PORTERVILLE, CALIF. — Retail California has arranged three retail leases at Porter’s Crossing Shopping Center, located at the northeast corner of Henderson and Prospect avenues in Porterville, totaling 6,550 square feet. In the first deal, TOGO’S Sandwiches leased 1,400 square feet of space at Porter’s Crossing Shopping Center from Opus-Dean. Nick Frechou of Retail California and Keith Mellor of Pro Equity Real Estate Services brokered the transaction. In the second lease, The Habit Burger Grill inked a deal for 2,650 square feet of space from Opus-Dean. Frechou and Shane Anderson of Commercial Retail Associates arranged the lease. In the final transaction, Blaze Pizza leased 2,500 square feet of retail space from Opus-Dean. Frechou and Josh Sherley of Cushman & Wakefield brokered the deal.
CORONA DEL MAR, CALIF. — MSM Global Ventures has acquired Corona del Mar Shopping Center, a 33,404-square-foot retail center in the Southern California community of Corona del Mar. The sales price was not disclosed, but the Orange County Register reports the asset sold for $23 million. The historically grocery-anchored property was anchored by discount grocer Smart and Final at the time of sale.
SANDY, UTAH — Marcus & Millichap (NYSE: MMI) has arranged the sale of Rosegate Sandy, a 159-unit active adult community in the Salt Lake City suburb of Sandy, for $23.8 million. Completed in 2013, the property is restricted to residents over the age of 55. The one-building community has three elevators and access hallways to each unit. Nearby shopping venues include a Walmart Supercenter, Harmons Grocery, Smith’s Food and Drug, and Lowe’s. Other nearby features include the Marv Jenson Recreation Center, Storm Mountain Park and the Henry J. Wheeler Historic Farm. Danny Shin and Brock Zylstra of Marcus & Millichap represented both the seller, a local developer, and the buyer, an out-of-state investor, in the transaction. The price equates to more than $149,000 per unit.
PHOENIX — Cushman & Wakefield has arranged the $10.2 million sale of Covington Plaza, a Bashas’-anchored shopping center in Phoenix. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, an entity formed by CW Capital, in the transaction. Dallas-based Covington Plaza LLC acquired the asset. In addition to Bashas’, the 105,574-square-foot center was 87.4 percent leased at the time of sale to tenants including Domino’s Pizza, State Farm Insurance, Firestone Auto and Dairy Queen.
AVONDALE, ARIZ. — TransEquity Development has purchased a 5.7-acre site in the Phoenix suburb of Avondale for $600,000. The developer plans to build an assisted living and memory care community on the vacant plot. A land speculator acquired the site more than 20 years ago, but was unable to close a sale of the property since then. The plot is located just south of I-10 and is near large retailers like Walgreens, Wal-Mart, Target and JCPenney. Judy Jones of SVN Desert Commercial Advisors brokered the transaction on behalf of the seller. The transaction was handled by Vickie Etherton with Landmark Title Assurance Agency. Construction of the assisted living community is expected to begin immediately.
PHOENIX — Velocity Retail Group has signed two new retailers to a vacant big box site formerly occupied by Fry’s Food & Drug in Phoenix. The 48,000-square-foot store will be split to accommodate two retailers. Marshalls will occupy 23,475 square feet and Michaels will lease 25,324 square feet. Dave Cheatham and Darren Pitts of Velocity Retail and Jeff Dinsmore of JLL represented Fry’s in the lease transaction. Greg Laing and Dan Gardiner of Phoenix Commercial Advisors represented Marshalls and Michaels. The building will be remodeled, and the tenants are expected to open by the fourth quarter of 2018.
SAN JOSE, CALIF. — Greystar has received a $201 million loan for the development of The Reserve, a 636-unit multifamily community that will be located at 897 S. Winchester Blvd. in San Jose. The site previously housed a 216-unit community that was also branded “Reserve.” Demolition of that property began in August. The Reserve will be situated within walking distance of Santana Row, a 42-acre mixed-use development that houses about 70 shops, 20 restaurants and nine spas and salons. In addition, the community will be adjacent to I-280, which provides access to the base offices of Apple, eBay, Google and Netflix, among others. Scheduled for completion in 2020, The Reserve will offer a mix of one-, two- and three-bedroom units averaging 869 square feet per unit. The project will also feature more than 8,000 square feet of ground-floor retail space and two levels of underground parking. Amenities will include a pool, rooftop lounge, fitness center with yoga rooms, clubhouse with private dining rooms, business center, pet spa and electric car charging stations. Charles Halladay and Jordan Angel of HFF led the debt placement effort. Canadian lender Otéra Capital provided the capital on behalf of Greystar. The South Carolina-based multifamily development and …
GIG HARBOR, WASH. — Emerald Communities has opened Heron’s Key, an 18-acre continuing care retirement community (CCRC) in the Seattle suburb of Gig Harbor. Development costs were estimated at $145 million. Ziegler provided bond financing for the project and construction began in June 2016. The community offers a total of 275 units: 184 independent living apartments, 10 independent living cottage homes, 36 assisted living apartments and 45 private skilled nursing beds. Independent living homes range from 729 to 1,800 square feet. Heron’s Key offers an financing plan that includes a one-time, 75 percent-refundable entrance fee. This will be the first CCRC in the county, and the largest project ever built in Gig Harbor, according to Emerald Communities, a Seattle-based operator.
PHOENIX — Bailard has purchased a 188,142-square-foot industrial building in Phoenix for $16.1 million. The facility is located at 7822 S. 46th St. in the Sky Harbor Airport submarket. The property is fully leased to BAE Systems. The seller, Cohen Asset Management, acquired the asset in 1992. Will Strong of Cushman & Wakefield and Rick Lee and Conner Lee of Lee & Associates represented both the buyer and seller in this transaction.
TACOMA, WASH. — Berkeley Point Capital has provided a $9.3 million FHA 232/223(f) refinancing for Spring Ridge Assisted Living & Memory Care, a 63-unit seniors housing community in the Seattle suburb of Tacoma. The loan replaces the existing debt on the property, which was for the acquisition, renovation and expansion of the property. Tom White led the transaction out of Berkeley Point’s Bethesda, Md., office. The loan features a 3.45 percent interest rate and an 80 percent loan-to-value ratio.