COSTA MESA, CALIF. — Renovation of the 300,000-square-foot South Coast Collection, a retail center consisting of eight showroom buildings, creative studios, general retail and food service located at 3303-3323 Hyland Ave. in Costa Mesa, has been completed. Branded as SoCo, the revamped property near Interstate 405 offers a wide variety of home furnishings and accessories, as well as many other specialty stores. Newport Beach, Calif.-based Burnham Ward Properties was the developer, Ware Malcomb of Irvine, Calif., was the project designer and Brea, Calif.-based KPRS Construction Services was the general contractor.
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IRVINE, CALIF. — Todd E. Schiffman has sold a 42,000-square-foot industrial property, located at 16902 Von Karman Ave. in Irvine, for $4.2 million. Voit Real Estate Services’ John Griffin represented both the buyer, Bellis Investments, and the seller in the transaction.
SACRAMENTO, CALIF. — NBS Financial Services has arranged a $16 million loan for the 149,000-square-foot Granite Park Regional, a single-tenant office building occupied by the County of Sacramento. NBS’s Ken Griggs and Paddy Ryan arranged the 12-year, fixed-rate loan through correspondent life-insurance company lender, ING Investment Management.
NAPA, CALIF. —Cassidy Turley BT Commercial has closed the $6.45 million sale of the 52,875-square-foot All American Mini Storage Facility, located at 1111 Soscol Ferry Road in Napa. Constructed in 1987 and more than 90 percent leased at the time of sale, the 15-building property consists of 427 self-storage units and includes 212 RV spaces. Cassidy Turley BT Commercial’s Tom McMullan represented seller, GBH-NMS LLC, in the transaction; the buyer was 1111 Soscol Ferry Mini Storage.
SANTA ROSA, CALIF. — Appian Capital and Presidio Development Partners LLC have acquired the 70,000-square-foot Parkpoint Business Center, a five-building office complex located just west of downtown Santa Rosa, the largest city in Northern California’s “Wine Country.” With plans to renovate the property’s outdoor common areas, building exteriors and signage, the joint venture will market the individual buildings, located within the Santa Rosa Business Park, to both owner/users and as leased investments. Cushman & Wakefield represented CW Capital, the seller of the 60 percent-leased property and loan servicer that foreclosed on the property in June 2010.
SANTA BARBARA, CALIF. — 35 State Street Hotel Partners has acquired the 1920s-era Hotel Californian, located in Santa Barbara’s State Street Waterfront District, along with two neighboring parcels from M.F. Santa Barbara LLC. Terms of the deal were not disclosed. Designed by Santa Barbara-based DesignARC in the city’s traditional Spanish Colonial Revival style, the three-parcel project is fully entitled for a 114-room luxury hotel, nine fractional vacation units and 21,557 square feet of retail space, with open plazas, paseos and gardens. The now-shuttered Hotel Californian was built in 1925; one of the hotel’s original facades will be restored as part of the new structure, which is envisioned as a boutique-style property.
REDWOOD CITY, CALIF. — Walker & Dunlop LLC has provided refinancing in the amount of $26.4 million for Pescadero Apartments, a garden-style apartment community located in the affluent Redwood Shores area of Redwood City. Underwritten to a 55 percent loan-to-value ratio, the financing was structured with a 10-year term and a 30-year amortization. Developed and built in 1999 by M.H. Podell Co., Pescadero Apartments was 98 percent leased at closing.
MOORPARK, CALIF. — Lee & Associates-LA North/Ventura has negotiated an 111,700-square-foot industrial lease at 609 Science Drive in Moorpark. Lee’s John Ochoa and Grant Harris negotiated the 7-year lease on behalf of AG Machining, which had initially planned to move its operations to Mexico. Colliers International’s John DeGrinis, Patrick DuRoss and Jeff Abraham represented the landlord, 609 Science Drive LLC, in the transaction.
SAN DIEGO — Voit Real Estate Services has directed the approx. $2.03 million sale of a 20,286 square-foot industrial property, located at 9808 Waples Street in the Sorrento Mesa submarket of San Diego. This single-tenant industrial building was vacant at the time of closing. Voit’s Randy LaChance and Jon Danton represented the seller, CT CL Fund II LLC (CT Realty Investors), in the transaction, and Tom Van Betten of Cassidy Turley BRE Commercial represented the buyer, Rancho Resources.
BERKELEY, CALIF. — Grubb & Ellis has negotiated Strada Investment Group’s $15 million acquisition of the 131,694-square-foot Berkeley Crossing, a Class A office building located at 1608 4th St. in Berkeley. Strada purchased the note, originally valued at $28 million, and worked with both the lender, New York Life Investment Management LLC, and the previous owner to take ownership of the property in a deed-in-lieu-of-foreclosure transaction. Grubb & Ellis’ Steve Golubchik and Nicholas Bicardo represented the buyer in the deal. Renovated in 2000 and approximately 30 percent leased at closing, the property is designed for technology use and includes a roof deck that provides views of the surrounding Bay Area and East Bay Hills.