LAKE FOREST, CA—Los Angeles-basedthe Mayfield Trust has sold FoothillCenter, a 19,400-square-footmulti-tenant shopping center here, to a China-based buyer for$7.64 million. The center is 95% occupied with tenantsincluding Baja Fresh, EnterpriseRent-A-Car, andWasabi Sushi.Matthew Mousavi and Patrick Lutherof Faris LeeInvestments represented theseller, while the buyer represented itself in the transaction. Thesale price had an in-place cap rate of 4.81%, a record low for anon-anchored retail strip center sale in south Orange County,industry sources say.

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WEST HOLLYWOOD, CA—Charles Dunn Co. hascompleted two multifamily property sales totaling$4.7 million here. The sales include a 10-unit property at1220 N. Formosa Ave. that sold for $3.3 millionand a five-unit property at 1231-1235 N. VistaSt.that sold for $1.4 million. For the Formosa sale,Kimberly Roberts Stepp, senior managing directorwith Charles Dunn, represented the seller, Los Angeles-basedAquat 9 LLC, as well as the 1031exchange buyer, a Los Angeles-based private investor. Thetransaction closed at a 4.8% cap rate and sold at full askingprice. For the Vista sale, Stepp represented the seller, LosAngeles-based Jambax LLC. The buyer was a privateinvestor from Los Angeles who was represented by Diana F.Tiao of the Collective Realty. Thetransaction closed at a record-low 2.9% cap rate.

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YAKIMA, WA—Emerald Holdings LLC has sold theGuesthouse Inn & Suites at 1010 E. ASt. here to an unnamed buyer for $2.1 million.Joseph P. Kennedy, president of CrystalInvestment Property LLC, exclusively represented theseller. The two-story, 50-key hotel was built in 1998 as anindependent hotel and converted to a Guesthouse Inn & Suites inearly 2013.

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SANTA ROSA, CA—The STG Group has completed a$13.4-million acquisition of a five-buildingoffice portfolio here from longtime ownerSausalito-based Berg Holdings Corp. ShawnJohnson, Joel Jaman and Danny Jones ofKeegan & Coppin/ONCOR International brokeredthe deal for Berg Holdings, while Jonesrepresented STG. The buildings contain a total of 169,000 squarefeet, equating to a price per square foot of approximately $80 forthe properties, which were about half occupied at the time of sale,with 80,000 square feet available for lease. STG plans upgrades toattract tenants and has solicited designs for revamping the commonareas and exteriors of the buildings. The most prominent of thefive Santa Rosa office buildings is 100 B Streetdowntown. Other properties included in the purchase include130 and 140 Stony Point Rd. and 141 and149 Stony Circle.

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ANAHEIM, CA—Air Conditioning and Refrigeration JointTrust has sold a 38,000-square-footoffice building on 4.4. acres of land at1380 Sanderson Ave. here for $7.5 million to anundisclosed buyer. CBRE's Gary Stache, PatScruggs, and Tom Abel represented theseller in the transaction. The two-story office building is locatedoff the 57 freeway at the Ball Rd. exit.

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DEVELOPMENT

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SAN DIEGO—Parallel Capital Partners is nearingcompletion on $12 million in renovations of its CreativeCollection, a portfolio of 26 creative-office, R&D and labbuildings totaling 577,596 square feet in Sorrento Valley andnearby Rancho Bernardo. The properties have been renovated toreflect the growing trend toward creative-office space.Refurbishments were completed to interior spaces and exteriors ofall buildings in the portfolio, with key architects includingWare Malcomb, McFarlane Architects, Pacific CornerstoneArchitects, Smith Consulting Architects and generalcontractors including Burger Construction, Pacific BuildingGroup, ICS Pacific Builders and PrevostConstruction. The properties include buildings inSorrento Creative Center, Sorrento Pines andOne Technology Place.

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BAKERSFIELD, CA—Presidio Residential Capitalhas partnered with San Diego-based developmentcompany Cornerstone Communities to buildTuscany Village, two communities totaling 212single-family homes on 73 acres in northwest Bakersfield.Cornerstone recently closed on 116 lots and is expected to close onthe remaining 96 lots in October 2014. Presidio has committed $7.8million to help build this community. Land development begins thismonth, and construction of model homes will follow in September,with a grand opening planned for December. Urban LandAdvisers is the seller and broker for the project.

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LEASING

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SAN DIEGO—Beauty retailer ULTA and men's salon18|8 have signed leases with RegencyCenters at 4S Commons Town Center here.18|8 is scheduled to open in July, offering services that includehair care, facials, skin treatment and hot shaves, while ULTA's10,000-square-foot space is scheduled to open this fall.

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SANTA ANA, CA—Goodwill Industries of OrangeCounty has expanded its lease for37,228 square feet of industrial space at2250 S. Yale St. here. The organization willoccupy a total of 72,416 square feet of space for itse-commerce and retail warehousingcenter. JLL Orange County's MattChristensen represented Goodwill in the transaction. Thelandlord, Skeffington Enterprises Inc., wasrepresented by CBRE.

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MORENO VALLEY, CA—National action sports retailerTilly's has opened its doors at MorenoValley Mall,occupying 7,148 square feet at the shoppingcenter, which is managed by Spinoso Real EstateGroup. The space is located on the lower levelnear Macy's and HarkinsTheatres.

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FINANCING

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KENNEWICK, WA—Premier Capital Associates LLChas arranged and $11.5-million construction loan for theSpringHill Suites by Marriott here on behalf of anunnamed borrower, to be built adjacent to the ConventionCenter. The loan will convert into a permanent loan. Thisproperty falls in line with a noticeable uptick in conventioncenter hotel construction. JLL is countingfive such major properties scheduled to open by 2017.

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SALINAS, CA—Kenneth M. Fox, CCIM, a managingdirector in Cohen Financial's local office, hassecured $10.75 million to refinance two retailproperties here on behalf of a San Francisco Bay Areainvestor/owner: the South Salinas Plaza ShoppingCenter, a Nob Hill Foods anchored center,and the Plaza Shopping Center, aCVS drugstore-anchored center. Both properties areestablished, fully leased retail centers. Fox originated the twofixed- rate, non-recourse loans with Sun LifeFinancial, a Cohen Financial correspondent lender.

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LOS ANGELES—Thorofare Capital hasprovided a Los Angeles-based healthcare operatorwith a $9-million short-term loan to refinance twoof its Los Angeles-area skilled-nursingfacilities. The financing was used to retire existingsenior secured term loans and fund approximately $300,000 inplanned capital improvements across both properties. The sponsorwas seeking a fast-paced lender to pay off a matured term loan,then implement a renovation plan, and allow for ample time in orderto refinance through HUD on a permanent loanprogram. The loan is secured by a 20,277-square-foot, 99-bednursing facility located on Pico Blvd. near Koreatown and a16,584-square-foot, 81-bed nursing facility on North FairfaxAve.

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EXECUTIVE MOVES

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SAN MATEO, CA—Builder C.W. Driver has promotedAndy Kirby to director of operations in the firm'slocal office. The 15-year industry leader will oversee projectswithin the company's growing Northern California office focused onthe areas of education, corporate office, retail,multi-family, mixed-use, healthcare, assisted living, civic,entertainment and hospitality. As anexpert in design-build projects, Kirby is currently directingseveral projects with new and existing clients in the NorthernCalifornia area. His project history with the firm includesFamily Health Centers City Heights II Family HealthCenter, MCB Camp Pendleton Truck Co.operations complex and dining hall, Sharp GrossmontHealthcare District's east tower nursing unit andPalomar Pomerado Health & Pacific MedicalBuilding, Ramona medical-officebuilding.

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SAN FRANCISCO—International design firmSteinberg has hired AsheshhSaheba as a principal of its local office. Saheba has twodecades of experience as a design architect, including five yearsin the San Francisco Bay Area, most recently as design director atHendel Architects LLP.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.