OCEANSIDE, CALIF. — Ocean Village, a 63,000-square-foot, mixed-use residential and retail property in Downtown Oceanside, has sold to MG Properties Groupfor $11,750,000. The project was completed in 2009 and includes 33 condominium units atop 10,676 square feet of ground-level retail that fronts the famed Pacific Coast Highway. MGPG plans to renovate and lease the vacant condo and retail units. Ocean Village was purchased with capital from MGPG’s Private Capital Group. The balance of the transaction was financed by KeyBank National Association. The seller, 401 PCH Ocean, LLC, was represented by Voit’s Mike Bouma, Rob Socci and Paul Caputo.
Western
PHOENIX – The 180-unit Paradise Foothills apartment community has sold to a company formed by El Dorado Holdings for $10.5 million. The 8.58-acre gated community was built in 1985 and priced below replacement cost. ARA’s Brad Goff and David Lord represented the seller, a company formed by the Registered Holders of Wachovia Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2007-C30, in this transaction. CWCapital Asset Management acted as the special servicer.
LONE TREE, COLO. – The 38,600-square-foot Renewal Medical Center in Lone Tree has been purchased by Baceline Investments, LLC from a lender after foreclosure for $6 million. This is about 55 percent of the property’s original loan value, according to an announcement by Baceline. The medical office building was built in 1984 and renovated in 2005. It is currently 65 percent occupied. Baceline intends to carry out further improvements to the building over the next year.
LA VERNE, CALIF – The La Verne Towne Center has received two new tenants. Discount chain Marshalls celebrated its grand opening at the 226,872-square-foot shopping center on Oct. 13. Staples is set to open in 2012. The shopping center is owned by BIG Shopping Centers USA, which acquired the property in June 2010 through a joint venture with Kimco Realty Corporation.
LOS ANGELES — NorthMarq Capital has arranged a total of $22.7 million in financing for California-based retail properties and an industrial portfolio. The firm arranged $10.7 million for the Aspen Industrial/Flex Portfolio in Orange County, Calif., which totals 175,735 square feet of industrial/flex space. It was arranged by David Blum, senior vice president and senior director of NorthMarq’s Los Angeles regional office. The firm also arranged $10 million for City Center, a 116,781-square-foot, grocery-anchored retail center in Lake Elsinore, Calif., and $2 million for Selma Square, a 27,100-square-foot retail center in Selma, Calif. Michael Elmore, executive vice president and managing director, and David Blum, senior vice president, of NorthMarq’s Los Angeles office arranged the first-mortgage financing on behalf of of the borrower.
PORTLAND, ORE. — Morrison Street Fund IV has closed three separate investments that were made in the forms of preferred equity, joint venture equity and the purchase of a mezzanine loan. The fund’s total invested equity for the three transactions totaled $11.4 million. This includes a $4.3-million mezzanine loan on the 135,000-square-foot Potrero Business Center in San Francisco; $3.5 million in joint venture equity to recapitalize the 240-unit Tualatin Meadows Apartments in Tualatin, Ore.; and $3.6 million of preferred equity to facilitate a partner’s acquisition of the 256-unit Palm Court Apartments in Phoenix. NBS Real Estate Capital, LLC closed all three investments on behalf of Morrison Street.
TORRANCE, CALIF. — In-N-Out Burger has purchased a retail pad on the northeast corner of the Hawthorne and Del Amo intersection in Torrance for an undisclosed sum. The existing structure will be demolished to accommodate a new In-N-Out Burger location. Best Plaza, the shopping center surrounding the future home of the burger joint, was represented by MEI Real Estate Services.
GOODYEAR, ARIZ. — Saint-Gobain Glass Corporation has leased 140,000 square feet of manufacturing space at a facility in Goodyear located at 17300 W. Broadway Road. The energy-efficient building material company was represented by Tom Louer of Lee & Associates in Phoenix and Chris Robinson of Fischer & Associates. The landlord, BT Goodyear LLC, a subsidiary of BET Investments, was represented by Joe Porter, Pat Feeney, Dan Calihan and Rusty Kennedy of CBRE’s Phoenix office.
Business headlines over the past few months have been full of sunny reports from Seattle: Boeing, for example, is in full swing thanks to the production ramp up of the 787 and the backlog of orders for both the 787 and 737, representing a workload of more than 5 years. The tech sector is hopping here as well, with Google adding up to 840 jobs, Amazon doubling the positions available from a year ago to 1,900, and solid growth at Facebook. This all takes place, of course, in a market that happens to include big-name employers like Microsoft and the increasingly active Gates Foundation, and strong sectors such as Biotech and Pacific Rim trading. Given this strong and diverse economic base, then, it is perhaps no surprise that Seattle is robust compared with many other U.S. markets. This is not to say the recession had no effect — a year ago, rents in empty boxes were leasing at discounts of up to 40 percent of what had been paid by previous tenants. However, the market here has gradually stabilized, and those discounts have shrunk to 15 to 20 percent of previous rental rates. Today, in fact, retailers like HomeGoods, Sports …
CARLSBAD, CALIF. — Cassidy Turley BRE Commercial’s Capital Markets Group has arranged a $6-million loan for an industrial building at 2495 Faraday Ave. in Carlsbad. The 109,807-square-foot building is fully leased to Federal Express. The lender provided a non-recourse, cash-out refinance with a 30-year amortization. The interest rate is fixed for seven years at 4.76 percent. The financing was arranged by Gary Goss of Cassidy Turley’s Capital Markets Group.