SAN DIEGO — PSRS has secured $24 million in refinancing for a retail asset in San Diego. Located in the historic Gaslamp Quarter, the property offers 54,650 square feet of retail space. Tony Messiah of PSRS arranged the financing through one of the firm’s correspondent life insurance companies. The loan features a five-year term and a 25-year amortization.
SAN MARCOS, CALIF. — CBRE has arranged the sale of a single-tenant industrial property located at 177 Vallecitos de Oro in San Marcos. A local family trust acquired the asset from Davis, Gottleib & Shaw LP for $4.4 million. Window World, a national replacement window and exterior remodeling company, occupies the 24,660-square-foot property on a long-term, triple-net lease basis. Matt Pourcho, Blake Wilson, Roger Carlson and Anthony DeLorenzo of CBRE represented the seller in the transaction.
LAS VEGAS — Marcus & Millichap has brokered the purchase of a two-tenant retail property in Las Vegas. Merra Cordier, a local entrepreneur and owner of The Purple Chandelier, acquired the asset from an ownership group that included former Nevada Lt. Gov. Lorraine Hunt Bono. Built in 1977, the former OfficeMax building is located at 4995 S. Eastern Ave. The Purple Chandelier, formerly Lynn’s World Consignment, and Bodega Furniture currently occupy the property. The new ownership intends to renovate and improve the facility while continuing retail operations on site. Candace Bare of Marcus & Millichap represented the buyer in the deal.
SAN BERNARDINO, CALIF. — Transwestern Investments has completed the disposition of San Bernardino I, a Class A industrial warehouse located in San Bernardino within the Inland Empire East submarket. Terms of the transaction were not disclosed. Completed in 2019, the asset offers 392,983 square feet of industrial space. The warehouse offers direct access to major interstate highways and proximity to Ontario International Airport and the ports of Los Angeles and Long Beach, Calif. The property was developed through a joint venture between Transwestern Development, Transwestern Investments and the separately managed account client.
PHOENIX — Belkorp has acquired an advanced manufacturing facility, located at 3809 E. Watkins St. in Phoenix, from an undisclosed seller for $44.1 million. Situated within the Sky Harbor Airport submarket, the 174,801-square-foot asset features 8,000 amps of power. AZ Pharmacy (PillPatch), a subsidiary of Amazon, with the lease backed by a corporate guarantee from Amazon.com, fully occupies the property. Will Strong, Phil Haenel, Foster Bundy, Molly Miller, Jack Stamets, Michael Matchett and Madeline Warren of Cushman & Wakefield represented the buyer and the seller in the transaction.
CASTLE ROCK, COLO. — NorthPeak Commercial Advisors has negotiated the sale of an industrial property located at 1810 Park St. in Castle Rock. The 5,040-square-foot asset traded for $1.3 million, or $251 per square foot. Andrew Berk and Kevin Calame of NorthPeak Commercial Advisors represented the buyer and seller in the deal.
PHOENIX — Marcus & Millichap has brokered the sale of a single-tenant restaurant property located at 2817 N. 7th St. in Phoenix. Built in 1969, the 2,847-square-foot drive-thru building is occupied by Original Chop Shop, a Scottsdale-based fast-casual eatery with 27 locations across Arizona, Texas and Georgia. The restaurant will remain in operation following the sale. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, a California-based investor.
HUNTINGTON BEACH, CALIF. — JLL and HJ Sims have arranged $252.1 million in tax-exempt and taxable bond financing for the development of The Marisol, a seniors housing community in Huntington Beach. HJ Sims acted as lead book-running manager on the senior bonds and JLL Securities served as co-manager and led the process in securing the investor for the subordinate bonds. Issued through the California Public Finance Authority, the fixed- and floating-rate financing was structured into Series A senior bonds and subordinate Series B and C bonds. The bonds were divided into three tranches: a Series A $165.7 million tranche, a Series B $74.3 million tranche and a Series C $12.1 million tranche. Located at 2120 Main St., The Marisol is currently under construction and will deliver 214 seniors housing units and a full amenity package in 2028. JLL’s Senior Housing Capital Markets team served as real estate advisor on the project.
YORBA LINDA, CALIF. — A joint venture between Harbor Associates and Farallon Capital Management has purchased Yorba Linda Commerce Center, a small-bay industrial campus in Yorba Linda, in an off-market transaction valued at $81 million. The seller was a private family that had owned the property for more than 30 years. Located at 3910 Prospect Ave., Yorba Linda Commerce Center features 280,000 square feet of industrial space spread across 10 single- and multi-tenant buildings featuring 83 units ranging in size from 1,200 square feet to 24,000 square feet. Each unit includes office space, clear heights up to 22 feet, ground-level doors, ample electrical capacity, LED lighting and updated HVAC systems. Built in 1987, the asset was 98 percent leased at closing. Gary Martinez of Ashwill Associates represented the seller in the transaction. Shaun Moothart, Bob Ybarra and Andrew Post of CBRE represented Harbor in securing a $56 million fully funded loan that was provided by an affiliate of QuadReal Property Group with Brandon Bachner leading the financing on behalf of QuadReal.
LOS ANGELES — Seachange Partners has received $15.6 million in nonrecourse construction financing for two affordable multifamily developments in Los Angeles. Keith Rosso and Jeremy Kanter of Berkadia arranged the financing through Genesis Capital, a private Los Angeles-based residential construction lender. Located at 1723 Corinth Ave. and 3751 Delmas Terrace, the two five-story properties will deliver a combined 79 units of deed-restricted affordable housing. Construction is underway, with completion slated for 2027. Seachange Partners was founded in 2024 by Kyle Jenkins and Cameron Whiting. To date, the firm has initiated four affordable housing development projects in the greater Los Angeles area. The Corinth Avenue and Delmas Terrace developments are Seachange’s inaugural projects.
