RANCHO CUCAMONGA, CALIF. — Fit Development, LLC has purchased The Monet at Victoria Gardens Mall, a 31,407-square-foot retail center in Rancho Cucamonga, for $13.2 million. The outparcel to Victoria Gardens is located at 12455 Victoria Gardens Lane. Victoria Gardens is a 1.9-million-square-foot mall. Notable tenants at The Monet include Destination XL, Destination Maternity, Shakey’s Pizza and Pacific Dental. Fit Development was represented by Jeff Conover and Matt Mousavi of Faris Lee Investments. The seller was Monet in Rancho Development, LLC.
Western
DENVER — Swire Coca-Cola USA has leased a 257,000-square-foot building at Enterprise Business Center at Stapleton. The center is a Class A industrial park development in the Denver submarket of Stapleton. The company plans to open a new distribution center at the facility, which will be located near the southwest corner of Interstate 70 and Havana Street. Swire Coca-Cola is one of the largest Coca-Cola distributors in the United States. It is a subsidiary of Swire Pacific Ltd. The company plans to occupy the new space next May. Once completed, Enterprise Business Center will contain a total of 1.15 million square feet throughout five buildings. Swire Coca-Cola was represented by Joe Cantalamessa of Cantalamessa Partners. The landlord, United Properties, was represented by Mike Wafer and Tim D’Angelo of Newmark Grubb Knight Frank.
WEST HOLLYWOOD, CALIF. — Hollywest Promenade, a 120,173-square-foot retail center in West Hollywood, has received $27 million in financing. The promenade is located at the intersection of Hollywood Boulevard and Western Avenue just west of Highway 101. It is 95 percent leased to tenants like Ross Dress for Less, Ralph’s, Quizno’s Subs and Jamba Juice. The 15-year, fixed-rate loan was arranged for Shooshani Developers, LLC by HFF’s Brad Black and Jeff Sause. It was placed with Aegon USA Realty Advisors, LLC, the commercial real estate investment and management arm of the AEGON Asset Management companies. Shooshani was represented by managing member Tony Shooshani.
PANORAMA CITY, CALIF. — Festival Development Corporation has purchased the leased-fee interest under The Windsor Center, a multi-tenant retail property in Panorama City. The purchase price was not disclosed. The 22,500-square-foot land parcel is located at 13750-13758 Roscoe Blvd. Both the buyer, a Festival affiliate, and the seller, an individual/personal trust, were represented by Steven Schechter and Brandon Michaels of Marcus & Millichap’s Encino office.
DENVER — Swire Coca-Cola USA has leased a 257,000-square-foot building at Enterprise Business Center at Stapleton. The center is a Class A industrial park development in the Denver submarket of Stapleton. The company plans to open a new distribution center at the facility, which will be located near the southwest corner of Interstate 70 and Havana Street. Swire Coca-Cola is one of the largest Coca-Cola distributors in the United States. It is a subsidiary of Swire Pacific Ltd. The company plans to occupy the new space next May. Once completed, Enterprise Business Center will contain a total of 1.15 million square feet throughout five buildings. Swire Coca-Cola was represented by Joe Cantalamessa of Cantalamessa Partners. The landlord, United Properties, was represented by Mike Wafer and Tim D’Angelo of Newmark Grubb Knight Frank.
WEST HOLLYWOOD, CALIF. — Hollywest Promenade, a 120,173-square-foot retail center in West Hollywood, has received $27 million in financing. The promenade is located at the intersection of Hollywood Boulevard and Western Avenue just west of Highway 101. It is 95 percent leased to tenants like Ross Dress for Less, Ralph’s, Quizno’s Subs and Jamba Juice. The 15-year, fixed-rate loan was arranged for Shooshani Developers, LLC by HFF’s Brad Black and Jeff Sause. It was placed with Aegon USA Realty Advisors, LLC, the commercial real estate investment and management arm of the AEGON Asset Management companies. Shooshani was represented by managing member Tony Shooshani.
PANORAMA CITY, CALIF. — Festival Development Corporation has purchased the leased-fee interest under The Windsor Center, a multi-tenant retail property in Panorama City. The purchase price was not disclosed. The 22,500-square-foot land parcel is located at 13750-13758 Roscoe Blvd. Both the buyer, a Festival affiliate, and the seller, an individual/personal trust, were represented by Steven Schechter and Brandon Michaels of Marcus & Millichap’s Encino office.
IRVINE, CALIF. – The Praedium Group has purchased a 355,360-square-foot office tower in Irvine for $114 million. The building is located at 2030 Main Street in the Irvine Concourse Corporate Center. The 16-story, Class A tower is one of the tallest office buildings in Irvine’s Greater Airport Area. It is 92 percent leased. This transaction is the largest office sale so far this year in Orange County, according to CBRE, which represented the seller. The unnamed institutional advisor was represented by the firm’s Kevin Shannon, Ken White, Bob Smith, Paul Jones and Sean Sullivan.
FULLERTON, CALIF. – A two-property apartment portfolio in Orange County has received a $32.7-million refinance. The portfolio includes the Streams Apartments, as well as La Villita and La Costa Apartments, which operate as one complex. The properties are all located in Fullerton. The portfolio totals 493 units and boasts about a 95 percent occupancy rate. The fixed-rate, Freddie Mac CME loans feature 10-year terms and a 30-year amortizing schedules. Financing was originated by Kristen Croxton and Greg Reed of Beech Street’s Newport Beach office on behalf of SC Development.
RENO, NEV. — Lake Washington Partners has acquired a 66-acre parcel withinSpanish Springs Business Center near Reno for an undisclosed sum. The company plans to execute a phased development that would include 1.5 million square feet of distribution/warehouse space. Construction is set to commence in 2014 with the development of 600,000 square feet of facilities.