Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/873170
C A L I F O R N I A & H A WA I I 24 • September 2017 • Western Real Estate Business www.REBusinessOnline.com FIVE POINT HOLDINGS OBTAINS $339 MILLION IN FINANCING FOR FIVE POINT GATEWAY IN IRVINE IRVINE, CALIF. — A subsidiary of Five Point Holdings has obtained $339 million in financing for Five Point Gateway, a four-building office/ R&D; campus in Irvine. The campus is located at 15101, 15131, 15161 and 15191 Alton Parkway. It is part of the larger 72-acre Great Park Neighbor- hoods master-planned community in the Irvine Spectrum submarket. The borrower is acquiring the assets through a partial sale leaseback with Broadcom Corporation, the project's developer. Broadcom plans to lease- back 15101 and 15191 Alton Parkway, which total 640,944 square feet, or 64 percent of the total portfolio, on a tri- ple-net basis. Tenants at the other two buildings include Lennar Corporation and Five Point. There is still 232,223 square feet remaining for lease. The campus will feature open park space with land- scaping and extensive amenities. Financing was arranged by HFF's Kevin MacKenzie, Lee Redmond and Peter Thompson. The five-year, float- ing-rate loan was provided by Star- wood Property TruStreet. PROGRESSIVE REAL ESTATE ARRANGES 9,776 SF IN LEASES AT METRO AT MAIN IN CORONA CORONA, CALIF. — Progressive Real Estate Partners has arranged 9,776 square feet in retail leases at Metro at Main, a mixed-use community at the corner of North Main and Rincon streets in Corona. Metro at Main features 60,000 square feet of retail space and 868 lux- ury high-rise residential spaces. The transactions include an 1,845-square-foot Coffee Bean & Tea Leaf, a 3,138-square-foot America's Best Vision, a 1,398-square-foot Poki Cat, a 859-square-foot Organic Junkie, a 1,337-square-foot Meraki Salon and a 1,199-square-foot Union Barber & Beer Lodge. Paul Galmarini and Gretchen Lastra of Progressive Real Estate represented the landlord in the transactions. EAGLES POINT APARTMENT COMMUNITY IN ESCONDIDO SELLS FOR $90 MILLION SAN DIEGO — The 519-unit Eagles Point Apartment Community in the San Diego submarket of Escondido has sold to a joint venture between Allstate and TruAmerica Multifamily for $90 million. The community is lo- cated at 1501 E. Grand Ave. Eagles Point includes studio to three-bedroom apartments. The as- set has not been updated since it was built in 1985. The JV plans to refur- bish all interior units and upgrade the property's two pools and spas, tennis courts, and clubhouse. Plans also call for a new fitness center to be built into the existing clubhouse. CBRE's Troy Tegeler arranged the project financing through Fannie Mae. The firm's Kevin Mulhern, Rachel Parsons and Dixie Hall represented the seller in this transaction. SPRINGHILL SUITES PASO ROBLES ATASCADERO IN CENTRAL CALIFORNIA SELLS FOR $25 MILLION ATASCADERO, CALIF. — The 130- room SpringHill Suites Paso Robles Atascadero in Central California has sold to a Korean-based investment firm for $25 million. The hotel is locat- ed at 900 El Camino Real in the Paso Robles wine region. The four-story property opened in 2015. This is the new owner's second U.S. investment. The group was at- tracted to the hotel's location near the Central Coast and the emerging Paso Robles wine industry. Hunter Hotel Advisors represented the seller, an affiliate of J Street Hospi- tality, in this transaction. L&B; REALTY RECEIVES $90 MILLION TO REFINANCE SOUTH BEACH MARINA APARTMENTS IN SAN FRANCISCO SAN FRANCISCO — A state pension fund advised by L&B; Realty has re- ceived $90 million to refinance the 414-unit South Beach Marina Apart- ments in San Francisco. The Class A community is located at 2 Townsend Street. South Beach Marina Apartments was built in 1989. The mid-rise prop- erty contains five buildings and 4,708 square feet of ground-floor retail that is currently occupied by two restau- rants and a salon. Amenities include two tennis courts, a luxury lobby/ lounge area, community/billiards room, a landscaped courtyard, out- door pool and spa and fitness center. The 12-year, interest-only refinance was originated by Grandbridge Real Estate Capital. DIGITAL MAP PRODUCTS LEASES OFFICE SPACE AT UNIVERSITY RESEARCH PARK IN IRVINE IRVINE, CALIF. — Digital Map Prod- ucts has leased 22,000 square feet of office space at University Research Park in Irvine. The cloud-based loca- tion technology and data solutions provider will occupy an entire floor that was formerly home to chipmaker Broadcom. The research park is situated next to UC Irvine. Digital Map Products is working with local universities like UC Irvine to provide free access to the company's technology. The campus also houses Irvine Company's tech incubator, The Vine, where startups have generated more than $24 million in funding, and UCI Applied Innova- tion. SWEET KREAM FROYO OPENS FIRST SHOP AT HERITAGE TOWN CENTER IN CHULA VISTA CHULA VISTA, CALIF. — Sweet Kream Froyo is opening its first loca- tion at Heritage Town Center, located at 1392 E. Palomar Street in Chula Vista. The local mom-and-pop frozen yo- gurt shop leased 1,215 square feet of space at the mixed-used project, which is owned by Paragon Real Es- tate Fund. The new frozen yogurt lo- cation is slated to open in September. Joe Yetter of Cushman & Wakefield represented the tenant and landlord in the deal. Heritage Town Center features 38,000 square feet of ground-floor re- tail space and 91 residential units.