Kilroy Realty Corp. scored an 11-year, nonrecourse, $375M loan from New York Life Insurance Co. The loan is secured by part of Kilroy’s One Paseo campus in Del Mar near San Diego.
JLL announced the deal and arranged the loan. One Paseo’s footprint totals 36 acres. The loan is secured by a 23-acre part of the property that includes two office buildings, 608 apartments and over 95K SF of retail.
JLL’s capital markets advisory team was led by Senior Managing Director Greg Brown and Directors Charlie Vorsheck and Samuel Godfrey.
:no_upscale():quality(75))
SALES
The Budget Inn, a 24-key limited-service hotel at 1042 Ball Road in Anaheim, has sold. The Mogharebi Group, which arranged the sale of the 60-year-old hotel, announced the sale to private investor Sunstone Development. The off-market transaction completes a 1.1-acre land assemblage by Sunstone that includes its purchase of the adjacent 44-key Days Inn by Wyndham last year. Terms of the sale weren't disclosed.
***
Marcus & Millichap Capital Corp. arranged $7.5M for the acquisition of a single-tenant retail property at 1361 West Channel Island Blvd. in Oxnard. MMCC Senior Vice President of Capital Markets Ron Balys secured the financing. The 37.5K SF property is occupied by Esporta Fitness. Terms of the seven-year loan include an interest rate of 5.48%, 30-year amortization and a loan-to-value ratio of 65%.
LEASES
Clearlake Capital Group has signed a lease to take about 150K SF at JMB Realty’s 1950 Avenue of the Stars development, The Real Deal reported. The building isn't scheduled to be complete until 2026. The lease lasts more than 15 years. CBRE’s Jeff Pion brokered the deal on behalf of Clearlake. Cushman & Wakefield’s Eric Olofson represented JMB.
***
CGI+ Real Estate Investment Strategies has opened its first standalone retail development, a 31K SF grocery store in Los Feliz with a Lazy Acres Natural Market. The grocery store is at 1841 North Western Ave. The market has signed a long-term lease with CGI+. As part of the development, CGI+ retained a nearly 2K SF building that once served as the studio for artist Mary Corita Kent, also known as Sister Corita.
CONSTRUCTION AND DEVELOPMENT
Community Corporation of Santa Monica has opened Brunson Terrace, a 48-unit affordable housing property in Santa Monica. The development offers a playground, parking, community garden, community room and kitchen, gym, wellness studio, on-site laundry and outdoor picnic area. The all-electric and sustainable building is designed to meet LEED Platinum standards and will include Energy Star appliances, electric vehicle charging stations and solar panels.
