CITRUS HEIGHTS, CALIF. — Capmark Finance Inc. has originated an $84 million loan for Steadfast Commercial Properties for the acquisition of Sunrise Mall. Major tenants of the retail property include Macy’s, JC Penney and Sears. John Fett of Capmark Finance’s Roseville, Calif., office secured the fixed-rate loan, which was provided by AXA Equitable.
Western
RENO, NEV. — Petaluma, Calif.-based Basin Street Partners has acquired Waterfront Plaza, a 145,000-square-foot office tower located at 300 E. Second St., and two adjacent hotel properties, which are located at the intersection of East Second and Nevin streets in Reno. The company has a $6 million capital improvement renovation planned to convert the Waterfront Plaza into a Class A office building. Additionally, Basin Street Partners is developing Hyatt Summerfield Suites on the hotel properties. The new six-story hotel will offer 148 rooms. TRT Investments sold Waterfront Plaza for an undisclosed price. Basin Street Partners purchased the hotel properties from the City of Reno and a private investor.
TEJON RANCH, CALIF. — A joint venture between Tejon Ranch Company and Rockefeller Group Development Corp. has developed a 606,000-square-foot warehouse facility at its Tejon Industrial Complex, a 1,450-acre master-planned commercial development located at the junction of Interstate 5 and Highway 99 in Tejon Ranch. Part of the 3.1 million-square-foot complex, the new building is designed for single- or multiple-tenant use. Irvine, Calif.-based HPA designed the new building, which was constructed by Fullmer. Additionally, the U.S. Department of Commerce has officially recognized the expansion of Foreign Trade Zone #202 to now include an initial 177 acres at Tejon Industrial Complex.
SAN PEDRO, CALIF. — KF Properties has purchased a medical office complex, which is located at 1360 W. 16th St. in San Pedro, from G&L Realty for $16 million. In addition to the 63,000-square-foot, three-building property, the sale included 2 acres of developable land and a 383-space parking lot. Built in 1962, the buildings were 100 percent leased at the time of acquisition. Mike Meisenbach of Lee & Associates represented the buyer in the transaction.
ANAHEIM, CALIF. — M&A Gabaee has purchased a two-building retail center, which is located at 1020-1098 N. Euclid Ave. in Anaheim, for $3.6 million. The center consists of a 32,800-square-foot building, which is leased to Dearden’s, and a 2,300-square-foot facility, which is occupied by a non-commercial insurance agency. Tanel Harunzade of Charles Dunn Company represented the buyer; Cari Widman, also of Charles Dunn Company, represented the seller, HEM Properties LLC, in the transaction.
MESA, ARIZ. — Flagstaff, Ariz.-based Amelia/10th LLC has purchased a 49,000-square-foot retail property located at 1600 West Main St. in Mesa. Sun Pontiac II LLC sold the property for approximately $2 million. Matt Ogle of Staubach Commercial represented the seller; Tom Semancik of Coldwell Banker Commercial NRT represented the buyer in the transaction.
PHOENIX — Ensemble Real Estate has broken ground for the construction of a $16 million development on the campus of John C. Lincoln Hospital-Deer Valley in Phoenix. The project consists of Dear Valley Medical Office III, a 75,000-square-foot, four-story medical office building, and a 540-space parking facility. Located adjacent to Deer Valley Medical Office II, the new medical building will feature a surgery center, an oncology center with two linear accelerators and physicians’ offices. Completion of the parking facility is slated for May, while completion of the medical building is scheduled for January 2009. The John C. Lincoln Health Network selected Ensemble to develop Deer Valley Medical Office, which will also be professionally managed by Ensemble.
CORVALLIS AND HILLSBORO, ORE., AND ORCHARDS, WASH. — Regency Centers has completed approximately 400,000 square feet of retail space in three separate shopping centers located in Oregon and Washington. The properties include the 82,671-square-foot Corvallis Market Center in Corvallis; Tanasbourne Market Center, a 71,000-square-foot retail center in Hillsboro; and Orchards Market Center, a 263,752-square-foot shopping center in Orchards. The centers feature a variety of tenants, including T.J. Maxx, Michaels, Famous Footwear, Dress Barn, Jared’s Jewelers, Peets Coffee, Daphne’s, LA Fitness, Office Depot, Jo-Ann Fabrics & Crafts and Petco.
OAKLAND, CALIF. — BRIDGE Housing Corp. has broken ground for the construction of Ironhouse at Central Station, a 99-unit affordable family apartment community located at 1801 14th St. in Oakland. Situated in the 29-acre Central Station redevelopment site, the property will feature a parking garage, private decks, a community room, classroom space, a landscaped garden area and courtyard. The project will be BRIDGE’s first GreenPoint-rated development, as well as its first to participate in the Bay-Friendly landscaping program. David Baker + Partners are providing architectural services for the project; J.H. Fitzmaurice Inc. is serving as general contractor. Financing for the development is being provided by Redevelopment Agency of the City of Oakland, California Department of Housing & Community Development, Oakland Housing Authority, Federal Home Loan Bank of San Francisco, Union Bank of California NA, US Bancorp Community Development Corp. and Wachovia Mortgage FSB. Completion is slated for November 2009.
OREGON CITY, ORE. — Santa Barbara, Calif.-based Oregon City Apartments LLC has acquired Barclay Square, a 55-unit apartment community located at 290 Warner Milne Rd. in Oregon City. Tualatin, Ore.-based Estate of Paul Oscar Miller sold the property for $3.1 million. Grayson Pounder of Hendricks & Partners’ Portland, Ore., office represented both parties in the transaction.