SANTEE, CALIF. — CBRE has arranged a $25 million Freddie Mac loan for The Grant Companies to refinance The Pointe at Lantern Crest, a 102-unit independent living and assisted living community in the San Diego suburb of Santee. The Class A community is Phase II of a larger campus. Phase I, The Ridge at Lantern Crest, was also financed with a CBRE-originated Freddie Mac loan in 2014. Lantern Crest Management operates the communities. The 10-year, fixed-rate mortgage includes 72 months of interest-only payments. Aron Will of CBRE National Senior Housing and Bill Chiles and Scott Peterson of the CBRE Debt & Structured Finance team in San Diego, arranged the financing. Founded in 1989, The Grant Companies has developed more than $500 million in medical office buildings, seniors housing and other commercial developments.
SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of Gramercy Court, an 87,526-square-foot assisted living and skilled nursing facility in Sacramento, for $15.6 million. The eight-building community sits on a 5.4-acre campus. It features 71 assisted living units and 120 skilled nursing beds. Max McCabe and Krone Weidler both in Marcus & Millichap’s Tampa office represented both the buyer, a fund manager, and the seller, an individual trust, in the transaction.
YORBA LINDA, CALIF. — Savi Ranch Property Holdings has purchased Savi Tech Center, a 376,808-square-foot office/technology campus in Yorba Linda, for an undisclosed sum. The campus is located within the Savi Ranch business park at 22705-22745 Savi Ranch Parkway, about 40 miles south of downtown Los Angeles. The campus is fully leased to five tenants within the technology, healthcare and housing sectors. The seller, a joint venture between Hines and Oaktree Capital Management, previously invested $13 million to update the campus’ common areas, roof, HVAC systems, and interiors and exteriors. Jeffrey Cole, Jeff Chiate, Ed Hernandez and Rick Ellison of Cushman & Wakefield represented the sellers in the transaction.
CARLSBAD, CALIF. — Badiee Development has acquired two land parcels totaling 8.4 acres in the Carlsbad Oaks North Business Park for $6 million. The development firm plans to build a speculative flex industrial campus named Carlsbad Oaks Innovation Park on the lots. The two-building campus will contain a total of 102,937 square feet offering a mix of office and functional warehouse space. Badiee will break ground on the campus in the first quarter of 2017, with an expected completion date in the fourth quarter of that year. Tucker Hohenstein and Mike Erwin of Colliers International represented both Badiee and the seller, Kilroy Realty, in this transaction. The team also serves as the project’s listing brokers, along with Conor Boyle.
LOS ANGELES — Fazoli’s signed nine multi-unit and single-unit franchise agreements in July to develop 22 new restaurants nationwide. Fazoli’s will develop new restaurants out West in Southern California and Sioux Falls, S.D. It will also debut new outlets in Memphis, Tenn.; McAllen, Texas; Chicago; Dothan, Ala.; Snellville, Ga.; Hazard, Ky.; and Central Indiana. This announcement comes on the heels of significant growth for Fazoli’s, including 13 consecutive quarters of same-store sales growth — with franchisees boasting a 5.1 percent year-over-year, same-store sales increase in July. In 2011, Fazoli’s underwent a major brand overhaul with the introduction of real plateware and silverware in lieu of foam plates and plastic cutlery. As part of the brand refresh, earlier this year Fazoli’s began remodeling some of its locations with a new, contemporary look and feel. In addition, the company introduced an upgraded menu. With nearly 220 restaurants in 24 states, Fazoli’s claims to be America’s largest Italian fast-casual chain.
SAN MATEO, CALIF. — New York Life Real Estate Investors has provided $48 million in financing to the owners of a 181,219-square-foot office building in San Mateo. The Class A building is located at 777 Mariners Island Blvd. The mortgage loan has a seven-year term. Financing was provided on behalf of a fund managed by Wafra Investment Advisory Group.
SAN CLEMENTE, CALIF. — CareTrust REIT Inc. has acquired two seniors housing communities and two skilled nursing facilities in California’s Central Valley for approximately $34.4 million. The portfolio consists of 79 assisted living units and 293 skilled nursing beds, and is currently leased to affiliates of California-based Covenant Care LLC. The sellers included three related ownership groups. The names and specific locations of the communities were not disclosed. The existing leases have terms that expire in 2019, subject to two five-year extension options, and include CPI-based rent escalators. CareTrust funded the acquisition through its $400 million unsecured revolving credit facility. CareTrust is a publicly traded seniors housing and healthcare REIT based in San Clemente. It owns properties in 20 states.
YORBA LINDA, CALIF. — Thorofare Capital has funded a $15 million floating-rate commercial mortgage for a 60,740-square-foot retail property in Yorba Linda. Kevin Miller and Felix Gutnikov of Thorofare arranged the acquisition, CapEx and TI/LC facility financing for the undisclosed borrower.
LOS ANGELES — Benchmark Contractors, a subsidiary of Morley Builders, has completed the construction of Blossom Plaza, located at the intersection of Broadway and College Street in downtown Los Angeles. Situated directly north of the Gold Line’s Chinatown Station, the plaza serves as the main pathway through Blossom’s Cultural Plaza and commercial arcade. Blossom features 237 apartment units in three five-story structures with 19,000 square feet of retail space over parking for 453 cars. Forest City developed the project, which Johnson Fair and Togawa Smith Martin designed. The project is targeting LEED Gold certification.
SAN DIEGO — The ONE Group is opening its San Diego version of STK at Andaz San Diego, located at 600 F St. in downtown San Diego. Occupying the space of the long-shuttered Katsuya, the modern steakhouse/club will feature an updated design and menu options from the brand’s original STK concept. The restaurant will feature a variety of food offerings, ranging from shellfish platters and raw bar dishes to various steaks, and entertainment including nightly DJs.