MONTECITO, CALIF. — The Montecito Planning Commission, in a 4-1 vote, has approved Caruso Affiliated’s plan to develop a luxury hotel on the 16-acre site of the shuttered Miramar Hotel in Montecito. The 192-room hotel will feature three restaurants, a spa, a beach club, ballroom facilities and a beachfront boardwalk along Miramar Beach. Caruso plans to begin construction early next year with completion slated for spring 2011.
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RANCHO CUCAMONGA, CALIF. — John Ewart of Grubb & Ellis’ Ontario, Calif., office represented the Small Business Administration in the disposition of an 11,000-square-foot medical office building in Rancho Cucamonga. Dr. Jacob Haiavy, a local plastic surgeon, acquired the property, which is located at 8680 Monroe Ct., for $3.1 million. Elli Cohen of MoneyMasters Inc. represented the buyer in the transaction.
CORONA, CALIF. — Reza Ghaffari of Marcus & Millichap has brokered the sale of Circle City Villas in Corona. The property, which was recently converted into condominiums, offers 900-square-foot two-bedroom/two-bath units featuring new kitchen cabinets, new appliances, new tile entryways, washer/dryer hookups, central heating/air conditioning and individual water heaters. The property sold for $3.5 million or $144 per square foot. The seller and the buyer were not disclosed.
VERNON, CALIF. — Jacob Kahobian, owner of Paper Source Converting & Manufacturing, has acquired two industrial buildings, which are located at 4700 and 4800 Santa Fe Ave. in Vernon, for $17.2 million. Paper Source will utilize the 180,932-square-foot property to manage business operations. John Repstad of Binswanger Realty Advisory Group Inc. represented the buyer; Peter Bacci and Jack Cline of Lee & Associates’ Los Angeles Central office represented the seller, Santa Fe Properties LLC, in the transaction.
SAN FRANCISCO — The Fillmore Center Plaza in San Francisco’s historic Jazz District is slated to open later this month. Designed by AXIS Architecture + Design, the 16,000-square-foot plaza features wiring to accommodate the audio and visual needs of events, seating for more than 300 people and temporary screens to curb wind noise and delineate event space. The plaza is located within the Fillmore Center, which offers luxury apartments in a 7.5-acre park setting.
WALNUT CREEK, CALIF. — Cohen Financial has secured $19 million for the refinancing of a 105,000-square-foot office building in Walnut Creek. The loan includes $17 million at close and $2 million earn-out upon stabilization of the property, which is located at 500 Ygnacio Valley Rd. Paul Schroeder of Cohen Financial’s San Francisco office arranged the 5-year, 70 percent loan-to-value floating-rate loan for the undisclosed borrower. The lender is Lansing, Mich.-based Jackson National Life, PPM Finance’s U.S. subsidiary.
VISTA, CALIF. — Viper LLC has purchased Vista Medical Plaza, a 45,717-square-foot medical office property located at 2067 W. Vista Way in Vista. V.M.P. LLC sold the property for $16.6 million. Viper, which plans to hold the property as a long-term investment, assumed a $6.3 million loan from Capmark Financial Inc. At the time of acquisition, the property was 100 percent occupied. Larry Strickland and Rusty Williams of Lee & Associates’ San Diego North office represented both parties in the transaction.
SUNNYVALE, CALIF. — Marcus & Millichap Capital Corp. has arranged a $15.4 million fixed-rate loan for the refinancing of Landmark Apartments in Sunnyvale. Located at 925 S. Wolfe Rd., the 81,390-square-foot property offers 130 multifamily units. Terms of the 7-year loan include interest-only for 3 years, a 30-year amortization schedule and an 80 percent loan-to-value ratio. Jake Roberts and Anita Paryani of Marcus & Millichap Capital Corp.’s West Los Angeles office arranged the financing on behalf of the undisclosed borrower.
INDIO, CALIF. — Highland Realty Capital Inc. has arranged a $26.5 million loan for the land development of Northgate Crossing, a mixed-use, master-planned community in Indio. The 80-acre development is entitled for commercial, hospitality and residential uses and is located within an Enterprise Zone, which allows employers to obtain state tax credits. The borrower was Northgate Crossing LLC.
LAS VEGAS — InterContinental Hotels Group (IHG) has opened a $45 million StayBridge Suites in Las Vegas. Located at 5735 Dean Martin Dr., the five-story, 118-room property features a complimentary breakfast buffet, complimentary guest laundry and workout facilities, a complimentary 24-hour business center, a guest library with books and games, and BridgeMart®, the hotel’s 24-hour convenience store. Additionally, the property features the brand’s new Outdoor Living Room concept, which offers a place where guests can relax and interact alfresco with a variety of amenities, including all-weather furniture, three pool-side cabanas, a fire pit, grills, music and desert landscaping. The hotel also offers meeting spaces for business functions and special events. The hotel is owned by Gary Tharaldson and managed by Tharaldson Property Management, under a license agreement with a company in the InterContinental Hotels Group.