PORTLAND, ORE. — The Macerich Company has agreed upon a $250 million loan for the refinancing of Washington Square Mall in Portland. The 7-year, fixed-rate loan is slated to close in December 2008 and the interest has been locked at 6 percent. The company’s current $128 million loan for the property is expected to mature in February 2009.
Western
MURRIETA, CALIF. — Tri-Valley Urology Medial Group has purchased an 8,590-square-foot office building in Murrieta for $2.6 million. The property is located at 25495 Medical Center Dr., Suites 204-208. Rob Crisell of Lee & Associates’ Temecula Valley, Calif., office represented the buyer and the seller, Rancho Springs Medical Venture LLC, in the transaction.
LAS VEGAS — Lane Jacobs of Marcus & Millichap’s Las Vegas office represented the undisclosed buyer in the acquisition of a 5,000-square-foot retail strip center in Las Vegas. Located at 3805 E. Flamingo Rd., the two-tenant property sold for $2.5 million. The asset is currently long-term leased to Starbucks Coffee and Moneytree. The seller was not disclosed.
SAN FRANCISCO — Boston Properties Inc. has completed the financing of its Four Embarcadero Center in San Francisco. Terms of the 8-year, $375 million secured loan include a fixed rate of 6.10 percent per annum. A syndicate of insurance companies provided the financing. Located in San Francisco’s North Financial District, 47-story, Class A property offers approximately 937,000 square feet of rentable office space.
CHULA VISTA, CALIF. — Chula Vista-based Imperial Villa Apartments FLP has acquired Casa La Paz, an apartment complex located at 370 K St. in Chula Vista. San Diego-based Salomon Development Co. sold the 96-unit property for $12 million. Steve Huffman of Hendricks & Partners’ San Diego office represented the buyer in the transaction.
MANTECA, CALIF. — Vancouver, Wash.-based Prestige Care Inc. has completed the development of Prestige Senior Living at Manteca, an $11.5 million senior-living facility. Located at 1130 Empire Ave. in Manteca, the 114-unit property is one of the city’s first assisted-living facilities. The 85,000-square-foot, one- and two-story building features 90 assisted-living units, each with its own balcony, and a 24-unit memory care wing for residents with Alzheimer’s and related illnesses. Community amenities include large kitchen and dining facilities, a hair salon, a computer area, a spa, a fitness room and a convenience store. Additionally, the property offers two outdoor areas with planter-box gardens for use by the residents. Sundt Construction Inc. served as general contractor, while LPA Sacramento Inc. provided architectural services for the project.
DIAMOND BAR, CALIF. — New York-based Jetro Cash & Carry Enterprises LLC has purchased a 70,400-square-foot industrial property, which is located at 20405 E. Walnut Dr. in Diamond Bar, for $9.69 million. The buyer will use the recently remodeled building as a food distribution center for Jetro Cash & Carry. Eric Nelson of Colliers International represented the buyer; Adam Dzierzynski of Lee & Associates represented the seller, Pyng Shan Liu, in the transaction.
RANCHO BERNARDO, CALIF. — Brian Driscoll, Brian Starck and Michelle Westoby of Grubb & Ellis|BRE Commercial represented Mission Federal Credit Union in the disposition of a 9,960-square-foot office building. Douglas E. Barnhart acquired the property, which is located at 10805 Thornmint Rd. in Rancho Bernardo, for $2.8 million. Marc Posthumus of Cushman & Wakefield represented the buyer in the transaction.
PALM SPRINGS, CALIF. — Investec Real Estate Companies is developing Gene Autry Plaza, a 60,000-square-foot retail center in Palm Springs. Located at the corner of Ramon and Gene Autry Trail, the $17.5 million project featuring Smart & Final, Staples, 11,500 square feet of retail space and a bronze statue of Gene Autry. The plaza is part of a 60-acre retail development, which includes Wal-Mart Supercenter, Office Depot, PetSmart and Lowe’s Home Improvement Warehouse. Pasadena, Calif.-based KKE Architects is providing architectural services for the project. Cathedral City, Calif.-based GHA Companies is serving as general contractor. Completion is slated for April 2009.
LONG BEACH, CALIF. — KeyBank Real Estate Capital has closed a $40.2 million loan for Essex Property Trust Inc. Essex plans to use the loan to refinance an undisclosed amount of debt for the renovations made in 2007 on Pathways at Bixby Village, a 296-unit garden-style multifamily property in Long Beach. The Freddie Mac Conventional loan has a 10-year term with a 70 percent loan-to-value ratio and a debt-service coverage ratio of 1.2 to 1.