IRVINE, CA—Too Faced Cosmetics has signed a 104-month lease with Bixby Land Co. to occupy the entire ground floor at the creative-office development at 18231 W. McDurmott here. The project was completed by Bixby in September 2014. Too Faced is relocating from an 11,000-square-foot building here and is effectively tripling the size of its operation to support growth. The tenant is working on an interior-space design with Gensler and will take occupancy later this year. Financial terms of the lease were not disclosed. Too Faced was represented in the transaction by Byron Foss of Newmark Grubb Knight Frank, while Bixby was represented by Bob Thagard of Orion Partners and John Griffin of Voit Real Estate Services.
TUSTIN, CA—Coreland Cos.' brokerage division has been awarded five new retail leasing assignments, including two in Los Angeles County and three in Orange County. Plaza on the Boulevard is a 100,000-square-foot Walmart Neighborhood Market-anchored center in Stanton, CA. Coreland's director of retail brokerage Matt Hammond and associate Tim Muller will handle the leasing assignment. Strawberry Square Shopping Center is an 80,000-square-foot neighborhood center in Gardena. Senior associate Ben Terry and Hammond will handle the leasing assignment. 3033 Bristol is a 40,000-square-foot neighborhood shopping center located steps from the Lab and the Camp in Costa Mesa. Hammond and senior associate Joseph Kim will handle the leasing assignment. Additional listings include Placentia Plaza, a 53,739-square-foot shopping center anchored by Northgate Gonzalez Market and located within a dense trade area of north Orange County; and Maywood Village Square, a 50,000-square-foot convenience center in Maywood. Terry will handle the Placentia Plaza leasing assignment, and Hammond will represent Maywood Village Square.
SALES
SAN DIEGO—Park Equity LLC, c/o 3D Investments, has sold a residential infill site at 2850 6th Ave. here for $12.2 million to LLJ Zephyr BH LLC, c/o Zephyr Partners. Victor Krebs of Colliers International handled the transaction. The buyer plans to develop an upscale high-rise project of 64 condominiums with 4,300 square feet of retail space. The property has direct frontage on Balboa Park and will also have unobstructed views of San Diego Bay and Coronado on the west side of the building.
OCEANSIDE, CA—SR Commercial has acquired the Oceanside Commerce Center, a five building, multi-tenant industrial park encompassing more than 70,000 square feet at 4747, 4749, 4751 Oceanside Blvd. and 1818, 1820 Peacock Blvd. here, for $7.5 million from Bob Voit. The property, which was acquired as part of a 1031 exchange, will be held as a long-term cash flow asset. The property was 85% occupied at the time of purchase, and the new owner plans to immediately implement interior and exterior enhancements in order to justify gradual rent increases. SR Commercial was represented by Michael Hartel and Joe Winkelmann of Voit Real Estate Services' Irvine office. The seller was represented by Randy LaChance of Voit Real Estate Services' San Diego office.
LONG BEACH, CA—Torrance, CA-based Luna Bear Investments has sold Ocean Plaza Apartments, a 44-unit property at 633 E. 1st St. here, to Santa Monica, CA-based Joda Investments for $6.25 million in an off-market transaction. Robert Stepp, principal with Stepp Commercial, represented both parties in the transaction, advising the buyer on securing a five-year fixed Freddie Mac loan at 3.3%. The property closed at a 5.55% cap rate.
FINANCING
DENVER—Dividend Capital Diversified Property Fund Inc. has closed a $550-million senior unsecured credit and term facility that includes a $400-million senior unsecured revolving credit facility and a $150-million delayed-draw term loan. An accordion feature will allow DPF to increase the facility by $350 million, subject to obtaining additional lender commitments, for total maximum commitments of $900 million. At closing, DPF had $280 million outstanding on the revolving credit facility and $100 million outstanding on the delayed-draw term loan. Proceeds from the facility were used to retire the outstanding obligations under DPF's previous senior unsecured credit facility.
WESTMINSTER, CA—Capital One Multifamily Finance has provided a $30.25-million floating-rate bridge loan for Jasmine Place Apartments, a 144-unit property here on behalf of borrower Golden Horizon Realty. Greg Reed and Kristen Croxton, SVPs in Capital One's office Newport Beach, CA, office, originated the transaction.
LAS VEGAS—PCCP LLC has provided an $18-million senior loan to Dornin Investment Group for the acquisition and lease-up of City Centre Place, a six-story class-A office building totaling 104,000 square feet at 400 S. 4th St. in Downtown Las Vegas. The property, which is 71% occupied, is located between the County Courthouse, the Federal Courthouse, and the US Bankruptcy Courthouse.
EXECUTIVE APPOINTMENTS
BOISE, ID—A10 Capital has hired Andrew Shook as senior executive VP. He will have national responsibility for new-loan originations. Shook brings more than 20 years of real estate finance experience in driving growth through creative financial solutions. He previously served as president and CIO of Ischus Capital Management LLC, which he co-founded with Resource America.
SAN DIEGO—Mary Lee Blaylock has joined locally based Berkshire Hathaway HomeServices California Properties as SVP and general manager. The former president and CEO of HomeServices Relocation, Blaylock and her family have relocated to Poway, CA, from Minneapolis. In her new role, she will focus on enhancing internal organization processes and infrastructure and provide guidance and direction to the company's 60 sales offices and 3,000 realtors.
NEWPORT BEACH, CA—Dan Blackwell has joined CBRE Group Inc. as first VP. Based in the Newport Beach office, he will help lead the multifamily investment sales group, serving private-client investors throughout Orange County. With 11 years' experience, Mr. Blackwell has brokered more than $220 million and approximately 100 transactions. Prior to CBRE, he was an associate VP with Marcus & Millichap and a director of the national multi-housing group. Blackwell joins CBRE's multifamily team and will work alongside new-hire senior associates George Felix and Sean Riley, who have more than 14 years' combined experience in commercial real estate. Prior to CBRE, Felix and Riley partnered with Blackwell at Marcus & Millichap.
NEW PARTNERSHIPS
NEWPORT BEACH, CA—William Lyon Homes has entered into an agreement with Stearns Lending LLC to form William Lyon Mortgage LLC, a limited liability company that will offer an array of mortgage banking services. William Lyon Mortgage LLC will be launched in phases across William Lyon Homes' Western regional markets of Arizona, Colorado, Nevada and California, and is expected to be fully deployed by the second half of 2015.“This partnership reflects our ability to deliver consistent solutions to a premier homebuilder while underscoring our commitment to serving the needs of home buyers.”
AWARDS
COSTA MESA, CA—NAIOP SoCal has named Mani Dilmaghanian, a senior financial analyst with Faris Lee Investments, as the 2014-15 recipient of the NAIOP SoCal-CRE Fellowship, a combined learning experience and financial award designed to develop and prepare future real estate industry leaders. The $7,500 scholarship award will be used to support Dilmaghanian's studies at UC Irvine's Merage School, at which he began the MBA program in September 2014. One of the benefits of the fellowship is that Dilmaghanian will also attend meetings of the NAIOP SoCal Board of Directors where he will have the opportunity to network with a 40-person board composed of some of the region's top real estate executives.
IRVINE, CA—For the third consecutive year, the Villages of Irvine, built by the Irvine Co.'s community development company, was named the Top-Selling Master Planned Community in the Western US by the Robert Charles Lesser and Co. in its 2014 report. The large volume of new home sales of 1,431 in 2014 across the Villages of Irvine eclipsed 2013's total of 1,416 and marked the highest number in the region, according to the firm's report.
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