RIVERBANK, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Riverbank Nursing Center, a 99-bed skilled nursing facility in Riverbank, approximately 90 miles east of San Francisco. The property was positioned as a value-add property in an underserved market. Neither the buyer nor seller were disclosed. Christopher Hyldahl was the lead advisor on the transaction, supported by Gideon Orion.
GILBERT, ARIZ. — Cushman & Wakefield has arranged the $18 million sale of Lakeview Village, a 93,741-square-foot shopping center located in the Phoenix suburb of Gilbert. The property is located within the master planned community of Morrison Ranch. Bashas’ anchors the 97 percent-occupied center, which is home to tenants including Bank of America, Panda Express, Great Clips, UPS, H&R Block, Edward Jones and Subway. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, Lakeview Village Center LLC, which is a company formed by North American Development Group and Morrison Ranch. The buyer was Vestar Lakeview LLC.
LONGMONT, COLO. — NewMark Merrill Cos. has completed Phase I of development at Village at the Peaks, a 500,000-square-foot lifestyle center located in Longmont. The property was the former site of Twin Peaks Mall, which NewMark Merrill acquired in 2012 for $8.5 million. Tenants at the 90 percent-occupied center include anchors Whole Foods Market, Sam’s Club and Regal Cinemas. Phase II of the development, which will total up to 40,000 square feet, is currently being marketed for lease.
LOS ANGELES — NorthMarq Capital has arranged $8.9 million in acquisition financing for Victor’s Square, a retail property located at 1915 and 1921 N. Bronson Ave. in Los Angeles. The property features 15,400 square feet of retail space. Michael Elmore of NorthMarq secured the five-year loan, which features a 25-year amortization schedule, for the undisclosed borrower through a life insurance company.
SAN DIEGO — Colliers International San Diego Region has arranged the sale of Hillside Village Plaza, a retail property located at 1900-1955 El Cajon Blvd. in San Diego. McEwen-Otay LLC and MP McEwen I LLC sold the property to Hillside Shopping Center LLC for $5.3 million. The 18,864-square-foot property is occupied by 7-Eleven, Sally Beauty Supply, Subway, Domino’s, H&R Block, WingStop and Check Into Cash. Built in 1985, the property is subject to a long-term ground lease. Mark McEwen of Colliers represented the sellers in the deal. The buyers did not have outside representation. Reef Real Estate Services will continue to serve as property manager for the shopping center.
SAN DIEGO — Vaerus Boundary LLC has acquired a 12-unit apartment community in San Diego for $2.2 million. The community is located at 4440 Boundary St. It was built in1973. Brian Barnard of Marcus & Millichap’s San Diego office represented both the buyer and seller, a partnership, in this transaction.
TOLEDO, OHIO — Welltower Inc. (NYSE: HCN), a seniors housing and healthcare facility REIT, has entered into a definitive agreement to acquire a portfolio of properties on the West Coast operated by Vintage Senior Living for $1.15 billion. The transaction spans 2,590 units in 19 independent living, assisted living and memory care communities concentrated in Southern and Northern California and in the state of Washington. Welltower will transition management of these communities to Senior Resource Group (11 properties), Sunrise Senior Living (seven properties) and Silverado (one property), once the acquisition has been completed. “This acquisition reinforces our high-quality healthcare real estate portfolio and leading presence in two of the top U.S. metro markets,” says Tom DeRosa, CEO of Welltower. “Together with our operating partners, we are excited about the opportunities to provide the best senior care with a focus on wellness and innovation.” Vintage Senior Living will continue to operate its communities until the purchase has been completed. The transaction is expected to close in tranches beginning in September and will be subject to lenders’ approvals and customary regulatory approvals. “These properties are in attractive markets, including irreplaceable locations near San Francisco’s Golden Gate Park and Nob Hill, with a …
PHOENIX — The Koll Company has purchased a 1 million-square-foot distribution center in Phoenix for $74.7 million. The warehouse is located at 6835 W. Buckeye Road within the Buckeye Logistics Center. The property is fully leased to Amazon, which uses the facility as a small package sorting and distribution facility. The original 604,678-square-foot facility was built in 2007. It was expanded by an additional 404,673 square feet in 2008. Seera Investment Bank B.S.C. served as Koll’s private equity partner. CBRE Capital Advisors advised the bank. Jones Lang Lasalle represented the unnamed seller in the sales transaction. The firm also helped the buyer source debt, which Benefit Street Partners provided.
ALAMEDA, CALIF. — Catellus has completed the sale of a REIT that owns Alameda Landing, a grocery-anchored shopping center located at 2600-2700 Fifth St. in Alameda. AFL-CIO Building Investment purchased the REIT free and clear of existing debt for an undisclosed price. Situated on 80 acres, the 165,777-square-foot property is 86 percent leased to tenants including Safeway, Michaels, Orange Theory Fitness, Chipotle, AAA Insurance and Bank of America. Nicholas Bicardo of HFF represented the seller in the deal.
UPLAND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.9 million sale of a multi-tenant retail pad located in the Inland Empire community of Upland. The 9,167-square-foot building is located within a neighborhood shopping center anchored by Smart & Final Extra! The five-tenant property was fully occupied at the time of sale by tenants including The UPS Store, The Spot Café, Mountain View Dental and We Talk Pets. Bill Asher and Pat Kent of Hanley Investment Group represented the seller, CME Mountain Avenue LLC, in the transaction. Jin Hwang of EJ Realty & Investment represented the buyer, an undisclosed local investment partnership.
