Panda Express, Subway, Buon Padre, Mai Thi Ha, and Academy Day School.

SAN FRANCISCO—An affiliate of Swift Real Estate Partners has secured $43 million in financing to fund the acquisition of 530 B, also known as the Union Bank Building, a 24-story, ± 232,000 square foot class-A office tower in Downtown San Diego, California. Mike Walker, Brad Zampa, Megan Woodring, and Taylor Shepard of CBRE's Downtown San Francisco office and Mark McGovern and Scott Peterson of CBRE's San Diego office secured and structured the floating-rate loan at a very low spread priced over 30-day LIBOR on behalf of the borrower, an entity owned and controlled by San Francisco-based Swift Real Estate Partners. The seven-year, interest-only loan was provided by a domestic life insurance company and provides funds to execute capital improvements as well as pay leasing commissions and tenant improvements. The loan also maintains flexibility to sell the property without incurring prepayment penalties in the later years of the loan term. Louay Alsadek of CBRE's San Diego office arranged the sale of the property on behalf of the seller.

SAN DIEGO—Rancho Carmel Village Center, a 27,132-square-foot retail center in the submarket of Rancho Bernardo has traded hands for $10.5 million between AP-Rancho Carmel LLC and New World Limited Partnership. CBRE represented both sides of the deal, the local buyer was represented by retail experts Reg Kobzi, Joel Wilson and Michael Peterson and the seller was represented by CBRE's NRP West team lead by Phil Voorhees, Kirk Brummer and Reg Kobzi. The property is located at 12125-12165 Alta Carmel Court and is situated on 3.34 acres. The 100 percent leased center consists of three one-story buildings. There are currently 14 tenants, ranging from a pizzeria, fitness centers, salons, a learning center, a spa, and other neighborhood-type tenants.

SAN BERNARDINO, CA—Arrimus Capital has sold Ridgeline Apartment Homes to Crystal Asset Management for $24.3 million. Ridgeline Apartment Homes is located at 1925 W. College Ave., and features one- and two-bedroom floorplans with modern kitchens, in-unit washer and dryers, walk-in closets in every bedroom, vaulted ceilings and private balconies or patios with storage space. Community amenities include a swimming pool with cabanas, a new fitness center with weight stations and a yoga room, park-like landscapes and a fireside retreat. Berkadia managing director Shane Shafer represented the seller.

ONTARIO, CA—Pepperwood Villas, a 24-unit apartment property located in Ontario, CA, has traded hands for $4.9 million. Edward Pan and David Lin, investment specialists in Marcus & Millichap's Ontario office represented the seller, an individual/personal trust. The buyer, a limited liability company, was secured and represented by Edward Pan, David Lin and Hao Ding, investment specialists in Marcus & Millichap's Ontario office. Pepperwood Villas is located at 1951 South Euclid Avenue in Ontario, CA. Built in 1988, the subject property consists of three-story building and is situated on a 1.46-acre lot with approximately 30,156 rentable square feet. The Pepperwood Villas Apartment has an excellent mix of all three-bedroom/two-bathroom units. Two-bedroom units are downstairs with private patios, and three-bedroom townhouse units are upstairs with small balconies. In addition, the property has done some upgrades on selected units with wood flooring and tiled kitchen. Each unit has own fireplace and laundry hook-up. This property was over 30% upside on rents with the average tenancy over seven years, and it sold within one week.

NEWPORT BEACH—Crystal Asset Management has secured $4.8 million in financing for the acquisition of Country Club Apartments, a 79-unit class-B apartment complex. The property is located in the Arrowhead area of San Bernardino. Walker & Dunlop's Irvine-based team, led by Mark Strauss and Rob Quarton, placed the joint venture financing with a Newport Beach-based private equity group on behalf of repeat borrower. The financing will capitalize a new venture partnership to complete a value-add business plan for the renovation of the property. Immediately after acquiring the asset, the borrower began making capital improvements to revitalize the unit interiors and improve the community's exterior. Built on 5.44 acres in 1986, Country Club Apartments consists of 11 two-story buildings, a swimming pool and spa, play and barbeque area, fitness center, and dog park.

SAN DIEGO—Anchor Health Properties has secured a $68 million loan for the acquisition of two campus-adjacent outpatient medical office buildings in the La Jolla/UTC submarket of San Diego. The properties total 206,000 square feet. The funding will also support future tenant improvements and leasing commissions for the properties. The two-building Chancellor Park Medical Campus is located in the desirable University Towne Center (UTC) submarket, close to the UC San Diego Jacobs Medical Center and Scripps Memorial Hospital La Jolla. Built in 1988 as traditional offices, the three-story buildings have been gradually converted to medical use. Of the total occupied square footage, the property is currently 82 percent medical, 18 percent non-medical. The properties are 94% occupied, and UC San Diego Health, which currently leases 44% of the buildings, is the anchor tenant. The buildings form the largest outpatient medical campus in UTC and one of the larger outpatient medical campuses in Southern California. Capital One secured the funding on behalf of the borrower.

IRVINE—Red Mountain Retail Group has sold a 5,231-square-foot retail property leased to three food operators in Riverside, CA, for $4 million. The tenants include Jamba Juice, Jimmy John's, and Tokyo Joe's. The property was 100% pre-leased prior to the completion of a major redevelopment of the property. Donald MacLellan, senior managing partner, and Joseph Chichester, director, with Faris Lee Investments represented the seller. NAI Capital represented the buyer, a Los Angeles-based private investor. The closing cap rate was 5.3% and the price per square foot was nearly $770, which is one of the highest ever paid for a retail strip in the Inland Empire region. Located at 3739-3747 Central Avenue, the property is next door to Riverside Plaza, one of the city's most successful shopping centers, with major tenants including Trader Joe's, Nordstrom Rack, Vons, CVS, Regal Theatres, among others. More than 284,900 permanent residents and a daytime population of more than 110,000 employees are within a five-mile radius of the asset.

PHOENIX—The Hewson Company has sold a 266,607-square-foot industrial portfolio in Tempe, AZ, to TA Realty for $24.5 million. Managing directors Mark Detmer, Bo Mills and Bill Honsaker, SVP Steve Larsen and VP Ryan Sitov led the JLL team on the transaction. The portfolio is comprised of four industrial/flex assets, located at 9160 S. McKemy St., 9185 and 9245 S. Farmer Ave. in Tempe and 7400 E. Tierra Buena Lane in Scottsdale. The portfolio is over 96% leased to 12 tenants across a variety of industries, including IT services, transportation, automotive and home improvement.

ORANGE COUNTY—Lee & Associates has completed 14 lease transactions in Orange County totaling approximately 219,000 square feet. The total value of the leases is approximately $8.25 million. Strong demand and the record-low supply of available industrial space are combining to drive up lease rates at a torrid pace with second-quarter average asking rents jumping 4.5 percent over Q1, as reported in the Lee & Associates Market Report. Virtually every industrial building for lease or sale is drawing multiple offers, regardless of size.

PHOENIX—Amsterdam-born workspace pioneer Spaces signed a lease at One Renaissance Tower at 2 N. Central Ave. in downtown Phoenix for its debut in Arizona. Spaces will occupy the 18th and 19th floors, totaling 39,743 square feet, making it the largest co-working space in Arizona when it opens in December 2017. Kevin Calihan with CBRE's Phoenix office, negotiated the 13-year lease on behalf of Spaces. The upfront capital investment into the space will exceed $5 million. Spaces will feature modern, high-tech private office spaces, dedicated workstations in communal spaces, informal and formal meeting rooms, on-site food and beverage amenities, and more. Concierge-style hospitality services, such as dry cleaning and floral services will also be available. The co-working brand offers flexible and tailored memberships, and members have access to Spaces locations across the country as well as Regus' 3,000 workplaces in 900 cities and 120 countries. There are more than two-dozen Spaces locations already open across the U.S., with another 100 slated to open. Additional Arizona locations are planned for Tempe and Scottsdale.

BUILDING BLOCKS

LONG BEACH—Brandywine Homes and Integral Communities have officially opened Riverdale, a gated residential community with 131 detached single-family homes. Riverdale offers contemporary floor plans in Spanish, Santa Barbara and Italianate styles with three and four bedrooms ranging from 1,925 to 2,242 square feet. Luxurious home features include gourmet kitchens with stainless appliances, granite countertops, kitchen islands and designer-selected Moen plumbing features. Master suites come with walk-in closets, over-sized soaking tubs separate shower and toilet area. All homes include interior laundry rooms, state-of-the-art wiring systems, and floor upgrades for strength and noise reduction, and energy-efficient products such as motion-sensor lighting in all baths, laundry and garage. Prices for homes start in the low $600,000s.

GLENDALE, AZ— The Lofts at Westgate, a 76-unit luxury apartment component in Westgate Entertainment District, will open this January. iStar, owner of Westgate, has started construction on the apartments located on the third and fourth floors of the four-story building above Bar Louie, Kabuki Japanese Restaurant and the recently opened Tavern + Bowl. The Lofts at Westgate will offer one- and two-bedroom residences ranging in size from 646 to 1,479 square feet with high-ceiling loft design, contemporary designer finishes and high-end features. Residents will have access to a private clubhouse with a sports bar feel, fitness center and yoga room, private underground parking and an outdoor terrace overlooking all of the activities of the district.

SCOTTSDALE—Caliber – The Wealth Development Company and John Rosso with Westar Development have acquired a 256-acre land parcel for mixed-use development in Johnstown, Colorado, north of Denver. Villages at Johnstown, the project, will transform the undeveloped land into a community with industrial, commercial, including hotel, retail gas stations, office and medical, and residential development, appealing to businesses, residents and visitors. The multi-stage development will begin with a 100-acre industrial park. Once complete, the commercial and retail component will begin, and the final phase is the residential component that will aim to satisfy the demand for moderate and middle-income multi-family housing and residential housing. Financial terms of the transaction were not released.

BRECKENRIDGE, CO—The Shores at Breckenridge is doubling construction starts this year. The riverfront community is on track to start as many homes this year as in the past two years combined. The three-bedroom homes were designed with both full-time and seasonal residents in mind. The homes feature open floor plans with expansive windows affording expansive views of the Breckenridge Ski Resort, the Blue River and surrounding open space. Vaulted ceilings and spacious outdoor areas make the homes ideal for entertaining. Gas fireplaces and radiant heat are included for comfortable living, and natural stone accents, oak flooring and knotty alder cabinetry are featured throughout.

IRVINE, CA—Rockefeller Group has begun construction on two industrial projects in the Inland Empire. Tri-City Industrial Complex, a 19-acre site located at 1333 South Tippecanoe Ave. in San Bernardino will include two speculative industrial distribution buildings totaling 425,535 square feet. Optimus Logistics Center, a 68-acre site located along the I-215 corridor in Perris will also include two speculative buildings totaling approximately 1.4 million square feet. The projects are expected to be completed in the third and fourth quarters of 2018. Rockefeller Group is relying on the variation in sizes of the two projects to drive occupancy. Rockefeller Group's Tri-City Industrial Complex includes a 344,249 square foot cross-dock distribution facility that could be divisible to accommodate smaller tenants and an 81,286-square-foot front-loading building. Optimus Logistic Center includes a 1,039,898 square foot building as well as a 406,650 square foot building.

PHOENIX—Three national homebuilders including KB Homes, Lennar Homes and Meritage Homes purchased a 61-acre property at Marbella Ranch in Glendale, AZ, from Marbella Ranch LP for $5.2 million. Brent Moser, Mike Sutton and Brooks Griffith of Cushman & Wakefield represented the seller. Howard Weinstein, Patty Lafferty and Derek Harris of Pacific Land Co. acted as advisors to a couple of the homebuilders. The 61-acre site, within Marbella Ranch, will include 254 lots for single-family homes. KB Homes purchased 84 lots, Lennar Homes purchased 88 lots and Meritage Homes purchased 82 lots. All three homebuilders have the option to purchase additional parcels within Marbella Ranch. Marbella Ranch consists of approximately 252 acres and is entitled for up to 1,260 units. The seller, Marbella Homes co-owned by Brian Hegardt and John Wittrock, was founded in 2012. The site is three miles from the Glendale Loop 101 Entertainment District, which includes the University of Phoenix Stadium, home to the Arizona Cardinals, and Gila River Area, home to the Arizona Coyotes.