POMONA, CALIF. — Marcus & Millichap Capital Corp. has secured an $8.8 million fixed-rate loan for the refinancing of a 242,000-square-foot office building located at 2001 W. Mission Blvd. in Pomona. Terms of the financing include a 3-year term with interest-only payments and a loan-to-value ratio of 50 percent. Adam Petriella of Marcus & Millichap’s West Los Angeles office originated the financing. Both parties were undisclosed.
LOS ANGELES — Chicago-based Harp Group and its equity partners Fidelity Investments Real Estate Group and Blue Vista Capital Partners have acquired the fee simple interest in the Sheraton Gateway Hotel at Los Angeles International Airport for $97 million. Located on West Century Boulevard, the property offers 802 guestrooms, approximately 48,000 square feet of meeting space, and four food and beverage outlets, as well as a fitness center and pool. Jones Lang LaSalle Hotels represented the seller, Kor Hotel Group, in the transaction. Jones Lang LaSalle Hotels also secured $65 million in acquisition financing for the buyers.
CARLSBAD, CALIF. — Windstar Carlsbad Office LLC purchased Floral Trade Center, a single-story, 154,400-square-foot office/warehouse facility located at 5600 Avenida Encinas in Carlsbad, for $20.5 million. The building is on a 12.7-acre property, which is entitled for a 276,900-square-foot office campus development. At the time of acquisition, the property was 98 percent occupied. Rick Reeder, Peter Curry, Matt Campbell and Brian Driscoll of Grubb & Ellis|BRE Commercial represented the buyer and the seller, Palama Huna LLC, in the transaction.
BOULDER, COLO. — Dave Potarf, Dan Woodward and Jordan Robbins of Marcus & Millichap have brokered the $22.85 million sale of Uptown Broadway, a 116-unit apartment community in Boulder. Located at 4590 13th St., the 100,940-square-foot property consists of 10 three-story buildings with 15 unique floorplans, including one- and two-bedroom flats, townhomes and lofts. The buyer and seller were not disclosed.
LOS ANGELES — Cinelease Inc. has signed a 10-year lease for a 155,000-square-foot facility in Los Angeles. Cinelease, the largest independent lighting and grip rental company in the country, will occupy the single-tenant building, which is located at 5375 San Fernardo Rd. The lease is valued at $14 million. Brett Warner and Craig Stevens of Lee & Associates-LA North/Ventura represented the tenant in the transaction. The landlord was not disclosed.
EL CAJON, CALIF. — Timothy C. Buege and Rocio del Pilar Buege, on behalf of the Buege Family Trust of El Cajon, has acquired Casa Miguel for $3.22 million. Located at 570 S. Mollison Ave. in El Cajon, the property offers 28 units. The seller was Li Tang and Zhi Gao, trustees of the Tang/Gao Family Trust dated 10/27/2005, Song Ma and Fong Xu of San Jose, Calif. Steve Huffman of Hendricks & partners’ San Diego office represented the buyer; Rod Taylor represented the seller in the transaction.
EAST PALO ALTO, CALIF. — Regency Centers has acquired a vacant 92,307-square-foot retail building in East Palo Alto from The Home Depot EXPO for an undisclosed price. Located at Ravenswood 101 Shopping Center, the property will be occupied by a 50,227-square-foot The Sports Authority and a 41,680-square-foot Nordstrom Rack, both of which signed leases with Regency Centers. The new stores are slated to open spring 2009 after construction of the new storefronts and interiors are completed. Ryan Nickelson of Regency Centers, along with John Kovaleski and David Buchholz of Colliers International represented, the buyer in the acquisition and re-tenanting.
TUCSON, ARIZ. — Hamid Panahi of Marcus & Millichap represented the seller in the $11.18 million disposition of a three-property student-housing portfolio in Tucson. The portfolio consists of SahuaroPoint Villas, a 20-unit property located at 2326-2366 N. 6th Ave.; GlennStar Apartments, a 12-unit complex located at 133-193 E. Glenn St.; and StoneWood Apartments, a 24-unit community located at 2621 N. Estrella Ave. Earle Hyman of Marcus & Millichap represented one of the buyers; while Mike McClain, also of Marcus & Millichap, represented the buyer in the SahuaroPoint transaction. The seller and buyers were not disclosed.
SUNNYVALE, CALIF. — Dividend Capital Group has purchased Lockaway Storage in Sunnyvale for $8.6 million. Located at 222 W. Ahwanee Ave., the 533-unit property consists of 45,500 rentable square feet. At the time of acquisition, the property was 90 percent occupied. Greg Wells of Grubb & Ellis|BRE Commercial represented the seller, Lockaway Storage, in the transaction.
PORTLAND, ORE. — Cohen Financial has arranged a $13.2 million construction loan for the development of The Shops on Brooklyn Yard, a retail project located in the Brooklyn neighborhood of southeast Portland. The project is located at 4546 SE McLoughlin Blvd. at the intersection of SE Holgate and McLoughlin boulevards. The is being used to retire the land acquisition loan and provide funds for the development of more than 52,000 square feet of retail improvements. The project is currently 83 percent pre-leased to 24 Hour Fitness, which plans to open in third quarter 2009. Adam Cassie of Cohen Financial secured the 2-year, 70 percent loan-to-value facility. The borrower and lender were not disclosed.