LOS ANGELES — Robin Yi, Ryan Oh and Jason Kim of Coldwell Banker Commercial Wilshire Properties negotiated the disposition and acquisition of Little Tokyo Shopping Center in Los Angeles. A group of undisclosed investors purchased the property in an off-market transaction for $35.5 million. The buyer plans to renovate the property. The seller/developer was Richard Meruelo.
NORWALK, CALIF., AND RENO, NEV. — Highland Realty Capital Inc. (HRC) has arranged $32.65 million in bridge financing for Los Angeles-based Chesapeake Real Estate Value Investors for the acquisition of two properties in Norwalk and Reno. HRC secured a $14.6 million bridge loan for the acquisition of Pacific Pointe, a 120-unit apartment community in Norwalk. A life company provided the 70 percent loan-to-value financing, which features a floating rate. The senior loan included $2.15 million in holdbacks for interior and exterior renovations. Additionally, HRC arranged $18.05 million in floating-rate bridge financing for Chesapeake’s acquisition of the leasehold interest in the Brookside Industrial Portfolio. The collateral consists of three newly built, multi-tenant, flex-industrial buildings that were a combined 43 percent occupied at closing. Chesapeake Real Estate Value Investors, a fund managed by Legg Mason, invests in value-add real estate transactions.
SAN FRANCISCO — CB Richard Investors, on behalf of its Strategic Partners U.S. IV fund, has acquired a 291,000-square-foot office building in the Mission Bay area of San Francisco for an undisclosed price. Located at 500 Terry Francois Blvd., the six-story, Class A property features state-of-the-art conference rooms, a full-service 4,000-square-foot fitness center and retail space. Additionally, the building offers floor plates ranging in size from 32,000 to 61,000 square feet, 10 to 12-foot ceilings, and a raised floor system for greater flexibility of workstation locations and HVAC distribution. The property will feature CBRE Investors’ signature 5-Star Worldwide service program, which is designed to provide services and amenities to increase tenant productivity and satisfaction. Lowe Enterprises was the seller/developer of the property.
PALM SPRINGS, CALIF. — RockBridge Partners, an affiliate of RockBridge Capital LLC, and Davidson Hotel Company have acquired Hyatt Regency Suites in Palm Springs from PSH Holdings Inc. for an undisclosed price. Located at 285 N. Palm Canyon Dr., the property features 194 one-bedroom suites, private balconies, mountain/desert views, high-speed Internet access, a full-service dining room, a putting green, a pool, a spa and 9,200 square feet of flexible meeting space. An $18.5 million renovation is planned for the property. The renovation, which will begin summer 2009, will upgrade virtually every aspect of the property. Davidson, who holds a minority interest in the joint venture, will coordinate the renovation and manage the hotel. Newport Beach, Calif.-based Maxim Hotel Brokers advised both parties in the transaction.
RENO, NEV. — The PENTA Building Group has broken ground for the construction of the new Davidson Mathematics and Science Center at the University of Nevada, Reno (UNR). Located at the southeast corner of campus, the $42 million project is the fifth commercial project constructed by PENTA on the UNR Campus. The 104,000-square-foot facility will feature a 14,000-square-foot auditorium, a new dean’s office, chemistry and biology laboratories, state-of-the-art classrooms and major site improvements. Hershenow + Klippenstein Architects provided architectural services for the project, which is slated for completion in December 2009.
SAN MARCOS, CALIF. — Padilla Construction has purchased a 13,000-square-foot industrial building, which is located at 1380 and 1390 Armorlite Dr. in San Marcos. Situated on a 1.9-acre site, the two-story property features 7,000 square feet of office space, three truck doors and a concrete parking area. Chris Migliori of DAUM Commercial represented the buyer; Chuck McNary and Erik McNary of Colliers International represented the seller, American Bobcat and Backhoe Services, in the transaction.
RANCHO CUCAMONGA, CALIF. — Phoenix-based NNC Woodsong LLC has acquired Archstone Woodsong, a 262-unit apartment community in Rancho Cucamonga, for $44 million. Located at 8255 Vineyard Ave., the community consists of 46 percent one-bedroom units, 14 percent two-bedroom units and 40 percent three-bedroom units. Additionally, the property features two swimming pools, a spa, two lighted tennis courts, a children’s playground, barbeque grills, picnic areas and assigned covered parking. Paul Runkle and David Casper of Hendricks & Partners represented the seller, Englewood, Colo.-based Tishman Speyer Archstone-Smith Woodsong LP, in the transaction.
SAN DIEGO — Klingbeil Capital Management has acquired three San Diego multifamily properties from Mabie & Mintz Inc. for approximately $31.45 million. The portfolio includes the 90-unit Villa de Flores located at 7707 Mission George Rd.; the 56-unit Park East apartments located at 111 W. Pennsylvania Ave.; and San Carlos Townhouse Apartments, a 65-unit complex located at 6867 Golfcrest Dr. Jim Neil and Eric Comer of CB Richard Ellis’ San Diego central office represented the seller in the transaction; the buyer was self-represented.
RANCHO CUCAMONGA, CALIF. — Sixth Street LP has purchased an 83,456-square-foot industrial property, which is located at 10096 Sixth St. in Rancho Cucamonga. Sixth Street Industrial Park sold the property for $6.6 million. The buyer plans to renovate the property, which it will keep as a long-term investment. Mike and Loren Cargile of Voit Commercial Brokerage’s Irvine, Calif., office represented the buyer; Allmark Properties represented the seller in the transaction.
SAN MARCOS, CALIF. — Windy Point Partners LP is developing Windy Point Corporate Center, a $3.4 million project located at 750 Windy Way in San Marcos. The 68,000-square-foot, two-building project will be the future home to the sports medicine school of Saint Augustine University. The completed project will feature a cadaver room and large classrooms, as well as wet and dry labs. Ledcor Construction Inc. is serving as general contractor; McArdle Associates Architects is providing architectural services for the project. Completion is slated for October.