PORTLAND ORE. — CareTrust REIT Inc. (NASDAQ: CTRE) has agreed to acquire 13 skilled nursing facilities in three separate transactions for a total purchase price of $97 million. The properties are located in Idaho, Texas, Oregon and Washington. In the first transaction, CareTrust has acquired three skilled nursing facilities in Idaho as part of a staged, seven-facility portfolio transaction. When completed, the full portfolio price will be $65.5 million, which CareTrust funded with cash on hand and its $400 million unsecured revolving credit facility. The full transaction is scheduled for completion by the end of the year. The seven properties, which total 571 beds, will all be added to CareTrust’s master lease with Cascadia Healthcare LLC. CareTrust forecasts an annual cash rent of approximately $5.9 million from the portfolio. In the second transaction, CareTrust acquired Wellspring Health and Rehabilitation of Cascadia, a 53-bed skilled nursing facility in Nampa, Idaho; Secora Health and Rehabilitation of Cascadia, a 120-bed skilled nursing facility in Portland, Ore.; and Brookfield Health and Rehabilitation of Cascadia, an 83-bed skilled nursing facility in Battle Ground, Wash. CareTrust bought the properties for $11.3 million and added all three to the same master lease with Cascadia Healthcare. CareTrust expects …
SANTA CLARITA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $15.5 million sale of Seco Canyon Village, a 42,134-square-foot shopping center located in Santa Clarita, 35 miles northwest of downtown Los Angeles. CVS/pharmacy anchors the property, which is home to tenants including AIM Mail Center, Papa John’s Pizza, Verizon Wireless and Supercuts. Ed Hanley and Kevin Fryman of Hanley Investment represented both the private 1031 exchange buyer and the seller, a private investor based in Beverly Hills, in the transaction.
TUCSON, ARIZ. — Watermark Retirement Communities has opened The Hacienda at the River, a 129-unit assisted living, memory care and skilled nursing community in Tucson. Development costs were estimated at $21 million. Watermark will operate the community, which it developed in a joint venture with The Freshwater Group. The Weitz Company was the general contractor. The new community features a 74,000-square-foot, two-story health care center offering short-term, long-term and hospice care. Also included are 69 assisted living and memory care units spread over a 43,000-square-foot village of single-story homes. The property also houses a 1,600-square-foot stable to offer equine therapy to residents.
SACRAMENTO, CALIF. — Dick’s Sporting Goods plans to open three new stores in California in the first half of September. The company will have 711 Dick’s locations and 34 Field & Stream locations across the country. The new stores will open in Delta Shores in Sacramento, Stanford Ranch Crossing in Roseville and Solano Town Center in Fairfield.
SAN DIEGO — JPI has obtained a $103.5 million construction loan for the 172-unit Jefferson Pacific Beach apartment community in San Diego. The community is situated on a three-acre site of the former Guy Hill Cadillac dealership, directly adjacent to Mission Bay Park. The property will feature luxury apartments, as well as 14,000 square feet of ground-floor retail and creative office space. Groundbreaking is scheduled for late September 2017. PCCP provided the construction loan.
CHICO, CALIF. — SC Student Housing has broken ground on The Urban, a 108-bed student housing community located near the California State University, Chico campus in Chico. The property will offer three-bedroom townhome units with bed-to-bath parity. Shared amenities will include a rooftop deck, spa, plunge pool, barbecue area and arcade. Modern Building Inc. is building the property, which Entwood Property Management will operate. Completion is slated for June 2018.
SAN JACINTO, CALIF. — Progressive Real Estate Partners has arranged the $4.9 million sale of Dollar General Town Center, a 27,112-square-foot retail center located in the Inland Empire community of San Jacinto. Dollar General anchors the fully occupied center. Greg Bedell of Progressive represented the seller, a private Huntington Beach-based investor, in the 1031 exchange transaction. Rob Sauser of PMZ Commercial represented the buyer, a private family trust based in Newport Beach.
CORONA, CALIF. — Six new tenants are set to open at Metro at Main, a mixed-use development located at North Main and Rincon streets in Corona. Tenants set to open include a 1,845-square-foot Coffee Bean & Tea Leaf; a 3,138-square-foot America’s Best Vision; a 1,398-square-foot Poki Cat; an 859-square-foot Organic Junkie; a 1,337-square-foot Meraki Salon; and a 1,199-square-foot Union Barber & Beer Lodge. The project features over 60,000 square feet of retail and 868 luxury residential units. Paul Galmarini and Gretchen Lastra of Progressive Real Estate Partners represented the landlord in the transactions.
DENVER — AvalonBay Communities has purchased the 252-unit the Lodge Denver West apartment complex for $76.8 million. The community is located at 14125 Denver W. Circle in the Denver submarket of Lakewood. The Lodge Denver West was built in 2016. The acquisition marks AvalonBay’s entry into the Denver metropolitan area.
CENTNENIAL, COLO. — A joint venture between MBC Partners and Rob Mossburg, Bill Booth and Chris Copps of Corient Venture Partners has opened the 146-room WaterWalk hotel in Centennial. The 123,378-square-foot asset is located at 11400 E. Peakview Ave. The property is a hybrid hotel and apartment concept. It was originally planned as a corporate site but is now the company’s first franchise location to open. WaterWalk combines the space and comfort of apartment living with the services of an upscale hotel. Business travelers can stay for a few nights or several months during relocations, training or projects. Rooms feature fully equipped modern kitchens, full-size in-room washers and dryers, housekeeping and customized breakfast options. Other amenities include an on-site fitness center, 300 DirecTV channels, internet and 24/7 front desk service. WaterWalk was created by entrepreneur Jack DeBoer, founder of Residence Inn (now Marriott), Candlewood Suites, Value Place/WoodSpring Suites and Summerfield Suites (now Hyatt House). This is the second WaterWalk property. The first opened in Wichita, Kan., in November 2014.