NEWCASTLE, WASH. — Del Mar Village Enterprises LLC has sold the 30-unit Del Mar Village Apartments, located at 12828 Newcastle Way in Newcastle, to Del Mar Apartment LLC for $3.2 million. Kidder Mathews’ Jim Nichols and Mark McAlister and Don Pickens of Westec Ltd. represented both the buyer and Seattle-area investor/seller in the transaction.
Western
SAN BERNARDINO, CALIF. — As part of a partnership with the City of San Bernardino’s Economic Development Agency, Meta Housing has purchased the 119-unit Sunset Cove Apartments, located near Ninth Street and Sierra Way at 830 Lugo Ave. in San Bernardino. NAI Capital’s Tim Steuernol represented the buyer in the transaction; the seller, 655 Dudley LP, a partnership between Paul Calvo & Co. and Milan Capital Management, represented itself. According to Steuernol, the buyer plans to relocate the current tenants, paying 42 months worth of relocation benefits, before completely rehabilitating the property and converting the units to affordable housing for seniors at an estimated cost of $18.5 million. Originally constructed in phases starting in 1958, the property was 50 percent vacant at the close of escrow.
SANTA CLARITA, CALIF. — NorthMarq Capital has arranged a $9.2 million supplemental mortgage loan behind credit-enhanced bond financing for The Village Apartments, a 386-unit multifamily complex located at 23700 Valle Del Oro in Santa Clarita. Arranged through NorthMarq’s seller-servicer relationship with Freddie Mac, financing was based on a 10-year term and a 30-year amortization schedule. Rob Hervey of the Minneapolis-based financial firm worked on behalf of the borrower.
SCOTTSDALE, ARIZ. — Colliers International–Greater Phoenix has completed the $2.4 million sale of the 32,327-square-foot Hacienda Plaza, an office and showroom property located within the Scottsdale Airpark at 15613 North Greenway-Hayden Loop in Scottsdale. Hacienda Lighting occupies approximately 60 percent of the building. Colliers International’s Greg Hopley represented the sellers, Larry Coffee and Connie Coffee of Nebraska, in the transaction, and the brokerage firm’s Jim Keeley and Mike Milic represented the buyer, Denali National Trust.
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.
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.