MORGAN HILL, CALIF. — Mission West Properties Inc., through its unconsolidated joint venture, TBI-MWP, has completed the disposition of two research and development assets in Morgan Hill. Selling for $65 million, the properties offer approximately 311,000 square feet of rentable space. Mission West received approximately $16.9 million in cash, its share of the net proceeds, for the transaction. In January 2003, Mission West acquired a 50 percent interest in the joint venture from the Berg Group under the Berg Land Holdings Option Agreement.
Western
PORTLAND, ORE. — The Macerich Company has agreed upon a $250 million loan for the refinancing of Washington Square Mall in Portland. The 7-year, fixed-rate loan is slated to close in December 2008 and the interest has been locked at 6 percent. The company’s current $128 million loan for the property is expected to mature in February 2009.
MURRIETA, CALIF. — Tri-Valley Urology Medial Group has purchased an 8,590-square-foot office building in Murrieta for $2.6 million. The property is located at 25495 Medical Center Dr., Suites 204-208. Rob Crisell of Lee & Associates’ Temecula Valley, Calif., office represented the buyer and the seller, Rancho Springs Medical Venture LLC, in the transaction.
LAS VEGAS — Lane Jacobs of Marcus & Millichap’s Las Vegas office represented the undisclosed buyer in the acquisition of a 5,000-square-foot retail strip center in Las Vegas. Located at 3805 E. Flamingo Rd., the two-tenant property sold for $2.5 million. The asset is currently long-term leased to Starbucks Coffee and Moneytree. The seller was not disclosed.
SAN FRANCISCO — Boston Properties Inc. has completed the financing of its Four Embarcadero Center in San Francisco. Terms of the 8-year, $375 million secured loan include a fixed rate of 6.10 percent per annum. A syndicate of insurance companies provided the financing. Located in San Francisco’s North Financial District, 47-story, Class A property offers approximately 937,000 square feet of rentable office space.
CHULA VISTA, CALIF. — Chula Vista-based Imperial Villa Apartments FLP has acquired Casa La Paz, an apartment complex located at 370 K St. in Chula Vista. San Diego-based Salomon Development Co. sold the 96-unit property for $12 million. Steve Huffman of Hendricks & Partners’ San Diego office represented the buyer in the transaction.
MANTECA, CALIF. — Vancouver, Wash.-based Prestige Care Inc. has completed the development of Prestige Senior Living at Manteca, an $11.5 million senior-living facility. Located at 1130 Empire Ave. in Manteca, the 114-unit property is one of the city’s first assisted-living facilities. The 85,000-square-foot, one- and two-story building features 90 assisted-living units, each with its own balcony, and a 24-unit memory care wing for residents with Alzheimer’s and related illnesses. Community amenities include large kitchen and dining facilities, a hair salon, a computer area, a spa, a fitness room and a convenience store. Additionally, the property offers two outdoor areas with planter-box gardens for use by the residents. Sundt Construction Inc. served as general contractor, while LPA Sacramento Inc. provided architectural services for the project.
DIAMOND BAR, CALIF. — New York-based Jetro Cash & Carry Enterprises LLC has purchased a 70,400-square-foot industrial property, which is located at 20405 E. Walnut Dr. in Diamond Bar, for $9.69 million. The buyer will use the recently remodeled building as a food distribution center for Jetro Cash & Carry. Eric Nelson of Colliers International represented the buyer; Adam Dzierzynski of Lee & Associates represented the seller, Pyng Shan Liu, in the transaction.
RANCHO BERNARDO, CALIF. — Brian Driscoll, Brian Starck and Michelle Westoby of Grubb & Ellis|BRE Commercial represented Mission Federal Credit Union in the disposition of a 9,960-square-foot office building. Douglas E. Barnhart acquired the property, which is located at 10805 Thornmint Rd. in Rancho Bernardo, for $2.8 million. Marc Posthumus of Cushman & Wakefield represented the buyer in the transaction.
PALM SPRINGS, CALIF. — Investec Real Estate Companies is developing Gene Autry Plaza, a 60,000-square-foot retail center in Palm Springs. Located at the corner of Ramon and Gene Autry Trail, the $17.5 million project featuring Smart & Final, Staples, 11,500 square feet of retail space and a bronze statue of Gene Autry. The plaza is part of a 60-acre retail development, which includes Wal-Mart Supercenter, Office Depot, PetSmart and Lowe’s Home Improvement Warehouse. Pasadena, Calif.-based KKE Architects is providing architectural services for the project. Cathedral City, Calif.-based GHA Companies is serving as general contractor. Completion is slated for April 2009.