ENCINO, CALIF. — Encino-based supermarket chain Gelson’s Markets has won final approval to buy six Haggen grocery/pharmacy properties in Southern California. Acquisitions will include 2627 Lincoln Blvd., Santa Monica; 25636 Crown Valley Parkway, Ladera Ranch; 36-101 Bob Hope Drive, Rancho Mirage; 2707 Via De La Valle, Del Mar; 730 Turquoise St., San Diego; and 1736 Avenida De Los Arboles, Thousand Oaks. Haggen filed for Chapter 11 bankruptcy this past September. Gelson’s plans to relaunch the acquisitions early next year under its own brand with initial improvements to product selection and merchandising, followed several months later by redesign and construction. Existing pharmacies will remain open during the transition.
LADERA RANCH, CALIF. — Gary Bechtel has been appointed as the new president of Money360. Bechtel will be responsible for expanding Money360’s lending programs, increasing loan production and guiding the company in its growth efforts. Prior to joining the firm, Bechtel served as the chief lending/originations officer at CU Business Partners. He has also held executive positions at Johnson Capital Group, Hometown Commercial Capital and Meridian Capital Group. The commercial real estate marketplace lending platform is headquartered in the South Orange County submarket of Ladera Ranch.
LOS ANGELES — Thorofare Capital has provided a $7.7 million bridge loan to a partnership between Cadence Capital Investments and Oakwood Real Estate Partners for the off-market acquisition of a retail property located near The Grove on Beverly Boulevard in Los Angeles. The non-recourse, one-year, interest-only loan features a fixed rate. The borrower plans to reposition the 12,500-square-foot property, which was 56 percent leased at the time of closing.
SAN LEANDRO, CALIF. — Marcus & Millichap has brokered the sale of a retail property located at E. 14th St. in San Leandro. A limited liability company bought the 22,520-square-foot property, which is occupied by CVS/pharmacy, for $4.1 million. Fabio Sangiorgi of Marcus & Millichap’s Palo Alto office represented the buyer in the transaction. The name of the seller was not released.
DUBLIN, CALIF. — Ross Stores, Inc. has appointed Brian Morrow as president and chief merchandising officer of dd’s Discounts, effective Dec. 7. Morrow will report directly to Barbara Rentler, the company’s CEO, and be responsible for directing all aspects of merchandising at dd’s Discounts. Morrow has more than 30 years of merchandising management experience including roles with Macy’s West, Mervyn’s, Macy’s North/Marshall Field’s and May Company. Most recently, he served as president and chief merchandising officer for Stein Mart Inc.
TURLOCK AND FRESNO, CALIF. — Inland Real Estate Acquisitions Inc. has facilitated the acquisitions of two shopping centers in Turlock and Fresno. In the first transaction, Inland Real Estate Income Trust Inc. acquired Blossom Valley Plaza, a shopping center located at 2900 Geer Road in Turlock, for an undisclosed sum. Constructed in 1988, the 111,558-square-foot shopping center was 100 percent leased at the time of sale to a variety of tenants, including Raley’s grocery store, Wells Fargo, Supercuts, Subway, Papa John’s, GameStop and Jay’s Tires. Matthew Tice of Inland Real Estate Acquisitions Inc. facilitated the purchase on behalf of Inland Real Estate Income Trust. The name of the seller was not released. Additionally, Inland Real Estate Acquisitions facilitated the purchase of Marketplace at El Paseo, a 224,683-square-foot shopping center in Fresno, for an Inland-related party. Terms of the acquisition, including seller and purchase price, were not released.
MADERA, CALIF. — Lancaster Pollard has arranged the refinancing of an $11.3 million bridge loan into a $13.3 million, non-recourse FHA permanent loan for Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community in Madera, a small town between San Francisco and Los Angeles. Woodset Partners LLC owns the property, which Integral Senior Living operates. The property opened in 2005 and in 2010 was the winner of the Assisted Living Federation of America’s (ALFA) Best of the Best Award. Lancaster originally arranged the bridge loan in 2013 to ensure Woodset retained ownership of the community. The intent was to refinance the loan into permanent financing through FHA. The new loan structure removed many covenants, paid off the $11.3 million bridge loan and $900,000 in mezzanine debt, and provides debt service savings. In addition, the financing funds repairs to the property and a $445,000 deposit to the replacement reserve account. Jason Dopoulos led the transaction for Lancaster Pollard.
SAN MARCOS, CALIF. — Capstone On-Campus Management (COCM) has been selected to assume management of University Village Apartments and The QUAD student housing communities, both serving students on the campus of California State University San Marcos (CSUSM). The two student communities provide housing for a total of 1,527 CSUSM students. University Village Apartments, providing 638 beds, is located directly on the CSUSM campus and is owned by an auxiliary organization of CSUSM. Living arrangements are two- and four-bedroom apartments, all fully furnished. The QUAD, providing 889 beds on a site adjoining the campus, is a privately owned, CSUSM-affiliated community. Living arrangements are private and shared bedrooms, within two-, three-, and four-bedroom apartments, all fully furnished.
BUENA PARK, CALIF. — CBRE Group has brokered the sale of a retail building, located at 8030 Dale St. in Buena Park. Oshdale LLC acquired the 44,100-square-foot property from Village Properties for $15.7 million. Orchard Supply Hardware recently signed a 20-year, triple-net lease for the property and plans to open later this year. Dan Riley, Arthur Flores and Austin Wolitarsky of CBRE represented the seller and buyer in the transaction. Barclay Harty, also of CBRE, was the leasing agent at the time of sale.
FREMONT, CALIF. — PCCP has provided a senior construction loan to a joint venture between BHV CenterStreet Properties and JD Capital for the development of Artist Walk at 37070-3722 Fremont Blvd. Situated on 6.24 acres in the Centerville District of Fremont, the infill mixed-use project will feature 185 apartments and 28,641 square feet of ground-floor retail space. Plans for the development include three- and four-story buildings with surface parking, as well as continuous street-facing retail across three separate buildings along Fremont Boulevard with a mix of 12 to 17 restaurants and retailers. The apartment units will feature one- and two-bedroom layouts with nine-foot ceilings, washer/dryer, private balconies and upgraded finishes. On-site amenities will include a pool, clubhouse and business center.