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WSC Communities received a $125M loan from Madison Capital Realty to refinance two Santa Monica properties.
The Real Deal reported that the money gives WSC and affiliate WS Communities to buy out its partner on the under-construction residential project at 1550 Lincoln Blvd. and a residential project at 11001 West Pico Blvd. in West LA that has yet to start construction. The financing will also allow the developer to finish construction at the Lincoln Boulevard site and begin work on the Pico Boulevard property, previously the site of a Norms restaurant.
SALES
Texas-based Commercial Metals Co. has completed the sale of a large land parcel in Rancho Cucamonga. CMC made $313M in the sale. The buyer was a subsidiary of LA-based Ares Management Corp., The Real Deal reported.
CMC was represented in the transaction by JLL’s Peter McWilliams, Mike McCrary, Patrick Wood, Jeff Bellitti and Scott Coyle.
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A Chinese-based medical company has purchased a two-building campus in Irvine that will become its U.S. headquarters. MicroPort Scientific America Inc., a medical devices company, paid $40.23M to buy 16800 and 16802 Aston St. The properties are about 5 miles northeast of the John Wayne Airport.
Newmark Executive Managing Director Jack McNutt represented the buyer. The seller was represented by Brian Garbutt of Lee & Associates. The seller was not disclosed and public records do not yet reflect the all-cash transaction.
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A 200-unit West Covina apartment building sold to a private Los Angeles-based apartment investor for $80.4M. The property at 1231 West Francisquito Ave. had undergone a $4.9M renovation that covered the majority of units and all common areas. CBRE’s Stewart Weston and Dean Zander represented the seller.
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IDS Real Estate Group bought a 33-unit business park in Walnut for $108.6M. JLL marketed the property for the seller, which is Vogel Group, according to Commercial Observer. The roughly 331K SF business park at 360 South Lemon Ave. was fully leased at the time of sale.
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Private investment company Pasaca Capital has inked a 10-year lease for approximately 26K SF at 800 East Colorado Blvd. in the Pasadena Towers. CBRE’s Hunter Brown, Jake Bobek and Scott Steuber represented Pasaca Capital in the lease. The landlord, CBRE Investment Management, was represented by CBRE's Kevin Duffy, Natalie Bazarevitsch, Doug Marlow, Jackie Benavidez and Juliana Sampson.
FINANCING
Meridian Capital Group arranged $22.8M in acquisition financing for The Keller Block Building in Santa Monica. The Festival Cos. is the buyer, and is planning a renovation of the approximately 18K SF office and retail property at 1258 - 1460 Third Street Promenade and 227 Broadway. The city landmark property is over a century old. The transaction was negotiated by Meridian Senior Managing Director Seth Grossman and Vice President Jackie Tran.
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