MISSION VIEJO, CA—ValueRock Realty Partners has acquired Mission Viejo Garden Plaza, a nine-building office and retail property totaling 67,000 square feet here, for an undisclosed price. The firm paid all-cash for the asset, situated at one of Mission Viejo's key intersections at the northwest corner of La Paz Rd. and Marguerite Pkwy. ValueRock plans to add value to Mission Viejo Garden Plaza by making improvements to its on-site signage, completing cosmetic upgrades and ultimately leasing the property at market rates. The property includes interconnected two-story buildings featuring a blend of California Ranch and Spanish Colonial architecture. Peter Beauchamp, Brian Corrigan and Mark Sigler of Voit Real Estate Services represented ValueRock and the seller in the transaction.

SPARKS, NV—An unnamed seller has sold the Villas at D'Andrea, a class-A, REO, 256-unit garden-style multifamily community here to Oakmont Properties, a Northern California-based private investor, for $32 million or $125,000 per door. CBRE'snational loan sale advisory group and CBRE Reno's Aiman Noursoultanova arranged the sale. CBRE also arranged financing for the acquisition through its debt & equity group and represented the seller. The property listing garnered a record level of activity with both private and institutional buyers submitting bids and ultimately led to a record price for this property type in the Northern Nevada region.

CARLSBAD, CA—Pacific Realty Advisors Inc. has sold Carlsbad Corporate Office, a 121,500-square-foot office building at 1950 Camino Vida Roble here, to Buchanan Street Partners LP for $19.5 million. PRA originally bought the property in October 2012 for $16.8 million. The building is 100% leased to three tenants. Brad Tecca and Rick Reeder with DTZ handled the transaction for the buyer and seller. 

DEVELOPMENT

LAGUNA NIGUEL, CA—Shea Properties' renovation of Ocean Ranch Village, a grocery-anchored neighborhood center with 150,000 square feet of retail, dining and entertainment located at the corner of Avion and Golden Lantern here, has been completed. The center's remodel added pedestrian access from the elevated street level into a gathering area that includes a stone fire pit with lounge-like seating, a heated shade structure and a staging area for music performances. Existing cracked and lifting concrete sidewalks were replaced with contemporary paving stones and landscaping was replaced with a mix of drought-tolerant, native and architectural plant materials. The wood building fascia was replaced with new weather-resistant planking providing a clean, stylized backdrop for tenant signage. The center is anchored by Trader Joe's, Pier 1 Imports, Bed Bath & Beyond, Aaron Brothers, 24 Hour Fitness, Savannah Chop House, Fred's Mexican Café and the newly opened Cinépolis luxury cinemas.

ENGLEWOOD, CO—The Opus Group has completed construction on an approximately 85,000-square-foot build-to-suit industrial/office/flex and data-center building for Charter at the Compark Business Campus here. The facility is the eighth project Opus and previous Opus companies have developed in collaboration with Mike Vickers at the campus. It features approximately 50,000 square feet of flexible office space, conference rooms and break areas; 24-foot clear height; and a mezzanine level. The data center is an approximately 25,000-square-foot state-of-the-art facility. Opus Design Build LLC will partner with Charter as it completes tenant improvements on 10,000 square feet of white box space, as well as to construct an approximately 8,000-square-foot mezzanine level above the white box space, which will be completed this summer.

LAS VEGAS—Miracle Mile Shops has begun construction to convert Harmon Avenue, a 60,000-square-foot area on the Shops' south end,into a restaurant and entertainment destination. Once completed, the area will feature a completely redesigned look and feel as well as multiple new concepts including Buffalo Wild Wings, Texas Land & Cattle. As part of the redesign, an expanded sidewalk as well as overall streetscaping is slated to debut this fall as well. The center will also welcome multiple new stores this year, including Flight 23 by Footaction and Alex and Ani.

LEASES

CULVER CITY, CA--jumP LA, a creative editorial boutique focusing on commercials, features, short films, music videos and emerging media content, has signed a five-year, $1.5-million, 7,000-square-foot lease renewal at 3123 S La Cienega Blvd. here with a joint venture between Alcion Ventures and Genton Property Group. Avison Young's Jeff Vertun represented jumP LA, while the landlord was represented by Lincoln Property Co.

TORRANCE, CA—Occupational Therapy Training Program Los Angeles has signed a five-year, $1.5-million, 19,856-square-foot lease renewal at 19401 S. Vermont here with Harbor Gateway LLC for space within Harbor Gateway Garden Office Park, a 94,112-square-foot, nine-building office property. Chris Runyen, senior managing director with Charles Dunn Co., represented the tenant; the landlord was represented by Dwight Everest of Sunny Hills–Palladium.

RANCHO MIRAGE, CA—Following a just-begun major repositioning of the Rancho Las Palmas Shopping Center at the intersection of Bob Hope Dr. and US Hwy. 111 by Canyon Catalyst Fund, the Canyon Capital Realty Advisors' emerging manager program and Paragon Commercial Group, the upgraded shopping center will be anchored by a 48,000-square foot Hobby Lobby, a 30,000-square-foot Stein Mart and a new CVS/pharmacy.

FINANCING

IRVINE, CA—HFF has secured a $41.3-million construction-to-permanent loan for the Hoag Health Center–Irvine, a to-be-built 150,000-square-foot medical-office development here, on behalf of San Diego-based Pacific Medical Buildings. HFF, which is also servicing the loan, was able to secure the 12-year, fixed-rate loan through a correspondent life insurance company. The loan is interest-only during the two-year construction period, and the fixed rate was locked over eight months in advance of the loan closing. The HFF team was led by director Zach Koucos and senior managing directors Aldon Cole and Tim Wright; Jake Rohe and Ben Ryan led the transaction for PMB.

EL CAJON, CA—Marty Meagher, SVP, and Gardiner Champlin, SVP, of NorthMarq Capital's San Diego-based regional office, have secured the $10.5-million refinance of Hunter's Run Apartments, a 218-unit multifamily property located at 532 Broadway here, on behalf of an unnamed borrower. The low-leverage, 10-year loan transaction was structured with interest-only payments for the full loan term. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

EASTVALE, CA—Adam Deermount, managing director, and Dave Kidder, managing director, of Landmark Capital Advisors led a team that has arranged $5 million of joint-venture equity capital for the re-entitlement of 76 net acres of land here on behalf of Summit Development Corp.,a Newport Beach-based industrial developer and operator focused on value-add and development opportunities. Landmark completed the complex entitlement deal in less than two months, securing the commitment through two separate investment groups, a family office and a high-net-worth investor, with the intent to revise the specific plan and record a map on the site.

EXECUTIVE APPOINTMENTS

IRVINE, CA—HomeUnion, an online real estate investment management firm specializing in single-family-rental properties for the individual investor, has hired Julie Manthey as senior director of asset management, reporting to CP Pal, chief financial officer. The new position is designed to ensure the consistent quality asset management services in all HomeUnion markets. Manthey, a seasoned veteran in property investment management, is a certified property manager and brings to HomeUnion more than 25 years of expertise in investor relations, sales, acquisitions, dispositions, receiverships, property repositioning, fund management, and marketing in the residential single-family and multifamily segments.  She has held senior positions at the Western National Group, the Irvine Co. and Home Properties of New York.   

IRVINE, CA—Bellwether Enterprise Real Estate Capital LLC has hired multifamily and commercial real estate veteran Doug Taylor as SVP. Taylor will be based in the company's western regional office here and will be actively involved in the origination of multifamily and commercial real estate debt financing throughout the US. Prior to joining Bellwether, Taylor was SVP for Capital One Multifamily Finance, where he was responsible for commercial loan originations across the country.

ORANGE COUNTY, CA—The Orange County office of Coldwell Banker Commercial Alliance has hired Michael Ward as a retail investment advisor and VP and Marc Jones as an EVP and office leasing broker. In his new position, Ward will specialize in advising clients with the acquisition and disposition of retail properties throughout the western US, with a primary focus on the Southern California region. He has over 15 years of commercial real estate experience. Prior to joining CBC Alliance, Ward worked as a retail investment advisor at Faris Lee Investments. Jones, a 27-year commercial real estate veteran, will represent both corporate tenants and landlords throughout the Orange County market. He has been with Studley, Maguire Partners and then spent 10 years as a first VP at Arden Realty, Inc.