CORONA, CALIF. – The 203-unit Valencia Terrace seniors housing facility in Corona has received $30.5 million in financing. The community is located at 2300 South Main Street. It is currently 98 percent occupied. It provides both independent and assisted living options for residents. The 10-year, fixed-rate loan was used to refinance an existing construction loan by BBVA Compass. It features a 67 percent loan-to-value and a 30-year amortization schedule. The Fannie Mae loan was originated by Heidi Brunet of Berkadia Commercial Mortgage, LLC on behalf of Kisco Senior Living.
Western
SAN DIEGO – The 60-unit Prospect 400 apartment community in the San Diego submarket of La Jolla has sold to unnamed buyers for $29 million. The community is located at 400 Prospect Street. The site used to serve as the summer home to famous newspaperman and La Jolla Beach and Tennis Clubdeveloper Frederick William Kellogg and his wife Florence Scripps before it was redeveloped in 1970. The seller, The Carolyn M. Holmer Irrevocable Trust, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego. The buyers represented themselves in this transaction.
LOS ANGELES — The 58-unit Avondale Apartments in Hollywood has sold to Avondale Hollywood LLC for $6 million. The community is located at 1825 North Cahuenga Blvd. The vintage property was built in 1928. Darin Beebower of Madison Partners represented both the buyer and the seller, 1825 N. Cahuenga LLC, in this transaction.
SAN LUIS OBISPO, CALIF. – A 10-property retail and office portfolio in downtown San Luis Obispo totaling 223,000 square feet has sold to Jamestown for an undisclosed sum. The retail portion contains seven assets, including Court Street Centre and Downtown Centre, and totals 195,000 square feet. Notable tenants throughout the properties include Barnes & Noble, Urban Outfitters, Pottery Barn, Abercrombie & Fitch, Express, Gap, Banana Republic, Victoria’s Secret and Apple. An additional 25,000 square feet is still available for lease. The office portion contains three properties bounded by Chorro, Osos, Monterey and Marsh streets that total 28,000 square feet.
CORONA, CALIF. – The 203-unit Valencia Terrace seniors housing facility in Corona has received $30.5 million in financing. The community is located at 2300 South Main Street. It is currently 98 percent occupied. It provides both independent and assisted living options for residents. The 10-year, fixed-rate loan was used to refinance an existing construction loan by BBVA Compass. It features a 67 percent loan-to-value and a 30-year amortization schedule. The Fannie Mae loan was originated by Heidi Brunet of Berkadia Commercial Mortgage, LLC on behalf of Kisco Senior Living.
SAN DIEGO – The 60-unit Prospect 400 apartment community in the San Diego submarket of La Jolla has sold to unnamed buyers for $29 million. The community is located at 400 Prospect Street. The site used to serve as the summer home to famous newspaperman and La Jolla Beach and Tennis Clubdeveloper Frederick William Kellogg and his wife Florence Scripps before it was redeveloped in 1970. The seller, The Carolyn M. Holmer Irrevocable Trust, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego. The buyers represented themselves in this transaction.
LOS ANGELES — The 58-unit Avondale Apartments in Hollywood has sold to Avondale Hollywood LLC for $6 million. The community is located at 1825 North Cahuenga Blvd. The vintage property was built in 1928. Darin Beebower of Madison Partners represented both the buyer and the seller, 1825 N. Cahuenga LLC, in this transaction.
MODESTO, CALIF. — A 45,950-square-foot retail property in Modesto that is leased to Best Buy has sold to an unnamed buyer for $6 million. It is located off State Highway 99 and Sisk Road. There are seven years remaining on Best Buy’s 20-year, absolute triple-net lease. The lease also offers three, five-year renewal options with rental increases every five years. Rod Pickney and Chad Byerly of Stan Johnson Company represented the unnamed seller in this transaction.
PHOENIX — Valley Pallet has leased a 42,000-square-foot building inside the Buckeye Industrial Center II in Phoenix. The center is located at 5707 W. Buckeye Road. The pallet manufacturing and recycling company was represented by Greg Dodge of Cassidy Turley Arizona’s Industrial Group. The landlord, DF Properties, was represented by Andy Cloud of the same group.
PHOENIX — The Cortina Apartments, a 104-unit multifamily community in Phoenix, has sold to Jupiter Investment Group for an undisclosed sum. The community was 94 percent occupied at the time of sale. It is located at 11 E. Bell Road. Jupiter Investment represented itself in this transaction, while the unnamed seller was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office.