Sendero Sells 350+ Homes in Six Months

RANCHO MISSION VIEJO, CA-Following its grand opening just six months ago, more than 350 homes in the village of Sendero here have been sold as part of the new 14,000-home master-planned ranch community of Rancho Mission Viejo here in South Orange County. Ranging from the high $300,000s to over $1 million, the 940-home village is attracting a diverse community of mixed-age residents to 11 new-home neighborhoods. Sendero is the first of several inter-generational villages planned for the community. Approximately 10,000 potential buyers attended the grand opening of Sendero in late June, and nearly 40,000 people have toured the village and its neighborhoods, offered by eight different homebuilders including Del Webb, Meritage Homes, Ryland, Homes, SeaCountry Homes, Shea Homes, Standard Pacific Homes, TriPointe Homes and William Lyon Homes. Construction will commence next year on approximately 285 apartment units by Western National Group.

SPARKS, NV-A private investor based in North Carolina has sold Sparks Galleria Shopping Center, a 633,498-square-foot shopping center here, for $26.2 million. Rick Kaiser of New York-based Cohen Real Estate represented the seller, while Michael Cleeman of Cohen Real Estate represented buyer Pine Tree Commercial Realty, headquartered in Chicago. The Sparks Galleria is a retail power shopping center that serves much of the Sparks trade area. It is strategically located at the intersection of Pyramid Hwy. and Disc Dr. in the heart of Sparks' “Spanish Springs” master-planned community.  The property is anchored by Costco and Home Depot that were not part of the sale, with co-tenants including Starbucks, Office Depot, Qdoba, GNC, Gamestop and a number of other national retailers.  The center was 57% occupied at the time of the sale, having lost a couple of anchors during the real estate downturn. 

LOS ANGELES-A privately held real estate investment firm has completed the sale of a three-building, 107-unit multifamily portfolio located in the Koreatown submarket here. The three properties were sold in a single transaction that totaled $8.8 million and involved the buyer assuming the existing first-trust deeds and adding supplemental debt to the loan balance. Darin Beebower, a partner at Madison Partners, represented both the buyer and seller in the transaction. Beebower had arranged another transaction between the same parties in 2012. The three properties ranged in size from 27 to 40 units and were all located within one block of each other on 407, 530 and 531 S. Kenmore Ave.

WEST LOS ANGELES, CA-Local seller KWP Investments has sold a fully occupied, nine-unit, non-rent-controlled multifamily property located at 11235 Richland Ave. here near Sepulveda Blvd. to Tai On Investments LLC of Glendale for $3 million. The closing cap rate was 4.7%. Michel Hibbert of Charles Dunn Co. represented both parties in the transaction. Built in 1987, the two-story property was recently renovated and includes two one-bedroom/one-bathroom units and seven two-bedroom/two-bathroom units. The property also offers 17 parking spaces, a laundry facility, and secured entry.

LEASES

NORTHERN CALIFORNIA-Transwestern has brokered leases on behalf of two retail tenants. 9Round Fitness & Kickboxing assumed a 1,300-square-foot lease for five years in the Diablo Plaza at 2415 San Ramon Valley Rd, in San Ramon, CA, and Buon Vino Manufacturing has signed a 1,635-square-foot lease for three years at 1545 Locust St. in downtown Walnut Creek, CA. Transwestern senior associate Colby Mikulich represented both tenants. He was assisted by VP Matt Hurd in the representation of 9Round Fitness & Kickboxing. In the representation of Buon Vino Manufacturing, Mikulich was assisted by managing director Ed Del Beccaro and SVP John Sechser. Diablo Plaza and its parent company, Regency Centers, were represented by Gwen White of Cornish and Carey Commercial Newmark Knight Frank. Representing the landlord at 1545 Locust St. were Mikulich, Del Beccaro and Sechser.

FINANCING

LAS VEGAS-Norris, Beggs & Simpson Financial Services president Ken Griggs and finance officer Paddy Ryan have arranged $10.75 million for Acacia Springs, a 161-unit assisted-living facility here. Griggs and Ryan represented the borrower, Walter Bowen, of BDC Las Vegas LLC. Financing was placed through a union labor pension fund as a non-recourse, cash-out loan. Terms included an approximate 65% loan-to-value on a five-year term with a 25-year amortization schedule.

EXECUTIVE APPOINTMENTS

IRVINE, CA-Steve Gabbert, director of sustainability for builder Snyder Langston, has been elected by the Orange County Chapter of the U.S. Green Building Council to serve on its board of directors for the 2014-2015 term. This new board position is an extension of Snyder Langston's passion for leading its sustainability initiative.  In addition, the firm has earned Green Firm Certification by the Sustainable Performance Institute, an organization for the development industry aimed at promoting continuous improvement in professional practice so that sustainable, regenerative design is a natural extension of best practices in the profession. Snyder Langston pursued the certification, recognizing the ongoing demand for sustainability services across its own company and culture and as a necessary tool in its client work throughout California.

SAN DIEGO-BioMed Realty Trust Inc. has appointed Dr. William R. Brody to its board of directors, increasing the board to nine members. Brody has served as president of the Salk Institute for Biological Studies since March 2009. He previously served as president of the Johns Hopkins University from 1996 to 2009. Brody currently serves on the board of directors and corporate governance committee of International Business Machines Corp., and on the board of directors and compensation committee of Novartis AG.  He is also an independent director and trustee for funds of T. Rowe Price and a member of the board of trustees of Stanford University. In other BioMed news, the firm's board of directors has declared a fourth quarter 2013 dividend of $0.25 per share of common stock, representing a 6.4% increase over the company's third quarter 2013 dividend of $0.235 per share. The dividend is equivalent to an annualized dividend of $1.00 per common share. The common stock dividend is payable on January 15, 2014, to stockholders of record at the close of business on December 31, 2013.