LOS ANGELES — Village Walk at Tarzana, a two-parcel development site, has sold to Sinanian Development Inc. for an undisclosed sum. The fully entitled site contains the West Parcel, which is located at 18709 W. Redwing Street, and the East Parcel, located at 5420-5432 N. Yolanda Ave. They are attached to the 146,363-square-foot Village Walk retail center on Ventura Boulevard. The West Parcel will receive 15 two-story luxury townhomes, while the East Parcel project will contain 19 townhomes and 37 luxury apartments. The seller, Pearlmark Real Estate Partners LLC, was represented by Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors.
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LA QUINTA, CALIF. – A 4,562-square-foot retail building in La Quinta that is occupied by Union Bank of California has sold to Don & Marily Lynch c/o Dunn Property Group for $4.5 million. The building is located at 79670 Highway 111. The buyer was represented by Michael Dunn of Dunn Property Group. The seller, Hull LQ Properties, LLC c/o Sage Retail Group, was represented by Kevin Held and Chuck Klein of Cassidy Turley.
CARLSBAD, CALIF. — Noodles & Company has signed a 12-year lease for 2,837 square feet of retail space at Palomar Airport Commons in Carlsbad. The lease is valued at $2 million. The center is located at 2521 Palomar Airport Road. Noodles & Company was represented by Danny Fitzgerald, Michael Burton and Pasquale Ioele of Cassidy Turley and Sharon Carmichael of Terranomics Retail Services. The landlord, Sudberry Properties, was represented by Matt Moser of Retail Insite.
RIVERSIDE, CALIF. — The Riverside Convention Center will officially reopen this Saturday after undergoing a $43.6-million renovation. The new convention center contains 21 rooms with more than 65,000 square feet of flexible space. It is located at 3637 5th Street near the Riverside Marriott at the Convention Center and the Hyatt Place Riverside/Downtown. The new space can accommodate groups as small as 25 and as large as 3,000 for conventions, meetings, trade shows and competitions. The renovation also included the addition of a 20,000-square-foot, open-air plaza, lawn and garden space.
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.
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.