SAN DIEGO — West Park, a 612-unit apartment community, has broken ground in San Diego’s Mission Valley submarket. The midrise community will be located near the intersection of Friars Road and Mission Center Road in the new community of Civita. The first phase is scheduled to be completed for summer 2014 move-ins. It will be built by Coyle Residential and Reno Contracting and designed by Newman Garrison Partners. HFF provided construction and permanent financing. The developer, Sudberry Properties, was represented by HFF’s Aldon Cole, Zach Holderman and Christopher Liu.
Western
GOLETA, CALIF. – The 63-unit New Tahitian Apartments in Goleta has received $9.3 million in acquisition financing. The student housing community is located at 6739 El Colegio Road near the University of California, Santa Barbara (UCSB). The loan features a 30-year term and a 30-year amortization schedule with a five-year fixed interest rate. Financing was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a national bank.
ANAHEIM, CALIF. – The 24-unit La Palma Apartments in Anaheim has sold to Safe Harbor Exchange for $4.9 million. The community is located at 2018-2114 East La Palma Ave. It was built in 1963. The transaction was executed by Peter M. Hauser and Steven C. Brombal of Hendricks-Berkadia’s Newport Beach office. The seller was Equity Holdings, LLC.
GARDENA, CALIF. — Gateway Crossings, a 120,304-square-foot community center, has sold to a private family trust for an undisclosed sum. The recently redeveloped center is located at 641-739 W. Redondo Beach Blvd. It is 96 percent leased to tenants like Ross Dress for Less, Staples, Goodwill, UEI College, Anna’s Linens, Subway and Ono Hawaiian. Donald MacLellan and Michael Ward of Faris Lee Investments represented both the buyer and the seller, a joint venture partnership of PCCP, LLC and La Caze Development, in this transaction. The buyer was in a 1031 exchange.
COMMERCE, CALIF. – A seven-acre logistics facility in Commerce has sold to CenterPoint Properties for an undisclosed sum. The property is located at 5800 Sheila Street near the BNSF and Union Pacific intermodal rail yards. The transload facility includes a container yard. It is currently occupied by Pacer Cartage, a subsidiary of the Pacer International. CenterPoint was represented by Jack Cline Jr. and Gregory Gill of Lee & Associates.
GOLETA, CALIF. – The 63-unit New Tahitian Apartments in Goleta has received $9.3 million in acquisition financing. The student housing community is located at 6739 El Colegio Road near the University of California, Santa Barbara (UCSB). The loan features a 30-year term and a 30-year amortization schedule with a five-year fixed interest rate. Financing was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a national bank.
ANAHEIM, CALIF. – The 24-unit La Palma Apartments in Anaheim has sold to Safe Harbor Exchange for $4.9 million. The community is located at 2018-2114 East La Palma Ave. It was built in 1963. The transaction was executed by Peter M. Hauser and Steven C. Brombal of Hendricks-Berkadia’s Newport Beach office. The seller was Equity Holdings, LLC.
GARDENA, CALIF. — Gateway Crossings, a 120,304-square-foot community center, has sold to a private family trust for an undisclosed sum. The recently redeveloped center is located at 641-739 W. Redondo Beach Blvd. It is 96 percent leased to tenants like Ross Dress for Less, Staples, Goodwill, UEI College, Anna’s Linens, Subway and Ono Hawaiian. Donald MacLellan and Michael Ward of Faris Lee Investments represented both the buyer and the seller, a joint venture partnership of PCCP, LLC and La Caze Development, in this transaction. The buyer was in a 1031 exchange.
COMMERCE, CALIF. – A seven-acre logistics facility in Commerce has sold to CenterPoint Properties for an undisclosed sum. The property is located at 5800 Sheila Street near the BNSF and Union Pacific intermodal rail yards. The transload facility includes a container yard. It is currently occupied by Pacer Cartage, a subsidiary of the Pacer International. CenterPoint was represented by Jack Cline Jr. and Gregory Gill of Lee & Associates.
HILLSBORO, ORE. — The Springs at Tanasbourne, a 230-unit independent living, assisted living and memory care facility in Hillsboro, has received $36.3 million in financing. The community is located at 1950 NW 192nd Ave. The 10-year loan includes a fixed interest rate and a 30-year amortization schedule. The funds were used to refinance an existing construction loan. Carolyn Nazdin, Charlie Shoop and Doug Checketts of KeyBank Real Estate Capital 's Seniors Housing and Healthcare Groups provided the Fannie Mae loan. The borrower was a joint venture between affiliates of Ventas, Inc. and the Springs Living.