SAN DIEGO — Realty Capital has closed $20.9 million in refinancing for the renovation and lease-up of 39,000-square-foot property in San Diego’s Del Mar submarket. The undisclosed borrower will use the loan to refinance an existing loan, finish outstanding capital improvement items, built-out speculative suites and lease vacant space. The non-recourse loan features interest-only payments and a floating rate, as well as a 36-month term, two extension options and flexible prepayment. The financing includes a facility to provide additional funding for capital improvements, tenant leasing costs and interest and carry shortfalls.
NORTH LAS VEGAS, NEV. — VanTrust Real Estate has purchased a 350-acre land site north of the Interstate 15 and Speedway Boulevard interchange in North Las Vegas. VanTrust plans to develop 4.5 million square feet of distribution facilities on the site, which is between the new City of North Las Vegas water line and the Union Pacific Rail line. Construction of utility and roadway improvements is slated to begin in the third quarter of 2021, with building construction following shortly thereafter. This land purchase comes on the heels of the VanTrust’s acquisition of 16 acres for the development of a 246,000-square-foot speculative industrial distribution building at the northwest corner of Tropical Parkway and Nicco Way in North Las Vegas. The building is slated for completion in March 2022 and will be VanTrust’s 11th building developed in North Las Vegas in the past five years.
PERRIS, CALIF. — Atlanta-based Core5 Industrial Partners has completed the sale of Harvill Business Center, a modern logistics facility in Perris. Black Creek Group bought the asset for an undisclosed price. Completed in early 2020, the 423,665-square-foot property features a Ductilcrete concrete floor slab, 36-foot clear heights, 2.5 percent skylights, LED lighting, a gated concrete truck yard, on-site truck staging and low-water landscaping. American Standard, a subsidiary of Lixil Corp. and a North American plumbing and building products manufacturer, occupies Harvill Business Center on a long-term basis. Michael Chavez of Lee & Associates represented the seller and buyer in the transaction.
TEMPE, ARIZ. — Realterm, a Maryland-based logistics real estate firm, has purchased a distribution facility located at 1666 N. McClintock Drive in Tempe. A local real estate investment firm sold the property for $27 million. Constructed in 2004 as a build-to-suit for FedEx, the single-story, 145,872-square-foot building features 24-foot clear heights, 11 grade-level overhead doors, 26 dock-high doors and a three-lane driveway along McClintock Drive. FedEx recently signed a triple-net lease extension at the last-mile property. Geoffrey Turbow, Gary Cornish, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Bill Bayless of CBRE represented the seller in the deal.
NEWPORT BEACH, CALIF. — DJM has received $24.5 million in new equity from Arc Capital Partners for the recapitalization of Lido Marina Village, a 116,000-square-foot waterfront retail and office property located on the Balboa Peninsula in Newport Beach. The new equity comes on the heels of a $46.5 million loan from Prime Finance, which brings DJM’s total recapitalization to $71 million. The capital will be used to pay off an existing loan and complete property renovations. Steven Bram, David Pascale and Patrick O’Donnell of George Smith Partners arranged the financing, while Bryan Ley and Geoff Tranchina of JLL handled the equity transaction. Since acquiring Lido Marina Village in 2013, DJM has performed renovations and rebranded the property with high-profile tenants, including The RealReal, Rye Goods, Marrow Fine, Elyse Walker, LoveShackFancy, Serena & Lily, Jenni Kayne, Nobu and Malibu Farms.
LAS VEGAS — Colliers International has arranged the sale of an industrial property located at 6280 Annie Oakley Drive in Las Vegas. 1201 American Pacific LLC acquired the asset from JPFH II LLC for $4.7 million. The property features 23,604 square feet of industrial space. Suzette LaGrange and Kara Walker of Colliers represented the seller, while Dan Doherty, Paul Sweetland, Chris Lane and Jerry Doty of Colliers represented the buyer in the deal.
COLORADO SPRINGS, COLO. — Trion Properties, along with its equity partner PCCP, has purchased a two-property apartment portfolio in Colorado Springs for a combined total of $80 million. Trion acquired both properties from one seller that held legacy ownership over each. Totaling 406 units, the portfolio includes the 200-unit Quail Cove at 3308 Quail Lake Road and the 206-unit Highland Park at 4815 Garden Ranch Drive. Built in 1983, Quail Cove features a mix of one- and two-bedroom units with washer/dryer hookups, wood-burning fireplaces, central heat and air, walk-in closets and private balconies or patios. Additionally, the property underwent $5 million in capital improvements within the past five years, including new roofs, landscaping and clubhouse upgrades. Highland Park features a mix of one- and two-bedroom units with spacious floorplans, washer/dryer hookups, wood-burning fireplaces, central heat and air, walk-in closets and private balconies and patios. The property underwent nearly $2 million in improvements within the last five years. Winston Black and Frank Farrell of Berkadia represented both parties in the transaction. Continental Partners arranged financing for both deals from Freddie Mac, through Andrew Kwok of Capital One.
PLACERVILLE, CALIF. — The Neenan Company has broken ground for El Dorado Community Health Center (EDCHC), a medical clinic at 4212 Missouri Flat Road in Placerville that will serve residents throughout El Dorado County. Designed by Neenan, the 30,600-square-foot facility will feature 40 primary care exam rooms, 10 behavioral health exam and substance abuse treatment rooms, seven dental exam rooms and four optical exam rooms, as well as space to provide telehealth treatment. Slated for completion in spring 2022, the new facility will replace EDCHC’s current Placerville and Diamond Springs clinics. EDCHC will own and operate the completed facility and the organization received financing for the project, as well as a Health Resources and Services Administration grant to mitigate future weather-related issues.
GLENDALE, ARIZ. — Cavan Cos. has received a $62 million construction loan for the development of Bungalows on Cotton Lane, a built-to-rent community in Glendale. Jeremy Korer and Kristian Brown of Cushman & Wakefield’s Equity, Debt & Structured Finance Group in Phoenix arranged the financing for the borrower, while ACRES Capital originated the financing. Situated on 35 acres, the gated community will feature 336 single-story one-, two- and three-bedroom residences and more than 850 parking spaces.
SAN FRANCISCO — CBRE Capital Markets has secured construction financing for The Maclac Building, a five-story, 108,161-square-foot property located at 192-198 Utah St. and 151-191 Potrero Ave. in San Francisco. The borrower, a joint venture between affiliates of Comstock Realty Partners and Dune Real Estate Partners, plans to redevelop the asset, which is zoned as a production, distribution and repair (PDR). PDR refers to a variety of businesses encompassing dent and repair shops, marketing and advertising companies, traditional brick-and-mortar retailers and others, and according to the San Francisco Planning Department is used “instead of industrial to avoid conjuring images of heavy, ‘smoke-stack’ industry, such as large manufacturing plants, smelting operations and refineries.” Mike Walker and Brad Zampa of CBRE’s San Francisco office arranged the five-year, floating-rate, full-term interest-only financing for the borrower. The property spans five interconnected buildings over two parcels and half a city block in San Francisco’s SOMA Potrero District. Redevelopment started in May 2020 and is being completed in phases, with delivery expected for third-quarter 2022. The joint venture plans to reconfigure, upgrade and expand the current structures with 4,000 amps of power, updated building systems, green roof terraces and a multi-story glass atrium lobby tying the …