NEWBURY PARK, CALIF. – Marcus & Millichap Real Estate Investment Services has sold Paraiso Town Center, an REO shopping center in Newbury Park, for $6.3 million. It was purchased by Paradise Capital Group LLC, an affiliate of Cardinal Equities LLC. Paraiso Town Center is located within the 2,331-acre master-planned community of Dos Vientos Ranch. Marcus & Millichap's Kyle Matthews represented the seller, U.S. Bank.
Western
PORTLAND, ORE. — Melvin Mark Capital Group has arranged financing for two California projects. The group arranged a $20-million loan with a CMBS lender for the 187,094-square-foot 2201 Broadway office building in Oakland, Calif. It contains a 10-year, fixed-rate term with a 30-year amortization period. The group also arranged a $4.5-million loan with a life insurance company for the four-story Aventerra Apartments in Berkeley, Calif. The property contains ground-floor retail. It carries a five-year, fixed-rate term with a 25-year amortization period.
LOS ANGELES – Arbor Commercial Funding has closed three loans under the Fannie Mae DUS® Small Loan product line totaling $7.5 million. The 102-unit Hartford Hills Apartments received $3,645,000; the 50-unit 232 Union Place Apartments received $2,700,000; and the 16-unit 2352 Glendale Boulevard received $1,186,000. The Hartford and Glendale apartments were refinance loans, while Union Place was an acquisition loan. All three loans carry seven-year terms and 30-year amortization schedules.
SANTA ANA, CALIF. – A 32,365-square-foot office building located at 801 Parkcenter in Santa Ana has sold to 801 RCA Venture, LLC for $3.7 million. The building contains 15 units leased to 12 tenants. The buyer purchased the property with all cash. It later secured permanent financing through a Life Company correspondent, which was arranged by the Alison Company. The buyer was represented by Gillett Commercial's Denny Pender. The seller was represented by Professional Real Estate Services.
VAN NUYS, CALIF. – Regency Theatres has signed a 10-year lease for the 72,200-square-foot Mann Theaters at The Plant power center in Van Nuys. The Plant 16 Cinemas’ is Regency’s third location within the San Fernando Valley. The Plant is owned by Decron Properties.
CARLSBAD, CALIF. – Cassidy Turley BRE Commercial has arranged an $11-million loan for two hotel properties. The properties are Beach View Lodge and Beach Terrace Inn, both in Carlsbad. The 41-room Beach View Lodge is located at 3180 Carlsbad Blvd. The 48-room Beach Terrace Inn is located at 2775 Ocean St. The borrower secured a 10-year, fixed rate, non-recourse loan with a 6 percent interest rate with Morgan Stanley.
LAS VEGAS – LBG Realty Advisors, LLC, in conjunction with Blue Vista Sponsor Equity Fund II, LLC, an affiliate of Blue Vista Capital Management, LLC, has bought Southwest Marketplace in Las Vegas. The grocery-anchored shopping center contains 118,284 square feet of existing space. Located on South Rainbow Boulevard at Windmill Lane, Southwest Marketplace is 85 percent leased.
WALNUT CREEK, CALIF. — One Concord Center has increased its occupancy from 43.2 percent to 78.3 percent. Recent leases include 24,960 square feet to Sutter Health; 24,960 square feet to Swinerton Corporation;15,680 square feet to Towill Inc.; a 11,208-square-foot lease renewal to Progressive Insurance; 9,789 square feet to TRC Environmental; 7,987 square feet to Jacobs Engineering; and less than 4,000 square feet to Rimkus Consulting, Pacific Pension, Business Thru Government, Closure Solutions, Validus Corporation, Carotrans International, Lamar Advertising Company and Pacer. One Concord Center is a Class A office building composed of 358,589 square feet and 15 stories.
SAN DIEGO – Bixby Land Company has purchased a 72,205-square-foot industrial warehouse for $7,350,000. The building is currently fully leased to HD Supply Plumbing/HVAC Ltd. The seller, Westcore Properties, was represented by Cushman & Wakefield's Steve Rowland, Michael Roberts, Jeff Brown and Mickey Morera.
SAN DIEGO – The California Department of Insurance has signed a 124-month lease for 12,715 square feet of space at the Scripps Ranch Center office complex in Scripps Miramar Ranch. The 47,962-square-foot complex is 73 percent occupied and recently underwent a $650,000-redesign to achieve a LEED-CS Silver certification from the U.S. Green Building Council. CBRE's Bill Bacon and Steve Ferreira represented the California Department of Insurance. The landlord, Pacific Office Properties Trust, was represented by JLL's Tony Russell and Richard Gonor.