TEMECULA, CALIF. — CB Richard Ellis (CBRE) has brokered the sale of a Temecula senior housing community for $27.15 million. The Sterling at Vintage Hills contains 152 units and was 95 percent occupied at the time of closing. It is located on 10 acres at 41780 Butterfield Stage Road and includes a 9-acre parcel for future expansion. David Rothschild, Matthew Whitlock and Mary Christian of CBRE”s National Senior Housing Group represented the seller, an affiliate of Irvine, Calif.-based MBK Senior Living. The team also procured the buyer, Washington, D.C.-based CSH.
Western
BUENA PARK, CALIF. — Marcus & Millichap has arranged the sale of Palm Court Apartments, a 24-unit multifamily property located at 5699 Fullerton Ave. in Buena Park, for $2.97 million. Jonathan Mitchell and David Yeh of Marcus & Millichap's Newport Beach, Calif., office represented the seller, a limited liabillity company. Mitchell and Yeh partnered with Christopher Stensby, also of the firm's Newport Beach office, to represented the buyer, a private investor.
SANTA ROSA, CALIF. — Walker & Dunlop has secured a $9.58 million loan for the refinancing of Spring Lake Apartments, a 104-unit, garden-style community located in Santa Rosa. Property amenities include a swimming pool, a fitness center, laundry rooms and covered parking. Occupancy was 96 percent at the time of closing. The loan carries a 10-year term with 5 years of interest-only payments and a 30-year amortization schedule. It was underwritten at a 60 percent loan-to-value ratio and a 1.43x debt-service coverage ratio. Walker & Dunlop's Verne Murray and Jeffrey Burns led the team that arranged the loan.
LOS ANGELES AND SAN FRANCISCO — LandMark Retail Group has completed three more CVS/pharmacy stores, two in Los Angeles and one in San Francisco. Located in downtown Los Angeles at the corner of Figueroa Street and 32nd Street and across the street from the Galen Center, the location within the newly constructed University Gateway mixed-use project will serve the daily needs of students, faculty and staff of the University of Southern California. The newly opened store at the corner of Roscoe Blvd. and DeSoto Avenue in Los Angeles will fill a void in the San Fernando Valley by serving customers in the family-oriented communities of Winnetka, Canoga Park and Northridge. Finally, with its first opening in San Francisco, LRG has facilitated a key CVS/pharmacy presence one block from Union Square and across the street from the Apple flagship retail store. LRG, a subsidiary of NewMark Merrill Cos., has been the CVS preferred developer since 2005.
LOS ANGELES — Marcus & Millichap has presided over the $9.9 million sale of the 148-unit Palm Terrace Apartments, located at 3800 West 27th Street in the prestigious and historic West Adams District of Los Angeles. Constructed in 1957, the multifamily property offers easy access to downtown L.A., Beverly Hills and Century City. Marcus & Millichap’s Matthew Friedman represented both the private-investor buyer and the limited-liability company seller in the transaction; the brokerage firm’s Josh Cohen and Walter De La Torre assisted on the buying side.
NORTHGLENN, COLO. — Cushman & Wakefield of Colorado has arranged Panattoni Development’s more than $3 million sale of the 76,087-square-foot Northglenn Marketplace, located at 10602 Melody Drive in Northglenn, to Summit Development Group. Built in 1986 and 86 percent occupied at time of sale, the property is anchored by Woodley’s Fine Furniture and K&G Men’s Superstore. Cushman & Wakefield’s Gene Pride and Patrick Devereaux represented the seller in the transaction.
HUNTINGTON BEACH, CALIF. — Q10 | Dwyer-Curlett has arranged a $4.5 million loan for the acquisition of the 48,946-square-foot Huntington South Center, a grocery-anchored retail property located in Huntington Beach. On behalf of the borrower, Dwyer-Curlett's Perry Colligan placed the loan with an affiliate of National Life of Vermont.
REDLANDS, CALIF. — Colliers International has presided over the $11.625 million sale of the 82-unit Cypress Villas, located at 301 E. Cypress Ave. in Redlands. Built in 2004 and 100 percent occupied at the time of sale, the 89,248-square-foot garden-style multifamily property features a mix of one-, two- and three-bedroom apartments. Colliers’ Kitty Wallace represented both the Walnut Creek, Calif.-based buyer, Sequoia Equities, and the seller, MJW Receivers, in the transaction.
WEST VALLEY CITY, UTAH — CB Richard Ellis has negotiated a 194,510-square-foot industrial lease at 5253 West 2100 South in West Valley City. One of the nation’s biggest producers of private-label bottled water that serves some of the largest retailers in Utah, including WinCo Foods and Costco, Washington-based Advanced H2O LLC signed a 15-year lease in the Salt Lake City suburb. CBRE’s Rad Dye and Tom Dischmann represented both the tenant and landlord in the transaction.
SAN BERNARDINO, CALIF. – Cushman & Wakefield has closed the $6.5 million REO sale of the 119,028-square-foot Hospitality Executive Center, a two-building office property located at 225 and 325 West Hospitality Lane in San Bernardino, to Sunny Hills Palladium. The campus-style property is currently 47 percent occupied by tenants such as Kaiser Permanente, JP Morgan Chase and California Baptist University. Cushman & Wakefield’s Michael Roberts, along with the firm’s Jeff Cole, Ryan Russell, Sean Kern, Ron Heim, Steve Rowland and Ed Hernandez, represented the lending-institution seller; the buyer represented itself.