Rosemead Retail Center Gets $46M Refi: The Los Angeles Deal Sheet
The owners of Rosemead Place, a 337K SF retail center in Rosemead, secured a $46M refinance from Wells Fargo.
A Walker & Dunlop team led by Trevor Fase and Lynn Pearson secured the fixed-rate, interest-only permanent debt loan provided by Joel Minugh and James Ko of Wells Fargo on behalf of a family office.
Situated next to the 10 Freeway, Rosemead Place has a mix of national tenants, including Target, LA Fitness, Ross Dress for Less, PetSmart, Ulta Beauty and Dollar Tree.
SALES
Temecula-based logistics and distribution company Southwest Traders purchased the Gateway at Menifee, a 230K SF industrial facility at 33520 Zeiders Road in Menifee, paying $40.5M.
The property is in the former Scott Road Commerce Center. The sale was executed with less than a 30-day escrow.
Colliers’ Rick Nunez, Mateo Mobilia and Michael Romero represented Southwest Traders. The seller was Scott Road Property LLC.
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CBRE announced the $13.5M sale of a 68K SF, three‑building, multitenant industrial park in Temecula. The property at 40880, 40935 and 40945 County Center Drive was acquired by Jewell Capital LLC. The industrial park is 97.4% leased and has maintained occupancy above 95% for more than seven years.
CBRE’s Matt Pourcho, Matt Harris and Anthony DeLorenzo represented the seller, South La Brea LLC.
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Torrey Pines Center LLC has sold its 10K SF Class-A office property for $8.5M, or $845 per SF. The property at 2262 Carmel Valley Road in Del Mar was built in the 1980s but has since been extensively renovated.
CBRE’s Matt Pourcho, Anthony DeLorenzo, Jeb Bakke and Dick Balestri represented the seller. The buyer was an unnamed private owner-user wealth management company represented by Cushman & Wakefield’s Peter Curry and Owen Curry.
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Progressive Real Estate Partners announced the $6M, off-market acquisition of Allmark Plaza, a 17K SF unanchored neighborhood retail center at 10060-10080 Arrow Route in Rancho Cucamonga, to an unnamed Orange County-based private investor.
Progressive Real Estate Partners’ Lance Mordachini and Monica Dal Bianco-West represented the buyer. The seller, Allmark Property Management, represented itself.
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A freestanding, single-tenant restaurant building leased to El Torito at 6040 Canoga Ave. in Woodland Hills has sold for $5.1M. Marcus & Millichap’s Brandon Michaels represented the seller, Kia Canoga Warner LLC, and procured the buyer, an undisclosed private investor.
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CBRE has arranged the sale of the 37K SF Alcalde Business Center in Laguna Hills to Mosaic Industrial for an undisclosed amount.
Mosaic Industrial plans to reposition the 37K SF multitenant property.
CBRE’s Jeff Carr, Anthony DeLorenzo and Mark Shaffer represented the unnamed buyer and seller in the transaction.
FINANCING
Crescent Heights has locked down a $210M financing secured by the remaining condominium inventory at Skyline OC South Coast Residences, a 25-story residential complex in Santa Ana.
Newmark’s Jordan Roeschlaub, Nick Scribani, Ricky Braha, Holden Witkoff and Niv Shahmoon arranged the financing on behalf of Crescent Heights. Investment vehicles advised by Centerbridge Partners participated in the financing, according to Newmark, which announced the transaction.
THIS AND THAT
Cityview and Stockbridge have officially opened Apollo, a 265-unit multifamily community in Gardena.
The apartment complex at 12888 Crenshaw Blvd. is in proximity to SpaceX, Tesla Design Center, Ring and the broader aerospace corridor. Through a profit-sharing structure with the city, 25% of net profits go directly to the city of Gardena.
