ELK GROVE, FRESNO AND KINGSBURG, CALIF. — Retail California has arranged three leases for retail space in Elk Grove, Fresno and Kingsburg totaling 6,858 square feet. In the first deal, Ritas Italian Ice leased 1,200 square feet of space at 8519 Bond Road in Elk Grove from JJD-HOV Elk Grove LLC. Rachael Orlando and Peter Orlando of Retail California, along with Scott Caruth of CBRE, brokered the transaction. In the second deal, Gurpreet and Pawandeep Singh leased 3,000 square feet of retail space at 8020 N. Cedar Ave. in Fresno from J&V Fresno. Nick Frechou and John Lee of Retail California, along with Mike Mele of Commercial West Associates, arranged the transaction. In the third deal, Jose Robles leased 2,658 square feet of retail space at 1881 Sixth Ave. in Kingsburg from Barletta Hansen for an undisclosed price. Frechou and Lee represented the landlord, while Mark Henry of Colliers International represented the tenant in the deal.
LOS ANGELES — National Storage Affiliates has purchased a 22-property self-storage portfolio in Southern California for an undisclosed sum. The properties are situated throughout Anaheim, Riverside, Apple Valley, South Gate, Harbor City, Grand Terrace, Palmdale, Victorville, Rosamond and San Diego. The transaction also includes seven facilities in Bakersfield and one in Fresno. The portfolio has a combined occupancy of approximately 92 percent. The facilities contain a total of 1.6 million square feet. CBRE’s Nicholas Walker represented both the buyer and seller, CPA: 17-Global, in this transaction. Extra Space Storage manages the portfolio.
MEDFORD, ORE. — LBG Real Estate Cos. LLC is set to begin a $12 million redevelopment of Medford Center, a 420,000-square-foot entertainment and lifestyle center located in Medford. The redevelopment will include a complete redesign and remerchandising of the central pedestrian promenade; the addition of 30,000 square feet of leasable space, designed particularly for restaurants, wine bars and breweries with most spaces offering significant outdoor seating; and the addition of a freeway-visible tower and new hardscape and signage. Additional seating and a water/fire feature will also be added during renovations. Construction is expected to begin in late August, with completion scheduled for late 2017.
HUNTINGTON BEACH, CALIF. — TIAA Global Asset Management’s real estate division and DJM Capital Partners have formed a joint venture to own and manage Pacific City Shopping Center in Huntington Beach. TIAA has acquired a 70 percent stake in the 190,900-square-foot property, which DJM developed in 2015. An affiliate of DJM Capital Partners retains the remaining 30 percent stake. DJM Capital Partner’s prior partner, a private investor, sold its interest to TIAA for an undisclosed sum. Eastdil Secured advised DJM Capital Partners in the transaction. Pacific City is occupied by a variety of tenants, including Equinox, H&M, Free People, Sephora, MAC Cosmetics, Brent Bolthouse’s Bungalow, Bluegold, Ola Mexican Kitchen, St. Marc and Ways & Means Oyster House.
PETALUMA, CALIF. — CareTrust REIT Inc. has acquired The Oaks, a 59-bed skilled nursing facility in the San Francisco suburb of Petaluma, for $6.9 million. CareTrust immediately leased the facility to West Harbor Healthcare upon purchase. The REIT expects an initial annual revenue of approximately $700,000 under the new lease, which has a 15-year term, two five-year renewal options and CPI-based rent escalators. CareTrust is a publicly traded REIT based in California. The company currently owns 145 net-leased healthcare properties in 20 states.
SAN DIEGO — Petco will open new stores in West Virginia, California, Texas and New Jersey this month. Each new, remodeled and relocated store will offer dog training areas, adoption centers and grooming salons. The California store will celebrate a recent remodel with a grand re-opening celebration on August 26 in Bakersfield. Petco operates more than 1,450 locations across the U.S., Mexico and Puerto Rico, including more than 115 Unleashed by Petco locations, a smaller format neighborhood shop; prescription services and pet supplies from the leading veterinary-operated pet product supplier, Drs. Foster & Smith; and petco.com.
SANTA ANA, CALIF. — Decron Properties has purchased the 349-unit Adagio at South Coast in Santa Ana for $96 million. The multifamily community is located at 3124 S. Main St. The garden-style property was built in the 1970s. Decron plans to renovate unit interiors with shaker-style cabinets, quartz countertops, stainless-steel appliances, vinyl plank flooring and in-unit washers and dryers. The seller was Prime Residential.
IRVINE, CALIF. — Sabra Health Care REIT (NASDAQ: SBRA) plans to sell off 29 of its 78 skilled nursing facilities currently managed by Genesis Healthcare Inc. The plan, announced on the Irvine-based company’s second-quarter earnings call, is the latest in a trend of publicly traded REITs reducing their exposure to skilled nursing. Last year Ventas spun off its skilled nursing portfolio into a separate REIT, and in May HCP Inc. announced it planned to do the same. As part of the deal, as the facilities are sold, Genesis’ rent will be reduced by 7.5 percent of the net proceeds from the sales. Sabra is currently under contract to sell five other Genesis-managed facilities. If Sabra completes those transactions and is able to sell the entire 29-property portfolio, it will reduce the number of Sabra-owned, Genesis-managed facilities from 78 to 43. If completed, Sabra estimates the sales will reduce the percentage of its revenue from skilled nursing from 51.1 percent to 24.9 percent, after sales proceeds are reinvested.
HAYWARD, CALIF. — Marcus & Millichap has arranged the $6.7 million sale of Mt. Eden Shops, a 10,184-square-foot retail property located at 25965-26250 Industrial Blvd. in the San Francisco suburb of Hayward. The property consists of two freestanding buildings on one parcel anchored by Starbucks Coffee and 7-Eleven. Vincent Schwab and Jeffrey Ida of Marcus & Millichap’s San Francisco office marketed the property on behalf of the seller, an undisclosed limited liability company.
LAKEWOOD, CALIF. — Coldwell Banker Commercial Advisors has arranged the $6.2 million sale of The Plaza at Gordon Ranch, a 9,939-square-foot retail center located in the Los Angeles suburb of Lakewood. Scott Hook of Coldwell Banker Commercial represented the seller and buyer in the transaction. Both parties were undisclosed. 7-Eleven anchors the center, which consists of eight units.