San Diego County

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Bethany Summit

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The Orange County office of HFF has arranged a $12.18 millionbridge loan for Bethany Summit Apartments, a 114-unit garden-styleapartment complex in Oceanside. HFF director Mark Erland worked onbehalf of the borrower, Village Investments, to secure the bridgeloan through M&T Realty Capital Corp. The purpose of the loanwas to provide economical financing to allow time to process a FHA223(f) take-out next year. M&T Realty Capital provided a60%-of-cost, non-recourse bridge loan at 5.5% interest only, withno prepayment penalty for an M&T-provided FHA or Fannie Maetake-out loan. Erland describes the financing as "a much moreefficient execution than many bridge loans with higher rates,recourse, and/or significant prepayment penalties or lockouts." Thetransaction was significant in that it was the first loan closedunder a new bridge loan program at M&T, with which HFF has acorrespondent relationship. Erland and Charles Halladay co-led thefinancing efforts for Sean Deasy’s multifamily team, which is basedin HFF’s Orange County office. Bethany Summit is located at 3634College Blvd., about four miles from the coast in Oceanside. Theproperty comprises 10 buildings of two and three stories along witha single-story management office/fitness center. The recentlyrenovated complex is at 95% occupancy.

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Legal Aid Society of San Diego purchased the 23,500-square-footmulti-tenant office building located at 1764 San Diego Ave. in SanDiego for $3.8 million. The seller, Citibank, was represented byRobert Griffith and Steven Ward of Grubb and Ellis and the buyer,Legal Aid Society of San Diego, were represented by Marc Frederickand Bud Marsh of Colliers International. The Legal Aid Society ofSan Diego will occupy approximately 15,000 square feet, while thebalance of the building is leased to three tenants: Advanced Spineand Back Center, Sabine Purps, DDS, and FedEx.

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Olin, LLC, a private investor, acquired a 3,190-square-footsingle tenant retail property at 6571 El Cajon Blvd. in San Diego,for $1.09 million. The property is leased to 7-Eleven and is closeto San Diego State University. Jereme Snyder, senior vice presidentin Colliers International’s Irvine office, represented the seller,Summit Realty Advisors LLC. Pacific Commercial Investmentsrepresented the buyer.

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Santa Clara, CA

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Lee

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The Santa Clara County housing market appears to berecalibrating towards further recovery in 2011-a year that willlikely see strong sales and higher inventory, but also risinginterest rates, according to a prepared statement. Buyer demand isstrong-in November approximately 48% of all homes on the market,including singlefamily homes, townhouses and condos, were inescrow, according to MLSListings Inc. "Buyers recognize that thecost of homeownership will go up a lot once interest rates startclimbing from all-time lows-in fact rates have been rising in thepast month," says Karl Lee, president of the Santa Clara CountyAssociation of Realtors. "The number of closed sales might havebeen even higher with a more efficient short sale process and lessstringent underwriting." The inventory level is trending down fromthe year's peak of 6,872 in September. Approximately 5,902 homeswere for sale in November. But the downward trend may change in thecoming year. Lee adds, "Santa Clara County will probably see moreshort sales and foreclosures unless unemployment and incomesignificantly improve. Sellers are well advised to put their homeson the market before competition increases from further influx ofdistress properties and as the typical market doldrums during theholidays end."

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Los Angeles

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Klorman Construction has been selected as a subcontractor on theBradley West Project, which, according to a prepared statement, isone of the most ambitious airport projects in the country. It callsfor the complete renovation, reconfiguration and a new WestTerminal of the Tom Bradley International Terminal at Los AngelesInternational Airport. The Woodland Hills-based firm will constructthe structural concrete portion of the terminal, a seven-storybuilding that will total more than 665,000 square feet. The projectwill also feature a Baggage level footprint of roughly 158,000square feet, with 24" thick retaining walls and architecturalconcrete towers standing nearly 90 feet tall. Airport officialsplan to expand the Tom Bradley International Terminal by 1 millionsquare feet to make room for ticketing desks, security screening,lounges, shops and restaurants. The project also calls for theconstruction of fourteen new airline gates, capable of handling thenext generation of super-sized jumbo jets, including the AirbusA380 and the Boeing 787 Dreamliner. "This is certainly an ambitiousproject and one of major significance to the longterm economicgrowth of the airport and, by extension, the region," says BillKlorman, president of Klorman Construction. "We're proud to play asignificant role in such a pivotal project and look forward tobringing our more than 30 years of expertise in structural concretework and our nationally recognized accomplishments in BIM to thisproject." The Bradley West Project is expected to create 4,000construction-related jobs during the four-year projectschedule.

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Beech Street Capital LLC provided a $12.4-million Fannie Mae DUSLoan for the refinance of a multifamily portfolio of the LosAngeles and Inland Empire MSAs in California. The transaction wasoriginated by Meridian Capital Group LLC and was financed by BeechStreet Capital as part of its correspondent relationship withMeridian. The portfolio includes six mid-rise and garden-styleproperties, each with a swimming pool, totaling 264 units. Thefixed-rate loan has a term of 10 years, with 9.5 years of yieldmaintenance and a 30-year amortization payable on an actual/360basis.

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TrueCar Inc. signed a 17,261-square-foot lease at 120 Broadwayin Santa Monica for space that will house 90 workers and provideroom for further growth. Zag, a TrueCar Inc.company, previouslyoccupied approximately 10,000 square feet at 525 Broadway in SantaMonica, according to Jones Lang LaSalle, which represented TrueCar.The Jones Lang LaSalle team of managing director John Ghiselli andsenior vice president Craig Kish represented TrueCar. The buildingowner, Douglas Emmett, was represented in-house by Bob Zelkin.

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Kern County, CA

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Colliers International has negotiated the disposition of a351,723-square-foot single tenant, fulfillment and distributioncenter at the Tejon Industrial Complex in Kern County, CA to a NewYork City-based institutional group. The transaction is valued at$23.85 million. The property is situated within the industrialcomplex at Tejon Ranch, located in the City of Lebec in KernCounty. Tejon Ranch is a master-planned development located at theheart of California's north-south connection, just north of LosAngeles near Interstate 5. The industrial property is 100% leasedto Brown Group Retail Inc. "This transaction evidences theinvestment market's continued appetite for 'yield'," says JohnDeGrinis, executive vice president, based in ColliersInternational's Encino, CA office, who represented the seller inthe transaction. "The property services more than 350 FamousFootwear stores west of the Rockies, and this investment offeredthe buyer a long-term income stream from a name brand tenant inFamous Footwear."

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Las Vegas

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The Siegel Group has completed the purchase of theCharlestonwood Apartments; a 232 unit multi-residential apartmentcomplex situated on approximately 4.6 acres of land at 2900 E.Charleston Blvd., in Las Vegas. The Siegel Group purchased theproperty for $3.6 million in an all cash transaction and closed injust 60 days. Originally built in the '80s, the property has beenmismanaged for several years and was foreclosed upon over 15 monthsago and has sat stagnant ever since. Currently, the propertysuffers from deferred maintenance issues and is 65% occupied. TheSiegel Group plans to immediately invest capital to renovate theproperty and bring in its strong local management team to overseethe properties operation. The complex will be renamed LasResidencias and it will be repositioned to capitalize and betterserve the needs of Las Vegas' Hispanic community. "This acquisitionrepresents our lowest cost per unit purchase in Las Vegas and itreaffirms our steadfast dedication and ongoing long-term commitmentto the Las Vegas market," says Stephen Siegel, the Siegel Group,founder and chief executive officer. "We strongly believe inthe long-term market strength and tremendous opportunity here. Weare excited to bring a newly renovated apartment complex, completewith friendly staff and a safe, family environment to the Hispaniccommunity." This multi-unit residential purchase marks The SiegelGroup's 18th apartment complex purchase in Las Vegas. This goesalong with the array of hotel casinos, boutique hotels and retailoutlets that they currently own and operate in Las Vegas. TheSiegel Group is aggressively looking for more opportunities in themulti-family, hotel and casino sectors.

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Denver

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Grubb & Ellis Co.'s Riki Hashimoto and Dan Grooters, seniorvice presidents in the company's private capital markets group,represented Pacific Star Capital in the sale of EdgewaterMarketplace, a 145,780-square-foot retail center in Edgewater, CO.Weingarten Realty Investors purchased the retail asset for $22million. "We received a great deal of interest from bothinstitutional and private equity investors, which is a testament tocurrent investor demand for stabilized grocery-anchored retailcenters in and around the Colorado area," says Hashimoto."Additionally, Edgewater Marketplace benefits from a burgeoningsurrounding community." Located west of downtown Denver at1711-1931 Sheridan Blvd., Edgewater Marketplace is anchored by KingScoopers. The property is shadow anchored by Target, which owns theportion of the property it occupies and was not included in thesale. Originally built in 1987 and renovated in 2006, EdgewaterMarketplace is situated on approximately 12.5 acres of land and wasroughly 98% leased at the time of sale.

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NBS Real Estate Capital LLC has completed a $4.13 millionpreferred equity investment in 1899 Wynkoop, a 162,000-square-footclass-A office building in lower downtown Denver. NBS partneredwith the Nichols Partnership, the original developer of theproperty. The transaction is indicative of the innovative capitalsolutions provided by NBS Real Estate Capital, according to aprepared statement. "On behalf of the Morrison Street Funds, NBSReal Estate Capital has the flexibility to invest in multipleformats, including joint-venture equity, preferred equity andmezzanine debt," the release states.

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Inland Empire

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A.M.A. Plastics Inc. bought a 150,109-square-foot warehouse at1100 Citrus Ave. at the Hunter Park Business Center in Riversidethat was built in 2007 from Oakmont Industrial Group for $7.1million. The seller was represented by senior vice president MiloLipson and senior associate Ryan Velasquez of the industrial groupat Grubb & Ellis Co.; the buyer was represented by Walter Fromeof Voit Real Estate Services. A.M.A. Plastics is a plasticinjection molding and tooling organization that will fully occupythe building for its corporate headquarters in a relocation fromCorona.

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Jereme Snyder, senior vice president in Colliers International’sIrvine office, represented the sellers in two Inland Empiretransactions. Commonwealth Sevenlen, LLC, a private investor,acquired a 26,455-square-foot, free-standing retail building at 151E. Valley Blvd. in Colton for $1.99 million. Featuring visibilityfrom the 10 freeway, the single-tenant investment property isoccupied by Stater Bros. with an absolute NNN lease. Along withSnyder, Bob Hoyt, senior vice president, based in ColliersInternational’s Irvine office, represented the seller, VornadoRealty Trust. Hai Luong of Tendwell Realty represented the buyer.In the other transaction, Ramsey Real Estate Group, a privateinvestor, acquired a 10,295-square-foot strip retail pad for $1.15million, adjacent to a Stater Bros Market at 1717 E. Vista Chino inPalm Springs. The transaction was the result of a court-orderedpartnership dissolution. Snyder represented both the seller,L&A Associated, LLC and the buyer.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.