IRVINE, CALIF. – Japanese retailer Daiso has opened its first Orange County location at Heritage Plaza in Irvine. Daiso, which sells home goods, beauty products, food and more, has leased 11,448 square feet at the plaza. It is expected to open in April 2012. Daiso was represented by Ken Shishido at Wilson Commercial Real Estate. Regency Center was represented in-house.
Western
RIVERSIDE, CALIF. – The 120-unit Canyon Shadows in Riverside has sold to Arlington 8405 LP for $4.5 million. The apartment complex was built in 1971 and is located at 8405-8505 Arlington Ave. Alex Mogharebi of Hendricks & Partners’ Ontario, Calif., office represented the seller, AIMCO/Canyon Shadows.
LITTLETON, COLO. – The 79,545-square-foot Broadridge Plaza has sold to Transmark Company, manager of Broadridge Plaza, LLC, for an undisclosed sum. The six-building neighborhood shopping center was 90.8 percent occupied at the time of sale. Transmark plans to renovate the center’s common areas and building exteriors.
SORRENTO VALLEY, CALIF. — Bastyr University has signed a 10-year lease for 19,300 square feet of office/lab space in the San Diego submarket of Sorrento Valley. The space is located at 4106 Sorrento Valley Blvd. inside the Sorrento Pines Business Park. The lease is valued at $3 million. Brian Starck and Dave Odmark of Cassidy Turley BRE Commercial represented both Bastyr and the building’s owner, Sorrento Valley Blvd., LP., in this lease transaction.
STUDIO CITY, CALIF. — A single-tenant building in Studio City that is currently leased to Bank of America has received $6.6 million in permanent refinancing. The 14,245-square-foot building was constructed in 1973 and resides at 12223 Ventura Blvd. Bank of America has 11 years remaining on the lease, with two five-year extension options. The hybrid loan has a 10-year term, a 30-year amortization schedule and a 54 percent loan to value. It has a 4.6 percent fixed interest rate for the first five years, after which it converts to an adjustable rate. The loan was originated by J.M. Grimaldi of Continental Funding Group.
NEWPORT BEACH, CALIF. – The Bayshore Apartments and Marina in Newport Beach has been refinanced for $6,975,000. The property is located at 2800 and 2850 Bayshore Drive and contains 40 multifamily units and a 55-slip marina. It was 50 percent leased at the time of closing. Bayshore was built in 1962 and is undergoing a major renovation. The property’s owner, Palmo Investments, plans to hold the asset as a long-term investment. It intends to lease the renovated units. Financing was arranged by Nick Viscount and Scott Pierson of Keystone Mortgage Corporation.
LOS ANGELES – A 45-unit multifamily complex in Los Angeles has received a $5,475,000 interest-only refinancing. The loan features a 4.5 percent fixed interest rate for five years, a 30-year amortization schedule and a 75 percent loan to value. Financing was arranged by Sharone Sabar of Marcus & Millichap Capital Corporation’s Encino, Calif., office.
SANTEE, CALIF. – A 14,758-square-foot building that is currently occupied by Walgreens has sold to Santee CL, LLC with Mabie & Mintz as a general partner. The property was sold for $8.7 million from its original developer, Interra-Vision, LLC c/o Interra Development Partners, LLC. The acquisition was included as part of an exchange from the buyer’s sale of the Colima Linda Apartments in San Diego. Santee CL was represented by Cassidy Turley BRE Commercial’s Chris Rink. Daniel Hyman of Millennium Properties represented Interra-Vision in this transaction.
LITTLETON, COLO. – The 24-unit Bow Mar Apartments in Littleton has sold to the Rocky Mountain Center for the Blind for $2,415,000. It was built in 1997, and will be occupied by students attending the Colorado Center for the Blind. The Center for the Blind was represented by RC Myles and Craig Myles of Cassidy Turley Fuller Real Estate. Bryan Sperry and Kevin Kohn of Sperry Properties represented the seller, Friendly Property LLC, in this transaction.
LONG BEACH, CALIF. — Regus has agreed to lease 18,399 square feet of office space at Landmark Square in Downtown Long Beach. Regus’ business center is anticipated to open mid-year, providing executive suite offices, meeting space and virtual offices for executives and entrepreneurs in the South Bay. It was represented by Steve Solomon and Jason Fine of Jones Lang LaSalle Los Angeles. Landmark’s owner, Brookfield Properties, was represented in-house by John Barganski and Toliver Morris.