COSTA MESA, CALIF. – The 40-bed Autumn Years at Newport Mesa has received a $5.14-million loan refinancing. The facility was built in Costa Mesa in 1999. It specializes in memory impairments like Alzheimer’s, Parkinson’s and other related dementias. Financing was secured by Artin Anvar of Love Funding’s Washington office. It was arranged for AY Newport Mesa LP.
Western
SAN MARCOS, CALIF. – A 47,037-square-foot industrial property in San Marcos has sold to SR Commercial for $3.67 million. The property is located at 120 Mata Way. The four-tenant property was vacant at the time of sale. Henry Zahner and Jon Busse of Colliers International represented both the buyer and the seller, Ontel Products, in this transaction. Zahner and Busse are also the exclusive leasing agents on the building.
CULVER CITY, CALIF. – Given Imaging has signed a lease for a 25,199-square-foot office building in Culver City. It is located at 5860 Uplander Way. The building will serve as the company’s regional office. Given Imaging was represented by Bruce Hoffman of UGL Equis. The landlord, Nampco Real Estate, LLC, was represented by Steve Solomon and Eric Adams of Jones Lang LaSalle Los Angeles.
SANTA ANA, CALIF. – A 39,630-square-foot industrial building in Santa Ana has sold to Freeway Industrial Park for $4.95 million. The property is located at 3900 W. Segerstrom Ave. Freeway Industrial was represented by Mike Long of Lee & Associates – Newport Beach. The seller, Todd I. Shiffman Trust, was represented by John Griffin of Voit Real Estate Services.
TEMPE, ARIZ. – MTD Southwest has signed a lease renewal for 81,200 square feet of warehouse and distribution space in Tempe. The property is located at 9235 S. McKemy Street. MTD Southwest was represented by James Harper of Cassidy Turley BRE Commercial. The landlord, McKemy Holdings, represented itself in this transaction.
GOLETA, CALIF. – A new 106-room Courtyard by Marriott has opened in Goleta. Thisis the city’s first-ever Marriott hotel. A joint venture between R.D. Olson Development and Wynmark Company broke ground on the 68,000-square-foot hotel less than a year ago. The hotel was designed by Lee and Sakahara Architects and built by R.D. Olson Construction. The cost of construction totaled $12 million. The Courtyard by Marriott is situated on 3.02 acres near the Goleta Technology Park, the University of California, Santa Barbara,gent and the Pacific Ocean.
DENVER — JCR Capital (JCR) has allocated $25 million for CapRock Partners to purchase distressed assets and non-performing industrial loans throughout California. The capital was originated through JCR’s second fund, the JCR Commercial Real Estate Finance Fund II, L.P. (Fund II). This fund is open to new investors through the end of 2012. CapRock and the Denver-based real estate fund manager have already teamed up on three investments through this new joint venture, which totaled $10.2 million.
AVONDALE, ARIZ. – The 301-unit Coldwater Springs Apartments in Avondale has sold to Bascom Arizona Ventures for $27.2 million. The Class A community was built in 2007. The acquisition’s financing was arranged by CBRE’s Brandon Smith and Brian Eisendrath. It was provided by Ares Management. On-site property management will be handled by Morrison, Ekre & Bart Management Services. Jim Crews of Cushman & Wakefield of Arizona represented both the buyer and the unnamed seller in this transaction.
LOS ANGELES — DCT Industrial Trust has agreed to purchase a four-property portfolio totaling 563,000 square feet for an undisclosed sum. The portfolio contains three properties within the Los Angeles International Airport submarket and one property within the Chicago O’Hare International Airport submarket. The Class A air freight buildings boast a 99.6 percent total occupancy rate. They are leased to eight tenants. The off-market transaction is anticipated to close in the fourth quarter of 2012.
TEJON RANCH, CALIF. — Tejon Ranch Company and The Rockefeller Group have partnered to develop The Outlets at Tejon Ranch. The outlet center will be located where Interstate 5 and Highway 99 meet, just south of Bakersfield. The site’s infrastructure work has already commenced. The outlet center is scheduled to open in spring 2014. EWB Development is handling the new project’s leasing.