Investcorp and Cire Equity purchased two industrial complexes in San Marcos and Temecula, respectively, from an undisclosed seller. Public records show the ownership entities behind these properties are linked to Blackstone portfolio companies.
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Investcorp purchased a four-building, 221K SF Class-A project at 195 Bosstick Blvd. and 2946, 2950 and 2954 Norman Strasse Road. in San Marcos for $50M. The deal closed in January. The property, which was built in 2018, was fully leased.
Cire Equity bought two industrial buildings at 26201 Ynez Road and 42259 Rio Nedo Road in Temecula in May for approximately $24M.
Cushman & Wakefield’s Aric Starck, Jeffrey Cole and Drew Dodds of the firm’s Southern California capital markets team represented the seller.
PEOPLE
Allen Matkins has hired a real estate transactional team away from Goodwin Procter. The group includes partners Dean Pappas, Jennifer Sung, Shaunt Kodaverdian, senior counsel Julia Lee and associate Brenn Coyle. Pappas will serve as the co-leader of Allen Matkins' Real Estate Joint Ventures & Equity Investments Group. The new hires will add to the firm's joint venture, private equity and finance capabilities.
SALES
Decron Properties has acquired the Mira Mesa Market West shopping center from Stockbridge Capital Group for $99M. The roughly 239K SF, fully leased shopping center in the San Diego submarket of Mira Mesa is anchored by Home Depot, Smart & Final and CVS, with each location ranking within the top 10% of its nationwide chain.
The acquisition included the assumption of the existing financing with New York Life Insurance Co. The deal came with a below-market interest rate of 3.5% fixed for the remaining loan term.
The property, at 10604 Westview Parkway, at the intersection with Mira Mesa Boulevard, is the first retail acquisition since 2008 for Decron.
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Newmark facilitated Pacific Life Insurance Co.’s sale of 45 Enterprise, a vacant 243K SF office building in Aliso Viejo, for $44.3M. Newmark's Kevin Shannon, Rob Hannan, Paul Jones, Ken White and Brandon White represented the seller. The buyer was Microvention Inc.
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Upscale grocer Erewhon bought the former Virgil’s Hardware Home Center at 520 North Glendale Ave. for $12.4M, The Real Deal reported. In approximately 18 months, Erewhon plans to open its 11th location in the building.
FINANCING
Northmarq’s team of Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao obtained refinancing deals for the Serena Vista Apartments in Fountain Valley and Villa del Sur in Santa Ana for $40M and $20M, respectively.
The team arranged financing on behalf of the borrower, Advanced Real Estate, through the Freddie Mac Optigo Seller Servicer platform. The permanent fixed-rate loans were structured on 10-year interest-only terms. The properties total 284 units and offer one- and two-bedroom apartments in garden-style multifamily complexes.
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Gantry secured a $14.4M loan to retire construction financing for 801 Pearl, a Class-A apartment property at 801 Pearl St. in La Jolla Village. The two-story complex features a mix of studios and one- and two-bedroom apartments, along with about 3,400 SF of street-level commercial space. Gantry principal George Mitsanas and Director Doug Tisdale with the firm’s Los Angeles production office represented the borrower, a private real estate investor. The financing was secured through a life company lender and features a variable rate tied to SOFR and interest-only terms.
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