BUTTE, MONT. — Evans Senior Investments (ESI) has arranged the sale of Copper Ridge Health & Rehab Center, a 98-bed skilled nursing facility in Butte, for $5.7 million. Built in 1975, the facility underwent a significant renovation in 2008. The facility operates with 98 functional beds but is licensed for 186 beds. ESI represented the seller, an independent owner-operator. The buyer was a publicly traded healthcare REIT. Eduro Healthcare, a regional operator in the Wisconsin, Colorado and Utah area, will operate the property. Copper Ridge Health & Rehab Center will be Eduro’s first Montana community.
LOS ANGELES — The Anti-Recidivism Coalition (ARC) has leased 12,633 square feet of creative office space at ROW DTLA. The space is located at 1320 E. 7th St. The support network for formerly incarcerated young men and women and advocate for fairer criminal justice policies will relocate from the nearby Perch Building. The lease is for 66 months. The landlord is Alameda Square Owner LLC.
GLENDALE, COLO. — A joint venture between M & J Wilkow and a fund managed by DRA Advisors LLC has acquired Cherry Creek Corporate Center, a 238,302-square-foot office tower in Glendale, for an undisclosed sum. The 12-story tower is located at 4500 Cherry Creek Drive South. Cherry Creek Corporate Center was built in 1978 southeast of Denver. It recently underwent a $15 million renovation. Amenities include a newly renovated lobby and updated common areas, as well as a fitness center. The property is 85 percent occupied. M & J Wilkow Properties will manage the asset and carry out additional building improvements and amenity enhancements.
AURORA, COLO. — A local private investor has acquired the 126-unit Fitzsimons Junction apartment complex in Aurora for $13.2 million. The community is located at 14155 Montview Blvd. It was built in 1974. Fitzsimons Junction is made up of one-, two- and three-bedroom units, all with decks or patios. Amenities include numerous laundry rooms, covered parking and an outdoor swimming pool. Greg Price and Jason Hornik of Marcus & Millichap represented both the buyer and seller, another private investor, in this transaction.
VICTORVILLE, CALIF. — Cracker Barrel Old Country Store has opened its newest location in Victorville, which is the first Cracker Barrel store to open in the Golden State. The restaurant combines dining and shopping. Each Cracker Barrel location is decorated with authentic artifacts, memorabilia and signage collected by a team of Americana experts. In Victorville, Cracker Barrel’s new store celebrates the history and culture of the local area through decorative walls that pay homage to the famous Route 66, the area’s contributions to the film industry and to California’s Gold Rush era. Guests can also shop in the old country store for toys, games, food items, apparel, accessories and other items. Cracker Barrel Old Country Store Inc. was established in 1969 in Lebanon, Tenn. Cracker Barrel and its affiliates operate 649 company-owned Cracker Barrel Old Country Store locations in 45 states and own the fast-casual Holler and Dash restaurants.
LAS VEGAS — Matt Bear, a 28-year commercial real estate veteran, has launched Bear Real Estate Advisors LLC, a boutique real estate services firm. The company focuses on buyer representation for 1031 exchanges, national single-tenant investment sales and acquisitions, net lease investments, joint venture advisory, capital structure advisory, build-to-suit developments, debt/equity, specialized search and family office/professional investor buyer representation. Prior to founding Bear Real Estate Advisors, Bear served as vice president of CBRE and was previously a principal with Avison Young. In 2001, Bear was a founding partner of Venture Development Group, which specialized in the development of single-tenant buildings, neighborhood shopping centers and power center projects. In addition, Bear is a member of the International Council of Shopping Centers (ICSC), from which he earned the senior certified leasing specialist certification.
DENVER — Northstar Commercial Partners has purchased Offices at the Art, a 52,000-square-foot office property in Denver, for $17.1 million. The Class AA asset is situated along Broadway. Offices at the Art was built in 2015. It enjoys access to Broadway, Speer Boulevard, Interstate 25, Cherry Creek, Capitol Hill and downtown Denver.
ANAHEIM, CALIF. — WNC and its subsidiary Community Preservation Partners (CPP), along with nonprofit Jamboree Housing Corp., have completed the $6.56 million (or $36,635 per unit) renovation of Miracle Terrace Apartments in Anaheim. WNC provided approximately $17 million in low-income housing tax credit (LIHTC) equity to help fund the acquisition of and renovations to the 179-unit, age-restricted, affordable community. The community features 71 studio units, 107 one-bedroom units, and a single two-bedroom unit for the onsite manager. The community is open to seniors age 62 and older with household incomes between 35 percent and 60 percent of the area’s median income level. CPP is an affordable housing rehabilitation company that owns more than 5,000 units across the United States.
BOISE — Hunt Mortgage Group has provided a $1.8 million Freddie Mac Small Balance Loan to refinance Leisure Villa Apartments, an age-restricted community in Boise. The 57-unit property was built in 1973 and expanded in 2000. The four buildings are located on three acres, and the property also includes a clubhouse. The 10-year, fixed-rate loan features a 30-year amortization schedule and a yield maintenance prepayment schedule.
OAHU, HAWAII — Jersey Mike’s Subs opened its first restaurant on a military base, with a new location at Schofield Barracks in Oahu. The company plans to open restaurants at two other military installations in 2018. The 490-square-foot sub shop, located in the Army & Air Force Exchange Service food court, is staffed almost entirely by local residents connected to service members at the installation. The Schofield Barracks location is the 54th Jersey Mike’s restaurant for franchise owner Alvaro Garcia, whose other locations are in California and Hawaii. Started in 1956, Jersey Mike’s now has 1,500 restaurants open and under development nationwide.