SANTA MONICA, CALIF. — Citivas Capital Group has provided a senior construction loan for the development of a mixed-use project at Third Street Promenade in Santa Monica. Upon completion, the space, which will include retail and office space, will feature floor-to-ceiling windows and a 4,000-square-foot outdoor roof terrace. Blatteis & Schnur was the borrower. Jorge Adler of Citivas arranged the financing.
CARLSBAD, CALIF. — PSRS has arranged a $13.2 million refinancing for a 47,000-square-foot life sciences property in Carlsbad. A growing start-up occupies the property. The undisclosed permanent lender was able to fund the loan prior to the tenant taking occupancy. The loan’s interest rate is fixed for seven years and amortized over a 30-year schedule. Pasha Johnson, Trevan Swierczewski and Daniel de Leon of PSRS arranged the refinancing.
INGLEWOOD, CALIF. — NAI Capital Commercial has arranged three leases totaling 6,049 square feet for Total by Verizon, a wireless phone service provider formerly called Total Wireless. Tina LaMonica and Patrick Ortiz of NAI represented the landlords in the leasing negotiations. In Los Angeles, Total by Verizon will open a 2,234-square-foot store within a space formerly occupied by AT&T and a 2,000-square-foot store at Martin Luther King Jr. Shopping Center. Additionally, the tenant will occupy a 1,815-square-foot space in Inglewood, roughly 12 miles outside Los Angeles.
ALHAMBRA, CALIF. — JCH Senior Housing Investment Brokerage has arranged the lease negotiation of a prominent assisted living facility in Alhambra, just east of Los Angeles. The facility, previously operated by a national operator, will now be under the management of a regional operator that specializes in low-income residents.
Ryan Desmond, partner, Western Retail Advisors in Phoenix Metro Phoenix’s population grew faster than any other major U.S. city between 2010 and 2020. By 2021, the Valley’s 1.48 percent population growth continued to far exceed the country’s .01 percent growth — the slowest annual growth rate in our nation’s history. For a community that has historically been criticized as being over-retailed on a per-capita basis, this has injected tremendous strength into the local retail market. Today, Phoenix ranks as a hotspot among U.S. cities for retail absorption. According to CoStar, Phoenix had absorbed 4.1 million square feet of retail space year over year — the strongest absorption since the start of the Great Recession — by the start of the second quarter in 2023. This reduced the market’s overall vacancy rate to 5 percent. This is impressive, but it doesn’t reflect the increased gap between demand for Class A product and all other retail classes. Much like the flight to quality happening in the office sector, tenants looking for retail space in metro Phoenix want excellence: high-traffic locations in a growth submarket with compelling demographics. As a result, we have seen more metro Phoenix Class A retail properties reach full …
REDLANDS, CALIF. — North Palisade Partners has acquired a nearly 17-acre site at 1101 California St. in Redlands for $44.5 million. The site previously housed a waterpark that closed in 2018. North Palisade plans to transform the space into a modern, Class A warehouse distribution facility. Hunter Warner of Lee & Associates represented the buyer and unnamed seller in the transaction.
SURPRISE, ARIZ. — Gantry has arranged a $53.4 million permanent loan for the refinancing of the The Village at Prasada, a 700,000-square-foot, multi-phase retail center project in the Phoenix suburb of Surprise. The 7.5-year, fixed-rate loan will retire the construction debt for the first phase of the development, which comprises 308,640 square feet. Phase One was fully leased at the time of financing to tenants including Sprouts Farmers Market, Ross Dress for Less, HomeGoods, Marshalls, Ulta Beauty, Total Wine & More, PetSmart, T.J. Maxx and Floor & Décor. Tim Storey, Chad Metzger and Ryan Gross of Gantry secured the loan through an institutional global financial services firm on behalf of the undisclosed borrower.
SEATTLE — Senior Living Investment Brokerage (SLIB), a Chicago-based firm, has arranged the sale of three communities in the Pacific Northwest. The facilities offer a combined 93 units and 105 beds, and were built between 1991 and 1995. The buyer is a private owner-operator group out of Texas. The seller, price, names and locations were not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Matt Alley of SLIB handled the transaction.
SAN JUAN CAPISTRANO, CALIF. — TailoredSpace is scheduled to open its newest location in San Juan Capistrano this September. The 14,000-square-foot space will be located at 27131 Calle Arroyo. TailoredSpace has targeted suburban communities with high per-capita income, easy freeway access and walkable retail amenities. TailoredSpace will be the first fully amenitized coworking operation in San Juan Capistrano, according to the company. This lack of supply has resulted in significant pre-leasing activity for the campus.
SOUTH SAN FRANCISCO — IDEAYA Biosciences has leased 44,000 square feet of space at 5000 Shoreline Court in South San Francisco. The 140,000-square-foot, Class A building is situated on the bay in South San Francisco’s Sierra Point life sciences cluster. IDEAYA plans to move into the space in mid-2024. Chris Jacobs and Matt Jacobs of CBRE represented the landlord, DivcoWest, while Grant Dettmer and Scott Miller of JLL represented IDEAYA.