Sterling Bay Locks In $290M Refi On San Diego Life Sciences Campus: The Los Angeles Deal Sheet
Sterling Bay has secured a $290M refinance of Pacific Center, a Class-A life sciences campus in San Diego’s Sorrento Mesa. The refinancing includes $162.5M of future funding, providing substantial leasing and carry reserves to support continued occupancy growth.
The property was completed in 2025 and features flexible 36K SF to 55K SF floor plates and up to 18-foot floor-to-floor heights.
Newmark's Jonathan Firestone, Blake Thompson and Jack Condon represented the sponsor, a joint venture between Sterling Bay and an unnamed institutional partner. The financing was provided by Peregren Capital Group.
SALES
Asana Partners sold The Beacon, a 122K SF neighborhood lifestyle center in Carlsbad, for $91.3M. The buyer was 11 North Partners. The Beacon is anchored by luxury gym Equinox, and tenants include Arhaus, Sweetgreen, Shake Shack, Jeni's Ice Cream, Pitfire Pizza and Lofty Coffee Co.
A JLL team led by Geoff Tranchina, Gleb Lvovich and Daniel Tyner represented Asana Partners.
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A joint venture between PCCP and Alliance Residential Co. purchased the Hawthorne, a 184-unit apartment complex in Riverside, for $65.3M.
The property at 9170 Indiana Ave. contains 16 three- and two-story buildings and one single-story amenity building. The garden-style multifamily complex was delivered in 2023 and holds a mix of one-, two- and three-bedroom units averaging approximately 873 SF. It also has 330 parking spaces, including 183 private garages.
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Marcus & Millichap’s Douglas McCauley and David Covarrubias sold a 40-unit apartment property located at 4810 N. Vincent Ave. in Covina. The 27K SF property features 38 units in two-bedroom, one-bathroom and studio configurations. The apartments sold for $8.2M, or $205K per unit. M&M represented the seller, Vincent Village Venture LLC, and also procured the buyer, DIBA LLC.
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The Metric, a 28-room boutique hotel in downtown Los Angeles, sold for $9.25M, or about $330K per key.
Marcus & Millichap's Eddy Nevarez marketed the property on behalf of the sellers, Jagubhai V. Patel and Nilaben R. Patel, co-trustees of the Jagubhai V. Patel and Nilaben R. Patel Revocable Trust. Marcus & Millichap also represented the buyer.
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Jamison has sold 901 Corporate Center Drive, a Class-A office building at Los Angeles Corporate Center in Monterey Park, California. The asset traded for $17.7M, or $175.69 per SF.
Lee & Associates’ Jamie Harrison and Christopher Larimore exclusively represented the buyer, Focus Universal Inc., and the seller in the transaction. The buyer plans to use the property as its future corporate headquarters. Acquisition financing in an undisclosed sum was arranged through East West Bank.
LEASES
The Klabin Co./Corfac International represented Southern California-based Convenient Logistics LLC in a 36-month lease for a 102K SF industrial building at 10846 Commerce Way in Fontana. The transaction was valued at more than $3.7M.
The Klabin Co.’s Edwin Rosales, Max Farkas and Zach Middleton represented Convenient Logistics. JLL’s Louis Tomaselli and Chase Berry represented the landlord, Robert K. Vogel Family Trust.
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Medical Chemical Corp. signed a long-term, 66K SF industrial lease at Terreno Realty Corp.’s 2310 Gladwick St. in Rancho Dominguez. MCC will consolidate operations from four separate units into this single, upgraded facility. Savills’ Sean O’Donnell represented MCC, and Lara Real Estate Group represented Terreno Realty Corp.
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Avison Young negotiated a multidecade, 38K SF lease for the relocation of Mercedes-Benz of Beverly Hills to 8825 Wilshire Blvd. in Beverly Hills. It is already occupying the location.
Avison Young’s Jodi V. Meade represented the landlord, 8825 Wilshire LLC. The tenant was self-represented and relocated its local dealership from its former location at 9250 Beverly Blvd. The Wilshire Boulevard property was the last available automotive-zoned real estate in Beverly Hills with both sales and full-service bay capabilities, according to Meade.
CONSTRUCTION AND DEVELOPMENT
Logos Faith Development, in partnership with St. Rest Friendship Baptist Church, held a groundbreaking on May 26 for Phase I of a 138-unit affordable housing community in Los Angeles at 709 W. Manchester Ave.
When complete, the project will hold 62 apartments for low- and moderate-income households. The four-story development will include 53 one-bedroom units and nine two-bedroom units, 27 parking spaces, and a courtyard on the second floor.
The developers secured an approximately $15M construction loan from Sunflower Bank to facilitate the groundbreaking. Phase I of the project is expected to be complete during the fourth quarter of 2027.
FINANCING
JLL and HJ Sims arranged $252.1M in tax-exempt and taxable bond financing for the development of The Marisol, a 214-unit senior housing community at 2120 Main St. in Huntington Beach.
HJ Sims acted as lead bookrunning manager on the senior bonds, and JLL Securities served as co-manager and led the process in securing the investor for the subordinate bonds. The bonds were broken up into three tranches.
The Marisol is scheduled for completion in 2028.
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Walker & Dunlop arranged a $101.6M refinance loan for Enclave Heritage Flats, an apartment complex in Chula Vista.
Walker & Dunlop’s Gregory Richardson and Jeff Kearns arranged the financing on behalf of The Baldwin Co. The loan was secured through a U.S. Department of Housing and Urban Development program and refinances existing debt that Walker & Dunlop arranged in 2024.
