41-Acre Parcel Plucked for Residential Build

ORANGE COUNTY, CA—The PulteGroup has acquired 267 contiguous lots in the Northern Orange County city of Brea. The final phase of the La Floresta community, the land site totals 41 acres and will be used to build a new Del Webb community for active adults over the age of 55. Called Buena Vida, the property will have three different neighborhoods, an amenity center and a clubhouse. It is slated to open in 2016.

SALES

SEATTLE—Columbia Pacific Advisors has sold the 161-unit Verve, anapartment community in the Belltown neighborhood of Downtown Seattle, WA. The developer broke ground on the property in 2013, and completed a subsequent lease-up of the building. The property features studio, one- and two-bedroom units, averaging 678 square feet, and 6,400 square feet of retail space. The name of the buyer and the sales price were not disclosed.

OCEANSIDE, CA—The Sterling Corp. has purchased Oceanside Towne & Country, a grocery-anchored shopping center, for $15.7 million. The purchase is the Florida-based investors first California acquisition. The 87,740-square-foot property is 61% occupied by a tenant mix including Starbucks, T-Mobile, West Marine, the UPS Store and Avis. Dixie Walker of Cushman & Wakefield brokered the transaction.

CORONA DEL MAR, CA—Two adjacent office and retail buildings totaling 11,526-square-feet have traded hands at a 4% cap rate and a $734 per square foot, the highest price ever paid for a comparable property. Masters Properties purchased the two buildings from 39 Beach View LK100 for $8.36 million. Ian Brown, managing director with NGKF's Newport Beach, California office represented the seller and the buyer in the transaction.

LEASES

LOS ANGELES—Molina Healthcare has signed a 73,486-square-foot lease at One World Trade Center in Downtown Long Beach. Steve Solomon, Jason Fine and Kristen Bowman of JLL and Dave Smith from CBRE represented the landlord, Greenlaw Partners, Walton St. Capital and Stillwater Investment Group, in the transaction. Molina will relocate its current headquarters to the building.

FINANCING

LAS VEGAS—The Resort at the Lakes, a 427-unit apartment multifamily property has secured a $29 million loan to refinance the property. Scott Monroe of NorthMarq Capital secured the funds on behalf of the unnamed borrower with a 10-year term and 30-year amortization schedule through a life company.

DENVER—RedPeak Properties has secured a $28.8 million loan to refinance existing debt on a five-property multifamily portfolio totaling 220 units in Denver's Capitol Hill neighborhood. Josh Simon and Eric Tupler of HFF secured the funds on behalf of the borrower as individual loans, each with a seven-year term and a 3.91% fixed interest rate.

VANCOUVER, WA—Pine Tree Commercial Realty has secured $24.8 million to refinance Hazel Dell Towne Center, a 264,191-square-foot retail center. HFF senior managing director Bruce Ganong, managing director Casey Davidson and associate director Brandon Roth secured the funds through East West Bank. The loan has a five-year term and a floating rate.

EMPLOYMENT

LOS ANGELES—Eric Moore has joined Avison Young as a principal in the Downtown and West Los Angeles offices. With 28 years of experience, Moore has a special focus in tenant representation, commercial and industrial project leasing, building sales, acquisitions, and lease negotiations. He most recently served as a managing principal at DTZ.

DEVELOPMENT

BEVERLY HILLS, CA—ETCO Homes has officially opened 460 Palm, a 35-unit two-building condo community in Beverly Hills. The property features seven floor plans with units that range in size from 1,985 square feet to 3,643 square feet. It is a fully amenitized luxury property. Individual units range in price from $2 million to $5 million.

SAN DIEGO, CA—KCM Group has completed the Urban Discovery Academy, a charter school. The 36,000-square-foot property cost $10.5 million and will serve children in grades k through 8. The school, located in San Diego's IDEA district, has top-notch facilities with open design, rooftop pavilion and outdoor playground.