LONG BEACH, CALIF. – Local developer Urbana Development, LLC, has acquired five acres of land Douglas Park in Long Beach. The developer plans to build two Class A medical office buildings that total 90,000 square feet on the site. The land was part of a 160-acre plot that is situated adjacent to Long Beach Airport. It was acquired by SARES•REGIS Group (SRG) from Boeing Realty Corp. in 2012. This is the first land sale SRG has executed on the site. SRG plans to develop up to 3.2 million square feet of premier office, industrial and retail facilities on the site. Urbana was represented by Jeff Colburn and Shaun McCullough at the Long Beach office of Lee & Associates. SRG was represented by Rick Warner and John Ayoob in CB Richard Ellis’ South Bay office.
Western
TEMPE, ARIZ. — Alberta Development Partners has received $5.7 million to acquire and entitle a 1.86-acre, mixed-use development land site in Tempe. The site is located on the northwest corner of University Drive and Ash Avenue in the Mill Avenue District of Downtown. Alberta plans to develop 40,000 square feet of ground-floor retail and 187 high-rise apartment units on the site. The loan was provided by PCCP, LLC.
PASADENA, CALIF. — Urban Commons, LLC and Brighton Management have acquired the 333-room Sheraton Pasadena Hotel. The hotel is located at 303 Cordova Street near the Rose Bowl, the Norton Simon Museum, and The Huntington Library and Botanical Gardens.It is the only hotel that is situated directly next to the Pasadena Convention Center. The area falls within the city’s redevelopment district, which recently received a $150-million renovation and expansion. The Sheraton Brand has made a full 20-year commitment to keep the hotel under the Sheraton flag. The new owners plan to modernize the property, which contains a restaurant and bar, 12,000 square feet of interior meeting space, an exercise facility, outdoor heated swimming pool and tennis courts.
SAN CLEMENTE, CALIF. — Equity One has acquired Talega Village Center, a 102,282-square-foot, grocery-anchored center in San Clemente for $23 million. The center is located at 801 Via Suerte. Talega Village is anchored by Ralphs Fresh Fare. Other notable tenants include Panera Bread, Peet’s Coffee & Tea, Wells Fargo and State Farm Insurance. The center was originally developed by Rockwood Capital. Equity One and Vestar acquired an interest in the center in December 2010. Rockwood and Vestar have partnered together on a variety of other projects as well. They were represented by Palmer Capital in this sales transaction. Vestar continues to focus on the acquisition of value-add retail investment opportunities. The firm has acquired more than $1 billion in retail properties in the Western U.S. in the past 30 months alone.
PHOENIX – A five-center retail portfolio in the Phoenix metro region has received $20 million in financing. The portfolio contains a total of 117,300 square feet that was nearly 90 percent leased at the time of closing. All of the centers are shadow anchored by either Fry’s Food & Drug Store or Kohl’s Department Store. Other notable tenants include Subway, Panda Express, Peter Piper Pizza and The UPS Store. Most of the centers were built between 2002 and 2007, though one was constructed in the mid-‘90s. The new loan is secured by a blanket first lien on the five properties. The loan has a five-year term with a fixed interest rate, a 30-year amortization schedule and a loan-to-value ratio of 74 percent. The new loan was procured through a CMBS lender. Financing was originated by Don Burnes of Johnson Capital’s Phoenix office. The borrower was a local property owner who develops and invests in retail and office properties throughout Arizona, California and Colorado. The properties included in this transaction are managed by an affiliate of the borrower.
SAN DIEGO — Alliance Diversified Holding, LLC, has purchased the Pyramid Building, a 131,218-square-foot office building in the Miramar Mesa submarket of San Diego, for $13.6 million. The building is located at 7310 Miramar Road. It was initially part of the Miramar Metroplex. The value-add private equity firm plans to convert the pyramid-shaped building into a creative office and technology hub. The space will also be rebranded as The San Diego Innovation Center. Alliance was represented by Jon Boland of Voit’s San Diego office. Brandon Keith, Ryan Bracker and Bob Brady, also of Voit, represented the seller, APEX 1 & 2 LP, in this transaction.
LAKEWOOD, COLO. – The 257-unit Mountain Vista apartments in Lakewood has received an $18.5-million bridge loan. The funds will be used to facilitate the property’s acquisition and renovation. The community is located at 434-485 S. Wright Street near Green Mountain Open Space, Matthews Winters Park, Dakota Ridge Trail and Red Rocks Amphitheatre. The asset consists of two neighboring communities, the 137-unit Alpine Mountain Vista and the 120-unit Green Mountain Vista. Financing was provided by Pembrook Capital Management, LLC.
CARLSBAD, CALIF. – The 24-unit Villas La Costa in Carlsbad has sold to PUR Villas Carlsbad, LLC for $6 million. The community is located at 2319 Altisma Way across from the La Costa Resort and Country Club. PUR Villas was represented by Christopher J. Zorbas and David Sperling of Marcus & Millichap’s San Diego office. The seller, Oram Properties One, LLC, was also represented by Zorbas.
LONG BEACH, CALIF. – The 23-unit Bayshore Beach Villas in Long Beach has received a $4.1-million refinance. The apartment community is located at 40 Bay Shore Ave. The seven-year, fixed-rate loan was secured by HFF’s Charles Halladay. It carries a 4.34 percent interest rate through Freddie Mac. HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program. The borrower was Universe Holdings.
CULVER CITY, CALIF. — PriceGrabber.com has extended its 45,000-square-foot lease at Wateridge in Culver City. The building is located at La Cienega Boulevard and Slauson Avenue. PriceGrabber.com was represented by Dave Toomey and Brian Davies of Cresa Los Angeles. The landlord, the Muller Company, was represented in-house by Jim Bannan, and by CBRE’s Deron White and Jeff Pion.