SAN FRANCISCO – Johnson Capital has arranged $50 million in financing secured by the 414-unit South Beach Marina Apartments in Downtown San Francisco. The non-recourse debt, which boasts a fixed interest rate and a 10-year term, was used to refinance tax-exempt bonds. Principal Life Insurance provided the loan for the complex, which is owned by a pension fund. Financing was arranged by Brent Lister and Eric Salveson, senior vice presidents out of Johnson Capital's Los Angeles office.
Western
MESA, ARIZ. – CB Richard Ellis has sold the 210,986-square-foot Mesa Ranch Plaza for $19.1 million. The Mesa-based community shopping center was purchased by Reddy Development. The seller, a lender partnership, had acquired the property through foreclosure from the developer. Mesa Ranch is currently 45 percent occupied. The seller was represented by Philip Voorhees, Todd Goodman, Pat Toomey, Megan Read and John Read of CBRE’s National Retail Investment Group, along with CBRE's local Phoenix investment team of Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham, and retail specialists Kevin Schuck and John Rehling. Reddy was represented by Bruce Francis and Dana Summers of CBRE Capital Markets in Phoenix.
ONTARIO, CALIF. – Cobalt Capital Partners, through its Cobalt Industrial REIT III affiliate, has acquired the 111,890-square-foot Dupont Business Center in Ontario, Calif. This marks Cobalt's first expansion into the Los Angeles-area market. Built in 2001, Dupont Business Center consists of two vacant buildings. Cobalt plans to transform the center into multi-tenant suites that range from 15,000 square feet to 111,890 square feet.
RIALTO, CALIF. – Walker & Dunlop has secured a $20.5-million refinance loan for the 347-unit Orchard Heights Apartments in Rialto. The loan features a 10-year term and a 30-year amortization schedule, along with a 77 percent loan-to-value and a 1.25x debt-service coverage ratio. Built in 1982, Orchard Heights was 86 percent leased at closing.
COACHELLA, CALIF. – Hudson Holdings, LLC has purchased Coachella Plaza, an 86,402-square-foot retail center at 50249 Harrison Street in Coachella, for an undisclosed sum. Coachella Plaza's tenants include 99 Cents Only, Cardenas Market, Carl’s Jr., Little Caesars and Payless Shoes. Hudson was represented by NAI Capital's Fariba Kavian. Cushman & Wakefield's Marc Renard represented the seller, MidFirst Bank.
ANAHEIM, CALIF. – Sares-Regis has sold the last of the three LEED-Gold industrial buildings that it developed last year in Anaheim to California Manufacturing for $4.3 million. The aerospace manufacturer will occupy the new 31,744-square-foot building. The three buildings are situated on 6.2 acres, and were the first speculative industrial facilities to earn the LEED-Gold rating in Orange County, Calif. Sares-Regis was represented by CBRE's Brad Bierbaum. California Manufacturing was represented by Lee & Associates' David Williams.
LOS ANGELES — The June 2011 Allen Matkins UCLA Anderson Forecast California Commercial Real Estate Survey reports increased optimism in many of California's major markets. The report notes that Class A asset values have risen to near-peak levels over the past 18 months, which may signal either increased investor optimism or the threat of a new asset bubble. The report also notes, however, that this increase in values is not supported by today's rental and occupancy rates. While occupancy and rental rates may not account for higher asset prices, the forecast believes developer optimism may have played a role. It predicts San Francisco and Silicon Valley will be the first California markets to reach healthy levels of construction activity, with Los Angeles and San Diego close behind. The growth of the manufacturing industry has also positively affected California's industrial sector, particularly in Silicon Valley and Orange County. “Optimism with respect to office and industrial market fundamentals in 2013 and 2014, which first appeared a year ago, is an important precursor to the re-start of commercial construction,” said Jerry Nickelsburg, senior economist, UCLA Anderson Forecast, in a statement. “While the overall sluggishness of the general economic recovery will engender a slow …
RANCHO CUCAMONGA, CALIF. – Lee & Associates assisted Rancho Logistics, LLC in obtaining a 60-month lease for a 172,560-square-foot industrial facility in Rancho Cucamonga. The lease is valued at $3.1 million. Vince Anthony, a principal and senior vice president of Lee & Associates’ Ontario office, represented the tenant. Voit Real Estate represented the landlord, Krausz RC Properties One, LLC.
PHOENIX – Walker & Dunlop has provided a $3,380,000 acquisition loan for the 125-unit Mission Palms Apartments in Phoenix. It includes a 10-year term and a 30-year amortization schedule. The loan was underwritten to a 54 percent loan-to-value and a 1.30x debt-service coverage ratio. Mission Palms, which was built in 1975, was 85% leased at closing. Legacy Capital Advisors' Keaton Merrell originated the loan. Andrew Tapley, senior vice president of multifamily finance, led the Walker & Dunlop team.
PHOENIX – Amazon.com plans to open a 1.2-million-square-foot fulfillment center in Phoenix. This is Amazon's fourth fulfillment center in the Phoenix area. The new facility is expected to be complete this fall. Amazon's Arizona-based fulfillment centers are operated by Amazon.com.azdc LLC. The company also plans to open new fulfillment centers in Washington, and to expand one of its Arizona centers, located at 6835 West Buckeye Road, by 400,000 square feet.