EL CAJON, CALIF. — Timothy C. Buege and Rocio del Pilar Buege, on behalf of the Buege Family Trust of El Cajon, has acquired Casa Miguel for $3.22 million. Located at 570 S. Mollison Ave. in El Cajon, the property offers 28 units. The seller was Li Tang and Zhi Gao, trustees of the Tang/Gao Family Trust dated 10/27/2005, Song Ma and Fong Xu of San Jose, Calif. Steve Huffman of Hendricks & partners’ San Diego office represented the buyer; Rod Taylor represented the seller in the transaction.
EAST PALO ALTO, CALIF. — Regency Centers has acquired a vacant 92,307-square-foot retail building in East Palo Alto from The Home Depot EXPO for an undisclosed price. Located at Ravenswood 101 Shopping Center, the property will be occupied by a 50,227-square-foot The Sports Authority and a 41,680-square-foot Nordstrom Rack, both of which signed leases with Regency Centers. The new stores are slated to open spring 2009 after construction of the new storefronts and interiors are completed. Ryan Nickelson of Regency Centers, along with John Kovaleski and David Buchholz of Colliers International represented, the buyer in the acquisition and re-tenanting.
TUCSON, ARIZ. — Hamid Panahi of Marcus & Millichap represented the seller in the $11.18 million disposition of a three-property student-housing portfolio in Tucson. The portfolio consists of SahuaroPoint Villas, a 20-unit property located at 2326-2366 N. 6th Ave.; GlennStar Apartments, a 12-unit complex located at 133-193 E. Glenn St.; and StoneWood Apartments, a 24-unit community located at 2621 N. Estrella Ave. Earle Hyman of Marcus & Millichap represented one of the buyers; while Mike McClain, also of Marcus & Millichap, represented the buyer in the SahuaroPoint transaction. The seller and buyers were not disclosed.
SUNNYVALE, CALIF. — Dividend Capital Group has purchased Lockaway Storage in Sunnyvale for $8.6 million. Located at 222 W. Ahwanee Ave., the 533-unit property consists of 45,500 rentable square feet. At the time of acquisition, the property was 90 percent occupied. Greg Wells of Grubb & Ellis|BRE Commercial represented the seller, Lockaway Storage, in the transaction.
PORTLAND, ORE. — Cohen Financial has arranged a $13.2 million construction loan for the development of The Shops on Brooklyn Yard, a retail project located in the Brooklyn neighborhood of southeast Portland. The project is located at 4546 SE McLoughlin Blvd. at the intersection of SE Holgate and McLoughlin boulevards. The is being used to retire the land acquisition loan and provide funds for the development of more than 52,000 square feet of retail improvements. The project is currently 83 percent pre-leased to 24 Hour Fitness, which plans to open in third quarter 2009. Adam Cassie of Cohen Financial secured the 2-year, 70 percent loan-to-value facility. The borrower and lender were not disclosed.
OCEANSIDE, CALIF. — Pasadena, Calif.-based Tenth Street Properties has acquired Tri-City Gardens in Oceanside for $4.19 million. The 35-unit apartment community is located at 4129 and 4130 Waring Rd. The seller was Investment Property Exchange Services Inc., co-trustees of the Brian Marcus and Suzanne Marcus Family Trust, and co-trustees of the Werbeloff Family Trust. Steve Huffman of Hendricks & Partners San Diego office represented the seller in the transaction.
NOVATO, CALIF. — Grosvenor has completed the installation of a solar photovoltaic system, which will provide electricity for parking lot lights, outdoor seating areas, interior common spaces and decorative mosaic fountains, at Hamilton Marketplace in Novato. Located just off of Highway 101, the 90,000-square-foot center is anchored by a 55,000-square-foot Safeway supermarket. Other tenants include Peet’s Coffee & Tea, La Boulange, Toast Café, Sonoma Latina Grill, Verizon Wireless, Pet Food Express and Wells Fargo Bank. Novato-based SolarCraft Services Inc. provided the 45KV system, which will reduce the center’s emission of greenhouse gases by more than 30 tons per year and cut its electricity costs by approximately $23,000 in the first year.
POINT LOMA, CALIF. — BAE Systems Inc. has pre-leased 80,000 square feet of space at Liberty Station Office District in Point Loma for $31 million. The 10-year lease involves McMillin Commercial’s Building 902, a 105,000-square-foot industrial facility that is currently under construction. Located at 2305 Historic Decatur Rd., the facility is slated for completion in August 2009. The building will be the complex’s first LEED certified property. Gene Sachs, Glenn Friedrich and Russ Sande of CRESA Partners represented the lessee; Don Mitchell, Scott Kincaid and Jill Morton of CB Richard Ellis represented the lessor, McMillin Commercial, in the transaction.
NEWPORT BEACH, CALIF. — George Mitsanas and Demetri Koston of Newmark Realty Capital Inc. have arranged permanent financing for the 25-acre Hyatt Regency Hotel in Newport Beach. Specific terms of the $20.75 million loan were not disclosed. The property includes a 405-room Hyatt Regency Hotel and corresponding amenities, including banquet and meeting facilities, a golf course, pools and restaurants. Newmark arranged the financing on behalf of a life insurance company.
VISTA, CALIF. — Smith Consulting Architects is designing Melrose Medical Plaza, a planned medical office in Vista. Located at 2665 S. Melrose Dr., the two-story property will offer 40,250 square feet of space. Construction is slated to begin in first quarter 2009. Lusardi Construction Co. is serving as general contractor. Paul Braun and Chris Ross of Colliers International’s healthcare real estate team have been retained to market the property.