SAN DIEGO – A 103,997-square-foot industrial building in the Britannia Industrial Park has sold to Hamann Properties for $5.4 million. It is located at 2350 Siempre Viva Court in San Diego. Cassidy Turley San Diego represented both parties in this transaction.
Western
MONTEREY PARK, CALIF. – Atlantic Times Square, a mixed-use property in Monterey Park, has received a $74-million refinance. The property is located on the southeast corner of North Atlantic Boulevard and West Hellmen Avenue. It contains 210 residential units atop 213,531 square feet of grade-level retail space. The retail component is currently 94 percent leased. Notable tenants include AMC Theatre and 24 Hour Fitness. The non-recourse loan was used to refinance a large portion of the property’s construction loan. The transaction was brokered by Mitch Paskover of Continental Funding Group.
OREM, UTAH – The 288-unit Pinnacle Canyon View Apartments in Orem has received $28.2 million in acquisition financing. The community is located at 1401 S. Sandhill Road just northwest of Provo. Financing was based on a 15-year term, with three years interest-only and a 30-year amortization schedule. Financing was arranged by Mark Grace of NorthMarq Capital through the firm’s affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS Lender.
SAN DIEGO – A 103,997-square-foot industrial building in the Britannia Industrial Park has sold to Hamann Properties for $5.4 million. It is located at 2350 Siempre Viva Court in San Diego. Cassidy Turley San Diego represented both parties in this transaction.
SALT LAKE CITY, REDWOOD CITY, CALIF. — Kennedy Wilson (KW) has recently completed two West Coast acquisitions, including the 450-unit Foothill Place in Salt Lake City and The Pointe at Redwood Shores. Foothill Place was purchased for $61.8 million. It is the second apartment community that KW has purchased in the area in the past six months.
FRESNO, CALIF. – Construction has begun on Marketplace at El Paseo, a 398,000-square-foot retail center in Fresno that will be anchored by Target. The $60-million project is scheduled to open in March 2014. It is currently 86 percent leased to tenants including Ross Dress for Less, Petco, Burlington Coat Factory, Marshall’s and Old Navy. It is being developed by a partnership between Rich Development, Gryphon Capital and N3 Real Estate.
IRVINE, CALIF. – A 210-room Courtyard by Marriott Irvine Spectrum has broken ground in Irvine. The 131,667-square-foot hotel will contain a lap pool, spa area, 1,500-square-foot fitness center, lounge area and bar, guest laundry, 8,500 square feet of meeting space and a convenience market. The $50-million project will be built by R.D. Olson Development and designed by WATG. It is scheduled for completion in July 2014. R.D. Olson will retain ownership of the hotel, while Marriott International will provide management services.
SAN JOSE, CALIF. – A joint venture between Trammell Crow Company (TCC) and Principal Real Estate Investors has purchased a 57-acre land site in north San Jose near Cisco campus for an undisclosed sum. The JV is currently weighing its option with the land, which may include speculative industrial development, land parcel sales and build-to-suits. The JV was represented by CBRE’s Rob Shannon. The seller was Cisco Systems.
SALT LAKE CITY, REDWOOD CITY, CALIF. — Kennedy Wilson (KW) has recently completed two West Coast acquisitions, including the 450-unit Foothill Place in Salt Lake City and The Pointe at Redwood Shores. Foothill Place was purchased for $61.8 million. It is the second apartment community that KW has purchased in the area in the past six months.
FRESNO, CALIF. – Construction has begun on Marketplace at El Paseo, a 398,000-square-foot retail center in Fresno that will be anchored by Target. The $60-million project is scheduled to open in March 2014. It is currently 86 percent leased to tenants including Ross Dress for Less, Petco, Burlington Coat Factory, Marshall’s and Old Navy. It is being developed by a partnership between Rich Development, Gryphon Capital and N3 Real Estate.