SAN DIEGO, CA—CNL Healthcare has purchased two medical office properties at Doctors Park in the Chula Vista submarket of San Diego, a supply-constrained medial office market with rising rents. CNL Healthcare purchased the 31,000-square-foot assets for $15 million. Both buildings are 100% leased. JLL managing directors Bob Prendergast, Lynn LaChapelle and Paul Braun represented the seller, along with JLL SVP Steve Leathers, VP Chris Ross and associate John Morrison. The buyer represented itself.
SALES
SAN DIEGO, CA—Capstone Advisors has a purchased a 30,421-square-foot retail space from America Assets Trust for $12.7 million. Located at 10155-10195 Rancho Carmel Drive in Carmel Mountain Ranch, the property is 96% leased with a tenant roster that includes USE Credit Union, Starbucks, and Oggi's Pizza and Brewing. Philip Voorhees of CBRE represented the seller, while Capstone Advisors represented itself.
SANTA ANA, CA—The Bascom Group has acquired a 44-unit multifamily property in Santa Ana, CA, for $8.5 million. Located at 2140 South Main Street, the property has a mix of studios, one- and two-bedroom apartments and four retail spaces. Bascom was attracted to the asset because of its prime location and value-add component.
LOS ANGELES—An investor under the name Gresham Villa Toscana LLC has purchased the Villa Toscana Apartments for $11.5 million from a joint venture between Pacific Crest Realty and a private equity investment partner. The 49-unit property has a mix of one-, two- and three-bedroom units and features a pool, fitness center, courtyard and garage parking. Blake Rogers of HFF represented the seller. HFF also secured $7.2 million in debt for the purchase, with Marc Schillinger representing the buyer.
FINANCING
SAN DIEGO, CA—Wintercrest Village Apartments, 354-unit multifamily property, has secured a $25 million refinancing loan. SVPs Marty Meagher and Gardiner Champlin of NorthMarq Capital negotiated the loan, which has a fully amortized 25-year term with low leverage and a fixed rate.
EL SEGUNDO, CA—Pride Center Co. has secured a $10.2 million loan to refinance Pride Center, an 185,265-square-foot shopping center on 13.88 acres of land. Venture West Funding secured the seven-year, fixed-rate loan through Farmers & Merchants Bank.
LOS ANGELES—The owner of Lakeview Center Terrace, a 78,634-square-foot shopping center, has secured a $9.7 million refinancing loan. David R. Blum, senior vice president/senior director and Ory Schwartz, senior vice president/managing director of NorthMarq Capital secured the funds on behalf of the borrower. The loan has a 10-year term with 1.5 years interest only followed by a 30-year amortization schedule and was funded by a CMBS lender.
EMPLOYMENT
SAN DIEGO, CA—Marcus and Millichap has named Alvin Mansour as EVP of investments in the firm's San Diego office. Mansour formally served as SVP of investments for the firm after joining the firm in 2003 as an agent specializing in the institutional retail and net-leased property sectors. During his tenure with the firm, he has closed $600 million in investment property transactions.
IRVINE, CA—JLL has tapped Zane Sweet to join the firm as SVP in the firm's capital markets practice to focus on debt and equity placement for all property types. Sweet joins the firm from an unnamed national mortgage-banking firm, and has previously held positions at HFF, AIMCO, Fremont Investment & Loan, and Cushman & Wakefield. In his career, he has closed $2 billion in transactions.
SAN DIEGO, CA—John Hecht returns to Hecht Solberg Robinson Goldberg & Bagley LLP as of counsel to expand the firm's common interest development group. In this role, he will advise and oversee the structures and overall concepts of common interest developments.
NEW DEVELOPMENT
DENVER, CO—Public Storage is expanding in the Denver market with a newly constructed self-storage facility. Located at 10298 E. 45th Street in the Stapleton submarket of Denver, the property will give the surrounding residents 700 additional self-storage units and brings Public Storage's total Denver property count to 50.
SAN DIEGO, CA—Zephyr has unveiled Summerhouse Carlsbad, a collection of 35 luxury beach condos. The units offer views of the ocean and direct beach access, while onsite amenities include a pool, fire pits and cabanas and a fitness center. The property has a mix of two- and three-bedroom units with top-of-the-line appliances, spacious kitchens and designer-picked fixtures and cabinets. Prices for the units range from $1.3 million to $2.4 million.
COMMUNITY
NAIOP SoCal Young Professionals Group Alumni welcomed NAIOP SoCal members to Hike for the Cure at Crystal Cove in Orange County, a hike to raise funds for acute myeloid leukemia, a deadly blood cancer. After the hike, professionals gathered at El Ranchito in Corona del Mar for a networking event.
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Kelsi Maree Borland
