HONOLULU — The Howard Hughes Organization has received a $356.8 million construction loan for Kō’ula, the sixth residential mixed-use tower at Ward Village in Honolulu. The loan features a three-year initial term with a one-year extension. US Bank and seven other participating lenders provided the capital. Total project costs are estimated at $485.1 million, exclusive of land costs. Developed by The Howard Hughes Corp., Ward Village is a 60-acre, master-planned community in Honolulu. At full build-out, the development will include approximately 1 million square feet of retail and thousands of residential homes. Current mixed-use residential towers at Ward Village are Waiea, Anaha, Ae’o and Ke Kilohana. New residential buildings that are in development or under construction include A’ali’I, Kō’ula and Victoria Place. Ward Village is the first-ever LEED-ND Platinum-certified master-planned community in the country and the only in Hawaii.
WHITTIER, CALIF. — Marcus & Millichap has negotiated the sale of Seville Apartments, a multifamily property located in Whittier. A private investor acquired the asset for $20.1 million, or $261,039 per unit. Situated 12 miles southeast of Los Angeles, Seville Apartments features 77 units in a mix of one- and two-bedroom floor plans. Built in 1971 on 2.5 acres, the community also features gated carport parking, on-site laundry, a swimming pool and a courtyard with pond, barbecues and picnic area. Tyler Leeson and Matt Kipp of Marcus & Millichap’s Newport Beach, Calif., office represented the seller, a private investor, and the buyer in the deal.
PHOENIX AND TUCSON, ARIZ. — Commercial Properties has brokered the sales of two less-than-truckload (LTL), cross-dock trucking facilities in Tucson and Phoenix. In Tucson, Thomasville, N.C.-based Old Dominion Freight Line has completed the disposition of a 22-acre property that consists of a 31-door truck terminal located at 2202 N. Dragoon St. A Northern California-based buyer acquired the asset for $1.4 million. Jeff Hays of Commercial Properties represented the seller in the transaction. Additionally, John and Stacy Pifer completed the sale of a 36-door cross-dock LTL terminal located on six acres at 1412 S. 51st Ave. in Phoenix. Two Brothers Property purchased the asset for $1.8 million. Hays represented the buyer in the deal.
NATIONAL CITY, CALIF. — Colliers International San Diego Region has arranged the sale of a retail and warehouse property located in National City. WestPro Plumbing acquired the asset from Gary R Kitagawa Family Trust for $1.6 million, or $256 per square foot. Built in 1986, the 6,200-square-foot building is situated on a 13,500-square-foot parcel at 712 E. 18th St. The property features 15-foot roll-up doors, 14 parking spaces and a fenced loading and storage area. Chris Holder, Will Holder and Mark Lewkowitz of Colliers represented the seller, while Ron Bement of Newmark Knight Frank represented the buyer.
RANCHO CUCAMONGA, CALIF. — Santa Barbara, Calif.-based Fore Property has completed the disposition of Arte, a multifamily property located in Rancho Cucamonga. An affiliate of Encinitas, Calif.-based Providence Capital Group acquired the asset for $68 million, or $373,626 per unit. Located at 10130 Foothill Blvd., Arte features 182 apartments in a mix of 10 floor plans, including one-, two- and three-bedroom layouts. Each unit features a patio or balcony, washer/dryer, stainless steel appliances, quartz countertops, hardwood-style flooring and walk-in closets. On-site amenities include an outdoor kitchen and barbecue fireplace; bar area; television entertainment wall; fire tables; a pool and spa; two-story fitness center with spin/yoga room; dog park; and game room. The property was built in 2019 on 4.4 acres. Peter Hauser, Matt Hauser and Masa Ito of Avison Young’s Irvine, Calif., office represented the seller and buyer in the transaction.
LA MESA, CALIF. — Universe Holdings has purchased Serena Vista, an apartment community located in La Mesa, for $34.4 million. The name of the seller was not released. Located at 5810 Amaya Drive, Serena Vista features 110 apartments in a mix of one- and two-bedroom layouts spread across 17 residential buildings on a 5.2-acre site. Community amenities include a swimming pool, spa, two laundry facilities, fitness center, clubhouse, garages and covered parking with storage. Built in 1971, the property has undergone significant interior and exterior upgrades, with Universe planning to implement a light capital improvement plan to upgrade the property’s common areas. At the time of sale, the property was fully leased and stabilized.
HUNTINGTON BEACH, CALIF. — Manhattan Real Estate Holdings has acquired Bella Terra Medical Plaza, a medical office building located at 7677 Center Ave. in Huntington Beach. Vibe Boutique Office Properties sold the asset for $20 million. Situated on 1.8 acres, the four-story property features 59,354 square feet of recently renovated, Class A medical office space. At the time of sale, the building was 90 percent leased to a variety of medical facilities and providers. Derek Landry, Bob Prendergast, Sach Kirpalani and Lynn LaChapelle of JLL Capital Markets, along with Kellie Hill, Chris Isola and Bryan Lewitt of JLL Healthcare, represented the seller and procured the buyer in the deal.
SILVERDALE, WASH. — Kidder Mathews has handled the sale of Inlet View Apartments, a multifamily property located at 9860 Bushlac Lane NW in Silverdale in Kitsap County, Wash. A private owner sold the asset to an undisclosed buyer for $16.2 million. Constructed in 1985, Inlet View Apartments features 100 units spread across seven buildings. The four-acre property also offers a playground, exercise room and ample parking. Dylan Simon and Jerrid Anderson of Kidder Mathews’ Seattle office represented the seller, while the buyer was self-represented in the transaction.
TWENTYNINE PALMS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly built retail property located at 73690 Twentynine Palms Highway in Twentynine Palms. Fountainhead Development sold the asset to a Los Angeles-based private investor for $3.1 million, or $1,722 per square foot. Starbucks Coffee occupies the1,800-square-foot drive-thru property, which was built in this year. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Taesoo Eo and Shirley Kim of RE/MAX Commercial’s Los Angeles office represented the buyer in the deal.
SAN FRANCISCO, NEW YORK CITY AND MENOMONEE FALLS, WIS. — Prominent retailers Gap Inc., Macy’s Inc. and Kohl’s have announced separately that they’re planning to furlough a majority of employees at their stores and some distribution centers beginning this week in response to the COVID-19 outbreak. Combined, the total number of affected employees is nearly 290,000, according to the Los Angeles Times. The three retailers have extended their temporary store closures indefinitely to stop the spread of the novel coronavirus. The Centers for Disease Control and Prevention (CDC) reported that the United States has 140,904 confirmed cases of COVID-19 and 2,405 related deaths as of Monday, March 30. Until stores begin to reopen, the companies will pause payments to a majority of their staff while still offering applicable benefits to those affected. Luxury retailer Neiman Marcus is also reportedly furloughing most of its 14,000 employees. Gap (NYSE: GPS) has announced that its leadership team and board of directors will take a temporary reduction in pay. Gap’s brands, which include Gap, Old Navy, Banana Republic, Athleta, Hill City, Janie and Jack and Intermix, will still be available through the company’s online platform. “After taking the extraordinary measures of temporarily closing all …