SANTA MONICA, CALIF. — Newmark Realty Capital Inc. has arranged financing for the first phase of The Water Garden, a 1.3 million-square-foot office complex located in Santa Monica. Mark Ritchie of Newmark secured the $230 million loan on behalf of The Water Garden Company, which is controlled by J.P. Morgan Asset Management. The company secured the fixed-rate loan through its correspondent Teachers Insurance and Annuity Association of America (TIAA-CREF). Terms of the loan were not disclosed.
Western
SAN DIEGO — Construction is complete for Ocean View Hills Corporate Center, a 663,000-square-foot industrial complex located on Otay Mesa Road in San Diego. The center consists of six one-story, tilt-up concrete buildings ranging in size from 56,000 to 183,000 square feet. The buildings are divisible into units ranging from 7,900 to 50,700 square feet. Each rentable space offers dock- and grade-level loading, and eight units feature a mezzanine. Expeditors International has already leased 54,000 square feet of space at the complex. The complex was developed by Sudberry Development Inc. and an affiliate of Morgan Stanley Real Estate Advisor Inc., which purchased the property from Pardee Homes in June 2005. Smith Consulting Architects provided architectural services for the project.
VENTURA, CALIF. —BM Properties has purchased a two-building office portfolio, which is located at 4601 and 4245 Telephone Rd. in Ventura, for $10.47 million. The 60,842-square-foot multi-tenant property is more than 50 percent leased by the County of Ventura, with the remaining space occupied by private businesses. Robert Flink of Lee & Associates – LA North/Ventura Inc. represented the buyer; Doug Shaw of CB Richard Ellis represented the seller, VG7A LLC, in the transaction.
SIMI VALLEY, CALIF. — Greg Harris of Marcus & Millichap has completed the sale and acquisition of Garden Apartments, an 84-unit apartment community located in Simi Valley. Redfern Family Trust sold the property to an undisclosed private family partnership for $10.52 million or $125,298 per unit. Located at 1851 Buyers St., the 57,800-square-foot property consists of a two-story building offering 68 one-bedroom/one-bath units and 16 two-bedroom/two-bath units. The community also features wall air conditioning and heating units, an on-site laundry facility, a swimming pool and a central courtyard. Harris represented both parties in the transaction.
ENCINITAS, CALIF. — Erwin & Mertz Investments has purchased Fogcutter Apartments, a 29-unit apartment complex located at 925 N. Vulcan Ave. in Encinitas, for $6.1 million or $210,345 per unit. Built in 1985, the property consists of 14 one-bedroom units, 11 two-bedroom/one-bath units, four two-bedroom/two-bath units and 22 one-car garages. Ray Adams of Grubb & Ellis|BRE Commercial represented the seller, Philip J. Cleary Trust et al, in the transaction; Mike Brawner of Exchange Properties represented the buyer.
DENVER AND AURORA, COLO. — Pacific Coast Capital Partners (PCCP) has partnered with Denver-based Griffis Value Added Fund LLC, a private equity real estate fund sponsored by The Griffis Group of Companies, to acquire the 328-unit Gateway Park community and the 240-unit Bristol Village community. Located at 4255 Kitteredge St. in Denver, Gateway Park features a fitness center, a pool, a business center and a clubhouse. Bristol Village, which is located at 17201 E. Walsh Way in Aurora, offers a business center, a fully outfitted clubhouse, a fitness center, detached garages, and a resort-style pool and spa. Pamela Koster of Moran & Company represented the seller, Chicago-based AMLI Residential, in the Gateway transaction; Garrette Matlock of Marcus & Millichap represented the seller of Bristol Village, Denver-based Jordon Perlmutter & Co., in the transaction. The acquisition price was not disclosed.
MESA, ARIZ. — Wrightwood Capital has provided a $10.8 million loan to Pacific Western Partners for the construction of an industrial property. Pacific Western is developing Pecos Gateway on the 10.5-acre site, which is located between Ellsworth and Sossaman roads in Mesa. The development plans to construct three industrial building with more than 125,000 square feet of divisible, for-lease space. Each building will feature 18- to 20-foot clear heights, grade-level loading and truck wells, and office space. The financing opportunity was sourced through Rich Harris of Newport Venture Capital.
CHICO, CALIF. — Sundt Construction Inc. is currently constructing a $43 million student-housing/dining facility at Chico State University in Chico. Located on Legion Avenue, the three-story, 111,000-square-foot building will provide living space for 229 students in a dormitory cluster format. Designed by AC Martin, the building also features student recreation and administrative space and a 24,951-square-foot dining facility on the ground floor.
LOS ANGELES — Oracle Corp. has selected CB Richard Ellis Group as the preferred commercial real estate services provider for the company’s 3.8 million-square-foot EMEA portfolio, which consists of more than 120 properties in 59 countries. With approximately 128 offices in the region, CBRE will be able to deliver comprehensive coverage for Oracle’s portfolio. The new partnership expands upon CBRE’s existing relationship with Oracle in North America, where CBRE was selected as a preferred real estate advisor.
VICTORVILLE, CALIF. — Alex Garcia and Bill Melton of Marcus & Millichap’s Ontario, Calif., has completed the $5.3 million disposition of Casa Del Sol Apartments in Victorville. Located at 14250 Borego Rd., the 50,678-square-foot property consists of 17 two-bedroom/one-bath units, 24 two-bedroom/two-bath units and 16 three-bedroom/two-bath units. The property also features covered parking, garages, a resort-style pool, a fitness center and patios/balconies. The sales price represents $106 per square foot. The seller and buyer were not disclosed.