Seabright Townhomes Make Their Debut

COSTA MESA, CA—Brandywine Homes has opened Seabright, a 26-unit townhome community on 1.42 acres at 2019 Anaheim Ave. here. The gated community offers the area's most-affordable new home options, according to Brandywine, which will hold a grand opening on March 28 when interested homeowners will be able to take tours of the townhomes. The homebuilder demolished an existing 18-unit apartment complex to build the new townhome community located 2 miles from the beach and PCH and less than 1 mile from I-55. Seabright offers private yards, a community pool and close proximity to shopping, restaurants and entertainment. It's located just northeast of the Triangle and retail area along Newport Blvd.

SAN DIEGO—Pardee Homes has begun construction for Canterra and Casabella in master-planned Pacific Highlands Ranch, residential communities that are anticipated to open in mid-April. The communities will feature seven new floorplans, all offering energy-efficient living just east of Carmel Valley. Canterra will feature two-story living in three open plan designs with great rooms, dining rooms, space-enhancing lofts and first-floor bedrooms. Casabella will offer three to four bedrooms with three bathrooms and two- and three-bay garages. Four upscale, two-story plans will offer great room living, lofts, covered patios, optional prep or chef's kitchens and optional spa showers.

HONOLULU—Irongate has broken ground on the second tower of the Ritz-Carlton Residences, Waikiki Beach, and launched the final phase of sales at the luxury residential community. The development is approaching 90% sold since it hit the market in the summer of 2013. The final phase is now selling and includes a collection of studio, one-, two- and three-bedroom residences priced from $949,800 to $3.5 million as well as a handful of one-of-a-kind- penthouse estates priced from $6.75 to $25 million. Available residences range in size from 500 square feet to 5,100 square feet.

SALES

SPARKS, NV—WLA Investments Inc. has sold Spring Villas Townhomes, a 160-unit apartment community here, to Standard Management Co. for $18.7 million or $116,875 per unit at a cap rate of 5.31%. Kenneth Blomsterberg, first VP investments, and Ryan Rife, associate, both in Marcus & Millichap's Reno, NV, office, represented the seller and the buyer.

DENVER—HunterHotel Advisors has represented both national and local investment groups in the sale of two Denver hotels. The 118-room Hampton Inn & Suites Denver/Highlands Ranch sold to Oliver Cos. for $16.2 million. In addition, Hunter recently closed on a $9-million hotel in the heart of the Denver airport district.

VALENCIA, CA—Alle Investments LLC has purchased the Atrium Medical Center, a 43,589-square-foot medical-office building at 23838 Valencia Blvd. here, from VPIP LLC for $16.3 million. NAI Capital's Ryan Ramage and David Stassel, both with the Ontario office, represented the buyer. The outside brokerage was represented by Reality Executives Valencia.

LEASES

EL SEGUNDO, CA—Sanrio, the creator of Hello Kitty, has leased 28,584 square feet of creative-office space with Bixby Land Co. at 2101 El Segundo Blvd. here, a building that Bixby transformed into creative-office space in 2014. The lease doubles the size of Sanrio's current offices in Torrance, CA, and makes Sanrio the lead tenant at the newly remodeled former Raytheon building. Peet's Coffee and Specialty's Café & Bakery are set to occupy the lobby coffee-bar and ground-floor restaurant space this spring, and Bixby is in final lease negotiations for another 13,000 square feet that will take the project to 89% leased.

TUSTIN, CA—Kettlebar, a restaurant featuring Southern seafood and offering a full bar with signature cocktails, has opened at Union Market Tustin, a 22,000-square-foot artisanal center of independent gourmet food, fashion and lifestyle businesses within the District at Tustin Legacy, which was developed by Vestar/Kimco and is operated by Vestar. The opening of Kettlebar follows the recent openings of Portola Coffee Lab and Central Bar at the market. 

SAN BERNARDINO, CA—The Progressive Real Estate Partners broker team of Paul Galmarini and Kenia Drugan has completed a 10-year lease with the Shogun Restaurant Group for a 7,500-square-foot freestanding restaurant building (former Elephant Bar & Grill) at 1050 E. Harriman Place here. Jiro's Japanese Restaurant, which is the first new version of the Shogun restaurant concept, is projected to open in summer of 2015 and is located between Costco and Sam's Club in the Hub shopping center,  part of San Bernardino's Hospitality Lane business district that also includes the Tri City Corporate Center. Shogun intends to invest more than $500,000 in upgrades to the interior of the building to give the restaurant an authentic Japanese ambiance. The Progressive team marketed the property and exclusively represented both Shogun and the lessor in the transaction.

FINANCING

PORTLAND, OR—HFF has arranged a combined $36.85 million in financing for the development of 4949 SW Landing Dr., a 166-unit, class-A residential building located in John's Landing, a neighborhood just south of the Portland Central Business District and South Waterfront area, on behalf of borrower Guardian Real Estate Services. The financing was secured through a senior construction loan coupled with an additional investment from a national life insurance company. 

LA QUINTA, CA—Walker & Dunlop Inc. has originated a $25.4-million loan for the refinance of Silverhawk Apartments & Centre here. The borrower originally purchased the property out of foreclosure in 2009 and has successfully improved operations, benefiting from the property's strong location and the continued market recovery of the Coachella Valley region. Bill Battagliaand Steve Natale led the team that structured and closed a 10-year fixed-rate loan that includes four years of interest-only.

PROVO, UT—Berkeley Point Capital recently closed a $24.2-million Freddie Mac, seven-year fixed-rate term loan with an interest only period for ROC|Seniors Housing Fund Manager LLC, a subsidiary of Bridge Investment Group Partners LLC. The loan facilitated the manager's purchase of Courtyard at Jamestown, a 132-unit assisted-living and dementia-care seniors housing community here that opened in 1999. Berkeley's director Doug Harper led the team to structure the financing, which closed in less than 45 days from engagement.

EXECUTIVE APPOINTMENTS

BELLEVUE, WA—NexTitle , a full-service title and escrow firm here, has named Erin Sheckler president. With Sheckler's appointment, NexTitle will be amongst a small number of title and escrow firms nationwide to be led by a female president. Previously, Sheckler was SVP, general counsel and western states regional director for the firm.

SAN DIEGO—Bryan Geisbauer has joined Kidder Mathews' San Diego brokerage division as a SVP. He will specialize in office and technology tenant advisory. Geisbauer has been in the commercial real estate business for 15 years. Prior to joining Kidder Mathews, he was with Savills Studley.

NEWPORT BEACH, CA—Tim Walker has joined the Newport Beach office of Lee & Associates as a SVP. Walker started his commercial real estate career at the Newport Beach office of CBRE in 1995, where he earned the “Rookie of the Year” award. He left CBRE in 2000 when he joined the Irvine office of Voit Commercial Real Estate Services. During Walker's 20 year career, he has handled more than 625 transactions totaling more than 15 million square feet and representing over $1 billion in total consideration.