Cushman & Wakefield
Newport Heights Medical Campus
Photo courtesy Real Estate Development Associates LLC

Deal Sheet — July 2018 issue

Carrie Rossenfeld Deal Sheet

A roundup of CRE leases, sales, and financing

Office

Bassman-Blaine Holdings LLC has acquired a 20,772-squarefoot high-image two-story creative-office building in Irvine, California, from Swift Real Estate Partners for approximately $7 million on an as-is basis. The building is part of a newly renovated multi-building campus known as Forefront 405. Bassman-Blaine Holdings LLC will utilize the property located at 2485 McCabe Way for its new showroom and design studio as well as corporate functions. Allen Basso of Lee & Associates Irvine represented the buyer in the transaction, while John Griffin of Cushman & Wakefield represented the seller.


Industrial

Industrial

Image courtesy Avison Young

Avison Young has brokered the $4.8 million sale of a 29,400-square-foot multitenant industrial building with valueadd potential in Cathedral City, California. Principal Keith Krop and senior associate Michael Ganz, who are based in the company's Irvine, California, office, along with Thom Olson of Creatus Properties, represented the buyer, Cathedral City 2 LLC. The seller, North First Street Properties LP, was repped by Coldwell Banker.


Multifamily

multi-family

Image courtesy Kidder Mathews

Waterford Residential LLC has purchased Dover Shores Apartment Homes, an 18-unit apartment building located at 1606-1674 Westcliff Drive in Newport Beach, California, for $8 million. The seller was a private investor.

Kidder Mathews' multifamily brokers Steven C. Brombal and Joshua Y. Rhee from the firm's Orange County office represented both parties in the transaction. The community consists of four one-bedroom and 14 two-bedroom units. This is the first time it has been on the market in 42 years. Assets of this size are unique in Newport Beach and rarely become available. Rhee says the property generated multiple offers, and the accepted offer had no financing or appraisal contingency. The buyer is planning extensive renovations to the interiors and exteriors.


Retail

retail

Image courtesy The Heritage Group

DAVLES LLC, a real estate and property management company, has purchased 5,485 square feet at 5351 Adobe Falls Road in San Diego through the representation of senior directors Dan McCarthy and Kyle Clark of The Heritage Group. The building sold for $1.85 million and is visible from the I-8 freeway, between Waring Road and College Avenue. The seller was L& L Acquisitions LLC.


Mixed-Use

mixed-use

Image courtesy Continental Partners

Continental Partners has secured financing for a 44,123-squarefoot class-A creative-office and retail property in Tustin, California. The loan was arranged by director Eugene Rutenberg. The renovated property, which was vacant at the time of the loan application, can accommodate multiple uses, including creative office, flex/R&D, and retail uses and is located directly adjacent to the Tustin Legacy master planned community development.


Leases

Garner Holt Productions Inc., a leading designer and builder of animatronics for theme parks and attractions around the world, is expanding and relocating its corporate headquarters to an existing 120,000-squarefoot industrial building in the city of Redlands in San Bernardino County. The move doubles the manufacturer's footprint in anticipation of unprecedented expansion and new product offerings.


Financing

Meridian Capital Group has arranged $5 million in acquisition financing for a 33-unit multifamily property at 870 13th Street in Imperial Beach, California, on behalf of Clear Sky Capital Inc. The three-year loan features a fixed rate and one year of interest-only payments. The transaction was negotiated by Meridian senior managing director Seth Grossman and VP Sarah Kuebler.


Sunrise Management to oversee operations for LaTerra Stone Creek in Chula Vista, California

Sunrise Management

Image courtesy Sunrise Management

3875 Main Street Investors, an affiliate of LaTerra Development, has completed construction on the new LaTerra Select Stone Creek — a 97-unit multifamily community in Chula Vista, California — and retained San Diego–based Sunrise Management to oversee all pre-marketing, lease-up, and day-to-day operations.

The community is now open, and units are for lease. Open-living floor plans range in size from 743 to 993 square feet, with one-bedroom/one-bath and two-bedroom/two-bath options. All units have a balcony, large master bedrooms with walk-in closets, a full-sized washer and dryer, and appliances, including a dishwasher and air conditioning. Select floor plans feature large kitchen islands and separate dens. Enclosed garages are available for parking, and pets are welcome.

The community has resort-style amenities, including an outdoor-living common area, a modern clubhouse with kitchen, a California room with outdoor seating and fi replace, an outdoor television, pool, playground, BBQ/picnic area, and internet café. Located near the 805 freeway, the community is close to transit stops, parks, and the Otay Recreation Center.

"Fueled by Chula Vista's Bayfront master plan, the South Bay region is undergoing rapid redevelopment," says Howard Heitner, COO of LaTerra Development. "Stone Creek is ideally located in the heart of Chula Vista and offers a high-end experience with a multitude of amenities for residents. We're very excited to have Sunrise Management handling all operations and lease-up for our new community."

The community is located 7.5 miles from Downtown San Diego.

Continental Partners has secured financing for a 44,123-squarefoot class-A creative-office and retail property in Tustin, California. The loan was arranged by director Eugene Rutenberg. The renovated property, which was vacant at the time of the loan application, can accommodate multiple uses, including creative office, flex/R&D, and retail uses and is located directly adjacent to the Tustin Legacy master planned community development.