SIMI VALLEY, CALIF. — Walker & Dunlop has provided a $49.8 million loan for the refinancing of the Villas – Overlook at Wood Ranch, which is located in Simi Valley. Built in 1986, the 504-unit garden-style apartment community consists of 31 two-story residential buildings on a total of 23.15 acres. Community amenities include three swimming pools, three spas, two tennis courts, a fitness center, a putting green, three laundry facilities and a parking garage. At the time of closing, the property was 94.3 percent occupied. The 7-year loan has a 30-year amortization schedule. The loan was underwritten to a 59.7 percent loan-to-value with a 1.21x debt-service coverage ratio. Additionally, the loan retired $36 million in variable tax-exempt bond financing and a Freddie Mac conventional supplemental loan. Verne Murray and Jeffrey Burns of Walker & Dunlop originated the loan.
OAKDALE, CALIF. — Carlsbad, Calif.-based Chelsea Investment Corp. has acquired Oak Ridge, a multifamily property located at 10 Willowwood Dr. in Oakdale. The 41-unit apartment community sold for $2.65 million. The seller was Oakdale Company, a California General Partnership of Sacramento, Calif. Steven Nelson and Al Inouye of Hendricks & Partners' Sacramento office brokered the transaction.
SAN DIEGO — San Diego-based Westcore Properties has completed the disposition of retail movie theatre properties to Knoxville, Tenn.-based Regal Entertainment Group for $29.14 million. The assets include UA Berkeley, a seven-stadium, 21,895-square-foot movie theatre located at 227 Hattuck Ave. in Berkeley, Calif.; UA Haggerty, a 14-stadium, 57,822-square-foot movie theatre at 3033 Springvale Drive in Walled Lake, Mich.; and Snowden Square, a 14-stadium, 58,250-square-foot theatre located at 9161 Commerce Centre in Columbia, Md. Westcore Properties originally acquired the properties in 2003.
PORTLAND, ORE. — San Francisco-based Playa Properties has purchased a 17-unit multifamily community in Portland. Located at 600-610 SE Cesar Chavez Blvd., the property sold for $1.7 million with a cap rate of 6.75 percent. The property was constructed in 1943. The seller was Paradise 39 Grape. Grayson Pounder of Hendricks & Partners' Portland office negotiated the transaction on behalf of the buyer.
BURBANK, CALIF. — Casden Properties has opened Empire Landing, a transit-oriented development in Burbank’s media and entertainment district at the corner of Buena Vista Street and Empire Avenue. The property offers 276 one- and two-bedroom and townhome luxury residences. Units feature patios, gourmet kitchens, stainless steel appliances, limestone-finished fireplaces, soaking tub, walk-in closets, and in-unit washers and dryers. The community features a 5,500-square-foot clubhouse, a state-of-the-art fitness center, a swimming pool and 1,000-square-foot of retail space. The property was designed by Johannes Van Tilburg of Van Tilburg, Banvard & Soderbergh. The project is within walking distance of the Bob Hope Airport Metrolink station, the 900,000-square-foot Burbank Empire Center and a 2-acre park.
CARSON, CALIF. — MV Transportation Inc. has a 10-year lease for a 5.5-acre site at 21222 S. Wilmington Ave. in Carson. The lease is valued at $5.5 million. MV Transportation plans to use the property, which includes a 22,000-square-foot maintenance and office building and a 5-acre secured, lit and paved yard, to service the Los Angeles Metropolitan Transit Authority contract for the South Los Angeles region beginning in October. Newport Beach, Calif.-based Hager Pacific Properties and SoCal Industrial Partners own the property. Frank Hillebrand and John Lassiter of Lee & Associates represented Hager Pacific in the transaction; Jeff Smart, Kyle Degener and the Reitz-Biondi-Kim team of Grubb & Ellis represented MV Transportation.
SORRENTO VALLEY, CALIF. — San Diego-based Chembridge Corp. has acquired unit 206 at Venture Sorrento Valley Office Park, which is located at 11189-11199 Sorrento Valley Road in Sorrento Valley. The 4,992-square-foot flex condominium property sold for $998,400. Phillip Linton of Cassidy Turley BRE Commercial represented the buyer and the undisclosed seller in the transaction.
SANTA BARBARA, CALIF. — U.S. Bank has signed a lease for 5,708 square feet for a new branch in downtown Santa Barbara. The property is located at 936 State Street on the east corner of State and Carrillo streets. Candace Morey of Kennedy Wilson Properties represented the tenant; Michael Martz and Kristopher Roth of Hayes Commercial Group represented the landlord, Sobhani Family, in the transaction. Terms of the deal were not released.
LOVELAND, COLO. — Matt Raff and Jason Ortiz of Marcus & Millichap brokered the acquisition and disposition of Jefferson Avenue Apartments in Loveland. Located at 208 S. Jefferson Ave., the six-unit property sold for $261,000. The property offers one-bedroom/one-bath units and was 100 percent occupied at the time of acquisition. The seller and buyer were not disclosed.
SAN FRANCISCO AND PETALUMA, CALIF. — On behalf of the Savoy Corp., Colliers International has handled the sale of 62,265-square-foot 170 Columbus Ave., also known as the Pansini Building, in San Francisco’s historic Jackson Square district. Part of a two-building, $16 million disposition that included a 34,399-square-foot office property located at 1455 N. McDowell Street in the Redwood Business Park in Petaluma, the five-story, 100 percent-leased Pansini Building consists of ground-floor and lower-level retail, office on the upper floors and a four-level, subterranean parking garage. Savoy, the seller, built the Pansini Building in 1985. Built in 1992, the Petaluma property is a one-story office building that is 65 percent occupied by Sonoma Technology. Colliers’ Tony Crossley and Tim Maas represented the seller in the transaction; Rona Real Estate LLC, a private investor, was the buyer.