LOS ANGELES — Gafcon has been tapped as program manager of the $1 billion revitalization of the Watts section of Los Angeles. The project centers around a redevelopment of the 700-unit Jordan Downs public housing facility, upgrading the property’s units and developing 2,100 additional living spaces. The renovation of Jordan High School and the development of new mixed-use spaces in the area are also being considered under the plan. A mix of private investment dollars, state tax credits and federal development money fuels the project.
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LAS VEGAS — An undisclosed seller who had recently foreclosed on the 150-room St. Tropez hotel has sold the property to The Siegel Group Nevada for $10.5 million. Located in Las Vegas’ Harmon Corridor, the two-story hotel is situated across the street from the Hard Rock Hotel & Casino. The Siegel Group plans to fix deferred maintenance issues and then embark on a renovation and modernization of the facility, which could include adding a restaurant, bar, nightclub or outdoor yoga studio to the hotel.
CHANDLER, ARIZ. — Phoenix-based The Richard Solomon Group is moving toward completion of its work on the 170,000-square-foot Mill Crossing shopping center. The $12.5 million property is located in Chandler. RSG’s work includes construction of 43,000 square feet of in-line shopping space and tenant improvements for a 10,180-square-foot Shoe Carnival and a 4,990-square-foot Sears Appliance Store. The firm is also undertaking sitework on 17.11 acres for JC Penney, which is expected to open in the center’s anchor position in October.
LEMOORE, CALIF. — Lior Regenstreif of Marcus & Millichap’s Encino, Calif., office has represented a privately held REIT in the sale of Jack in the Box store to an undisclosed party for $1.43 million. The 2,646-square-foot property is located in Lemoore.
ESCONDIDO, CALIF. — BMT Scientific Marine Services has signed a 24,500-square-foot warehouse lease with 955 Borra Place LLC in Escondido. The firm leased the space, which is located at 955 Borra Place, for 120 months. BMT will occupy 72 percent of the fully leased building. Greg Pieratt and Tom Blackmore of Lee & Associates’ Carlsbad, Calif., office represented the tenant.
SAUSALITO, CALIF. — Gateway Apartment Partners has sold the 225-unit Ridgeway Apartments to St. Anton Partners for $28.5 million. St. Anton will invest more than $4 million in the property, renovating the interior and exterior of the buildings. Located on 10 acres in Sausalito, the complex offers below-market rents.
SANTA FE SPRINGS, CALIF. — Philadelphia Gear Corp. has signed a lease with Standard Precision for a 113,125-square-foot warehouse. The property is located at 12935 Imperial Highway in Santa Fe Springs. John McMillan of Cushman & Wakefield’s Los Angeles office represented the tenant. Mike Foley and Dave Hess of CB Richard Ellis’ Commerce, Calif., office represented Standard Precision. The 10-year lease is worth $8 million.
RENO, NEV. — Passco Cos. has sold a 330,000-square-foot warehouse to an Alaskan partnership for $7 million. Located at 4910 Longley Lane in Reno, the property is part of a six-building portfolio Passco purchased 6 years ago. NAI Alliance Reno’s Paul Perkins and Michael Hoeck brokered the sale.
OAKLAND, CALIF. — Kevin Turner of Marcus & Millichap’s Oakland office has represented an undisclosed party in the sale of a 16-unit apartment complex to a private buyer for $2.28 million. The property is located at 465 Lee St. in Oakland.
FRESNO, CALIF. — Jay Porterfield of Arbor Commercial Funding’s Plano, Texas, office has secured a $5 million loan for the 276-unit Crystal Tree Apartments in Fresno. Fannie Mae provided financing for the 10-year loan. The loan carries a 5.62 percent interest rate and a 30-year amortization schedule.