SANTA FE SPRINGS, CALIF. – 99
Western
SAN MATEO, CALIF. – A 111-unit, $43.7-million apartment complex recently broke ground in San Mateo. The 2.4-acre site is located at 2090 S. Delaware Street at the north end of Silicon Valley. The project is scheduled to be complete and ready for leasing in spring 2014. It is being developed by Wood Partners.
PITTSBURG, CALIF. – The 208-unit Presidents Park Apartments in Pittsburg has sold to Fowler Property Acquisitions for $21.2 million. It is located at 1128 East Leland Road in San Francisco’s East Bay region. The seller, Friedkin Realty Group, was represented by Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors and Kevin Turner of Marcus & Millichap.
ONTARIO, CALIF. — Lake View Center, a 106,345-square-foot office property in Ontario, has sold to BH Properties for $13.8 million. The office complex is located at 3257 & 3237 E. Guasti Road. It is currently 62 percent leased. Notable tenants include East West Bank, T-Mobile and the University of La Verne. BH Properties plans to invest additional capital into the project. BH Properties represented itself in this transaction, while the sellers, PCCP and the Muller Companies, were represented by CBRE’s Kevin Shannon, Darla Longo and Phil Woodford.
SANTA FE SPRINGS, CALIF. – 99¢ Only has signed a lease for 14,226 square feet at Santa Fe Springs Promenade that is valued at more than $2.5 million. The space is located off Telegraph Road and Orr and Day roads in Santa Fe Springs. This will be the discount retailer’s ninth Southern California location to open so far this year. Matt Hammond and Ben Terry of Coreland Companies represented both 99¢ Only and the landlord, Milan Capital Management, in this lease transaction.
HOLLADAY, UTAH – The 366-unit Sandpiper Apartment Homes in Holladay has sold to Kennedy Wilson for an undisclosed sum. The community is located at 1492 East Spring Lane. The seller, DiNapoli Capital Partners LLC, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap. They were assisted by Danny Shin of Marcus & Millichap’s Salt Lake City office.
PHOENIX — Steak 44 has signed a 10-year lease for a 7,700-square-foot restaurant space inside the Camelback Village in Phoenix. The space was previously occupied by Cork ‘N Cleaver Restaurant. The upscale steakhouse is scheduled to open by fall 2013. Steak 44 is operated by the Mastro family, which created the Mastro’s and Ocean Club restaurant chains. It also operates Michael Dominick’s Steakhouse at Scottsdale Quarter. Steak 44 was represented by Josh Gosnell of Commercial Properties. The landlord, Camelback and 44th OPCO LLC, was represented by Randy Banchik and Joe Hoye of Westwood Financial Corp.
NEWPORT BEACH, CALIF. — A 376,000-square-foot, Class A office complex in Newport Beach has received a $55-million recapitalization loan. The two-building complex is located at 4000 MacArthur Blvd. It recently underwent a multi-million-dollar renovation. The loan was originated by Mesa West Capital through its Mesa West Real Estate Income Fund III on behalf of Emmes Asset Management. This was the first loan provided by this fund. Financing was arranged by Jonathan Firestone and J.P. Leveque of Eastdil Secured.
MCKINLEYVILLE, CALIF. – A 100-unit assisted-living facility in McKinleyville has received a $4.4-million refinance loan. The facility is located on the Pacific Coast three miles north of Eureka. The non-recourse, FHA-insured loan has a 40-year term. It was funded by Huntoon Hastings, a wholly owned subsidiary of Johnson Capital. The loan was arranged by Rick Hayward of Johnson Capital’s San Francisco office on behalf of the borrower, a Northern California investment group.
HOLLADAY, UTAH – The 366-unit Sandpiper Apartment Homes in Holladay has sold to Kennedy Wilson for an undisclosed sum. The community is located at 1492 East Spring Lane. The seller, DiNapoli Capital Partners LLC, was represented by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap. They were assisted by Danny Shin of Marcus & Millichap’s Salt Lake City office.