MONTECITO, CALIF. – A mixed-use development in Montecito that will contain two condo units atop 10,323 square feet of office and retail space has received a $7.3-million loan. The project will be located at 1255 Coast Village Road. Some of the retail space has already been pre-leased to a high end women’s clothing boutique and a restaurant owned by the Hillstone Restaurant Group. Financing was secured by Jeffrey Hudson of George Elkins Mortgage Banking Company on behalf of Black Valnar Properties, LLC.
Western
TEMPE, ARIZ. — The State Farm Tempe Operations Center, a 372,408-square-foot corporate campus in Tempe, has sold to JDM II TOC, LLC for $73 million. The five-building campus is located at 2700-2925 S. Sunland Drive and 2980 S. Priest Drive within the master-planned Fountainhead Corporate Park. It is fully occupied by State Farm Insurance. The seller, State Farm Mutual Automobile Insurance Company, was represented by Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office.
PASADENA, CALIF. — A 103,169-square-foot, Class A office campus in Pasadena has received $24.3 million in financing. The funds will allow a joint venture between Legacy Partners and Alliance Bernstein Real Estate Partners, L.P. to acquire, reposition and lease the property, known as 150 Orange Grove. The joint venture will deploy a significant amount of capital into the property’s renovations and building systems in order to attract new tenants. The campus is fully occupied by the seller, Avery Dennison. The labeling and packaging company will lease the space back through early 2014 as it finalizes its relocation. Renovations will begin in late 2013 and are scheduled for completion in mid-2014.The loan was provided by PCCP, LLC.
CULVER CITY, CALIF. – A 52,348-square-foot office building in Culver City has sold to a private investor for $12.6 million. The three-story building is located at 6133 Bristol Parkway. The previous owner, a joint venture between Palisades Equity Partners and an institutional investor, recently repositioned the center. The JV made a substantial investment in its building improvements and ultimately enhanced the rent roll’s credit quality.The buyer was represented by James Hooks of CRESA. The seller was represented by Steve Solomon and Chris Strickfaden of Jones Lang LaSalle.
GARDEN GROVE, LOS ALAMITOS, CALIF. — A two-building medical office portfolio that includes properties in Garden Grove and Los Alamitos has received $11 million in financing. The properties include the 74,367-square-foot Grove Medical Arts Building, which is located at 12665 Garden Grove Blvd., and the 45,886-square-foot Los Alamitos Medical Professional Building, which is located at 10861 Cherry Street in Los Alamitos. The 20-year, fully amortizing, fixed-rate financing was arranged by HFF’s Mark Wintner on behalf of a joint venture between Pacific Prime Properties and Hager Pacific. Financing was provided by ING Investment Management. The funds were used to refinance existing debt on the property and return capital to the borrower.
TEMPE, ARIZ. — The State Farm Tempe Operations Center, a 372,408-square-foot corporate campus in Tempe, has sold to JDM II TOC, LLC for $73 million. The five-building campus is located at 2700-2925 S. Sunland Drive and 2980 S. Priest Drive within the master-planned Fountainhead Corporate Park. It is fully occupied by State Farm Insurance. The seller, State Farm Mutual Automobile Insurance Company, was represented by Barry Gabel, Mindy Korth and Chris Marchildon of CBRE’s Phoenix office.
PASADENA, CALIF. — A 103,169-square-foot, Class A office campus in Pasadena has received $24.3 million in financing. The funds will allow a joint venture between Legacy Partners and Alliance Bernstein Real Estate Partners, L.P. to acquire, reposition and lease the property, known as 150 Orange Grove. The joint venture will deploy a significant amount of capital into the property’s renovations and building systems in order to attract new tenants. The campus is fully occupied by the seller, Avery Dennison. The labeling and packaging company will lease the space back through early 2014 as it finalizes its relocation. Renovations will begin in late 2013 and are scheduled for completion in mid-2014. The loan was provided by PCCP, LLC.
CULVER CITY, CALIF. – A 52,348-square-foot office building in Culver City has sold to a private investor for $12.6 million. The three-story building is located at 6133 Bristol Parkway. The previous owner, a joint venture between Palisades Equity Partners and an institutional investor, recently repositioned the center. The JV made a substantial investment in its building improvements and ultimately enhanced the rent roll’s credit quality. The buyer was represented by James Hooks of CRESA. The seller was represented by Steve Solomon and Chris Strickfaden of Jones Lang LaSalle.
GARDEN GROVE, LOS ALAMITOS, CALIF. — A two-building medical office portfolio that includes properties in Garden Grove and Los Alamitos has received $11 million in financing. The properties include the 74,367-square-foot Grove Medical Arts Building, which is located at 12665 Garden Grove Blvd., and the 45,886-square-foot Los Alamitos Medical Professional Building, which is located at 10861 Cherry Street in Los Alamitos. The 20-year, fully amortizing, fixed-rate financing was arranged by HFF’s Mark Wintner on behalf of a joint venture between Pacific Prime Properties and Hager Pacific. Financing was provided by ING Investment Management. The funds were used to refinance existing debt on the property and return capital to the borrower.
ONTARIO, CALIF. — Ontario Gateway Center, a 220,930-square-foot power center, has received $25.2 million in financing. The center is located at 4420 Ontario Mills Parkway in Ontario. The 10-building property is fully occupied. Anchors include Toys “R” Us and Babies “R” Us. Ross is scheduled to open at the center in late 2013. The loan features a 10-year term and a 3.75 percent fixed interest rate. Financing was arranged by HFF’s Paul Brindley and Steven Paskhover on behalf of an affiliate of Zelman Development Company and Grayburn Properties. The funds were provided by Deutsche Bank.