SANTA ANA, CA-The new $3.6-million Latino Health Access Park and Community Center is scheduled to officially open for public use on April 21. The park is the progression of years of effort to bring much-needed outdoor recreational space to downtown Santa Ana, a densely populated, immigrant community with few, if any, park facilities. Built by Latino Health Access, the .6-acre park project is the first community-driven recreational and educational public space of its kind promoting health and wellness in a resource-challenged community. It is located at 602 E. 4th St. here, adjacent to one of the largest condominium complexes in Santa Ana. McCarthy Building Cos., its design-build partner TAYLOR and Petra ICS (formerly St. Joseph Health System) donated more than 2,000 hours of architectural and preconstruction services to the project.
SALES
ONTARIO, CA-BH Properties LLC has acquired Lake View Center, a 106,345-square-foot class-A office property located at 3257 and 3237 E. Guasti Rd. here, from PCCP and the Muller Cos. for $13.8 million. The property was built in 2004 and is currently 62% leased. The purchase included approximately 1.6 acres of additional developable land, and is currently occupied by East West Bank, T-Mobile and University of La Verne, to name a few. The sellers were represented by Kevin Shannon, Darla Longo and Phil Woodford of CBRE, while BH Properties was self-represented.
HUNTINGTON BEACH, CA-CT-Huntington LLC Trust has sold a 123,978-square-foot industrial and office complex at 5762/5772 Bolsa, 5445 Oceanus and 15121 Graham here to Mesaville Holdings LLC for $13 million. The project consists of two two-story class-B multi-tenant office buildings totaling 54,000 square feet and two multi-tenant industrial buildings totaling 69,978 square feet. John Collins, David Romero, Ted Sawyer, Darin McDonald of Lee & Associates – Newport Beach and Mark Larson of Lee & Associates ISG represented both parties in the transaction.
FINANCING
REDLANDS, CA-Berkeley Point Capital LLC has closed a $32.7-million for the refinance of Barton Vineyard Apartments, a 296-unit, garden-style, class-A apartment community here. Financing was arranged under Fannie Mae's Structured ARM program, which provides an attractive low adjustable rate and flexible prepayment options. This transaction was structured to be a ten-year, 2.31% adjustable-rate loan, with a 30-year amortization schedule. The loan has a one year prepayment lockout, and can either be repaid at a one percent premium or converted to longer-term fixed rate financing. Proceeds will be used to pay-off an existing higher fixed-rate loan.
EXECUTIVE MOVES
SAN DIEGO-CBRE San Diego has recruited Ryan Grant to partner with Andrew Taylor and focus on downtown San Diego and Mission Valley office leasing and sales. Prior to joining CBRE, Grant spent almost seven years at Cassidy Turley specializing in office and investment properties in downtown, Mission Valley, Kearny Mesa and UTC.
SAN DIEGO-Drawbridge Realty Trust has hired Chris Elmendorf as VP of acquisitions. He will be responsible for managing acquisitions in Southern California and will be based in the firm's new San Diego office. He has extensive experience with acquiring, developing and managing real estate for pharmaceutical, biotechnology, research and development, and office users.
TUSTIN, CA-Coreland Cos. has hired industry veteran Elaine Seaholm as regional real estate manager. Seaholm will manage a portfolio of commercial real estate developments positioned throughout the Inland Empire, as well as guide a management team and support personnel in Coreland's Corona, CA, office. Prior to joining the firm, Seaholm served as VP, asset manager, for RREEF Real Estate (Deutsche Asset & Wealth Management).
RECOGNITIONS
IRVINE, CA-Laura Khouri, president of Western National Property Management, has been honored by the Institute of Real Estate Management as a Woman Changing the World of Real Estate Management.Khouri is among a select group of women recognized by IREM for their innovation, mentoring, community service, leadership and other laudable initiatives.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
