SAN FRANCISCO — Mesa West Capital has provided a $60.8-million first-mortgage loan to finance the fee acquisition of a 142,900-square-foot, mixed-use development in San Francisco. The development is located at 1700 California Street. The Hill Companies, which owns the property’s leasehold improvements, has acquired the fee interest under the development. The funds will cover the property’s fee acquisition, as well as the existing leasehold mortgage refinance. The property features 87,852 square feet of office and medical office space, 47 luxury multifamily units and 7,938 square feet of street-level retail, which is anchored by Ruth’s Chris Steak House. The development was built in 1987 and acquired by Hill in 2001. The property’s commercial component is fully leased, while the residential component is 95 percent leased. Financing was arranged by Ramsey Daya and Chris Moritz of Regency Capital Partners. It was originated by Ronnie Gul of Mesa West.
Western
SAN DIEGO – A joint venture between McCarthy Cook & Co. and AllianceBernstein U.S. Real Estate Partners, L.P. has purchased Canyon Plaza, a 213,000-square-foot office campus in the San Diego submarket of Sorrento Mesa. The purchase price was not disclosed. The two-building plaza was built in 1986 and expanded in 1993. It is currently 49 percent leased to CareFusion Corporation. Conexant Systems previously held a master lease at the property. The Class A plaza currently has about 100,000 square feet of vacant space. The joint venture plans to redevelop its common areas and lobbies. It also intends to add a tenant lounge, café and fitness center. Gensler Architects will lead the redevelopment design efforts. Jones Lang LaSalle will market the campus to both full-campus and multi-tenant users. This is McCarthy Cook’s first venture with AllianceBernstein. The JV represented itself in this transaction. The seller, a real estate investment fund advised by LaSalle Investment Management, was represented by Lynn LaChapelle and Bob Prendergast of Jones Lang LaSalle.
WALNUT CREEK, CALIF. — Tishman Speyer has acquired California Plaza, a 379,000-square-foot office building in Walnut Creek, for a reported $102 million. The plaza is located at 2121 N. California Blvd. near the BART and I-680. It is currently 90 percent leased to tenants like Basic American Foods, CSE Insurance, MWH Americas and Anthem Blue Cross. The seller, Heitman LLC,was represented by HFF’s Steven Golubchik, Michael Leggett and John Simerlein.
FORT COLLINS, COLORADO SPRINGS, COLO. – A pair of Class A seniors housing communities in Colorado has received $73.8 million in financing. The communities are located in Fort Collins and Colorado Springs. They contain a total of 316 independent, assisted and memory care units. Both properties opened in 2008. They are operated by Leisure Care. The Fannie Mae cross-collateralized Structured Adjustable Rate Mortgage loans feature 10-year terms with two years interest-only. The loans were closed by Red Mortgage Capital, LLC, the mortgage banking arm of RED CAPITAL GROUP, LLC, which worked on behalf of HJ Sims Investments.
SACRAMENTO, CALIF. – The 646-unit Woodlake Village Apartments in Sacramento has received $36 million in acquisition financing. The community is located at 200 Bicentennial Circle near Sacramento State University. It was built in 1979. The 10-year Fannie Mae loan features a 4.92 percent fixed rate. It was originated by Mitch Clarfield of Berkeley Point’s Santa Monica office on behalf of the buyer, Horizon Realty Partners (HRA).
SAN DIEGO — An affiliate of Starwood Capital Group Global has purchased a 12-property office portfolio in San Diego for an undisclosed sum. The properties are located throughout the Sorrento Mesa and Rancho Bernardo submarkets. They contain a total of 1.1 million square feet. The portfolio was 91 percent leased. The seller, Kilroy Realty Corporation, was represented by HFF’s Nick Psyllos, Ryan Gallagher and Michael Leggett. The firm’s Tim Wright, Don Curtis and Aldon Cole also arranged a variable-rateacquisition loan for the buyer. Wells Fargo Bank and CIBC were the senior lenders, while Goldman Sachs was the mezzanine lender.
LOS ANGELES — The Pointe, a 480,400-square-foot office building in Los Angeles, has received $220 million in refinancing. The trophy office building is located in Burbank’s Media District. It is currently 69 percent leased to tenants like Warner Brothers, Outlook Amusements, FreMantle Media, Legendary Pictures, KCET and Fidelity. The financing included $35 million of mezzanine debt, which was placed at closing with Morgan Stanley Real Estate Investing. It was arranged by Jonathan Firestone and J.P. LeVeque of Eastdil Secured and provided by Ronnie Gul of Mesa West Capital. The Pointe is owned by a joint venture between affiliates of Stockbridge Capital Group, Worthe Real Estate Group and M. David Paul & Associates.
LOS ANGELES – The 335-unit Piero II Apartments in Downtown Los Angeles has received $70 million in financing. The community is located at 609 St. Paul Avenue. The non-recourse loan features a five-year, interest-only term. It was used to pay off the property’s maturing $65-million construction debt. The community was built in 2011 and is currently more than 95 percent leased. Financing was arranged by George Smith Partners (GSP) through an off-shore commercial bank.
LOS ANGELES — Wilshire Robertson Plaza, a 119,421-square-foot office building in Beverly Hills, has received $18 million in refinancing. The plaza is located at 8750 Wilshire Blvd. Notable tenants include Alloy Digital, Mad Old Nut Productions and Radnet Sub, Inc. The loan features a nine-year term and a 25-year amortization schedule. Financing was arranged by Robert R. Hervey of NorthMarq Capital’s Los Angeles office through the firm’s relationship with a correspondent life company.
SEATTLE – A 19,440-square-foot development site in Seattle has sold to British Columbia Investment Management Corporation (bcIMC) for $17.7 million. The site is located at 2000 Third Ave. near the city’s Belltown neighborhood. The buyer plans to build a 400-foot, high-rise apartment tower with ground-floor retail on the site. The transaction was executed by David Young, Corey Marx and Seth Heikkila of Jones Lang LaSalle’s Capital Markets.