SAN DIEGO — Cassidy Turley BRE Commercial has leased the former Thomas Jefferson School of Law campus in Old Town to Old Town Academy, a K-8 charter school. This 60-month lease is valued at $2 million. The office property contains 20,194 square feet and is owned by PV Old Town c/o PacVentures. Cassidy Turley’s Jack Kruger and Dave Odmark represented the seller. Greg Cavanagh of Western Commercial Real Estate represented Old Town Academy.
Western
BEVERLY HILLS, CALIF. — Cardinal Equities has purchased a 50,000-square-foot retail and office complex in Thousand Oaks through its affiliate, Paradise Capital Group. The complex is located inside the master-planned community of Dos Vientos Ranch. It includes 40,000 square feet of ground-level retail and restaurant space with outdoor dining, as well as 10,000 square feet of office space. Paraiso Town Center was built in 2008 and foreclosed on by the construction lender in late 2009. It is currently 20 percent occupied.
PALMDALE, CALIF. — AutoZone has leased the 6,300-square-foot retail space at 5022 W Avenue N in Palmdale. The value of the 10-year lease was not disclosed. NAI’s John Cserkutiand Bert Abel represented the landlord, Division K Properties, in the transaction. AutoZone was represented by independent broker, Mike Lundin.
VICTORVILLE, CALIF. — One of the world's largest confectionary companies has leased a 495,000-square-foot industrial facility within Victorville's Southern California Logistics Centre (SCLC). The 10-year lease is valued at $17.5 million. The facility will serve as a warehousing and distribution center for the company. Cushman & Wakefield's John McMillan and Phil Lombardo represented the confectionary company. CBRE's Jay Dick and Mark Latimer represented SCLC's owner, Stirling Capital Investments.
LAS VEGAS – MIG Real Estate has purchased the Pines Corporate Center, a 100,000-square-foot, 18-building office park in Las Vegas, for an undisclosed sum. This represents the firm's fifth Las Vegas transaction since October 2010. CBRE's Charles Moore, Michael Newman and Marlene Fujita represented the seller. Newport Beach, CA-based MIG represented itself.
MOUNTAIN VIEW, CALIF. — Nine Plus Mt. View LLC has purchased 2415 Charleston Rd. in Mountain View for $6,915,000. The 21,579-square-foot, single-tenant retail building was purchased from Business Ventures, LLC. It was constructed in 1968, but underwent a major renovation in 2007 to accommodate a Michaels crafts store. Brennan Carpenter of Colliers International's Oakland, CA, office represented Nine Plus. Vincent Schwab of Marcus & Millichap's San Francisco office represented Business Ventures.
COLORADO SPRINGS, COLO. — NorthMarq Capital has arranged $7.275 million in first-mortgage financing for Sienna Place Apartments, a 312-unit multifamily complex in Colorado Springs. The loan has a seven-year term and a 30-year amortization schedule. Financing was arranged by Northmarq's Daniel Trebil, senior vice president and senior director of the firm's Minneapolis regional office, and David Link, senior vice president and senior director of the firm's Denver regional office. NorthMarq arranged this financing through its seller-servicer relationship with Freddie Mac.
SAN FRANCISCO — The Hotel Opal will become San Francisco's first Hampton Inn once its new owner, Wolff Urban, completes the 167-room conversion. The renovation will include a complete overhaul of the hotel's exterior, as well as some interior upgrades.
RIVERSIDE, CALIF. — Three new tenants are set to open their doors this summer at the University Village Shopping Center in Riverside. Yoshinoya has obtained 1,662 square feet; Sushi Ya will take up about 3,608 square feet; and Lollicup will occupy 1,543 square feet. All three tenants signed five-year leases at the 178,020-square-foot outdoor community center. NewMark Merrill's Mark Gallucci represented University Village in these transactions. University Village is one of more than 60 shopping centers included in a portfolio that is owned and managed by NewMark Merrill.
SAN DIEGO — Cassidy Turley BRE Commercial has sold the Mar Vista Centre in Vista, CA, for $2.19 million. The 15,600-square-foot strip retail center was purchased by Primrose Park Apartments, LLC. The seller was RLS Investments, LLC. Located at 1275 S. Santa Fe Ave., Mar Vista Centre consists of 20 suites that are leased to 12 tenants. Cassidy Turley's Ray Adams represented Primrose. Matty Sundberg, Mark Avilla and Bob Cowan, also with Cassidy Turley, represented RLS.