THOUSAND OAKS, CALIF. — Conejo Valley Plaza II, a 90,855-square-foot retail center in Thousand Oaks, has received $14.75 million in first-mortgage refinancing. Notable tenants at the center include Ralphs, Jo-Ann Fabric and Bank of America. Financing was based on a 20-year term and a 20-year amortization schedule. The loan was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a life insurance company lender.
Western
SEATTLE — Resmark Apartment Living and Intracorp have formed a joint venture to develop two urban apartment communities in Seattle’s northeast region. This will include a 161-unit community in the University District at 4545 8thAve. and a 112-unit community at 1020 Northeast 63rdStreet. Construction is expected to begin on both apartments in the first quarter of 2013.
NEWARK, CALIF. — American Realty Advisors (ARA) and McShane Development Company have formed a joint venture to redevelop the 29-acre Cherry Logistics Center into a 575,000-square-foot distribution facility. The property is located at 38811 Cherry Street in Newark, a submarket of San Francisco’s East Bay. The eco-friendly facility will be built by McShane Construction Company in conjunction with HPA. It is scheduled to open in the fourth quarter of 2013.
THOUSAND OAKS, CALIF. — Conejo Valley Plaza II, a 90,855-square-foot retail center in Thousand Oaks, has received $14.75 million in first-mortgage refinancing. Notable tenants at the center include Ralphs, Jo-Ann Fabric and Bank of America. Financing was based on a 20-year term and a 20-year amortization schedule. The loan was arranged by Michael Elmore of NorthMarq Capital’s Los Angeles regional office through the firm’s relationship with a life insurance company lender.
SEATTLE — Resmark Apartment Living and Intracorp have formed a joint venture to develop two urban apartment communities in Seattle’s northeast region. This will include a 161-unit community in the University District at 4545 8th Ave. and a 112-unit community at 1020 Northeast 63rd Street. Construction is expected to begin on both apartments in the first quarter of 2013.
COLORADO SPRINGS, COLO. – The 114-unit Fillmore Ridge apartment community in Colorado Springs has sold to LocalConstruct for $6.05 million. The community was constructed in 1965 and recently renovated, upgrading the property from a C Class to a B Class. It was 91 percent occupied at the time of closing. The seller, Seagate Properties, was represented by ARA’s Kevin McKenna and Ken Greene.
ROSEVILLE, CALIF. – Roseville Storage Center, a 574-unit, 78,648-square-foot storage facility in Roseville, has sold to Trojan Self Storage for $4.3 million. The property was listed by Paul D. Frank of PDF Commercial. The seller, Wells Fargo Bank, was represented by Brett Henry of Andasol Brokerage.
SCOTTSDALE, ARIZ. – A 47,366-square-foot office building inside the Perimeter Center Business Park in North Scottsdale has sold to Scottsdale Investment Management for $3.3 million. The building is located at 17800 N. Perimeter Drive. It was built in 2000 and was 88 percent occupied at the time of sale. The seller, FH Arizona Properties, was represented by Eric Wichterman, Mike Coover and Mike Kitlica of Cassidy Turley BRE Commercial.
NATIONAL CITY, CALIF. – . ITT Educational Services has leased 45,000 square feet at South Bay Corporate Center in the San Diego submarket of National City. The center is located at 401 Mile of Cars Way. ITT will be relocating from its current location in nearby Kearny Mesa. This newest lease brings the center to a 22 percent occupancy rate. ITT was represented by Don Mitchell of Cresa Partners. The landlord, Greenlaw Partners, was represented by Tony Russellof Jones Lang LaSalle.
COLORADO SPRINGS, COLO. – The 114-unit Fillmore Ridge apartment community in Colorado Springs has sold to LocalConstruct for $6.05 million. The community was constructed in 1965 and recently renovated, upgrading the property from a C Class to a B Class. It was 91 percent occupied at the time of closing. The seller, Seagate Properties, was represented by ARA’s Kevin McKenna and Ken Greene.