ANTIOCH, CALIF. — MBK Senior Living has purchased The Commons at Dallas Ranch, a 109-unit assisted living and memory care community in Antioch, for an undisclosed price. The acquisition comes despite the recent resignation of the company’s president, Terry Howard, in August. The seniors housing developer and operator has commenced its search for Howard’s replacement. In the last month, MBK also assumed operations of five Capitol Seniors Housing-owned communities. Those communities include Fairview Commons in Costa Mesa, Calif., and four in metro Seattle: The Creekside, Island House, Mountainlake Terrace Plaza and Northgate Plaza. MBK Senior Living’s portfolio of owned and managed communities now includes a total of 2,465 units within 22 independent living, assisted living and memory care communities in Arizona, California, Colorado, Utah and Washington.
RANCHO MIRAGE, CALIF. — NAI Capital has arranged the acquisition of a retail showroom located at 71441 Highway 111 in Rancho Mirage. FM 111 LCC purchased the property from Thomas Realty Co. from $5.3 million, or $412.80 per square foot. At the time of sale, the 15,000-square-foot property was fully leased to Electric Car Distributors. Jeffrey Simonds of NAI Capital represented the buyer in the transaction.
SEASIDE, CALIF. — The University Corp. at Monterey Bay — an auxiliary corporation of California State University, Monterey Bay — has acquired a 579-bed student housing community located adjacent to the university’s campus in Seaside for $68.5 million. AMCAL Equities LLC sold the project, called The Promontory. The university had a 20-year master lease on the community with an option to purchase after the first 12 months, which it chose to exercise. Community amenities at the property include an internet café, basketball half-court, community clubroom, 24-hour study areas, bicycle storage, fitness center and outdoor grills and seating areas.
IRVINE, CALIF. — Wesco Properties Inc. has acquired a two-building retail site located in Irvine for $13.7 million. The buildings total 12,577 square feet, and are leased to Mimi’s Café and Islands Restaurant. Jeff Conover of Faris Lee represented the seller, VR Irvine Pad LLC, and Tony Dorn of Beitler Commercial Realty Services represented the buyer in the 1031 exchange transaction.
LOS ANGELES — Burgerim, a better-burger concept, has opened its second U.S. location in Montclair, Calif. Burgerim is set to open 33 franchised restaurants in the next year across the country, including in Memphis, Tenn.; Boca Raton, Fla.; and Houston, Texas. Burgerim currently operates in over 200 locations in 16 countries. Burgerim’s first U.S. location is at 5001 Melrose Ave., in Los Angeles.
NORTH HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the acquisition of a four-building retail/office property located at 11305-11335 Magnolia Blvd. and 5215 Bakman Ave. in North Hollywood. Elijah 27 LLC acquired the 20,139-square-foot property from a family trust for $7 million. Martin Agnew, Jessica Kelley and Ryan Rothstein-Serling of Marcus & Millichap represented the buyer, while Scott McCauley of Corporate Realty Services represented the seller in the 1031 exchange.
LONG BEACH, CALIF. — CBC Advisors Orange County has arranged the $3.5 million sale of Orange Plaza, a 19,840-square-foot retail strip center located in Long Beach. Daniel Tyner and Scott Hook of CBC represented the undisclosed seller in the sale of the property to a private, all-cash buyer. Tenants at the center include Subway and Domino’s Pizza.
ESCONDIDO, CALIF. — Lee & Associates has arranged the purchase of a gas station station site located at 2825 Auto Parkway in Escondido. ASAP Investments acquired the 28,750-square-foot lot, which includes a 1,050-square-foot retail/service station, for $2 million. The buyer plans to rebrand the site, which was formerly a Valero, as an independent gas station. Trent France of Lee & Associates – North San Diego and Kent Moore of Palomar Commercial represented the buyer, while Mack Langston and Kris Boehmer of Pacific Coast Commercial represented the seller, KGD Enterprises, in the deal.
NATIONAL CITY, CALIF. — Pacific Coast Commercial arranged the acquisition of a drive-thru building and lot located at 1825 Highland Ave. in National City. Sire Trust acquired the 800-square-foot building and 10,125-square-foot site from Officer Family Partnership for an undisclosed price. Weinerschnitzel restaurant occupies the building. Martin Alfaro of Pacific Coast Commercial represented the buyer, while Steve Rotsart of Coldwell Banker West represented the seller in the deal.
OCEANSIDE, CALIF. — InvenTrust Properties Corp. has acquired Old Grove Marketplace, an 81,279-square-foot shopping center located in the San Diego suburb of Oceanside, for $23.3 million. Ralph’s Marketplace and Lowe’s anchor the 91 percent occupied center, which is also home to tenants including US Bank, Starbucks, Subway, H&R Block, AT&T, McDonald’s and Shell. Gleb Lvovich, CJ Osbrink and Bryan Ley of HFF represented the seller, Gerrity Group, in the transaction.