CLAREMONT, CALIF. — Rancho Santa Margarita, Calif.-based StoneCreek Company has completed Claremont Medical Plaza, a 50,000-square-foot Class A medical office building located at 1601 Monte Vista Ave. in Claremont. The property is 85 percent pre-leased, with Pomona Valley Hospital Medical Center slated to occupy more than 35,000 square feet on the first and second floors. Tenant occupancies are planned for February. Irvine, Calif.-based Ware Malcomb Associates provided architectural services for the project; San Marcos, Calif.-based Lusardi Construction Company served as general contractor.
MAUI, HAWAII — Alexander & Baldwin will resume construction of two projects in Maui. The company originally planned to start work on the projects in late 208 but the permitting process pushed back construction until the end of 2009. The mixed-use, master-planned, 19.9-acre Kahului Town Center will be divided into quadrants divided by two intersecting roads. The first phase of office condominiums will be located at the corner of South Puunene and Kamehameha avenues. The project will be built in phases over 6 to 10 years. Located at the corner of Kane and Vevau streets, Aina O Kane, A&B’s other delayed project, will feature 103 residential units and 22,000 square feet of retail space on 3.8 acres.
KAPAULA, HAWAII — Honolulu-based Central Pacific Bank (CPB), under an agreement worked out among the lenders, is slated to replace Lehman Brothers Holdings as the administrative agent overseeing construction loans for Maui Land & Pineapple’s Ritz-Carlton Residences at Kapalua Bay in Kapalua. The New York bankruptcy court has scheduled a hearing at the end of January to approve modifying the loan and put CPB in charge of administering $120.1 million for the nearly-complete luxury resort condominium project. CPB, Landesbank Baden-Wurttemberg and Deutsche Hypothekenbank will lend $55 million; Lehman will lend $35 million; $20.1 million is in existing commitments from the three banks and $10 million will come from the partners of Kapalua Bay Holdings – Maui Land & Pineapple, Marriott International and Exclusive Resorts. The Ritz-Carlton Club and Residences will feature 84 three- and four-bedroom whole-ownership Ritz-Carlton Residences in four buildings, and two buildings containing 62 two- and three-bedroom fractional Ritz-Carlton Club units, which will have 12 owners each.
VAN NUYS, CALIF. — Jeffrey Louks of Marcus & Millichap’s Encino, Calif., office represented the seller in the disposition of 8070 Langdon Avenue in Van Nuys. The 39-unit apartment property sold for $4.4 million. David Levy of Marcus & Millichap’s West Los Angeles office represented the undisclosed buyer in the transaction.
BOISE, IDAHO — Love Funding has closed an $11.46 million refinance loan for nine assisted-living facilities located throughout the Boise area. The assets each features 15 beds and are located in six sites around Boise. Chad Ricks of Love Funding’s Dallas office secured the financing for the borrower, The Cottages II LLC, by utilizing the HUD 232/223(f) loan. Terms of the loan include a 6.47 percent fixed-interest rate at a 35-year amortization.
VERNON, CALIF. — Newport Beach, Calif.-based Master Development Corp. (MDC) has secured a tenant for it 113,500-square-foot single-user industrial facility, which is located at 4380 Ayers Ave. in Vernon. Clear Lam Packaging Inc. (Clear Lam) signed a 5-year lease for the property. Clean Lam’s thermoforming division is a provider of innovative, environmentally friendly thermoformed plastic packaging products for segments within the produce, bakery, deli and confectionary markets. The company plans to use the facility for its West Coast manufacturing and distribution purposes. Jeffrey Sanita, John McMillian and Tim Wallace of Cushman & Wakefield represented the lessor; Warren Noack, Kimberly Noack, Larry Much and Craig Summers of NAI Capital represented the lessee in the transaction.
CALABASAS, CALIF. — Malcolm Abrams LLC has purchased 26135 Mureau Road, an 18,371-square-foot office building in Calabasas. Located within Calabasas Commerce Center, the property sold for approximately $4 million. Told Partners represented the buyer; Robert Erickson and Marc Spellman of Lee & Associates represented the seller, Arden Realty Inc., in the transaction.
CASPER, WYO. — NorthMarq Capital LLC has arranged first mortgage financing of $3.4 million for Cotton Wood Estates I and II, a 79-unit multifamily complex located in Casper. Lori Sowa of NorthMarq’s Houston Regional office secured the loan for the borrower, Cottonwood Cedros LLC. Financing was based on a 10-year term with a 30-year amortization scheduled and provided by NorthMarq’s seller-servicer relationship with Freddie Mac.
GOODYEAR, ARIZ. — Denver-based JRFCo LLC recently acquired Palm Valley Village Center, a 30,560-square-foot shopping center in Goodyear. Located at the northwest corner of Litchfield Road and Indian School Road, the Wal-Mart Neighborhood Market-anchored property is 93-percent occupied by 13 tenants, including MidFirst Bank, Quiznos Sub and United Blood Services. Tempe, Ariz.-based SunCor Development Company sold the property for $10 million.
SAN MARCOS, CALIF. — Rancho Cucamonga, Calif.-based National Community Renaissance of California has acquired Buena Vista, an 89-unit multifamily community located at 405 Autumn Dr. in San Marcos. Los Angeles-based Autumn Meadows Associates LP sold the property for $8.99 million. The buyer plans to demolish the existing structures and redevelop the site into a 110-unit, mixed-use affordable housing project. Financing for the acquisition was provided by the city of San Diego. Allen Chitayat of Hendricks & Partners’ San Diego office represented both parties in the transaction.