(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SANTA MARIA, CA-Marian Regional Medical Center, a new 235,000-square-foot, $218 million tower tied in to the existing hospital, has been completed. Owner Dignity Health selected Moon Mayoras Architects to design and Kitchell to construct the building, which doubles the size of the existing medical center. Kitchell started with a $13.8 million addition to the central plant to completely upgrade the original central plant built in the 1960s. Other features include a four-story, 191-bed patient tower, a two-story above-grade connector of the existing hospital, neonatal intensive-care unit, expanded emergency department, expanded critical-care unit, a host of additional services, pharmacy and respiratory therapy, a new chapel, healing garden and an expanded and relocated cafeteria.
SEATTLE-Pacific Urban Residential (formerly Pacific Property Co.) has acquired the Copperfield apartments, a five-story community with two levels of subterranean parking, for $16.4 million. Originally built in 1991 as a 72-unit for-sale condominium complex, the property was instead leased-up as apartments and continues to be a rental community. Dave Schumacher and David Mortensen of Colliers International represented both buyer and seller on the transaction.
DENVER-The Urban Land Conservancy has sold property at the Evans Light Rail Station along Denver’s Southwest light rail corridor to developer Medici Communities LLC for the construction of a much-anticipated, mixed-use, transit-oriented development that will include 50 workforce housing apartments. ULC originally purchased the one-acre property at 2140 S. Delaware St. in June 2011 using Denver’s Transit-Oriented Development Fund. The $15 million TOD Fund was created in April 2010 to preserve land near transit stations for the creation of affordable housing. To be called Evans Station Lofts, the property will be a five-story development including 7,100 square feet of commercial/retail space and 50 apartments. It is expected to break ground this month and open in
STUDIO CITY, CA-Marcus & Millichap Real Estate Investment Services has negotiated the sale of the Verona, a 35-unit, three-story apartment building in Los Angeles’s affluent Studio City neighborhood. The sales price of $12.6 million equates to $360,000 per unit and $292 per square foot. Clyde Isaacson, a VP investments, and Lonnie McDermott, an associate, both in M&M’s Encino office, represented the seller, a local developer, and the buyer, a private investor.
SUNNYVALE, CA-Trumark Commercial has sold a 39,311-square foot office building here for an undisclosed price to a joint venture of Graymark Capital and Ascent Real Estate Advisors. The single-story building sits on 2.58 acres at 674-678 W. Maude Ave., in a prime location within the desirable Peery Park area. The transaction was brokered by Andy Zighelboim and Dave Sandlin of Colliers International San Jose.
MALIBU, CA-Berkeley Point Capital has provided The Kissel Co. with a $30 million first-mortgage refinance of Paradise Cove Mobile Home Park, a 256-unit manufactured-housing community here. Structured under Fannie Mae’s DUS Manufactured Housing Community Loan Program, the loan is a 10-year, 3.86% fixed-rate mortgage with 9.5 years yield maintenance and a 30-year amortization schedule. The loan refinanced a lower-leveraged, higher-rate CMBS mortgage.
SAN DIEGO-Latitude Management Real Estate Investors Inc. (formerly Legg Mason Real Estate Investors) has closed a $9.5 million bridge loan for the acquisition of Candlelight Apartments here. The loan was made through Legg Mason Real Estate Capital II, a discretionary bridge mortgage and mezzanine real estate fund. The loan is collateralized by a 134-unit multifamily property located in the Imperial Beach area of San Diego. The borrower plans to implement an $810,000 renovation to upgrade and improve the aesthetics of the property, which is currently 74% occupied with short-term leases. The floating-rate loan represents approximately 70% of total project cost and includes a renovation reserve. The term of the loan is 36 months with two one year extension options, and is pre-payable subject to yield maintenance for the first 18 months.
PLACENTIA, CA- CMI Precision Machine has signed a five-year lease renewal with Terola Enterprises for a 20,000 square-foot industrial building located here at 527 Fee Ana St. The lease for the warehouse property represents a total consideration of $561,300. Mitch Zehner, EVP in Voit Real Estate Services’ Anaheim office, worked with Seth Davenport, SVP, to represent the lessor. The tenant was represented by Greg Osborne of Newmark Grubb Knight Frank.
PALO ALTO, CA-Studley has promoted Ham Southworth to senior managing director from corporate managing director. Southworth advises technology companies and law firms including Facebook, LSI Corp., Sullivan & Cromwell LLP, Weil, Gotshal & Manges LLP and Manatt, Phelps & Phillips LLP on a wide range of real estate matters throughout the US, Europe and Asia. Areas of expertise include lease acquisitions, dispositions, renewals and relocations, building and land purchases and sales, as well as data-center site selection and development. Prior to joining Studley in 2005, Southworth was a corporate real estate executive with data center company Exodus Communications.