OCEANSIDE, CALIF. — Pasadena, Calif.-based Tenth Street Properties has acquired Tri-City Gardens in Oceanside for $4.19 million. The 35-unit apartment community is located at 4129 and 4130 Waring Rd. The seller was Investment Property Exchange Services Inc., co-trustees of the Brian Marcus and Suzanne Marcus Family Trust, and co-trustees of the Werbeloff Family Trust. Steve Huffman of Hendricks & Partners San Diego office represented the seller in the transaction.
NOVATO, CALIF. — Grosvenor has completed the installation of a solar photovoltaic system, which will provide electricity for parking lot lights, outdoor seating areas, interior common spaces and decorative mosaic fountains, at Hamilton Marketplace in Novato. Located just off of Highway 101, the 90,000-square-foot center is anchored by a 55,000-square-foot Safeway supermarket. Other tenants include Peet’s Coffee & Tea, La Boulange, Toast Café, Sonoma Latina Grill, Verizon Wireless, Pet Food Express and Wells Fargo Bank. Novato-based SolarCraft Services Inc. provided the 45KV system, which will reduce the center’s emission of greenhouse gases by more than 30 tons per year and cut its electricity costs by approximately $23,000 in the first year.
POINT LOMA, CALIF. — BAE Systems Inc. has pre-leased 80,000 square feet of space at Liberty Station Office District in Point Loma for $31 million. The 10-year lease involves McMillin Commercial’s Building 902, a 105,000-square-foot industrial facility that is currently under construction. Located at 2305 Historic Decatur Rd., the facility is slated for completion in August 2009. The building will be the complex’s first LEED certified property. Gene Sachs, Glenn Friedrich and Russ Sande of CRESA Partners represented the lessee; Don Mitchell, Scott Kincaid and Jill Morton of CB Richard Ellis represented the lessor, McMillin Commercial, in the transaction.
NEWPORT BEACH, CALIF. — George Mitsanas and Demetri Koston of Newmark Realty Capital Inc. have arranged permanent financing for the 25-acre Hyatt Regency Hotel in Newport Beach. Specific terms of the $20.75 million loan were not disclosed. The property includes a 405-room Hyatt Regency Hotel and corresponding amenities, including banquet and meeting facilities, a golf course, pools and restaurants. Newmark arranged the financing on behalf of a life insurance company.
VISTA, CALIF. — Smith Consulting Architects is designing Melrose Medical Plaza, a planned medical office in Vista. Located at 2665 S. Melrose Dr., the two-story property will offer 40,250 square feet of space. Construction is slated to begin in first quarter 2009. Lusardi Construction Co. is serving as general contractor. Paul Braun and Chris Ross of Colliers International’s healthcare real estate team have been retained to market the property.
SPOKANE, WASH. — Seattle-based Parkview Partners LP has purchased Parkview, a 63-unit multifamily complex located at 1413 E. 7th Ave. in Spokane. Parkview Associates of Seattle sold the property for $2.38 million. The property operates under the terms of a HUD Regulatory Agreement and Section-8 subsidy, providing affordable housing to qualified low-income residents. The acquisition was funded by low-income housing tax credits and bond financing. Robert Di Pietrae of Hendricks & Partners—Seattle negotiated the transaction.
SAN DIEGO — William Anderson and Matthew Brothers of Marcus & Millichap represented the undisclosed buyer in the acquisition of Bekaert Specialty Films II for $12.4 million or $170 per square foot. Located at 4540 Viewridge Ave. in San Diego, the property offers 72,862 square feet of industrial warehouse space. Bekaert has 3 years remaining on a triple-net lease structure with 3 percent annual increases. Joshua Volen and Andrew John Slade, also of Marcus & Millichap, represented the seller, which was not disclosed.
PRESCOTT, ARIZ. — An investment company formed by Goodyear, Ariz.-based Zaharia Opera has purchased Willow Crossroads, a retail center located at 3180-3196 Willow Creed Rd. in Prescott. The transaction price of $5.8 million includes the Fry’s-anchored center, as well as a ground-leased pad. At the time of acquisition, the property was 95 percent occupied. Ryan Schubert and Michael Hackett of Grubb & Ellis|BRE Commercial represented the sellers, Bruce Utterback and Jack Wilson, in the transaction.
SAN DIEGO — Long Beach, Calif.-based LINC Housing Corp. has acquired Arbor Village, a 112-unit multifamily community located at 4900 Logan Ave. in San Diego, for $13.7 million. The two-story, garden-style community features units offering ceiling fans, wall heating, window coverings, standard appliances, walk-in closets and private balconies or patios. The community also offers a private interior courtyard, 164 open parking spaces, a children’s playground and two on-site laundry facilities. Dick Bassett and Steve Huffman of Hendricks & Partners’ San Diego office represented the seller, DLG Arbor Village LLC with Davlyn Investments, General Partner of San Diego, in the transaction.
SAN MARCOS, CALIF. — Windsor Properties has purchased the Discovery Bank Building, which is located at 338 Via Vera Cruz in San Marcos. Situated on a 1.63-acre site, the two-story, 27,391-square-foot property sold for $8.5 million. Main tenants include Discovery Bank and State of California. Harry Stone of Voit Commercial Brokerage represented the seller, San Marcos Building LLC, in the transaction; Hamann Properties represented the buyer.