Western Real Estate Business

OCT 2017

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A & H A WA I I 16 • October 2017 • Western Real Estate Business www.REBusinessOnline.com JPI OBTAINS $103.5 MILLION IN CONSTRUCTION FINANCING FOR JEFFERSON PACIFIC BEACH APARTMENTS SAN DIEGO — JPI has obtained a $103.5 million construction loan for the 172-unit Jefferson Pacific Beach apartment community in San Diego. The community is situated on a three- acre site of the former Guy Hill Ca- dillac dealership, directly adjacent to Mission Bay Park. The property will feature luxury apartment homes, as well as 14,000 square feet of ground- floor retail and creative office space. It is scheduled to break ground later this month. The construction loan was provided by PCCP. WESTCORE PROPERTIES BUYS ANTIOCH DISTRIBUTION CENTER FOR $32.4 MILLION ANTIOCH, CALIF. — Westcore Prop- erties has purchased Antioch Distri- bution Center, a 665,775-square-foot manufacturing/distribution project in Antioch, for $32.4 million. The two- building center is located at 2200 to 2300 and 2110 Wilbur Street. West- core represented itself, while Steve Hermann, Scott Bertrand and Brooks Pedder of Cushman & Wakefield represented the seller, the Covington Group, in this transaction. TERRA WILLOW GLEN APARTMENTS IN SAN JOSE RECEIVES $32.5 MILLION SAN JOSE, CALIF. — The 112-unit Ter- ra Willow Glen apartments in San Jose has received a $32.5 million bridge loan. The community is located at 850 Meridian Way. It was built in 1979. The borrower purchased the asset in cash, six months prior to exploring value-add financing options. The bor- rower planned to take a lower lever- age bridge loan option at lower pric- ing, but considered higher leverage options, which provided much more attractive leveraged returns. The loan was arranged by Anita Paryani-Rice of Institutional Property Advisors. CBRE FACILITATES $10.5 MILLION SALE OF 27,132 SF RETAIL CENTER IN RANCHO BERNARDO RANCHO BERNARDO, CALIF. — CBRE has brokered the sale of Rancho Carmel Village Center, a retail cen- ter located at 12125-12165 Alta Car- mel Court in Rancho Bernardo. New World Limited Partnership acquired the 27,132-square-foot property from AP-Rancho Carmel LLC for $10.5 mil- lion. Situated on 3.3 acres, the prop- erty consists of three one-story build- ings with a total of 14 tenants. At the time of sale, the center was fully occu- pied. Reg Kobzi, Joel Wilson and Mi- chael Peterson of CBRE represented the buyer, while Kobzi, Kirk Brummer and Phil Voorhees, also of CBRE, rep- resented the seller in the deal. THE PICERNE GROUP, SHOPOFF REALTY BREAK GROUND ON MIXED-USE DEVELOPMENT IN NEWPORT BEACH NEWPORT BEACH, CALIF. — A joint venture between The Picerne Group and Shopoff Realty Investments has broken ground on Phase I of Uptown Newport, a 25-acre mixed-use devel- opment located in Newport Beach. The first phase of development will include 462 residential units, 218 for- sale condominiums, 6,500 square feet of restaurants and a one-acre public park. Leasing will begin for the resi- dential units in 2019. At completion, the project will feature 1,244 residen- tial units, up to 11,500 square feet of retail and restaurants and two one- acre parks. LOS ANGELES APARTMENT BUILDING SELLS FOR $23.8 MILLION LOS ANGELES — A local buyer has purchased a 30-unit apartment build- ing in Santa Monica for $23.8 million. The community is located at 153 San Vincente Blvd. The asset was built in 1967. It was sold at auction after being tied up in bankruptcy court for several months. Bidding began at $21 million. The building will begin a massive re- modeling, during which time current tenants in the 13 occupied units will be relocated. The buyer has plans to rehab all of the units, upgrade elec- trical and plumbing, construct a new rooftop observation deck, install a new pool and boost overall curb ap- peal. The buyer was represented by Shiva Monify of SVN- Rich Invest- ment Real Estate Partners. SIX NEW TENANTS TO OPEN AT METRO AT MAIN MIXED-USE DEVELOPMENT IN CORONA CORONA, CALIF. — Six new ten- ants are set to open at Metro at Main, a mixed-use development located at North Main and Rincon streets in Corona. Tenants set to open include a 1,845-square-foot Coffee Bean & Tea Leaf; a 3,138-square-foot Ameri- ca's Best Vision; a 1,398-square-foot Poki Cat; an 859-square-foot Organic Junkie; a 1,337-square-foot Meraki Salon; and a 1,199-square-foot Union Barber & Beer Lodge. The project fea- tures over 60,000 square feet of retail and 868 luxury residential units. Paul Galmarini and Gretchen Lastra of Progressive Real Estate Partners rep- resented the landlord in the transac- tions. UC DAVIS OPENS THREE RESIDENCE HALLS, COMMUNITY BUILDING DAVIS, CALIF. — The University of California, Davis has opened Tercero 4, an on-campus development consist- ing of three residence halls and a com- munity building. The residence halls — Cottonwood Hall, Redwood Hall and Madrone Hall — will be home to about 200 students each and offer single-, double- and triple-occupancy rooms. Cottonwood Hall features a music room with sound attenuation and a piano for practicing music; a wellness and meditation room; and a large recreation room with a televi- sion, game tables and three video- gaming stations for use by all Tercero residents. Olive Hall, the new commu- nity building, includes a large main lounge with a community demonstra- tion kitchen. The $59.1 million devel- opment is part of a long-term devel- opment plan that aims to increase student beds on-campus from about 9,400 in 2015 to a total of 15,600. In the next two years, the university plans to open a new 500-seat dining hall and a 400-bed residence hall, replacing the existing Webster Hall. HFF ARRANGES $12.6 MILLION SALE OF SPROUTS FARMERS MARKET LOCATION IN WHITTIER WHITTIER, CALIF. — HFF has ar- ranged the $12.6 million sale of a 24,866-square-foot building triple- net-leased to Sprouts Farmers Market in Whittier, about 20 miles southeast of Los Angeles. Gleb Lvovich and Nicholas Foster of HFF marketed the property on behalf of the seller, CVK Street LLC. A private, 1031 exchange investor purchased the asset free and clear of existing debt. Additionally, Greg Brown of HFF secured a 10-year, fixed-rate, interest-only loan with a CMBS lender on behalf of the new owner. CBRE BROKERS $24.5 MILLION SALE OF GROCERY-ANCHORED RETAIL PROPERTY IN OXNARD OXNARD, CALIF. — CBRE has ar- ranged the sale of Oxnard Vineyards, an outdoor shopping center located at 2580-2698 E. Vineyard Ave. in Ox- nard. An undisclosed private inves- tor acquired the property from Loja Real Estate Group for $24.5 million in cash. Situated on 11.5 acres, the 102,139-square-foot property is an- chored by Vallarta Supermarkets. The grocer occupies 64 percent of the cen- ter with more than 10 years of the ini- tial term left on its lease. Orbell Ova- ness, Brad Baskin and Artin Sepanian of CBRE represented the seller in the deal.

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