CARLSBAD, CALIF. – Cassidy Turley BRE Commercial has arranged an $11-million loan for two hotel properties. The properties are Beach View Lodge and Beach Terrace Inn, both in Carlsbad. The 41-room Beach View Lodge is located at 3180 Carlsbad Blvd. The 48-room Beach Terrace Inn is located at 2775 Ocean St. The borrower secured a 10-year, fixed rate, non-recourse loan with a 6 percent interest rate with Morgan Stanley.
Western
LAS VEGAS – LBG Realty Advisors, LLC, in conjunction with Blue Vista Sponsor Equity Fund II, LLC, an affiliate of Blue Vista Capital Management, LLC, has bought Southwest Marketplace in Las Vegas. The grocery-anchored shopping center contains 118,284 square feet of existing space. Located on South Rainbow Boulevard at Windmill Lane, Southwest Marketplace is 85 percent leased.
WALNUT CREEK, CALIF. — One Concord Center has increased its occupancy from 43.2 percent to 78.3 percent. Recent leases include 24,960 square feet to Sutter Health; 24,960 square feet to Swinerton Corporation;15,680 square feet to Towill Inc.; a 11,208-square-foot lease renewal to Progressive Insurance; 9,789 square feet to TRC Environmental; 7,987 square feet to Jacobs Engineering; and less than 4,000 square feet to Rimkus Consulting, Pacific Pension, Business Thru Government, Closure Solutions, Validus Corporation, Carotrans International, Lamar Advertising Company and Pacer. One Concord Center is a Class A office building composed of 358,589 square feet and 15 stories.
SAN DIEGO – Bixby Land Company has purchased a 72,205-square-foot industrial warehouse for $7,350,000. The building is currently fully leased to HD Supply Plumbing/HVAC Ltd. The seller, Westcore Properties, was represented by Cushman & Wakefield's Steve Rowland, Michael Roberts, Jeff Brown and Mickey Morera.
SAN DIEGO – The California Department of Insurance has signed a 124-month lease for 12,715 square feet of space at the Scripps Ranch Center office complex in Scripps Miramar Ranch. The 47,962-square-foot complex is 73 percent occupied and recently underwent a $650,000-redesign to achieve a LEED-CS Silver certification from the U.S. Green Building Council. CBRE's Bill Bacon and Steve Ferreira represented the California Department of Insurance. The landlord, Pacific Office Properties Trust, was represented by JLL's Tony Russell and Richard Gonor.
DENVER – ARA has sold the 40-unit Boulevard Gardens in Southwest Denver to an undisclosed buyer for $2,534,000. The transaction was financed through the Neighborhood Stabilization Program 2. The community was completely renovated and remediated in 2009. Boulevard Gardens is now leasing.
PORTLAND, ORE. – Watumull Properties has purchased two buildings totaling 83,414 square feet of office and warehouse/manufacturing space in Portland's Sunset Corridor for $5.3 million. The properties are located at 1050 N.W. 229th Ave. and 6850 N.E. Campus Drive in Hillsboro, Ore. Grubb & Ellis' David Hill, senior vice president of investment services, represented both the buyer and the seller, AMCO Hillsboro LLC. G&E's Bradford Fletcher worked with Hill in representing the seller, as did Chad Rheingold, vice president of Wyse Investment Services Company.
PHOENIX – Alliance Residential Company has sold Level at Sixteenth, a 240-unit, mid-rise infill apartment community, to Cornerstone Real Estate Advisors. The sale was brokered by Hendricks & Partners. Alliance will continue to manage the property.
SAN LEANDRO, CALIF. – LBA Realty has purchased a 23,100-square-foot light industrial and warehouse facility in San Leandro. Located at 2371 Polvorosa Drive, the facility is situated on 4.9 acres and is currently leased to regional trucking company USF Reddaway. Greig Lagomarsino, senior vice president of Colliers' Oakland office, represented both the buyer and the seller, 1950 Associates, doing business as Lowenberg Corporation.
CARSON, CALIF. – Colliers International has negotiated a 10-year lease renewal on behalf of Barton Brands of California for a 91,603-square-foot facility in Carson. The renewal is valued at more than $7 million. Barton was represented by Chuck Littell and Reid Wilbraham, associate vice presidents in Colliers' South Bay office. The landlord, AEW Capital Management, was represented by CBRE's senior vice president Bret Quinlan and executive vice president John Schumacher.