SAN DIEGO — Family Health Centers of San Diego has completed the development of North Park Pediatric Clinic & Development Center, a medical office building located at 3514 30th St. in San Diego’s North Park community. The two-story, 7,623-square-foot facility features general medical offices, an expanded pediatric clinic, development screening and invention services, and group classroom space. Ware Malcomb provided architectural services for the project. San Diego-based Frakes Construction Inc. served as general contractor.
PHOENIX — Phoenix-based SKI Properties LLC has completed the disposition of two medical office buildings in Phoenix for a total of $10.2 million. California-based Morelli Revocable Trust purchased a 17,979-square-foot building located at 337 E. Coronado Rd. for $6.05 million. The property was 100 percent occupied. In the second transaction, California-based MRK Properties LLC acquired a 12,148-square-foot property, which is located at 20325 N. 51st Ave. near Loop 101, for $4.15 million. The building was fully occupied. Brian Ackerman and Karsten Peterson of Cushman & Wakefield of Arizona Inc. represented the seller in both transactions. Paul Miachika and Cathy Jones of Sun Commercial Real Estate Inc. represented both buyers.
SAN JOSE, CALIF. — Green Park Financial has provided a $12.4 million loan for the refinancing of Vendome Place, a 75-unit multifamily property located in San Jose. The 97-percent leased property features large floor plans, maple cabinets, washer/dyers, air conditioning, patios and balconies, a fitness center, and common-area washers and dryers for studio units. The loan features a 10-year term and 30-year amortization; a 59 percent loan-to-value with a 1.15x debt-service coverage ratio and 4.75 percent cap rate. Cohen Financial originated the loan. Will Baker led the Green Park Financial team in the transaction.
The traditionally strong retail leasing market on the west side of Los Angeles mirrors the trends experienced throughout the rest of the county. The last part of third quarter 2008 saw a rise in retail vacancies, which is emblematic of the ever-worsening economy as seen in the rise in bankruptcy fillings, many retail closings and shelved expansion plans. Rental rates throughout the west side have been falling by as much as 20 percent while vacancy rates have risen from 3 to 4 percent in second quarter 2008 to 5 to 7 percent. However, unlike many national landlords, there have been few reports of west side landlords aggressively seeking to renew tenants earlier than normal. Even the glamorous Beverly Hills submarket has seen this vacancy increase with properties staying on the market longer and asking rental rates slipping 10 to 15 percent. Yet it should be noted that asking rates on the famed Rodeo Drive have been between $45 and $60 per square foot per month, and even far less traveled Brighton Way has seen landlords getting more than $20 per square foot per month. The Golden Triangle should get a boost from the November 24, 2008, opening of the five-star …
SAN FRANCISCO — San Francisco-based Wells Fargo has closed $543 million in Fannie Mae secured credit facility for Equity Residential. The interest-only loan carries an 8-year term, with a fixed rate for 7 years; the last year is a floating rate. The loan is for 19 multifamily properties, totaling more than 5,200 units, throughout California, Colorado, Arizona, Florida, Massachusetts, Washington and Virginia. Phil Morse of Wells Fargo Multifamily Capital’s McLean, Va., office originated the transaction.
TURNWATER, WASH. — Cohen Financial has arranged a $17 million loan for the refinancing of the Tabula Rasa Apartments in Turnwater. Located at 1840 Trosper Rd. SW, the 136,700-square-foot property consists of 118 one-, two- and three-bedroom apartments, and an upscale clubhouse and leasing office. Peter Norrie of Cohen Financial secured the $17 million loan, which equated to a 70 percent loan-to-value and carried a 7-year term loan with a 30-year amortization schedule, the first 12 months interest only. The lender is GSE and the borrower is a Yakima, Wash.-based multifamily real estate developer.
SAN DIEGO — California-based NetReit has acquired a 26,784-square-foot office building in the Morena area of San Diego for $6.6 million. The four-story building, which is located at 1202 Morena Blvd., was built in 1985. The property is fully occupied by Lloyd Pest Control, Community Research Foundation, Mental Health Systems and Peakcare. Matty Sundberg and Mark Avilla of Grubb & Ellis represented the buyer; Kevin Farrell, Jay Arnett, Derek Applbaum and Deborah Hunkeler of Cushman & Wakefield represented the seller, Morena Office Center LLC, in the transaction.
GLENDALE AND LONG BEACH, CALIF. — Marcus & Millichap has completed two multifamily transactions in California that total $4 million. In the first transaction, Earle Hyman and Michael Chukerman of Marcus & Millichap represented the undisclosed buyer in the acquisition of a 6-unit multifamily property. The property is located at 730 Raleigh St. in Glendale. In the second transaction, an undisclosed buyer purchased 20 Bay Shore Avenue, a 9-unit apartment property located in Long Beach. The asset sold for $2.4 million. Gordon Reese represented both undisclosed parties in the transaction.
PITTSBURGH, CALIF. — Sundt Construction Inc. has been selected by the Judicial Council of California to construct a $48.9 million courthouse building in Pittsburgh. The three-story, 75,000-square-foot Antioch Courthouse will feature seven courtrooms, judges’ chambers, administrative space, a library, conference rooms and a prisoner holding cell. The property will also feature a 2,900-square-foot green roof, which will be planted with a variety of native grasses. Designed by HOK, the building is slated to receive LEED Silver certification. Construction is scheduled to begin in February.
PITTSBURGH, CALIF. — Sundt Construction Inc. has been selected by the Judicial Council of California to construct a $48.9 million courthouse building in Pittsburgh. The three-story, 75,000-square-foot Antioch Courthouse will feature seven courtrooms, judges’ chambers, administrative space, a library, conference rooms and a prisoner holding cell. The property will also feature a 2,900-square-foot green roof, which will be planted with a variety of native grasses. Designed by HOK, the building is slated to receive LEED Silver certification. Construction is scheduled to begin in February.