ALBUQUERQUE, N.M. — HREC Investment Advisors has arranged senior financing in the amount of $8.5 million for a Doubletree hotel in downtown Albuquerque. The 295-room hotel is owned by an affiliate of American Property Management Corp. HREC procured the 5-year loan at a fixed rate of 7.25 percent through a regional bank.
Western
KAPOLEI, HAWAII — Tampa, Fla.-based DeBartolo Development is moving forward with its plans to develop Ka Makana Alii in East Kapolei. The company is currently in the process of selecting a general contractor for the $500 million project. The 1.5 million-square-foot, mixed-use, open-air shopping center will feature a department store anchor, an entertainment anchor, restaurants, a fitness center, two business hotels offering 300 to 500 rooms, 200,000 square feet of office space and more than 4,000 surface and underground parking spaces. The company plans to break ground in 2010, with phased construction through 2013.
ALISO VIEJO, CALIF. — Laguna Beach, Calif.-based Zamindari Real Estate Investment Two LLC has acquired a 13,386-square-foot Walgreens property, which is located on 1.76 acres within Aliso Viejo Town Center in Aliso Viejo. Walgreens has a 20-year initial lease on the newly constructed property. Anil Sharma of Lotus Investments represented the buyer; Dennis Vaccaro of Faris Lee Investments represented the seller, Dana Point, Calif.-based Aliso Commons Corner LLC, in the transaction.
DENVER — Denver-based ProLogis has closed on a $120 million, 10-year, secured financing on behalf of the ProLogis California Fund. The financing has a loan-to-value of approximately 50 percent with 11 industrial properties located in the Los Angeles Basin and Inland Empire. The proceeds will be used to partially refinance a $176 million secured debt facility that was set to mature in March 2009, but has been extended to March 2010.
SANTA ANA, CALIF. — Pasha Darvishian and Wes Griffin of Marcus & Millichap’s Newport Beach, Calif., office represented the undisclosed buyer and seller in the disposition and acquisition of 217 N. Broadway in Santa Ana. The 16,819-square-foot property sold for $2 million. The property consists of two separate mixed-used buildings and an income-generating parking lot.
GLENDALE, CALIF. — Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura Inc. has brokered the sale of a 19-unit multifamily property in Glendale. Located at 1035 Melrose Ave., the property, which was built in 1961, sold for $3.2 million, a 4.66 percent cap rate. The seller and buyer were private investors.
RIVERSIDE, CALIF. — Two medical centers have recently opened at Turner Development Corp.’s Medical Park at Riverwalk in Riverside. Loma Linda University Health Care has opened a state-of-the-art ophthalmology center at the park, and Riverside Regional Pain Center, which offers cutting-edge interventional pain management, has also opened. Loma Linda University Health Care is located on the first floor of 4244 Riverwalk Parkway, which is part of the two-building, 72,000-square-foot second phase of the medical park. Riverside Regional Pain Center is located at 4234 Riverwalk Parkway in Suite 120. Mike Kendall of Turner Development is spearheading the leasing and sales efforts for the second phase of Medical Park at Riverwalk.
AURORA, COLO. — CBRE Capital Markets has arranged first mortgage financing in the amount of $15.12 million for the refinance of Retreat at City Center Apartments, a 225-unit multifamily property located in Aurora. Built in 2003, the property features 12 apartment buildings, a clubhouse building and a parking structure. Eric Tupler, Mike Easter and Josh Simon of CBRE Capital Markets’ Denver office secured the financing on behalf of a joint venture between Amstar Group and Allied Realty Services.
HAYWARD, CALIF. — Santos Spice Agency, a food distributor, has acquired a 26,400-square-foot light industrial building in Hayward. The property is situated on 1.97 acres of land at 26545 Corporate Ave. Jet Stream Inc. sold the facility for $2.64 million. Joe Yamin and Chet Barney of Colliers International represented the buyer; Yamin and Greig Lagomarsino, also at Colliers International, represented the seller in the transaction.
OXNARD, CALIF. — AutoNation has purchased a 25,496-square-foot retail building, which is located at 1511 Auto Center Dr. in Oxnard. The buyer plans to utilize the location for a Mercedes and SMART Car dealership, which is slated to open this summer. Jacqui Blake and Chris Maquire of SRS Real Estate Partners represented AutoNation in the transaction. The seller and acquisition price were not disclosed.