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 www.REBusinessOnline.com Western Real Estate Business • September 2017 • 7 NEWMARK ARRANGES $75 MILLION LOAN FOR TOPA FINANCIAL CENTER HONOLULU — Newmark has ar- ranged $75 million in financing for the 23-story TOPA Financial Cen- ter in downtown Honolulu. The 508,000-square-foot building occupies an entire city block. The 10-year loan was placed with one of Newmark's correspondent life insurance company lenders. The fixed-rate financing was arranged by George Mitsanas and Jasmine Polson. CBRE BROKERS $7 MILLION SALE OF 26,504 SF RETAIL CENTER IN GARDENA GARDENA, CALIF. — CBRE has ar- ranged the sale of Gardena Crenshaw Plaza, a retail center located at 14730- 14842 Crenshaw Blvd. in Gardena. Crenshaw Retail Holding acquired the property from Diamond Rock Partners for $7 million. Dan Riley and Austin Wolitarsky of CBRE repre- sented the seller, while the buyer was self-represented with Mark Rafeh and John Proia of Promark Investments being the primary principals. At the time of sale, the 26,504-square-foot property was 100 percent occupied. AutoZone is the anchor tenant. MARCUS & MILLICHAP CAPITAL CORP. SECURES $4 MILLION IN REFINANCING FOR MIXED-USE BUILDING IN PALO ALTO PALO ALTO, CALIF. — Marcus & Mil- lichap Capital Corp. has arranged $4 million in debt to refinance a 4,600-square-foot mixed-use building in Palo Alto. Behzad Boroumand of Marcus & Millichap arranged the debt place- ment for the undisclosed borrower. The financing, which equates to $869 per square foot, has a 10-year to- tal term, five-year fixed-term and 30- year amortization schedule. REXFORD INDUSTRIAL BUYS 1.2 MILLION SF INDUSTRIAL FACILITY IN LOS ANGELES LOS ANGELES — Rexford Industrial Realty has purchased a 1.2-million- square-foot industrial facility in the South Bay submarket of Los Angeles for an undisclosed sum. The facility is located at 20001-20021 Rancho Way and 2301-2399 E. Pacifica Place in Ran- cho Dominguez. The master-planned park was built between 1987 and 1989. It includes five industrial buildings and one flex building, each residing on its own parcel. Known as Rancho Pacifica Park, the facility was 99 percent leased at the time of sale. Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Nico Napolitano of Cushman & Wakefield represented the seller in this transac- tion. RODEWAY INN SAN DIEGO SELLS FOR $7.5 MILLION SAN DIEGO — The 63-room Rodeway Inn San Diego has sold to an unnamed buyer for $7.5 million. The hotel is lo- cated at 5399 Adobe Falls Road. It is situated near Qualcomm Stadium. Joshua Yammer, Sarhan Mheni and Walter Brauer of Marcus & Millichap represented the seller, a partnership, in this transaction. COLLIERS BROKERS 2,800 SF LEASE FOR RESTAURANT SPACE IN PARAMOUNT PARAMOUNT, CALIF. — Colliers Re- tail Foresight has arranged a lease for restaurant space at Clearwater Cross- ing, a 12,000-square-foot restaurant development in Paramount. Stinkin' Crawfish will occupy 2,800 square feet of space at the property. James Rodriguez and Michael Bo- horquez of Colliers represented the tenant and undisclosed landlord in the deal. The 508,000-square-foot TOPA Financial Center in Honolulu occupies an entire city block. To move your business forward, contact: John Loshbaugh, Commercial at 949-419-3803 Andrew Lucca, Acquisition & Bridge at 602-778-4094 Robert Prouty, Multifamily at 310-744-2194 Fannie Mae Portland, Oregon $40.4 Million Life Company Freddie Mac CMBS Block 296 Aurora, Colorado $52.5 Million Conifer Creek Apartments Bothell, Washington $43.2 Million Monte Villa Farms Los Angeles, California $80.3 Million Piero II Life Company Arizona and California $30.8 Million CMBS Fannie Mae CMBS Dollar Self Storage Portfolio Vancouver, Washington $10.5 Million The Hudson Building Hawthorne, California $14 Million US Storage – South Bay San Diego, California $37.8 Million Stonewood Gardens Apartment Homes key.com/rec Banking products and services are offered by KeyBank National Association. All credit, loan and leasing products subject to credit approval. Key.com is a federally registered service mark of KeyCorp. ©2017 KeyCorp. KeyBank is Member FDIC. 170810-272503 Take your business to the next level.