ESCONDIDO, CALIF. – The 14-unit Villa Del Mar apartments in Escondido has sold to GSBV USA, LLC for $2.55 million. The community is located at 438 North Fig Street. It was fully leased at the time of sale. The buyer was represented by Jose Luis Bouvet, Jr.of Perry Commercial Real Estate. The seller, 938 N. Fig LLC, was represented by CBRE’s Merrick Matricardi, Jim Neil and Eric Comer.
Western
LAS VEGAS — New Vista has broken ground on its first medical clinic and senior home for intellectually challenged individuals in the northwest area of Las Vegas. This will be the first medical clinic in Nevada that has been specifically designed to work with intellectually challenged individuals. It will be located at 7875 N. Rainbow Blvd. The six-phase development will house six individuals and will provide medical care to the Southern Nevada community. New Vista has partnered with Touro University Nevada on this project, which will be developed on 15 acres of land donated by the Gilcrease brothers.
LAKE FOREST, CALIF. — EDGE Realty Partners has opened its first West Coast office in Lake Forest. The new locale will be headed by Paul Bartlett, Lea Clay Park and John Beaney, who will act as co-principals. This will be the firm’s fourth office.
ESCONDIDO, CALIF. – The 14-unit Villa Del Mar apartments in Escondido has sold to GSBV USA, LLC for $2.55 million. The community is located at 438 North Fig Street. It was fully leased at the time of sale. The buyer was represented by Jose Luis Bouvet, Jr.of Perry Commercial Real Estate. The seller, 938 N. Fig LLC, was represented by CBRE’s Merrick Matricardi, Jim Neil and Eric Comer.
DENVER – A pair of Denver office buildings received $59 million in financing. The buildings are cross-collateralized, and were acquired by Broadreach Capital Partners in 2007. They include One Union Square, a 188,707-square-foot office building at 143 Union Blvd. in Lakewood’s Union Corridor, and a 277,710-square-foot office building at 303 E. 17th Ave. in Downtown Denver The funds include a $49 –million, first-mortgage loan provided by Mesa West, and $10 million in mezzanine debt provided by Investcorp. The funds were used to remove the existing debt and to fund future leasing costs to stabilize the properties, according to Ronnie Gul, a Mesa West principal who originated the financing, which was arranged by Brad Zampa of Newmark Knight Frank Cornish & Carey Capital Group.
MILILANI, HAWAII — The 128-bed Plaza at Mililani senior housing community has received a $28.5-million refinance. It is located on the island of Oahu. The loan features a 10-year term and a 30-year amortization period. It was underwritten to a 67 percent loan-to-value with a 1.40x debt-service coverage ratio. The Fannie Mae loan was arranged by Russell Dey of Walker & Dunlop. It was sponsored by Stephen B. Metter of MW Group.
SCOTTSDALE, ARIZ. — McCormick Place, a 74,474-square-foot office building in Scottsdale, has sold to Scottsdale Healthcare Corporation for $14.95 million. An adjacent, free-standing, covered parking garage was also included in the acquisition. The vacant building is located at 8125 N. Hayden Road. The building previously served as Medicis Pharmaceutical Corporation’s corporate headquarters until 2008. Scottsdale Healthcare plans to relocate its corporate headquarters here in 2013. The company was represented by Luke Walker and David Carder of CBRE’s Phoenix office, along with Patti Gentry of Arizona Commercial Advisors. The seller, a Northern California real estate investment company, was represented by Jerry Noble, Pat Devine and Greg Mayer out of the same office.
LOS ANGELES – Three new culinary concepts have signed onto FIGat7th in Downtown Los Angeles. They include Sprinkles Cupcakes, Mendocino Farms and THE MELT. They will join fellow restaurants such as Juicy Lucy, Loteria Grill, Oleego, Morton’s The Steakhouse, California Pizza Kitchen and Starbucks at the shopping and dining establishment. All three concepts are scheduled to open in December. FIGat7th is owned by Brookfield Office Properties. The company was represented by Kevin Dee and Ted Slaught, the center’s exclusive retail-leasing agents.
DENVER – A pair of Denver office buildings received $59 million in financing. The buildings are cross-collateralized, and were acquired by Broadreach Capital Partners in 2007. They include One Union Square, a 188,707-square-foot office building at 143 Union Blvd. in Lakewood’s Union Corridor, and a 277,710-square-foot office building at 303 E. 17th Ave. in Downtown Denver The funds include a $49 –million, first-mortgage loan provided by Mesa West, and $10 million in mezzanine debt provided by Investcorp. The funds were used to remove the existing debt and to fund future leasing costs to stabilize the properties, according to Ronnie Gul, a Mesa West principal who originated the financing, which was arranged by Brad Zampa of Newmark Knight Frank Cornish & Carey Capital Group.
MILILANI, HAWAII — The 128-bed Plaza at Mililani senior housing community has received a $28.5-million refinance. It is located on the island of Oahu. The loan features a 10-year term and a 30-year amortization period. It was underwritten to a 67 percent loan-to-value with a 1.40x debt-service coverage ratio. The Fannie Mae loan was arranged by Russell Dey of Walker & Dunlop. It was sponsored by Stephen B. Metter of MW Group.