CARLSBAD, CA—A 161,310-square-foot manufacturing/R&D building at 2819 Loker Ave. E. here has been sold by JP Morgan Chase to Hines Interests Limited Partnership for $23.4 million. Cassidy Turley represented the seller, while the buyer represented itself in the transaction. The building has been occupied by sole tenant Acushnet, a golf-related company composed of the Titleist, Footjoy, Pinnacle and Scotty Cameron brands, for more than 15 years.

RENO, NV—An undisclosed seller has sold its $15.8-million leasehold interest in Brookside Corporate Center, a 94%-leased portfolio composed of three class-A industrial buildings here totaling approximately 261,141 square feet, to Libitzky Property Cos. The HFF investment sales team representing the seller included managing director Steve Golubchik, director John Simerlein and real estate analyst Josh DiSalle. The buildings are located on 17.58 acres adjacent to the Reno-Tahoe International Airport and are on a ground lease owned by the Reno-Tahoe Airport Authority.

NORTH HOLLYWOOD, CA—SoCal Macapital LLC has sold a 12-unit multifamily property at 6648-6650 Lemp Ave. here to Duck and Cover Productions for an undisclosed price. Christopher Arvizu, VP with NAI Capital's Orange County office, represented the seller. In other HFF news, Genesee Plaza, a 161,184-square-foot, multi-tenant office and medical office campus in San Diego's University Town Center submarket, has been sold by DivcoWest to Polidev Investments Inc. for an undisclosed amount. The HFF investment sales team representing the seller was led by senior managing directors Nick Psyllos, Ryan Gallagher and Michael Leggett, director Nick Frasco, and senior real estate analyst Kara Mathis. HFF debt placement team representing the buyer was led by director Jordan Angel and senior managing director Aldon Cole, who arranged acquisition financing.

TUKWILA, WA—HRA SPVEF II LLC has sold Newport Heights Apartments, an 80-unit apartment building at 5600 S. 152^nd St. here, to Woodspear Newport Heights LLC for $10.5 million or $131,562 per unit. Colliers International's Joe Levin, Tim McKay and Dan Chhan represented the seller in the transaction.

GALT, CA—The Ichord Family has purchased a 17,272-square-foot Rite Aid Pharmacy at Twin Cities Rd. and Carillon Blvd. here for $7.2 million from Carillon Corners LLC. TRI Commercial/CORFAC International's senior investment advisor Bob King represented the buyer. The property sold at a 6% cap rate, and Rite Aid is obligated to lease the building for 14 years plus extension options with a 10% rental-rate increase at year 11% and 5% rental increases in the option periods thereafter.

SAN DIEGO—Nick Price, VP in Voit Real Estate Services' San Diego office, assisted Charter Industrial Supply in its purchase of a 23,608-square-foot industrial building at 7832 Ostrow St. here and later sold Charter's previous building, a 15,488-square-foot industrial building at 7150 Carroll Rd. here, for $2.7 million to Empire Electrical Supply. The new owner will use the building for office, storage and distribution of electrical supplies and contracting work.  

IMPERIAL BEACH, CA—William R. Mundt Trust has sold a hotel site located at 1046 Seacoast Dr. here and bounded by Imperial Beach Blvd., Ebony Ave. and the Pacific Ocean to Imperial Beach Resort LLC for $5.5 million. This 37,800-square-foot parcel has been approved by the City of Imperial Beach for a 79-room boutique hotel with 115 underground parking spaces and 10,000 square feet of meeting, convention and restaurant space. Richard Murdock, principal of Lee & Associates' San Diego office, handled the transaction.

TUSTIN, CA—Shabani Investments LLC has sold a 16,986-square-foot industrial building at 14282 Chambers Rd. here to Subaru Research and Development Inc. for $3.4 million. Matt Durkin of Lee & Associates Newport Beach Inc. represented the seller, and CBRE represented the buyer. In addition, Research Property LLC has sold a 9,900-square-foot office building at 8855 Research Dr. in Irvine, CA, to FNIS Holdings LLC for $3.4 million. Bob Rieden of Lee & Associates Newport Beach represented the seller, and Blake Garrett of Cushman and Wakefield represented the buyer.

DEVELOPMENT

SAN MARCOS, CA—Tustin, CA-based C&C Development has completed construction of the ParkView Apartments, a mixed-use community on approximately 4.04 acres at 363 Autumn Dr. here that encompasses 84 affordable family apartments. The transit-oriented property is a key element in the City of San Marcos' urban-revitalization program and is a joint venture between the city, C&C Development, Hitzke Development and Solutions for Change. Funding for the $32.6-million development consists of 9% low-income housing tax credits issued by the California Tax Credit Allocation Committee; tax credit investor Boston Capital; Chase Bank, which provided the construction and permanent loans; California Housing Finance Agency; and funding from the City of San Marcos for land acquisition that encompassed nine separate parcels.

FINANCING

PLEASANT HILL, CA—Dennis Williams, managing director of NorthMarq Capital's San Francisco-based regional office, has arranged a $15-million refinance of Crossroads Shopping Center, a 92,500-square-foot retail property at 2316 Monument Blvd. here. Financing for the borrower through NorthMarq's correspondent relationship with a life insurance company. The transaction was structured with a 20-year term fully amortizing loan. Tenants include Dick's Sporting Goods and DSW Shoe Warehouse.

UTAH—Premiant Development LLC has secured $15 million in refinancing proceeds for two existing multifamily developments in the state of Utah. Pamela Mikus, founder and sole owner of Premiant, worked with the owners to find the best terms, rates, and leverage to buy out the existing limited partners, pay off subsidy loans and higher interest rate debt. New financing for the properties included variable-rate, seven-year term debt with an initial two-year interest-only period at rates of less than 2.6%. Citibank served as originator for the Freddie Mac Targeted Affordable CME loans. The properties will be renovated with a portion of the refinancing proceeds.           

FAIRFIELD, CA—Cohen Financial has secured a $6.6-million refinancing loan for the Woodcreek Plaza, a retail center here. A Raley's grocery store anchors the center, which is fully leased. Paul Schroeder, a managing director in Cohen Financial's San Francisco office, secured the fixed-rate, non-recourse loan with Sun Life of Canada.

EXECUTIVE APPOINTMENTS

SEATTLE—Multifamily management firm Pinnacle has promoted Stewart Hill to VP of client services. In this role, he is charged with building new business opportunities within the company's western division and managing relationships with new and existing institutional clients. Additionally, Hill will continue his duties as a partner relations director providing high-level support for an affordable housing portfolio composed of more than 100 properties and 19,000 units across the US. Hill joined Pinnacle in 2008 as partner relations director for Cascade Affordable Housing. He will continue to act as a primary liaison between non-profit organizations, and government partners while representing Pinnacle's full-service platform to investors, lenders, and agencies across the country.

PORTLAND, OR—Marcus & Millichap has promoted Adam Lewis to regional manager of the Portland office. Lewis joined the firm in July 2008 as an agent in the Salt Lake City office and received the firm's Pace Setter award that year. In July 2013, Lewis joined the management team as sales manager of the firm's Salt Lake City office. He relocated to the firm's Portland office in October 2013 to become the sales manager there.

ECONOMY

CYPRESS, CA—According to Fitch Ratings, total spending on home-improvement projects will increase by 6% in 2015, as it did in 2014. Closets By Design, for example, is reporting “a rising demand for organizational systems of all sizes for various areas of the house, including home offices, pantries and mudrooms,” according to president Jerry Egner. “We are also experiencing a significant increase in jobs related to additional storage space and customized work stations in the garage as an extension of the home.” Closets By Design franchisees are not only seeing an increase in the number of projects, but customers are also consistently upgrading purchases well above the basic options, Egner says.

PARTNERSHIPS

IRVINE, CA—RealtyTrac has selected the Keyes Co. as the newest member of the company's exclusive broker program. Keyes has more than 2,200 associates in more than 35 branch offices located throughout Miami-Dade, Broward, Palm Beach, St Lucie, Martin and Volusia counties in Southern Florida. Keyes will now become RealtyTrac's expert industry source in the Southern Florida region for RealtyTrac's media reports and will also be exclusively featured throughout realtytrac.com and homefacts.com through this partnership.

AWARDS

ORANGE COUNTY, CA—Nominations are now open for the fourth annual SPIRE Awards, an Orange County-based commercial real estate industry awards program that recognizes the achievements of men and women throughout Orange County.  Nomination forms for the awards, which are due by Tuesday, January 20, are available for online submission at www.crewocspireawards.com. As part of the 2015 SPIRE Awards program, CREW-OC will recognize individuals or teams in the categories of: new construction, building renovations, tenant improvements, best in leasing, best in sales, most-significant loan, woman in commercial real estate and philanthropist. The fourth annual SPIRE Awards will be presented on Feb. 26 during a cocktail reception at the Center Club in Costa Mesa, CA. This year's keynote speaker for the event will be California State Senator Janet Nguyen.

PHILANTHROPY

IRVINE, CA—Retail investment sales firm Hanley Investment Group recently concluded its fourth annual Movember campaign to raise funds and awareness for men's health. Through this year's fundraising efforts, the firm raised more than $27,764, exceeding its goal of $25,000. In four years, the firm has raised more than $67,000 for Movember. Hanley's team was composed of 16 MoBros (men who grow moustaches for the month of November), and four MoSistas (women who support the men in their life growing moustaches).