Beech Street Closes $32M for Apts.

FULLERTON, CA-Kristen Croxton and Greg Reed, SVPs at Beech Street Capital, have closed $32.7 million in Freddie Mac CME loans to refinance two apartment complexes here: La Villita and La Costa Apartments, operated as one complex; and the Streams Apartments. The portfolio totals 493 units and currently operates at or above 95% occupancy. Both properties were built in 1974 and have enjoyed recent capital improvements. Amenities include a pool, spa, sauna, BBQ area, storage and security patrol. The fixed-rate loans have a 10-year term and a 30-year amortizing schedule.

SAN DIEGO-Doug Austin, SVP and senior director of NorthMarq's San Diego regional office, has secured refinancing of $14 million for the Holiday Inn Express—Old Town, located at 1955 San Diego Ave. here. Financing for the 124-unit property was based on a 10-year fixed loan term and a 30-year amortization schedule. NorthMarq arranged the financing for the borrower, Best Rest Motel Inc., through its relationship with a CMBS lender.

ONTARIO, CA-Karlin Real Estate Lending has provided Centers Dynamic Inc., with a $9.2-million bridge loan to fund the acquisition of a vacant 45,650-square-foot Albertsons and refinance the debt on the existing inline space at Grove Plaza, a neighborhood shopping center at 1151-1161 Walnut Ave. here. With the acquisition of the grocery space, Centers Dynamic now owns 83,990 square feet of the 122,605-square-foot center. The remainder of the square footage is made up of five independently owned pad spaces. Grove Plaza is co-anchored by a CVS/pharmacy and features several national tenants including Kragen Auto Parts, Baskin Robbins, Subway, Burger King and Wells Fargo.

SALES

RANCHO CUCAMONGA, CA-Sacramento-based Fit Development LLC has purchased the Monet at Victoria Gardens Mall, a fully occupied, 31,407-square-foot retail center located at 12455 Victoria Gardens Lane here, from Indianapolis-based Monet in Rancho Development LLC for $13.2 million. The Monet is an outparcel to Victoria Gardens, a regional mall totaling more than 1.9 million square feet. Tenants at the Monet include Destination XL, Destination Maternity, Shakey's Pizza, Pacific Dental and others. Jeff Conover and Matt Mousavi of Faris Lee Investments represented the buyer as well as the seller. The sale garnered a high $420-per-square-foot price.

RESEDA, CA-Collins 36 Ltd., a Los Angeles-based private partnership, has purchased Reseda Plaza, a 10,000-square-foot shopping center at 18300 Vanowen near Reseda Blvd. and the 101 Freeway, from a private seller for $4.1 million. Paul Kenworthy of Charles Dunn Co. represented the buyer, while Cheryl Pester of NAI Capital represented the seller. The closing cap rate was 6%. The property is fully occupied with Popeye's Chicken as its anchor tenant.

DENVER-SARES•REGIS Multifamily Fund L.P. has acquired Arabella, a community of 156 apartments here, from Fairfield Properties for an undisclosed amount. Arabella is the center of the Denver Tech Center, an 850-acre business hub south of downtown with more than 25 million square feet of office and retail development. Improvements are planned throughout the property. 

IRVINE, CA-Auction.com facilitated the closing of six commercial assets in three states during the week ending October 4. The sales had a combined total value of more than $12 million. Among the highlights was a 340,554-square-foot multifamily asset in Houston. Casa Grande, which was listed by ARA, closed on September 27. In addition, Auction.com received two awards for its consumer residential property platform at the 5^th Annual Golden Bridge Awards banquet in San Francisco recently.  The company received the top honor with a Gold Award for Innovation in Consumer Brands, and the Silver Award for Innovation in Services.

SANTA ANA, CA-A private investor has sold a Carl's Jr./Green Burrito, a 4,006-square foot net-leased property located at 2511 South Bristol St. here, to another private investor for $2.5 million. Ron Duong of Marcus & Milllichap, had the exclusive listing to market the property on behalf of the seller, while the buyer was secured and represented by Kirk R. Garabedian, John F. Rodiles and Jin Kang, also of M&M.

DEVELOPMENT

GLENDALE, CA-Rosano Partners is offering for sale an apartment/condo development site just outside of Glendale. With an asking price of $1.7 million, the property features 2,800 square feet of retail buildings and a 1,200-square-foot single-family home on a 26,723-square-foot lot. The property can generate roughly $6,500 per month during the entitlement process, and numerous multifamily developments are taking place in the vicinity.

LEASES

HAYWARD, CA-Winton Industrial Center Inc. has inked two new leases totaling approximately 110,777 square feet at Winton Industrial Center here. EDE Group Inc., dba SEKO, a transportation logistics company, was occupying approximately 37,358 square feet of warehouse space at 2816 West Winton Ave. here before renewing and expanding into the adjacent roughly 44,799-square-foot space for a total of  about 82,157 square feet of warehouse in the center. Also, ThyssenKrupp Industrial Services, a provider of customized product management solutions, has leased about 28,620 square feet at 2878 West Winton Ave., a move from its previous roughly 15,439-square-foot facility in Union City. Greig Lagomarsino, Rick Keely and Nick Ousman of Colliers International's Oakland office represented the landlord in both transactions. Lagomarsino and Ousman also represented ThyssenKrupp in its move.

COMMERCE, CA-Terreno Realty Corp. has executed a lease for 64,320 square feet at Garfield Business Center, its industrial property here, to a regional grocer. The lease commences November 1 and expires March 31, 2019.

KIRKLAND, WA-Aura Bakery & Coffee Bar has leased space at 116th Central Way, downtown. Bill Cooper and Taylor Olson of Colliers International Bellevue represented the tenant in leasing the space. Magellan Architects designed the space, while TCI Inc. were the general contractors. Wallace Properties represents the owner of the property.

EXECUTIVE MOVES

SAN DIEGO-Builder C.W. Driver has promoted Richard Freeark to SVP of the firm's San Diego office. Freeark will oversee the office operations and all of the company's projects within the region. With the firm for 11 years, he is an industry veteran of 34 years with a specific expertise in the higher education and healthcare construction markets.

SAN DIEGO-Phillip Linton will join CBRE's UTC office as first VP, where he will focus on owner-occupied office and industrial properties. Linton comes to the firm from Cassidy Turley, where he successfully negotiated the sale of over 200 properties, including the 200,000 square foot South Bay Corporate Center in National City.