SAN DIEGO — Hawthorne Crossings, a 141,288-square-foot community shopping center in the San Diego submarket of Kearny Mesa, has sold to Retail Opportunity Investments Corp. for $41.5 million. The grocery-anchored center is located at 4200-4380 Kearny Mesa Road & 8055 Armour Street. Notable tenants at the center include Ross Dress for Less, Staples, Mitsuwa Marketplace, Dollar Tree, Sleep Train and Starbucks Coffee. Pete Bethea, Glenn Rudy and John Jennings of Cushman & Wakefield’s Capital Markets Group represented both the buyer and the seller, American Fund US Investments LP, in this transaction.
Western
PRESCOTT VALLEY, ARIZ. — The Terraces at Glassford Hill Apartments, a 226-unit luxury community in Prescott Valley, has sold to Bascom Arizona Ventures for $22.3 million. The community is located at 5700 Market Street. This is Bascom’s 11th acquisition in Arizona over the past 12 months. The firm plans to recapitalize the property. Financing was arranged by CBRE’s Brian Eisendrath and Brandon Smith. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and the unnamed seller in this off-market transaction.
LOS ANGELES – The 67-unit Universal Lofts in the Los Angeles submarket of Studio City has received $37.2 million in bridge and mezzanine debt. The live-work loft condominium community is located at 450 Cahuenga Blvd. W. The senior debt was funded by East West Bank and the mezzanine portion was funded by Pembrook Capital.The loans carry three-year terms and will allow the borrower to market and sell the units as condominiums. Financing was arranged by Dekel Capital.
TUSTIN, CALIF. – A 126,761-square-foot neighborhood shopping center in Tustin has received $34.5 million in permanent financing. The grocery-anchored center is located on a 13.6-acre site at Jamboree Road and Irvine Boulevard. The center is fully leased to tenants like Ralphs and Rite-Aid. The non-recourse loan has a 15-year term with an initial interest-only period, after which it amortizes on a 30-year schedule. It was provided by Prudential Mortgage Capital Corporation and arranged by Richard Caterina of Johnson Capital’s San Diego office.
BOTHELL, WASH. — Nexus Canyon Park Research Center, a 152,050-square-foot biotech and data center facility in the Seattle submarket of Bothell, has received a $21-million refinance. The facility is located within the Canyon Park Business Center. It is 97 percent leased to tenants like T-Mobile, Epoch Pharmaceuticals and Acucela. The interest-only, fixed-rate loan was arranged by HFF’s Tim Wright and Zack Holderman on behalf of Nexus Properties.
ENGLEWOOD, COLO. – The 88-unit Lincoln Pointe Lofts II in Englewood has received a $6-million refinance. The community is located at 9781-9783 Pyramid Court. The loan features a 10-year term and a 9.5-year yield maintenance. It was arranged for Lincoln Pointe Lofts TWO LLLP by Dougherty Mortgage LLC’s Denver office.
LOS ANGELES – The 67-unit Universal Lofts in the Los Angeles submarket of Studio City has received $37.2 million in bridge and mezzanine debt. The live-work loft condominium community is located at 450 Cahuenga Blvd. W. The senior debt was funded by East West Bank and the mezzanine portion was funded by Pembrook Capital. The loans carry three-year terms and will allow the borrower to market and sell the units as condominiums. Financing was arranged by Dekel Capital.
TUSTIN, CALIF. – A 126,761-square-foot neighborhood shopping center in Tustin has received $34.5 million in permanent financing. The grocery-anchored center is located on a 13.6-acre site at Jamboree Road and Irvine Boulevard. The center is fully leased to tenants like Ralphs and Rite-Aid. The non-recourse loan has a 15-year term with an initial interest-only period, after which it amortizes on a 30-year schedule. It was provided by Prudential Mortgage Capital Corporation and arranged by Richard Caterina of Johnson Capital’s San Diego office.
BOTHELL, WASH. — Nexus Canyon Park Research Center, a 152,050-square-foot biotech and data center facility in the Seattle submarket of Bothell, has received a $21-million refinance. The facility is located within the Canyon Park Business Center. It is 97 percent leased to tenants like T-Mobile, Epoch Pharmaceuticals and Acucela. The interest-only, fixed-rate loan was arranged by HFF’s Tim Wright and Zack Holderman on behalf of Nexus Properties.
ENGLEWOOD, COLO. – The 88-unit Lincoln Pointe Lofts II in Englewood has received a $6-million refinance. The community is located at 9781-9783 Pyramid Court. The loan features a 10-year term and a 9.5-year yield maintenance. It was arranged for Lincoln Pointe Lofts TWO LLLP by Dougherty Mortgage LLC’s Denver office.