CARLSBAD, CALIF. — Pacific Ridge School has acquired a 4-acre land parcel, which is located on the corner of El Fuerte Street and Poinsettia Lane in Carlsbad. The Corporation of the Presiding Bishop of The Church of Jesus Christ of Latter-day Saints sold the property for $4.05 million. The buyer plans to develop the site for its own use. Bill Hensley and Colleen Knowlton of Hensley Properties represented the buyer; David Knowlton of NAI Capital’s Newport Beach, Calif., office represented the seller in the transaction.
LA JOLLA, CALIF. — Construction is complete on a 2,878-square-foot professional office building in La Jolla. Located at 7841 Fay Ave., the two-story property offers a 780-square-foot interior courtyard. Mike Slattery and Erika Kruse of Grubb & Ellis|BRE Commercial are listing the property on behalf of the undisclosed owners.
SAN DIEGO — Clem Abrams has completed the development of Abrams Westview Plaza, a 96,481-square-foot, Class A office building located along Interstate 15 in the Scripps Ranch area of San Diego. The three-story multi-tenant facility features tilt-up concrete wall panels, limestone tile accents, high performance glazing and an overhead glass canopy supported by cantilevered steel framing highlights. Additionally, the property offers a two-level, 69,000-square-foot parking structure. Bycor Construction served as general contractor for the project. Smith Consulting Architects provided architectural services. Tom Nicholas and Pat Rohan of Cushman & Wakefield are leasing agents for the property.
PHOENIX — Orange, Calif.-based American Technologies has acquired a 33,502-square-foot build-to-suit facility at Parkside Business Center, which is located on the northeast corner of Parkside Lane and 23rd Avenue in Phoenix. Phoenix-based LGE Corp. sold the property for $5.1 million. Bill Bayless, Andrew Brigham and David Consani of CB Richard Ellis represented the buyer; Bob Kling of Lee & Associates Commercial Real Estate Services represented the seller in the transaction.
LOS ANGELES AND GARDEN GROVE, CALIF. — Boston-based Love Funding has secured a $6.23 million loan for the refinancing of two assisted-living facilities in California. The properties are Summerville at Valley View, an 81-unit facility in Garden Grove; and Summerville at Tarzana, an 87-unit facility in Los Angeles. Leonard Lucas of Love Funding’s Boston office originated the transaction. Lucas represented the owner of the facilities, which are under a long-term lease to an unrelated operator.
FORT COLLINS, COLO. — Bulls Capital Partners LLC has provided a $2.68 million loan to Willow Grove Ltd. for the refinancing of Willow Grove Apartments. Located in Fort Collins, the 72-unit garden apartment complex features a mix of one- and two-bedroom units, a pool, a spa and a fitness center. Mark Van Kirk of Bulls Capital Partners originated the loan; Tom Sibbald of Shield Street Corp. represented the borrower in the transaction.
If there’s any good news to be had in today’s challenging economic climate, perhaps it’s that now is an opportune time to be an apartment investor in metropolitan Phoenix. While the credit crunch has undeniably put a dent in sales activity — the difference between $52 million so far this year compared to $600 million for all of 2008 and $3.5 billion during 2007 — interest from well-capitalized private investors hunting for bargains among the rising selection of lender-owned properties for sale may provide a boost moving forward. The number of distressed properties has crept into the double digits since early 2009. Offerings in good locations, where the pricing reflects the market correction, can easily garner 15 to 20 offers, on par with bidding activity occurring even during the best of economic times. Active investors are primarily individuals and private capital sources searching for positive leverage and high returns. Meanwhile, REITs and advisors looking to firm up balance sheets, developers needing to pay off maturing construction loans, and lenders hoping to unload distressed properties make up the bulk of sellers. Another piece of good news: tighter lending requirements, coupled with a downturn in population and job growth, have effectively put …
SACRAMENTO, CALIF. — Vincent Aicale and Pedro Arroyo of Arroyo & Coates brokered the $11.15 million disposition and acquisition of Arden Howe Plaza, a 59,082-square-foot shopping center located in the Arden submarket of Sacramento. Located off the corner of Arden Way and Howe Avenue, the property features 30,297 square feet of retail space and 28,880 square feet of commercial flex space. At the time of acquisition, the property was 96 percent occupied by Round Table Pizza, Wells Fargo, Mexicana Airlines and Brook Furniture. The buyer and seller were not disclosed.
RANCHO CUCAMONGA, CALIF. — Towne Park Plaza L.P. has acquired a 25,002-square-foot retail space at Day Creek Village, a grocery-anchored shopping center located at 12223-12273 Highland Ave. in Rancho Cucamonga, for $11 million. Tenants included in the sale are Starbucks Coffee, Wells Fargo, The UPS Store and Supercuts. Scott Hook of Marcus & Millichap represented the buyer; Jeff Conover of Faris Lee Investments represented the seller, Newport Beach, Calif.-based Day Creek Investors LLC, in the transaction.
LIVERMORE, CALIF. — Darim Vision Corp. has purchased a 3,600-square-foot freestanding office building in Montevina, a 250,000-square-foot Class A office and R&D complex in Livermore. Darim plans to move its United States-based headquarters to the new building. Located at 3110 Constitution Dr., the property sold for approximately $1.21 million $337 per square foot. John Hone of Cornish & Carey Commercial represented the buyer; Hone, Jim Peterson and Andrew Zink of Cornish & Carey Commercial represented the seller, ExTerra Realty Partners, in the transaction.