GLENDALE, ARIZ. – The 86,225-square-foot Olive Square retail center in Glendale has sold to North American Realty Acquisition Corporation for $6.3 million. The center was built in 1974 and renovated in 2007. It is currently 92 percent leased. The seller, Westwood Financial Corp., was represented by Jan Fincham and Patrick Dempsey of Lee & Associates.
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SAN RAFAEL, CALIF. — BioMarin Pharmaceuticals has leased 120,338 square feet at the San Rafael Corporate Center. The company will utilize an entire 83,315-square-foot building located at 770 Lindaro Street, in addition to 37,023 square feet on the second and fourth floors of 790 Lindaro Street. BioMarin plans to occupy this space in the spring. The firm was represented by Mark Maguire, Phil Arnautou and Luke Wilson of Colliers International. Trevor Buck and Steve Leonard of Cassidy Turley represented the landlord, Seagate Properties, in this transaction.
BURIEN, WASH. – Navos Mental Health Solutions has received $8 million in New Markets Tax Credit (NMTC) financing for the completion of a 52,400-square-foot Behavioral Health Care Campus in Burien. The financing was provided by WNC & Associates. The facility will be developed by Navos, designed by DKA Architecture and built by Abbott Construction. It is anticipating a fall 2012 opening. The NMTC is a federal program that was created to support economic and community development in low-income communities.
HILLCREST, CALIF. – The ground-floor retail space that is attached to the Atlas Condos mixed-use property in Hillcrest has sold to Hamon Properties, LLC for $2.4 million. Atlas Condos was built in 2009 and contains 140 units atop 5,348 square feet of retail. The four-unit retail space is fully leased to Pappalecco’s Gelato Café, Osteria Origano Italian Restaurant, Beauty By Dolly salon and Pure Barre fitness studio. Hamon was represented by Bill Shrader of Cushman & Wakefield. Chris Rink and Randee Stratton of Cassidy Turley BRE Commercial represented the seller, Western Pacific Housing, Inc/D.R. Horton, which was the original developer.
LA PALMA, CALIF. — Travelers Club Luggage has signed a 63-month lease for 131,280 square feet at an industrial building in La Palma. The new lease will take the building, which is owned by DEXUS Property Group, to 100 percent occupancy. Kent Choi of NAI Capital represented Travelers Club Luggage. Peter Castleton, Cameron Driscoll and Luke McDaniel of Voit Real Estate Services represented DEXUS in this transaction.
PALM SPRINGS, CALIF. — Lucent Capital has arranged $11.5 million in first-mortgage debt cross-collateralized by two Class A retail centers in Palm Springs. Both centers are owned by Wessman Development. They include the 42,434-square-foot Plaza Mercado and the 34,010-square-foot Plaza las Flores. The loan features a 10-year term and a 5.35 percent fixed interest rate.
VACAVILLE, CALIF. – The 135-unit Round Oak Village in Vacaville has received a $10.2-million refinancing. The loan includes a 10-year term and a 30-year amortization schedule. It was underwritten to a 74.14 percent loan-to-value with a 1.25x debt-service coverage ratio. The community was built in 1985 and was more than 96 percent leased at the time of closing. The loan was arranged by Jeff Burns and Verne L. Murray of Walker & Dunlop. The loan was originated by Ron Peters of Preferred Capital Advisors.
WESTMINSTER, COLO. – The Village at Park Centre, a 38,892-square-foot retail and office complex in Westminster, has received a $6.1-million refinancing. The three-building property is located at 1001-1005 W. 120th Ave. Notable tenants include Qdoba Mexican Grill, Subway, State Farm Insurance and H&R Block. The refinancing was arranged by John M. Stewart and Brock Yaffe out of NorthMarq Capital’s Denver office through the firm’s correspondent relationship with one of its life insurance companies.
ENCINO, CALIF. — New Standard Equities (NSE) has opened a new corporate headquarters in Encino. The multifamily focused real estate company will be located at 16255 Ventura Blvd. NSE was founded by Edward (Eddie) A. Ring, the firm’s CEO.
WEST VALLEY CITY, UTAH – Target plans to open a new store near 5600 West Street and Lake Park Boulevard in West Valley City this July. This will be the first of the chain’s five CityTarget locations to open this year. The store will be composed of about 135,000 square feet.