MILLBRAE, CALIF. — Cadence Living, a senior living development and management company based in Arizona has acquired Marymount Greenhills Retirement Center an undisclosed price. The independent living, assisted living and memory care community is located in Millbrae, a suburb near the San Francisco International Airport. The new owner has rebranded the property as Cadence Millbrae and plans extensive renovations for the next year. The project is part of the city’s plans to redevelop areas into hubs for commercial and residential activity. The renovation project will include fully modernized apartments and common-area corridors, as well as renovation of all common area spaces such as the dining room, activity spaces, and lobby. Cadence Living currently owns and operates communities in California and is expanding its footprint throughout the South and West.
ALBUQUERQUE, N.M. — Sapir Real Estate Development has broken ground on the first phase of Snow Heights Promenade, a retail and entertainment project in Albuquerque. The $45 million phase will include a skyline live entertainment stage that will feature live DJ’s, concerts, comics, family movies, magic and puppet shows. In addition, Snow Heights Promenade will feature a children’s play area, dog park, restaurants, pubs, entertainment venues and retailers. Signed tenants at the development include Altitude Trampoline Park, Alamo Theaters, Fatburger, Outback Steakhouse, Juice It Up, Joe’s Pizzeria, U Choose Tacos, Divalish Desserts and Albuquerque Fitness Center, among others. The second phase of the project will include a $100 million office building with a rooftop dining experience. Sapir Real Estate Development expects to deliver the first phase of the project in January 2019.
LOS ANGELES — Charles Dunn Co. has arranged the sale of a development site located at 729 S. Park View St. in Los Angeles. Salem Missionary Baptist Church sold the asset to Safeco LLC for $2.8 million. The 18,000-square-foot site features a 4,100-square-foot building, which the seller formerly occupied. The buyer, which owns an adjacent parcel, plans to develop 150 residential units and potentially ground-floor retail at the site. Chris Giordano, Chris Steck and John Anthony of Charles Dunn Co. represented the seller and buyer in the deal.
WOODLAND, CALIF. — Affiliates of El Tigre Holdings has purchased Woodland Crossroads, a shopping center located in Woodland within the Sacramento Valley. Woodland Crossroads TIC – Engstrom Properties sold the asset for $18 million. Originally developed in 1985 with K-Mart as its anchor, the property was substantially redeveloped in 2016 with Grocery Outlet as its new anchor. Current tenants include Ross Dress for Less, Party City, Harbor Freight and Tractor Supply. Dan Wald and Don LeBuhn of Cushman & Wakefield’s The Wald | LeBuhn Team represented the seller, while the Yorba Linda, Calif., office of Keller Williams represented the buyer in the deal.
EMERYVILLE, CALIF. — Benderson Development has acquired a retail property located at 3938 Horton St. in Emeryville, a city between Berkeley and Oakland, Calif., for $15.6 million. Toys ‘R’ Us and Babies ‘R’ Us formerly occupied the now-vacant property. The asset is part of the East Bay Bridge Shopping Center, situated at the convergence of interstates 880, 580 and 80/San Francisco – Oakland Bay Bridge.
LOS ANGELES — KeyBank Real Estate Capital has funded a $17 million CMBS first-mortgage loan for De Soto Industrial, a warehouse facility located in the Chatsworth neighborhood of Los Angeles. Built in 1983, the multi-tenant property features 129,550 square feet of warehouse space and 21,280 square feet of office space. Josh Berde of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing with a 10-year term, five-year interest-only payment period and a 30-year amortization schedule. The undisclosed borrower used the loan to refinance existing debt.
MILLCREEK, UTAH — Live Oak Bank has provided $5 million in financing. The borrower, All Seasons Health Services Co., will use the funds to acquire two assisted living properties in the Salt Lake City suburb of Millcreek. The two properties were built in 2013 and 2016 and feature 20 and 24 beds, respectively. Each stabilized community operates under the BeeHive Homes franchise system. The principal of the borrower lives in the area and is an operator of six BeeHive Homes locations in Utah. Live Oak’s loan package features a fully amortizing 25-year term. The bank sourced the financing in collaboration with Brady Johnson of Hunt Real Estate Capital.
POMONA, CALIF. — LNR Partners has completed the sale of Pomona Tech Center, an office building located at 3201 Temple Ave. in Pomona. A private buyer acquired the asset for $6.5 million, or $147 per square foot. The two-story, 44,187-square-foot building features institutional-quality, steel-frame improvements with a recently renovated vaulted lobby, mountain and valley views, and ample surface parking. Additionally, the property offers immediate access to Orange County and the Inland Empire. At the time of sale, the property was 89 percent leased to six tenants, with national credit tenants St. Joseph Health and Henkels & McCoy occupying 46 percent of the building. Jeffrey Cole, Ed Hernandez and Nico Napolitano of Cushman & Wakefield’s Capital Markets Group, along with Sean Kern and Ryan Russell of Cushman & Wakefield, represented the seller in the transaction.
New Mexico’s office market has held steady along with the rest of the country throughout 2017. New development in areas outside of metro Albuquerque, like the Facebook development in Los Lunas, is attracting retail- and service-related businesses. While it remains to be seen what this means to the general commercial real estate industry, it is encouraging to see increases in activity in areas where there had been little to no growth in recent years. Albuquerque, the heart of New Mexico’s office market, saw positive absorption start to increase from the past two quarters. The market is seeing organic tenant movement and, more importantly, there has been a swelling interest in Albuquerque metro areas from out-of-state companies looking for a Mountain Time Zone location that is economically attractive. Co-working spaces have gained in momentum with several cropping up since the end of 2016. New co-working spaces include Gravitate, which has expanded into two new locations near FreeRange and the new Tramway Plaza. We expect this trend to continue as the state focuses on investing in entrepreneurs and startup companies. New construction is expected to increase the overall Class A inventory over the course of 2018 and 2019. Compared to many other …
SACRAMENTO, CALIF. — Ridge Capital has completed the sale of Creekside Oaks, an office complex located at 1740, 1750 and 1760 Creekside Oaks Drive in Sacramento. An undisclosed buyer acquired the property in a 1031 exchange for $32.2 million. Kevin Partington, Ron Thomas, Bruce Hohenhaus, Chris Schwarze, Seth Siegel, Steven Hermann, Eric Fox, Adam Lasoff and George Eckard of Cushman & Wakefield’s Sacramento and Bay Area offices represented the seller in transaction. Originally built in the late 1980s and early 1990s, the three-building property underwent significant interior and exterior renovations within the past decade to include revamped commons areas, high-end tenant improvements, mechanical upgrades and new rooftops on all buildings. At the time of sale, the 178,694-square-foot asset was 99 percent leased to a variety of tenants in healthcare, technology and financial services sectors.