NAPA, CALIF. — The Harvest Inn, a 74-room boutique hotel in Napa County, has received $42.5 million in bridge financing. The hotel is located at 1 Main Street near Whitehall Lane Leonardini Vineyard. The hotel’s sponsor, Palmer City-Core Hotels (PCCH), a partnership between The Charlie Palmer Group and City-Core Development, also received $4.5 million in equity for the acquisition of the hotel. The JV purchased the hotel at the end of January for an undisclosed sum. PCCH is planning to add food and beverage services to the property. This will include a 100-seat Charlie Palmer concept restaurant, as well as a catering department to handle wedding and corporate retreat business in-house. The debt and equity was arranged by Highland Realty Capital, Inc.
Western
LOS ANGELES — An affiliate of Merlone Geier Partnerscalled MGP XI REIT LLChas acquired the Plaza at Golden Valley, a 618,000-square-foot regional shopping center in Santa Clarita, for an undisclosed sum. The center is located at SR-14 at Golden Valley and Via Princessa in the Los Angeles submarket of Santa Clarita. Notable tenants at the center include Target, Lowes, Kohl’s, Bed Bath & Beyond, Staples and PetSmart. The center comprises the retail portion of the Golden Valley Ranch development, which also includes open space preserves and proposed housing. Bill Bauman and Kyle Miller of Studley’s National Retail Services Group represented the seller, GMS Golden Valley Ranch, LLC, a wholly-owned subsidiary of Terramar Retail Centers, LLC, in this off-market transaction.
SAN DIEGO – JH Real Estate Partners (JHREP) has acquired San Carlos Shopping Center, a 125,661-square-foot shopping center in the San Diego submarket of Lake Murray, for $35 million. The center is located at 8680 Navajo Road. It is currently 81 percent leased to tenants like Walgreens, LA Fitness, Chase Bank and Starbucks. JHREP plans to reposition and renovate the center. Leasing efforts will be handled by Cassidy Turley. The unnamed seller is from the East Coast.
LYNNWOOD, WASH. – The 107-unit Heather Ridge Apartment Homes in Lynnwood has received $9.1 million in acquisition financing. The community is located at 20427 68 Ave. West, just north of Downtown Seattle. It is currently 99 percent leased. The seven-year loan carries a 4.35 percent interest rate, a 30-year amortization schedule and a 75 percent loan-to-value ratio. It was originated by Louis Weisman of Berkadia Commercial Mortgage’s Seattle office, who worked on behalf of APG Heather Ridge LLC.
SCOTTSDALE, ARIZ. — Kierland Fairways Office Plaza, a 55,268-square-foot office building in North Scottsdale, has sold to an affiliate of Montana Avenue Capital (MAC). The building is located at 14614 N. Kierland Blvd. The property will undergo an extensive renovation. The seller was Abart Properties. The transaction was executed by Luke Walker, Dave Carder and Eric Schultz of CBRE’s Phoenix office.
NEWPORT BEACH, CALIF. — Newport Center Anacapa Associates has received a $7-million loan to acquire Beacon Bay Auto Wash, a car wash that sits on 1.26 acres of developable land in Newport Beach. The transaction was valued at $12 million. The car wash is located at 150 Newport Center Drive across from Fashion Island. It has been in operation since 1970. The new owner plans to re-entitle the property for a boutique hotel. The hotel is anticipated to open by the end of 2014. The loan was provided by Karlin Real Estate. Newport Center Anacapa Associates is composed of a trio of prominent local developers.
FONTANA, CALIF. — Intsel Steel West, LLC, has purchased a 50,000-square-foot distribution facility in Fontana. The purchase price was not disclosed. The facility is located at 13338 Napa Street. Intsel will use the facility to warehouse, store, and distribute structural steel purchased in bulk to redistribute to fabricators and end-users. This will be the company’s first distribution facility in California, though Intsel did have an office in Lake Forest. Intsel is a wholly owned subsidiary of Triple-S Steel Holdings, Inc.
LOS ANGELES — The Great Frog, a London-based handcrafted jewelry store, has signed a three-year lease for 910 square feet in the Beverly Grove district of Los Angeles. The space is located at 7955 Melrose Ave. Ed Sachse and Michael Pakravan of Kennedy Wilson Brokerage Group represented both The Great Frog and the landlord, John Jannick, in this lease transaction.
SAN DIEGO – The 15-unit City Heights in San Diego has sold to 48th Street Partners for $1.7 million. The community is located at 4055 48th Street, just north of University Avenue. The buyer was represented by Chris Siedenburg of Apartment Consultants Inc. The seller, William A. & Gaye L. Stennett, represented themselves in this transaction.
PHOENIX — One Agave Center, a 20,818-square-foot office project in Phoenix, has sold to a company formed by Griffin Partners for $9.8 million. The project is located at 8950 South 52nd Street. Eric Wichterman, Mike Coover, Mike Beall and Chris Walker of Cassidy Turley represented both the buyer and seller, One Agave LLC, in this transaction.