LAS VEGAS — CommCap Advisors LLC has funded a $7 million loan for Four Mile LLC. The 10-year, fixed-rate loan was secured by the Miracle Mile Mobile Home Park, which totals 464 pads plus an in-line retail building. The property is located on 3642 Boulder Highway in Las Vegas. RiverSource Life provided the financing.
LOS ANGELES — The CB Richard Ellis Senior Housing Services Group has completed the sale of a 45-property senior-living portfolio. The 3,554-unit portfolio sold for approximately $364 million. The properties are located in Alabama, Arizona, California, Colorado, North Carolina, Oregon, South Carolina, Tennessee, Texas, Washington and Wyoming, and offer independent living, assisted-living services and dementia care. Additionally, the communities were approximately 85 percent occupied at the time of sale. “The deal took over six months to complete,” says Matthew Whitlock of CBRE Senior Housing Services Group. “The buyer, seller and existing lender worked diligently to find terms agreeable to all interests. Due to the lack of liquidity in the current environment, this transaction was heavily dependent upon the purchaser and existing lender working out mutually agreeable assumption terms of the existing in-place debt.” Whitlock, David Rothschild and Mary Christian of CBRE represented the seller, affiliates of Sunwest Management, and procured the buyer, a private equity firm. LaVida Communities, a member of the Solana Beach, Calif.-based Senior Resource Group family of companies, will manage the communities.
SAN DIEGO — ATTIQ Investments LLC has acquired Sweetwater Village, a 43,400-square-foot retail center located at 3505-3515 Sweetwater Springs Blvd. in San Diego’s Spring Valley area. Gladstone LLC and West Palm Blackpoint Associates LP, dba Westcore Properties, sold the asset for $6.2 million. The new owner will occupy a 28,000-square-foot space, which was formerly occupied by Frog’s Club One. The center is currently leased to a variety of tenants, including Help-U-Sell, Baskin Robbins, Nail Express and Shear Talent Salon. Brad Ihde of USA Realty and Loans represented the buyer; Pete Bethea, John Jennings and David Bradley of Cushman & Wakefield represented the seller in the transaction.
CALIFORNIA — Newmark has arranged financing totaling $14 million for four properties located in California. The first two loans totaling $10 million were secured for two single-tenant big box retail buildings in Southern California. The third loan totaling $1.32 million was arranged for a 20,000-square-foot office/warehouse facility located in San Francisco. The final loan totaling $2.75 million was secured for a 56,850-square-foot industrial building located in Stockton, Calif. Eric Von Berg of Newmark arranged the financing.
ANAHEIM, CALIF. — Ron Duong of Marcus & Millichap has brokered the sale and acquisition of Lincoln Brookhurst Shopping Strip in Anaheim. Located at 2175 W. Lincoln Ave., the 10,300-square-foot property sold for $1.32 million. Built in 1956, the asset was 100 percent occupied with four tenants at close of escrow. The seller and buyer were not disclosed.
SAN DIEGO — InterContinental Hotels Group (IHG) is developing a Hotel Indigo in San Diego’s historic Gaslamp Quarter. The flagship hotel, only the second California location, will feature 210 rooms, including five suites, a rooftop terrace with a reflection pool, fire pits, soft seating, a Phitness Studio with cardio equipment and free weights, Phi, a casual gourmet restaurant, and views of the San Diego skyline and Petco Park. Slated to open this summer, the property will be managed by The Hotel Management Group, IHG’s Americas operations division.
FONTANA, CALIF. — ProLogis has leased 484,000 square feet of space at Kaiser Commerce Center in Fontana to an undisclosed third-party logistics provider. The 5.9 million-square-foot Kaiser Commerce Center is now fully occupied. A 265,000-square-foot portion of the lease will be located in a recently completed distribution building at the center. ProLogis completed a building extension in August 2008; the facility was originally constructed in 2002. Jim Koenig and Dave Consani from CB Richard Ellis represented ProLogis; Tim O’Rourke and Mike Fowler of Jones Lang LaSalle represented the tenant in the transaction.
MESA, ARIZ. — Troilo Family Trust has acquired a 15,950-square-foot office property, which is located within Odyssey Professional Park in Mesa. Odyssey Commercial sold the property for $2.7 million. Sarah Weddle of GPE Commercial Advisors represented the seller in the transaction.
IRVINE, CALIF. — IHOI Inc., an instant noodle and soup-base food manufacturer, has signed a 3-year lease for a 155,805-square-foot industrial building, which is located at 14524 Myford Rd. in Irvine. The tenant plans to use the facility to produce instant noodles and soup bases, and distribute the products to its local clients. Stephen Schloemer and James Min of Colliers International represented the lessee and the lessor, L&C USA, an affiliate of South Korea-based Hanwha, in the transaction.
DENVER — Alliance Residential Co. has opened TwentyOne 01 on Market, a Broadstone Community in downtown Denver. Located at the corner of 21st and Market streets in the Ballpark Neighborhood, the property features 226 residential units and 6,600 square feet of retail space. The rehabilitated 60,000-square-foot former Piggly Wiggly warehouse offers 52 loft units and the new eight-story building offers 174 loft units, below-grade parking and amenities, including a clubroom, a sports lounge, a 24-hour athletic center, a 24-hour business center, 24-hour resident-controlled video security access, heated covered parking and a swimming pool. Final delivery is slated for March.