MADERA, CALIF. — Newmark Grubb Pearson Commercial has arranged the sale of a retail building located at 100 E. Yosemite Ave. in Madera. Serranos Rentals acquired the 15,000-square-foot property from Barsotti Family LLC for an undisclosed sum. Craig Holdener and Troy McKenney of Newmark Grubb Pearson arranged the transaction.
SAN DIEGO — Flocke & Avoyer Commercial Real Estate has brokered the sale of a commercial building located at 9906 Carmel Mountain Road in San Diego. The Bradley Family Trust and McGuiness Family Trust sold the property to The Bertrand Family Trust for $1.6 million. Bertrand’s Music will occupy the 3,342-square-foot property. Brian Quinn of Flocke & Avoyer represented the sellers in the transaction.
FRESNO, CALIF. — Tree of Life has signed a lease for 2,547 square feet of retail space at 2139 Kern St. in Fresno. The landlord is Banner Bank. Phil Souza, Jeremy Reed and Jessica Young of Newmark Grubb Pearson Commercial handled the lease transaction.
REDLANDS, CALIF. — A joint venture between Harbert Seniors Housing Fund I LP and JEA Senior Living has purchased a six-asset memory care portfolio across five states for an undisclosed price. The Class A communities include Blossom Grove in Redlands, Calif; Prairie Meadows in Omaha, Neb.; High Plains in Lincoln, Neb.; North Ridge in Albuquerque, N.M.; Autumn Hills in Bloomington, Ill.; and Maple Wood in Springfield, Mo. The portfolio totals 395 beds and was 79 percent occupied at the time of sale. JEA, an owner-operator based in Vancouver, Wash., developed all six properties and will continue to manage them. This marks the first transaction for Harbert Seniors Housing Fund I. The fund is sponsored by Harbert Management Corporation, a Dallas-based owner and operator of multifamily, office, industrial, retail and self-storage properties throughout the United States.
OAKLAND, CALIF. — Kaiser Center, a 975,000-square-foot office complex in downtown Oakland, has undergone a recapitalization. The transaction terms were not disclosed. The complex is located at 300 Lakeside Drive. It includes an 845,000-square-foot office tower, in addition to two low-rise retail/office buildings that total about 130,000 square feet. BART, the University of California and Kaiser Foundation Health Plan currently occupy the property. Affiliates of Rockpoint Group and the Swig Company plan to reposition the asset. This will include major renovations to the lobbies, common corridors, landscaping and retail amenities.
LOS ANGELES — Merlone Geier Partners has purchased El Monte Shopping and Automotive Center, a 473,347-square-foot automotive and retail center located in El Monte, from Decron Properties for $84.5 million. The property is comprised of a traditional shopping center and Longo Lexus dealership. Savills-Studley Retail Investment Group represented Decron Properties, while Melone Geier Partners was self-represented in the transaction. Tenants at the center include Sears, Staples, Deardens, Big 5 Sporting Goods, RadioShack and Jamba Juice.
LOS ANGELES — Capital Funding Group has provided a $6.5 million bridge-to-HUD loan and a $2 million mezzanine loan for the acquisition of Bloohmfield East, a 130-bed skilled nursing facility in Lynwood. A group of private real estate investors bought the property and leased it to a new operator, Reliant Management. Capital Funding Group is a Baltimore-based lender for healthcare properties, especially skilled nursing facilities, assisted living communities and hospitals.
LOS ANGELES — The Mortgage Bankers Association (MBA) has partnered with Pepperdine University Graziadio School of Business and Management to offer a six-month executive certificate in commercial real estate. The program will kick off in March. Classes aim to accelerate higher-level career opportunities for mid- to senior-level professionals who are pursuing career advancement, continuing education credits and professional designations. The training also aims to improve marketability and open career doors through networking opportunities. The curriculum will incorporate materials and programming from MBA’s education commercial/multifamily courses, making this the first industry program to combine graduate school certificate education with industry-recognized training curriculum. Participants will learn critical analysis and evaluation skills for transacting acquisition, financing, asset management and development deals. They will also learn the intricacies of private equity real estate, private debt/finance, publicly traded real estate (REITs), securitized debt and real estate development. The program was created by combining MBA-established training with the expertise of Pepperdine faculty in the commercial real estate equity and REIT fund investment arenas. Sessions will be held two days per month, on Friday and Saturday. Classes are available online, and at each of the five Pepperdine locations.
IRVINE, CALIF. — WNC, an Irvine-based investor specializing in low-income housing tax credits (LIHTC), has closed WNC Institutional Tax Credit Fund 41 L.P., a $114.7 million institutional LIHTC fund. Estimated to include 1,674 affordable housing units in total, the fund’s portfolio is comprised of 24 family and seniors housing communities scheduled for new construction and rehabilitation. The properties will be located in 11 states: Arkansas, California, Louisiana, Minnesota, Missouri, Montana, New Mexico, Tennessee, Texas, Washington and Wisconsin.
PASADENA, CALIF. — Meridian has purchased a 115,000-square-foot medical office complex in Pasadena for $37.5 million. The complex is located at 50 Bellefontaine St. near Huntington Memorial Hospital. The 2.8-acre property contains a 52,000-square-foot building, a 63,000-square-foot building and an adjacent subterranean parking garage. Meridian plans to invest an additional $5 million to modernize and upgrade the space. John Erickson and Brent Weirick of Colliers represented Meridian in the deal. Fred Cordova, Ryan Eddy and Michael Puleo of Kennedy Wilson Brokerage Group, along with William Boyd, Linda Lee and Scott Unger of Charles Dunn, represented the seller, Cotton Medical Center.