the San Diego submarket of Escondido, has received $37.5 in refinancing. The community is located at 515 Meander Glen. It is in close proximity to three local shopping centers, including Civic Center Plaza Shopping Center, Escondido Square Shopping Center and Country Corner Shopping Center. The transaction was structured to include two loans, which separately covered the financing for the property's mid-rise apartments and townhomes, in order to accommodate the unnamed borrower's short-term and long-term investment plans. The borrower also received takeout financing, which paid off the existing construction loan and provided some extra capital. Financing was structured by Bryan Frazier of Walker & Dunlop under Freddie Mac's Capital Markets Execution (CME) Program.
Western
LOS ANGELES — Metro @ Compton Senior Apartments, a 75-unit seniors housing community, has broken ground in the Los Angeles submarket of Compton. The $19.5 million, transit-oriented community will be located at 302 N. Tamarind Ave. across from the city's newly completed senior center. Metro @ Compton is also within walking distance of the Martin Luther King Transit Center, several Los Angeles Metro bus stops, the light rail Metro Blue Line, and other local services, including a grocery store, bank, library, park and the Compton Town Hall. Meta Housing Corp. which is developing the community, is working in conjunction with Los Angeles County and the Compton City Council.
IRVINE, CALIF. — Burke Real Estate Group has acquired a 44,800-square-foot industrial property in Irvine for an undisclosed sum. The property is located at 17392 Daimler Street. It has been vacant since Fidelity National Title left the property. Dan Vittone and Alan Pekarcik of Avison Young’s Irvine office represented both the buyer and seller, Pacific Systems, in this transaction. The pair worked alongside Sam Olmstead of Voit Real Estate Services.
LOS ANGELES — Gabe Kadosh has joined Colliers International’s Downtown Los Angeles office as a vice president. He will specialize in the leasing of retail properties, landlord and tenant representation, and in investment sales in the Greater Los Angeles area. Kadosh will focus on building a mixed-use retail leasing division that will target residential environments. He previously opened the Los Angeles for Stream Realty, where he led the company’s retail division.
SAN FRANCISCO – Equity Office Properties Trust has unloaded two office complexes north of San Francisco for a reported $100 million. The disposition includes Drake’s Landing, a 130,177-square-foot office complex in Greenbrae, and Wood Island, an 82,731-square-foot complex in Larkspur. Drake’s Landing was purchased by a large life insurance company, while Harrigan, Weidenmuller Co. snatched up Wood Island. The three-building Drake’s Landing is located at 100, 300, 500 Drakes Landing Road. It is 88 percent occupied. The two-building Wood Island is located at 60-80 E. Sir Francis Drake Blvd. It is 95 percent occupied. Both properties are situated near Highway 101, which connects Marin County to San Francisco via the Golden Gate Bridge. Harrigan, Weidenmuller Co. was represented by Tim Muller, Brian Muller and Jim Clifford of Montgomery Advisors. Equity Office was represented by Michel Seifer, Rob Hielscher and Aaron Herter of Jones Lang LaSalle’s (JLL) Capital Markets.
VANCOUVER, WASH. — CNL Healthcare Properties has acquired four seniors housing and healthcare facilities in Washington for $88.3 million. The transaction included Bridgewood at Four Seasons Retirement & Assisted Living Community in Vancouver; Rosemont Retirement & Assisted Living Community in Yelm; Auburn Meadows Senior Community for Assisted Living and Special Care in Auburn; and Monticello Park Retirement & Assisted Living Community in Longview. The four communities contain a total of 457 residential units, including 136 independent living units, 297 assisted living units and 24 memory care units. They are managed by Prestige Senior Living, LLC under long-term management services agreements. CNL is also scheduled to close on West Hills Retirement and Assisted Living Community in Corvallis, Ore., next month. Prestige will also operate this property.
LONGMONT, COLO. — NewMark Merrill Mountain States has taken possession of the Dillard’s building at the former Twin Peaks Mall in Longmont. The firm plans to demolish the mall in early summer to make way for the new Village at the Peaks, an open-air retail destination that is set to open next year. Dillard’s exit represents a major step forward in the new project’s construction.
BREA, CALIF. — Air Treatment Corp. has acquired a 45,500-square-foot industrial and manufacturing building in Brea for $5.5 million. The building is located at 640 N. Puente Street. Air Treatment will relocate its headquarters to the new building from nearby City of Industry. The space will house the firm’s corporate offices, manufacturing and distribution operations in Southern California. Air Treatment was represented by Andrew Herron of The Saywitz Company. The seller, John Higman, was represented by Seth Davenport of Voit Commercial.
CITY OF INDUSTRY, CALIF. — Majestic Realty has broken ground on a 166,000-square-foot speculative office building in the City of Industry. The project will be located at 13300 Crossroads Parkway North in the master-planned Crossroads Business Park. It is scheduled for completion next April. This is the largest Class A office building to be built in the San Gabriel Valley in more than 10 years, according to Majestic. Bank of the West will occupy 93,058 square feet at the new space.
PHOENIX – A 14,490-square-foot property in Phoenix that is net leased to Walgreens has sold to an unnamed buyer for $7.9 million. The property is located at 6838 North 7th Street. An acquisition loan with a 10-year term, 25-year amortization schedule and 4.1 percent rate was structured by Josh Sciotto of Marcus & Millichap Capital Corporation’s Phoenix office. The LLC seller was represented by Mark Ruble and Jamie Medress of Marcus & Millichap’s Phoenix office.