LONG BEACH, CALIF. — iBorrow, a private commercial real estate lender, has provided a $9.3 million bridge loan for an assisted living community’s renovations in the Los Angeles suburb of Long Beach. The 64,090-square-foot property was originally built in 1929. When renovations are completed, it will feature 56 units of assisted living, as well as a rooftop garden, ocean views and some retail. It is located a half mile from the 415-bed St. Mary’s Medical Center. The borrower and name of facility were not disclosed. Will McCabe of iBorrow originated the loan.
STOCKTON, CALIF. — Faris Lee Investments has arranged the $7 million sale of The Shops at Hammer & West, a 15,314-square-foot strip center located in Stockton. Jeff Conover of Faris Lee represented the Newport Beach-based seller, West Hammer Properties, in the transaction. Vista Pacific Realty represented the buyer, Tian He Jian Real Estate USA Inc. The center is fully occupied by seven tenants including Jollibee.
SAN FRANCISCO — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have announced the fund will acquire a 327-unit, eight-property portfolio of seniors housing communities in Northern California. The portfolio will be purchased in tranches, with the first group including properties in Belmont, Fairfield, Menlo Park and Sacramento. The second round will include properties in Napa and Sonoma. The first tranche has already closed, while the second is expected to be completed before the end of the year. The first acquisition totals 134,000 square feet of assisted living, memory care and skilled nursing. The communities are 100 percent occupied and operated by Colonial Oaks under a 15-year net lease. Several entities associated with Nazareth Healthcare sold the first tranche of properties. Grant Goodman and Chad Elliott of Lancaster Pollard & Co. LLC represented the sellers. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America NA and KeyBank National Association.
PLEASANTON AND NEWARK, CALIF. — CalBay Development has acquired a portfolio of two restaurants located in Pleasanton and Newark for $3.6 million. The sellers were the original developers and current franchisee owner-operators of the sites, which are occupied by drive-thru Arby’s restaurants. CalBay plans to remodel the sites and re-open the properties under a new national tenant brand. Redevelopment is scheduled to begin in fourth quarter 2017, with grand re-openings by the second quarter of 2018. Aron Cline and Jonathan Prater of Matthews Retail Group brokered the off-market transaction.
MONTEBELLO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant building occupied by LA Fitness. The 42,946-square-foot property is located in Montebello, roughly eight miles outside Los Angeles. Bill Asher and Ed Hanley of Hanley Investment Group represented the seller, a private partnership based in Orange County, California. The buyer, a publicly traded REIT, was self-represented in the transaction. Terms of the sale were undisclosed.
HOLLYWOOD, CALIF. — George Smith Partners has arranged $26.5 million in refinancing for Gershwin Apartments, a mixed-use property located on Hollywood Boulevard in Hollywood. The borrowers, which acquired the property in 2015, are Massie Capital and Glenn & Shannon Dellimore. The property features 163 apartments and 10,500 square feet of ground-floor retail space. Shahin Yazdi of George Smith Partners secured the financing for the borrowers.
FRESNO AND PORTERVILLE, CALIF. — Retail California has arranged the sales of two retail buildings in Fresno and Porterville. In the first transaction, Abdol Chalak acquired an 8,320-square-foot property, located at 4007 E. Ventura Ave. in Fresno. FD Partners LLC sold the property for an undisclosed price. Lewis Smith and John Lee of Retail California brokered the transaction. In the second deal, Opus-Dean LLC purchased a 9,900-square-foot retail property located at 1174 W. Henderson Ave. in Porterville. Walgreen Co. sold the property for an undisclosed price. Nick Frechou of Retail California represented the buyer, while Matt Alexander and John Krupka of SRS Real Estate represented the seller in the transaction.
LOS ANGELES — Marcus & Millichap has brokered the sale of a land parcel located at 1581-1587 W. Adams Blvd. in Los Angeles. An undisclosed buyer acquired the 13,996-square-foot site for $1.5 million. Floyd Shaheen of Marcus & Millichap represented the seller, an individual/personal trust, in the deal.
SPRING VALLEY, CALIF. — Pacific Coast Commercial has facilitated the sale of a retail property located at 620-628 Grand Ave. in Spring Valley. Furniture Environments Inc. acquired the 6,992-square-foot property from Advance Auto Parts. The property was occupied by NAPA Auto & Truck Parts, which vacated upon sale. Tom Hennessy and Scott Coronel of Pacific Coast Commercial represented the seller, while Chris Musgjerd of Savills Studley represented the buyer in the deal.
ENCINITAS AND ESCONDIDO, CALIF. — Poki Poki has signed two leases for new locations in California. The restaurant will occupy 1,240 square feet at Escondido Valley Center, located at 1348 W. Valley Parkway in Escondido, and 896 square feet at Encinitas Marketplace, located at 154 El Camino Road in Encinitas. Beth Sargent and Jon Horning of Flocke & Avoyer Commercial Real Estate represented the tenant in both transactions. Phil Lyons of Cushman & Wakefield represented the landlord at Escondido Valley Center and Manuel Balderrabano of Kimco Realty represented the landlord in the Encinitas deal.