SANTA ANA, CA—A small 6-unit multifamily property has broken the price-per-square-foot record in Santa Ana, CA. A private seller sold the property, which is located at 425 S. Birch Street, for $306 per square foot. The property is made up of one-bedroom units and was renovated in 2013. Investment Property Group represented the seller in the transaction. The name of the buyer was not disclosed.
SALES
MISSION VIEJO, CA—Bixby Land Co. has purchased the Mission Heritage Medical Center for $15.6 million from New York Life Real Estate Investors. The four-story office building is 59% leased, but in an office market with 92% office occupancies. Bixby plans to invest an additional $5 million to improve the property and drive occupancy. CBRE's Kevin Shannon, Paul Jones and Blake Bokosky represented New York Life in the transaction.
KENT, WA—Terreno Realty Corp. has acquired a 158,000-square-foot industrial building in Kent, WA, for $14.9 million from an unnamed buyer. The investor purchased the property at a 6% cap rate. Located at 20280 84th Avenue South, the property sits on 8.2 acres and has 22 dock-high loading positions, parking for 181 cars and is 100% occupied.
RILATO, CA—New York Life Real Estate Investors has acquired a 609,888-square-foot industrial facility in Rialto, CA, from an undisclosed seller. The sales price of the property was also not disclosed, but the investor purchased it with its Madison Core Property Fund. Located at 2415 North Locust, the new property was developed by CapRock Partners and will continue to be managed by the developer.
LEASES
PASADENA, CA—ChapCare signed a 6,000-square-foot lease deal in a retail center. The ACA-funded clinic will occupy a former Anna's Linens store. Jason Ehrenpreis and Geoff Grossman of CBM represented the landlord in the transaction.
SAN DIEGO, CA—Priority Moving has signed a five-year lease with Clarion Partners for a 35,250-square-foot space at 12270 World Trade Drive in the Caramel Mountain Ranch submarket. CBRE's Bill Dolan and Chris Pascale represented the landlord, while Nicole Winters of JLL represented Priority Moving.
FINANCING
DENVER, CO—JCR Capital has funded four bridge loans totaling $30.15 million. The four transactions include $12 million for the recapitalization of two mixed-use buildings in Santa Monica, where the borrower plans to redevelop the properties into a 271-room mixed-use hotel; $8.5 million for the acquisition of a 96,862-square-foot retail property located in Littleton, CO; $5 million for the acquisition of Aquia Towne Center, a 34,720-square-foot shopping center on a 27.1-acre site in Stafford, VA, where the borrower plans to develop the unused portion of the property; $4.65 million for the acquisition of a portfolio of three Colorado retail properties.
GREENWOOD VILLAGE, CO—Century Communities has expanded its unsecured credit facility to $300 million along with an accordion feature that will allow it to further expand up to $400 million. The credit facility will have an interest rate at a LIBOR plus a spread of 2.75% to 3.25%.
DEVELOPMENT
SAN DIEGO, CA—C.W. Driver has completed the $26 million renovation of the East Nursing Unit at Sharp Grossmont Hospital. The taxpayer-funded project was approved in 2006 and included construction of the new 71,000-saure-foot nursing unit.
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Kelsi Maree Borland
