Western Real Estate Business

MAY 2018

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 22 • May 2018 • Western Real Estate Business www.REBusinessOnline.com METROGROUP PROVIDES $21.9 MILLION IN ACQUISITION FINANCING FOR R&D/FLEX CAMPUS IN SAN DIEGO SAN DIEGO — MetroGroup Realty Finance has provided $21.9 million in permanent acquisition financing for a R&D/flex corporate campus located at 10307 and 10309 Pacific Center Court in San Diego. The seven-year loan features a 30-year amortization, fixed interest and a loan-to-purchase-price ratio of 69 percent. Colony Northstar sold the property to a Newport Beach, Calif.-based private investor for an undisclosed price. Quantum Design International, a global scientific instru- mentation manufacturer and distribu- tor, occupies the 103,830-square-foot property. Michael Hartel of Colliers International represented the buyer in the acquisition transaction. MIDCAP FINANCIAL PROVIDES $17.9 MILLION REFINANCING FOR SHOPPING CENTER SACRAMENTO, CALIF. — MidCap Financial has provided $17.9 million in refinancing for the repositioning and lease-up of Stockton Plaza, a gro- cery-anchored community shopping center in Sacramento. The borrower is Santa Monica, Calif.-based DPI Re- tail. The borrower plans to renovate and repurpose the property, which Kmart formerly anchored. A regional grocery chain and national discount department store will be the new an- chors at the renovated center. The first mortgage features a floating rate with a term of up to three years. Loan pro- ceeds were used to refinance the exist- ing debt and fund renovation, lease- up and carry costs. The Mozer team at George Smith Partners arranged the financing. HANLEY INVESTMENT NEGOTIATES SALES OF SIX RETAIL PADS IN CALIFORNIA FOR $29.5 MILLION PERRIS, CALIF. — Hanley Invest- ment Group Real Estate Advisors has brokered the sales of six retail pads at Perris Marketplace, located at 1820- 2000 N. Perris Blvd., in separate trans- actions. The combined sales price for the six pads was approximately $29.5 million. The plaza is located in the Los Angeles suburb of Perris. The 100-per- cent occupied properties, which total 39,000 square feet, consist of three multi-tenant pad buildings and three single-tenant fast-food pad restau- rants. Walmart Supercenter anchors the 225,000-square-foot shopping cen- ter. Additional tenants include Amer- ica's Best Contacts and Eyeglasses, Chipotle, Dickey's BBQ, Great Clips, Jamba Juice, Jimmy John's Gourmet Sandwiches, Pacific Dental, Panda Ex- press, Pieology, Popeye's, Sally Beau- ty, Starbucks Coffee, T-Mobile, Verizon Wireless, Waba Grill, Wendy's and Yo- gurtland. Bill Asher and Jeff Lefko of Hanley Investment Group represent- ed the seller, Evergreen and Trachman Indevco, in the deal. The names of the buyers were not disclosed. MARCUS & MILLICHAP BROKERS $42.4 MILLION SALE OF MULTIFAMILY PORTFOLIO IN GREATER LOS ANGELES SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of a four-property multifamily portfolio located in Santa Ana. An affiliate of Empire USA LLC acquired the portfo- lio from an undisclosed seller for $42.4 million, or $198,000 per unit. The 214- unit portfolio includes a 58-unit prop- erty at 510 N. Mortimer St.; a 46-unit property at 510 E. Chestnut Ave.; The Carlton Apartments, a 74-unit com- munity at 215 E. 15th St.; and 36 units at 1717-1721 N. Spurgeon St. Mark Bridge of Marcus & Millichap repre- sented the buyer, while Stephen So- qui, also of Marcus & Millichap, rep- resented the seller in the deal. Shane Ryan McConnell of Marcus & Millic- hap also provided representation in the sale of 1717-1721 N. Spurgeon St. HIGHBRIDGE TO DEVELOP 708-BED STUDENT HOUSING COMMUNITY NEAR UNIVERSITY OF CALIFORNIA, DAVIS DAVIS, CALIF. — HighBridge Prop- erties will soon break ground on Lin- coln40, a 708-bed student housing community located near the Univer- sity of California, Davis. The com- munity will include a mix of three-, four- and five-bedroom, fully fur- nished units with bed-to-bath parity. Shared amenities will include a fitness center, game room, café lounge, swim- ming pool with cabanas, and outdoor lounges with barbeque stations and gas fire pits. In addition, the commu- nity will offer LincolnLift, a student rental-assistance program that will of- fer reduced monthly rents to students based on 50 to 60 percent of the area's median income. The program will be available for up to 10 percent of the property's residents. Lincoln40 is ex- pected to open in time for the 2020- 2021 academic year. JLL CAPITAL MARKETS BROKERS SALES OF TWO RETAIL PROPERTIES IN SOUTHERN CALIFORNIA LAGUNA HILLS AND MURRIETA, CALIF. — JLL Capital Markets has brokered the sales of two retail prop- erties in Laguna Hills and Murrieta. In the first deal, an undisclosed buyer acquired a restaurant property, locat- ed at 23971 El Toro Road in Laguna Hills, for $5.5 million. Raising Cane's Chicken Fingers leases the property on a 13-year, triple-net ground lease. Additionally, this Raising Cane's lo- cation is the first to sell in California. In the second transaction, an undis- closed buyer sold a gas station and convenience store property located in Murrieta. Shell Gas Station occupies the property under a 20-year, triple- net lease. Adam Friedlander and Matt Berres of JLL Capital Markets' Irvine, Calif., office arranged the transactions. MARCUS & MILLICHAP ARRANGES $5.7 MILLION SALE OF SHOPPING CENTER NEAR LOS ANGELES LA HABRA, CALIF. — Marcus & Mil- lichap has brokered the sale of Harbor Hills Shopping Center, a retail prop- erty located at 1450-1460 S. Harbor Blvd. in the Orange County city of La Habra. Los Angeles-based DMI Real Estate Group LLC acquired the prop- erty from Harbor Hills LP for $5.7 mil- lion. The 27,080-square-foot property was mostly vacant at the time of sale. Joseph Lising and Mitchell Neff of Marcus & Millichap represented the seller in the transaction. W H A T ' S B U G G I N ' Y O U ? Pest Control for Professionally Managed Properties OFFICE RETAIL INDUSTRIAL RESIDENTIAL Eco-Friendly Solutions | Serving Southern California Pest Control Pigeon Control Termite Control Rodent Control Bee Control Gopher Control 1.877.522.2377 | www.AccessExt.com Tenants at Perris Marketplace in Perris include America's Best Contacts and Eyeglasses, Chipotle, Dickey's BBQ and Great Clips.

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