COSTA MESA, CA—M.V. Partners has completed Azulón at Mesa Verde, a 215-unit age-qualified market-rate apartment community. Nearly 70 apartments are occupied in the complex, which features a Santa Barbara-style, resort-inspired ambiance for renters 55-plus. The community is located at 1500 Mesa Verde Dr. E. here and is the first new 55-plus community built in Costa Mesa in decades.

MADERA COUNTY, CA—Tesoro Viejo, a master-planned community in Southeastern Madera County, has received the unanimous approval of its first Village by the Madera County Planning Commission. The community, to be developed by the McCaffrey Group and Lyles United, will be located on a hilly 1,600-acre site at the foot of Little Table Mountain. It will offer housing and business opportunities, a walkable town center, green living, industry and neighborhood parks and schools where residents can live, work and play. The community will also include approximately 400 acres of natural open spaces and parks, as well as a recreational clubhouse, elementary school, community medical pavilion, and neighborhood fitness areas. Plans call for seven unique walkable villages with a variety of housing choices ranging from courtyard-living designs to ranch-style hillside estates.

SEATTLE—Development is progressing on REVOLVE's first Seattle projects Yardhouse and 1315 Jefferson. Located at 1406 East Republican St., the 35-unit Yardhouse apartment community is slated to open in December. Meanwhile, 1315 Jefferson at 1315 East Jefferson St., a 32-unit mixed-use infill project, will break ground by the end of the year.


LA MESA, CA—JH/TMP La Mesa, an affiliate of JH Real Estate Partners Inc., has sold 124 Central Park La Mesa condominium rental homes at 5636 Amaya Dr. here for $28.3 million to VLD Sweetwater LP and Central Park Partners LP, partnerships controlled by San Diego-based R&V Management. The CBRE multifamily team of Dixie Hall, Kevin Mulhern and Rachel Parsons represented the seller.

RIALTO, CA—Liberty Property Trust has purchased 1920 W. Baseline Rd. here, a 373,771-square-foot industrial property that is currently vacant, for $27.3 million from an undisclosed seller. This is the second vacant distribution building purchased by Liberty this year; the firm secured a tenant for the first acquisition within three months of purchase.

LONG BEACH, CA—A private investor from Huntington Beach, CA, has purchased a 15,200-square-foot, freestanding, single-tenant Walgreens including a 24-hour drive-thru at 2627 Pacific Ave. from a private investor from West Covina, CA, for $6.5 million. Hanley Investment Group Real Estate Advisors' Edward B. Hanley, Kevin T. Fryman and Eric P. Wohl represented the seller, while the buyer was represented by Nick Peukpiboon and Lara Rudolph of Daum Commercial Real Estate Services of City of Industry, CA, and Adam Friedlander of Marcus & Millichap of Long Beach. The purchase price represented a cap rate of 5.4%.

LOS ANGELES—Locally based Sam Jung Enterprises has purchased a 24,400-square-foot light industrial building at 1929 W. Pico Blvd. for $3 million from Namco Liquidating Trust. Built in 1965, the property is situated on .73 acres of land and is fully occupied by Loomis, an armored car transport service. Chris Steck, senior director with Charles Dunn Co., represented the buyer, while Stacy Vierheilig-Fraser, senior managing director with Charles Dunn, represented the seller. In addition, Michel Hibbert of Charles Dunn represented seller Bellevue Development Ventures LLC in the $8.1-million sale of a 95%-occupied, 33-unit, non-rent-controlled multifamily property at 1154 Bellevue Ave. in the Echo Park neighborhood here to Unison Investment Co., which was represented by John Chu of New Life Properties. The closing cap rate was 4.7%, and the price per square foot was $411.

SALT LAKE CITY—A pension fund that is advised by KBS Realty Advisors has acquired Millrock Park, a class-A office park located in the Cottonwood Heights submarket of Salt Lake City. Built between 2005 and 2008, the four-building property totals 488,623 square feet of rentable space on 22 acres of land. Millrock Park was 100% leased at the time of the sale.

DENVER—Pathfinder Partners LLC has sold the Grant Street Mansion, a 20,000-square-foot, historically designated mansion at 1115 Grant St. here to Unbridled Holdings LLC for an undisclosed amount. Grant Street was built in 1892 and features late Victorian-era, Queen Anne-style architecture with ornate embellishments, milled woodwork and quarter-sewn oak. Pathfinder invested $200,000 to convert several unused suites to rentable offices, improve the landscaping and security and cure deferred maintenance. Following the completion of the capital improvements, Pathfinder leased the vacant suites, boosted the rents and stabilized the property's operations. Grant Street was 95% occupied at the time of sale. Tim Finholm of Unique Properties brokered the transaction.


NEWPORT BEACH, CA—Stifel Nicolas & Co. Inc., a full-service brokerage and investment-banking firm, has signed a lease with the Irvine Co. for 17,759 square feet of office space at the 21-story 520 Newport Center Dr. here. CBRE's Andy Nott represented the tenant. Stifel will occupy the entire 15th floor in the class-A, LEED-certified, 331,000-square-feet office building.

COSTA MESA, CA— Chef Amar Santana and business partner Ahmed Labbate have leased a 2,757-square foot restaurant at Park Tower here to open their second restaurant, Vaca, in the summer of 2015. The restaurant will offer traditional Spanish cuisine with a creative twist, a wide variety of steaks, and small and shared plates. Cushman & Wakefield's Rick Kaplan, Robert Lambert and Matt Moore represented the ownership in the transaction. Located adjacent to the Segerstrom Center for the Arts and South Coast Plaza, the eatery will serve lunch and dinner.

SALE LAKE CITY—Progrexion, a nationwide consumer credit repair company, has leased 48,000 square feet at 257 Tower, a class-A, CBD office building here, bringing the building's occupancy to 93%. Eric Smith with CBRE represented Nearon Enterprises, the building's owner, in the transaction. Jason England and Scott Bennion with England Real Estate Co. represented the tenant.


TUALATIN, OR—The Seattle office of Berkadia Commercial Mortgage LLC has originated $19 million to acquire Tualatin Meadows, a 240-unit multifamily property at 18755 SW 90 Ave. here. SVP Jeff Stuart worked with the borrower, Affordable Housing Associates, to close the seven-year, floating-rate financing through Berkadia's Freddie Mac program. The borrower utilized the loan that was constructed in 2000 with Low Income Housing Tax Credits. The loan features a 2.37% interest rate, 80% loan-to-value ratio and a 30-year amortization schedule.


IRVINE, CA—BKM Capital Partnershas formally announced its board of advisors, which includes former CEO/chairman of Morgan Stanley John J. Mack; Paul Dolinoy,former president of Equitable Real Estate Investment Management; and Jeff Gehl, managing principal andco-founder of RCP Advisors. These three business leaders join BKM's co-founders Brian Malliet and Nima Taghavi on the board.The firm has also hired two executive stafffund management experts, Michael Hernstad and Charlie Ittner.

SEATTLE—Jones Lang LaSalle has hired Ryan Kadletz as VP on its local tenant-rep team. Kadletz will provide real estate advisory services to existing clients and work to expand the firm's footprint in the local market from the downtown Seattle office. Prior to joining the company, he worked for CBRE and Kidder Mathews.

IRVINE, CA—The Retail Brokers Network, a retail networking group whose members specialize in retail real estate brokerage, has selected Brad Umansky as its new western regional drector. In this role, Umansky will be responsible for helping grow the RBN brand within the western region, recruiting new firms to be part of the RBN network as well as facilitating connectivity and sharing of brokerage “Best Practices” amongst the 13 western region member offices. Umansky has more than 20 years of retail real estate experience and is the founder and president of Progressive Real Estate Partners.




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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on 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.