The owner of a foreclosed Doubletree Hotel in Los Angeles has financed the property with a $13 million bridge loan arranged by George Smith Partners. The loan was priced at Libor +2.75, which was less than 3% with no floor, interest-only, for 36-months at 60% loan-to-stabilized value. GSP principal and managing director Steve Bram arranged the financing, assisted by VP Jonathan Lee. Bram explained that the borrower bought the 200-plus-room hotel directly from a lender who had recently foreclosed. The $13 million loan paid off an existing purchase note and provided money for a property improvement program at a substantially lower rate than the current bank’s existing senior loan, Bram noted.

Barton Brands of California Inc. has signed a 10-year, $7 million lease renewal for a 91,603-square-foot industrial building at 2202 E. Del Amo Blvd. in Carson. The tenant has been in the property since it was constructed in the early 1980s and seriously considered moving before choosing to renew, according to associate vice president Chuck Littell in the South Bay office of Colliers International. Littell and Colliers associate VP Reid Wilbraham represented Barton Brands, which “was able to immediately reduce occupancy costs while receiving capital to improve the facility’s aesthetics and functionality” via the renewal, according to Wilbraham. The landlord, AEW Capital Management, was represented by SVP Bret Quinlan and EVP John Schumacher of the South Bay office of CB Richard Ellis.

Los Angeles-based Allied Retail Partners LLC and Stratford Land have formed a joint venture in which the companies have acquired 42 acres of land in Upland and Claremont, CA for a new mixed-use project called Park View at the 210 Freeway and Baseline Road. Allied Retail Partners will lead planning for the infill site and will likely involve other companies and builders in constructing 400 homes and a 100,000-square-foot community shopping center, according to an announcement from the company. Additionally, the City of Upland plans to develop a 57-acre recreational sports park adjacent to the project with direct access through the property. Doug Beiswenger, principal at Allied Retail Partners, says that very little competing new housing, new retail product or land for development is available in the area because Upland and Claremont are primarily infill, mature markets. The land, originally optioned by Allied Retail Partners in 2003, was zoned open space at the time, and was subsequently entitled by the company.

NORTHERN CALIFORNIA

Swift Realty Partners’ 358,589-square-foot One Concord Center office building at 2300 Clayton Rd. in Concord has reached 78.3% occupancy in seven months since Swift bought the property, which was 43.2% leased at the time, according to Cornish & Carey Commercial Newmark Knight Frank, which is the leasing agent for the property. The new leases represent 14 transactions totaling 111,615 square feet, according to leasing agents Breck Lutz and Alex Grell of Cornish & Carey’s Walnut Creek office. Swift Realty Partners was founded in July of 2010 by former president and CEO Christopher Peatross of Blackstone’s Equity Office Properties. Swift recently acquired the 1.1-million-square-foot Bank of America Technology Center across the street from One Concord Center in a deal exclusively reported on GlobeSt.com.

The Capital Markets Debt & Equity Finance division of CB Richard Ellis Group arranged a loan assumption in connection with the sale of a three-story, 20,570-square-foot medical office building at 49 Wells Ave. in Palo Alto. The tenant in the building, Palo Alto Medical Foundation, bought the recently completed facility from the developer, Sand Hill Property Co., upon completion. Palo Alto Medical Foundation will use the new facility to house its breast-imaging center and specialized primary care services. EVP John Nelson of CBRE Capital Markets and lead analyst Michael Walker placed the original development financing in 2008 on behalf of the developer/seller. The original financing was structured as a fixed-rate construction-to-permanent loan, funded by a major life company as a 7.5-year loan at 25-year amortization.

ORANGE COUNTY

Oakmont Senior Living LLC has acquired seven acres from Chevron Corp. at Chevron’s newly developed 120-acre La Floresta master-planned community in Brea. SVP Doug Wubbena of NAI Capital collaborated with NAI Capital senior living specialists David Stolte and John Alstrom to introduce the corporation to Oakmont, which plans a 94-unit continuum-of-care subdivision known as Capriana that will be constructed beginning in mid-to-late summer of this year. The transaction is a direct result of Wubbena’s long-term relationship with Chevron, according to an NAI Capital announcement. Terms of the sale were not disclosed.

INLAND EMPIRE

The Clubhouse

Aspen Square Management has acquired a 149-unit apartment complex called The Clubhouse at 80-175 Avenue 52 in La Quinta from Greystone Clubhouse Associates LLC of Santa Monica for $19.5 million. The transaction was negotiated by Paul Runkle and Brian Anderson of the Inland Empire office and Steve Huffman of the San Diego office of Hendricks & Partners on behalf of the seller. Built in 2007, The Clubhouse features 38 one-bedroom and 111 two-bedroom units.

SAN DIEGO COUNTY

Prime Residential has acquired the 160-unit Park Grossmont apartment complex at 9076 Campina Dr. in La Mesa for $21.75 million from Grossmont Partners, which was represented by Kevin Mulhern, Dixie Hall and Rachel Hemingway of CB Richard Ellis. The property includes 40 four-plexes, each on a separate legal parcel, situated over 11.05 acres. Its 100 two-bedroom units and 60 three-bedroom units are a mix that is rare for La Mesa, according to CBRE. It describes the property, which was built in 1965, as a prime candidate for renovation. CBRE says that Prime Residential, which represented itself, plans upgrades to the complex.

Westcore Properties has sold a 72,205-square-foot industrial warehouse property at 5260 Anna Ave. in San Diego to Orange County-based Bixby Land Co., a private REIT, for $7.35 million. Westcore bought the property in 2009 with plans to stabilize it through minor exterior and interior refurbishments and an aggressive leasing and marketing effort. The building is fully leased to HD Supply Plumbing/HVAC Ltd. Westcore was represented by Steve Rowland, Michael Roberts, Jeff Brown and Mickey Morera of Cushman & Wakefield.

OREGON

Nike has signed a 65-month lease for 26,000 square feet at Woodside Corporate Park in the Portland suburb of Beaverton, according to Daymark Realty Advisors Inc., which manages the property. Woodside is a master-planned office campus adjacent to the Nike world headquarters. Daymark VP Dan O’Hare notes that Nike is Woodside’s largest tenant, with more than 425 employees occupying a total of nearly 260,000 square feet. Its lease expansion brings the occupancy rate to 95% at the property, which is composed of 13 office buildings totaling nearly 600,000 square feet approximately eight miles from downtown Portland. Eric Haskins, Dave Squire and Brandon Frank of Grubb & Ellis represented Daymark Realty Advisors in the transaction. Brad Fletcher of Grubb & Ellis represented Nike.

Watumull Properties Corp. bought two industrial buildings at 1050 NW 229th Ave. and 6850 NE Campus Dr. in Hillsboro from AMCO Hillsboro LLC for $5.3 million. The buildings include office and warehouse/manufacturing space, according to SVP David Hill of Grubb & Ellis, who represented both the buyer and the seller along with EVP Bradford Fletcher. The team also worked with Chad Rheingold, VP of Wyse Investment Services Co., who represented the seller’s interests in his position as the long-time asset manager for the property. The property at 1050 NW 229th Ave. is a 38,414-square-foot facility that is fully leased to Merchandising Technologies Inc., which has occupied the building since its original construction in 1992. The other property is a 45,000-square-foot class A facility that was recently leased to DeMarini Sports, a division of Wilson Sporting Goods.