LOS ANGELES — Newmark Realty Capital Inc. has completed a $109 million restructure of four loans on a 785-unit multifamily portfolio located in the western United States. The loans were originated by a portfolio lender specializing in short-term bridge loans and were set to mature over the next year. Newmark restructured the loans to allow the sponsor additional time, relief and flexibility to complete their investment plan. The Newmark advisory team included George Mitsanas, Michael Taylor, Peter Hillakas and Patrick Taylor. Additional details about the transaction were not disclosed.
LOS ANGELES — Century City, Calif.-based Held Properties has completed the disposition of 100 UCLA Medical Plaza in Los Angeles. The Regents of the University of California acquired the property for $43 million. Located adjacent to the Ronald Reagan UCLA Medical Center at the entrance to the UCLA campus, the seven-story, 123,000-square-foot medical center is currently 100 percent leased at the time of acquisition. Held Properties and construction partner Jones Brothers completed the 100 UCLA Medical Plaza in 1991.
VALLEJO, CALIF. — Newport Beach, Calif.-based Yacoel Properties has purchased Glen Cove Shopping Center, a retail property located in the Glen Cove section of Vallejo along Interstate 780. The 66,000-square-foot property sold for $12.9 million, which equated to a 7.71 percent cap rate. A 50,360-square-foot Safeway supermarket anchors the center. The seller is a joint venture between Kimco Realty Corp. and Prudential Real Estate Investors. Dan Wald, Dave Nord, Steve Holm, Mark Koenig and John Schaefer of Terranomics Retail Services represented the seller. The buyer was self-represented.
FRESNO AND VISALIA, CALIF. — Cincinnati-based Macy’s Inc. is opening two new locations in the Central Valley of California in fall 2009. Both sites are former Gottschalks stores that Macy’s acquired during Gottschalks’ bankruptcy process. The stores include a 107,000-square-foot property at River Park in Fresno and a 150,000-square-foot property at Visalia Mall in Visalia. The stores are expected to open before the 2009 holiday season after minor remodeling and re-fixturing. Each store will offer a wide selection of apparel and accessories for the whole family, as well as a limited assortment of home merchandise. Jointly, the stores are expected to employ approximately 250 Macy’s associates.
SCOTTSDALE, ARIZ. — NOL Group, parent company of APL, has signed a long-term lease for approximately 70,000 square feet of office space at MAX at Kierland, a 257,000-square-foot office complex located at 16220 N. Scottsdale Rd. in Scottsdale. Singapore-based NOL will occupy one-and-a-half floors of the building for its new regional headquarters in the Americas. Additionally, the company expects to relocate its current regional headquarters from Oakland, Calif., by the end of the third quarter. The new facility will coordinate APL’s shipping, terminals and logistics activities throughout the Americas, including marine operations to intermodal transport of containers by rail and truck. Eric Danielson of Studley and Patricia Boyd and GeeGee Entz of Arizona Commercial Advisors represented NOL; Patrick Devine, Jerry Noble and Greg Mayer of CB Richard Ellis represented the landlord, Trammell Crow Company and ING, in the transaction.
COLORADO SPRINGS, COLO. — The Army Corps of Engineers has selected Mortenson Construction to build the new Company Operations Facilities (COF) at Fort Carson Army Base in Colorado Springs. Located adjacent to the 47th Infantry Division Tactical Equipment Maintenance Facilities (TEMF), the $70 million complex comprises six buildings ranging from 55,000 to 89,000 square feet. Designed by the Minneapolis office of LEO A DALY, the project is expected to achieve LEED Gold certification. The COF buildings are designed to accommodate numerous U.S. Army companies ranging in size from 100 to 250 soldiers per company. Each building consists of three distinct elements: Readiness Module, Administrative Module and Covered Hardstand area. PBS&J is providing civil design services; U.S. Engineering and McGrath are providing mechanical and plumbing design-build services; and Dynalectric and LEO A DALY are providing electrical design-build services.
BOULDER, COLO. — The Denver office of NorthMarq Capital has arranged construction/permanent financing in the amount of $41 million for The Carillon at Boulder Creek, a 117-unit senior-living community located at 2525 Taft Dr. in Boulder. The loan will be used to renovate the 117-unit senior-living community. The property consists of a nine-story building, which is currently being renovated to feature 54 senior residential units. Additionally, 63 units are currently under construction on a site that formerly housed a one-story skilled nursing wing. Amenities include a full-service restaurant, an outdoor garden and walking path, a spa/salon, an indoor lap pool, a theatre and game/activity room, concierge service, a business center, medical/dietary assistance, laundry/housecleaning services, and full kitchens in all units. One Eighty/Leisure Care will operate property. Steve Koeneke and Dave Link of NorthMarq arranged the financing through NorthMarq’s FHA subsidiary, AmeriSphere, on behalf of the borrower, MGL Partners.
THOUSAND OAKS, CALIF. — Neil Nadler Trust has acquired a 23,623-square-foot retail property, which is located at 600 W. Hillcrest Dr. in Thousand Oaks. The former Circuit City building sold for $5.34 million. The seller was Circuit Investors Thousand Oaks. Michael Schiff of NAI Capital’s Westlake Village, Calif., office represented both parties in the sale.
GOLDEN, COLO. — MW Real Estate has purchased a 13,705-square-foot industrial building, which is situated on 44,930 square feet of land in Golden. Located at 13050 W. 43rd Dr., the property sold for $1.35 million. Chris Ball and Esther Kettering of Fuller Real Estate brokered the transaction.
AURORA, COLO. — 14195 Montview Blvd Partners LLC, a subsidiary of Vultures LLC, has acquired Sand Creek Apartments, a 126-unit apartment community located at 14155 E. Montview Blvd. in Aurora. The property sold for $2.58 million or $24.86 per square foot. Built in 1974, the property offers a mix of one-, two- and three-bedroom units averaging 824 square feet. Amenities include patios/balconies, a swimming pool, a playground and carports. Erik Robson of Hendricks & Partners represented the buyer; Marcus & Millichap represented the seller, Sausalito, Calif.-based Montview Park Associates, in the transaction.