SAN JOSE, CALIF. – The 508-unit Willow Lake Apartment Homes in San Jose has sold to Essex Property Trust for $148 million. The seller, the Sobrato Organization, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a division of Marcus & Millichap.
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SAN DIEGO – The 317-room Courtyard San Diego Mission Valley/Hotel Circle has sold to Carey Watermark Investors for $85 million. The hotel is located on San Diego’s Hotel Circle in Mission Valley. The seller was a private investment group that employed Tarsadia Investments as its agent. The sale was executed by John Strauss, James Stockdale and Samantha Fisher of Jones Lang LaSalle Hotels.
HAYWARD, CALIF. — Well Luck Company has purchased a 101,376-square-foot warehouse and distribution facility in Hayward. It is located at 26599 Corporate Ave. The company will be relocating to the new facility in early 2013. It plans to occupy 65,000 square feet. It will lease out the remaining 35,000 square feet. Well Luck was represented by Joe Yamin and Chet Barney of Colliers’ Oakland office. The seller was represented by Kevin Hatcher, Mark Maguire and Greig Lagomarsino of the same office.
LAS VEGAS – A 17,123-square-foot retail property in Las Vegas that is leased to CVS has received $3.7 million in first-mortgage refinancing. The property is located at 4810 West Ann Road. Financing was based on a 10-year term and a 20-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq’s Los Angeles office, in cooperation with the firm’s Las Vegas office.
SANTA MONICA, CALIF. – A 7,500-square-foot retail property in Santa Monica that is leased to Converse has received a $7-million, full cash-out loan. The property is located on Santa Monica’s Third Street Promenade. The 15-year loan features a 30-year amortization schedule and a 4.98 percent fixed interest rate. The loan was arranged by George Smith Partners. Barbara Tenzer of Tenzer Commercial represented the lessor in this transaction.
SHERMAN OAKS, CALIF. — A new 12,830-square-foot CVS/Pharmacy is set to open in Sherman Oaks, a Los Angeles submarket. The $3.5-million development is located at 5601 Van Nuys Blvd. It was developed by LandMark Retail Group. The 1.23-acre site previously housed an abandoned auto dealership.
SAN DIEGO — Lightwave Corporate Center, a 166,892-square-foot data center and office property in San Diego, has sold to an unnamed buyer for an undisclosed sum. It is located at 9305 Lightwave Ave. in the Kearny Mesa submarket. The center is fully leased to tenants such as American Internet Services and the San Diego Gas & Electric Company. The property was jointly marketed by HFF’s Nick Psyllos and Ryan Gallagher, along with CBRE’s Kevin Shannon, Scott Schumacher, Ken White, Brad Black and Rob Merkin. The seller was LBA Realty.
SAN DIEGO — Freedom Station, a 12-unit housing facility and recovery support center for injured warriors, has sold to Freedom Station USA, a non-profit organization. The purchase price was not disclosed. The facility is located near Naval Medical Center San Diego, one of the country’s largest military hospitals. Freedom Station USA had initially leased and opened the center in May 2010. HFF’s local offices donated their commercial real estate services to assist the non-profit with its purchase. The firm’s Bryan Clark provided commercial mortgage financing and consulting services to Freedom Station USA.
SANTA MONICA, CALIF. – A 7,500-square-foot retail property in Santa Monica that is leased to Converse has received a $7-million, full cash-out loan. The property is located on Santa Monica’s Third Street Promenade. The 15-year loan features a 30-year amortization schedule and a 4.98 percent fixed interest rate. The loan was arranged by George Smith Partners. Barbara Tenzer of Tenzer Commercial represented the lessor in this transaction.
SHERMAN OAKS, CALIF. — A new 12,830-square-foot CVS/Pharmacy is set to open in Sherman Oaks, a Los Angeles submarket. The $3.5-million development is located at 5601 Van Nuys Blvd. It was developed by LandMark Retail Group. The 1.23-acre site previously housed an abandoned auto dealership.