Western Real Estate Business

JUN 2018

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/993830

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Page 14 of 50

C A L I F O R N I A 12 • June 2018 • Western Real Estate Business www.REBusinessOnline.com KEYBANK ORIGINATES $125 MILLION IN FINANCING FOR MULTIFAMILY PORTFOLIO LOS ANGELES AND MONTCLAIR, CALIF. — KeyBank Real Estate Capital has originated a total of $125 million in Freddie Mac first mortgage financ- ing for two multifamily properties in the Los Angeles area. The firm ar- ranged a $72.4 million, fixed-rate loan for The Paseos Apartment Homes, a 385-unit multifamily property lo- cated in Montclair. Built in 2014, the property comprises 15 three-story apartment buildings. The undisclosed borrower used the loan to refinance existing debt. The loan features a 10- year term, five-year interest-only pay- ment period and 30-year amortization schedule. Additionally, KeyBank ar- ranged a $52.6 million fixed-rate loan for The Piero, a 225-unit garden-style apartment complex located in Los An- geles. The property is composed of a seven-story apartment building, with three unit layouts ranging from 468 square feet to 1,218 square feet. The undisclosed borrower used the loan to refinance existing debt. The financing features a 10-year, interest-only term. Robert Prouty of Key's Commercial Mortgage Group arranged the financ- ing for both properties. BLT ENTERPRISES REDEVELOPS MODERN FLEX FACILITY IN SAN DIEGO SAN DIEGO — BLT Enterprises has completed the renovation of a two- story, 77,000-square-foot office build- ing located at 5454 Ruffin Road in San Diego's Kearny Mesa submarket. The company originally acquired the property in 2017 and has converted it back to its original 54,000-square-foot footprint by removing the dated ad- dition of a second-story office space constructed in the late 1980s. The ren- ovated space features modern office, research and development, and flex space, as well as an enhanced park- ing ratio. Additional renovations in- clude an updated exterior, new HVAC equipment and a new roof membrane. Ware Malcomb provided architectural services and Bycor General Contract- ing served as the contractor for the project. PARTNERS CAPITAL ACQUIRES 15,000 SF INDUSTRIAL BUILDING FOR $2 MILLION GARDENA, CALIF. — Partners Capi- tal has purchased a 15,000-square-foot industrial building, located at 510 E. Airline Way in Gardena. Jennifer M. Anderson sold the property for $2 million. The building offers direct access to interstates 110, 91 and 405. At the time of sale, Sparks Recycling fully occupied the space. Remington Moss and David Bales of Lee & As- sociates represented the buyer, while Brent Daniels and Robert Colacion of Gateway Business Properties repre- sented the seller in the deal. HFF ARRANGES $132.9 MILLION REFINANCING FOR THREE-PROPERTY APARTMENT PORTFOLIO SAN MATEO, CALIF. — HFF has ar- ranged $132.9 million in refinancing for a three-property apartment port- folio located within Bay Meadows, a master-planned community in San Mateo. The borrower, an affiliate of Stockbridge Capital Group, used the loan proceeds to retire existing construction financing. Totaling 336 units, the portfolio includes the 108- unit Field House located at 282 Pony Lane; the 158-unit The Russell located at 3098 Kyne St. West; and the 70- unit Quimby located at 3068 Kyne St. West. The portfolio also features 9,960 square feet of ground-floor retail space leased to Blue Bottle, Tin Pot Cream- ery and Roam Burger. Bruce Ganong, Chris Gandy and Bercut Smith of HFF arranged the fixed-rate loan through TH Real Estate. CALBAY BUYS 29,000 SF RETAIL REDEVELOPMENT SITE FOR $2.1 MILLION MONROVIA, CALIF. — CalBay De- velopment has completed the acquisi- tion and entitlement of a redevelop- ment site located on West Huntington Drive in Monrovia. McMahans Fur- niture sold the site for $2.1 million. The 29,000-square-foot site is com- posed of two parcels and features a 21,000-square-foot retail store oc- cupied by 3-Day-Suit Broker. Cal- Bay plans to develop a freestanding 2,200-square-foot Starbucks drive-th- ru on the site. Construction is slated to begin in third-quarter 2018, with store openings scheduled for second-quar- ter 2019. The City of Monrovia Plan- ning Commission approved the com- pany's development plans earlier this year. Adam Fisher of JLL arranged the off-market transaction. REAL ESTATE VETERANS LAUNCH MATTER REAL ESTATE GROUP SAN DIEGO — Real estate veter- ans Matt Root, Jim Stuart and Kevin Burke have formed Matter Real Estate Group. Based in San Diego, the real estate development company unites design, construction and operating strategy. Matter Real Estate primarily develops within the Western United States with projects in planning or under construction in major cities, including Dallas, Las Vegas, Los An- geles and Phoenix. Together the prin- cipals bring more than 80 years of combined experience. The company strives to blend institutional operat- ing expertise with a hands-on ap- proach. Matter Real Estate also looks to improve cities alongside the devel- opment of innovative projects. To that end, the company created its '10 in 10′ initiative where it invests 10 percent of profits into the community within the immediate 10 miles of a project. CBRE ARRANGES $44.7 MILLION REFINANCING FOR OFFICE PROPERTY SAN DIEGO — CBRE Capital Mar- kets' Debt & Structured Finance team has arranged a $44.7 million loan for the refinancing of Manchester Finan- cial Centre. The office property is located at 2550 Fifth Ave. in San Di- ego's Bankers Hill submarket. Mark McGovern, Scott Peterson and Brian Cruz of CBRE's San Diego office se- cured the 10-year, fixed-rate loan for the borrower, Manchester Financial Group. Originally built in 1965, the 12-story, 160,000-square-foot proper- ty features a fitness center, an on-site coffee shop, valet parking, storage and bicycle racks. Tenants include Bertrand at Mister's A, a fine dining restaurant, and Manchester Financial Group. AVISON YOUNG NEGOTIATES $4.8 MILLION SALE OF MULTI-TENANT INDUSTRIAL BUILDING CATHEDRAL CITY, CALIF. — Avi- son Young has arranged the sale of a multi-tenant industrial building locat- ed at 68945 Perez Road in Cathedral City. North First Street Properties LP sold the property to Cathedral City 2 LLC for $4.8 million. Built in 1989, the 29,400-square-foot property is situ- ated on 1.7 acres of land with front- age and access along Perez Road. At the time of sale, the property was fully leased to a variety of tenants, includ- ing Caliber Collision Centers, Su Casa Imports and additional space entitled for cannabis manufacturing. Keith Kropfl and Michael Ganz of Avison Young, along with Thom Olson of Creatus Properties, represented the buyer, while Coldwell Banker repre- sented the seller in the transaction. STRUCTURED FINANCING TO URBANIZE THE WEST JONATHAN LEE | PRINCIPAL & MANAGING DIRECTOR jlee@gspartners.com | 310.867.2919 The renovated building, located at 5454 Ruffin Road in San Diego, features 54,000 square feet of modern office, research and development and flex space.

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