Western

Lee & Associates Brokers $2.1M Sale of 5,470 SF Property in San Diego

by Nellie Day April 29, 2016

SAN DIEGO — Lee & Associates – North San Diego County has arranged the sale of a vacant retail building located at 8776 Lake Murray Blvd. in San Diego. Student Success Programs, a local charter school, acquired the 5,470-square-foot building for $2.1 million. The freestanding building is part of the Navajo Shopping Center in the La Mesa neighborhood of San Diego. Bo Havlik of Lee & Associates – North San Diego County represented the seller, a private investor, while Russ Merrill of The Merrill Group represented the buyer.

April 29, 2016

California Retail Western

Faris Lee Negotiates $1.9M Sale of NNN-Leased Restaurant Property in Vallejo

by Nellie Day April 29, 2016

VALLEJO, CALIF. — Faris Lee Investments has arranged the sale of a freestanding, single-tenant restaurant property located at 1195 Admiral Callaghan Lane in Vallejo. Kam Property Holding LLC acquired the 2,240-square-foot property from River Rock LLC for $1.9 million, or $848 per square foot. The property is triple-net leased to Chipotle Mexican Grill, with less than 10 years remaining on its lease. Christopher DePierro and Jeff Conover of Faris Lee Investments represented the seller.

April 29, 2016

California Retail Western

Chan Luu Opens U.S. Flagship Store at Santa Monica Place

by Nellie Day April 29, 2016

SANTA MONICA, CALIF. — Los Angeles-based Chan Luu has opened its U.S. flagship store at Santa Monica Place, an open-air mall located at 395 Santa Monica Pier in Santa Monica. The retailer offers jewelry, scarves and apparel. Chan Luu was launched in 1996 and has several international flagship stores throughout Japan. Additional tenants at Santa Monica Place include Bloomingdale’s, Nordstrom, Tiffany & Co., Spanx and Louis Vuitton.

April 29, 2016

California Loans Multifamily Western

Capital Funding Provides $6.8M Acquisition Loan for Skilled Nursing Facility in San Marcos

by Nellie Day April 28, 2016

SAN MARCOS, CALIF. — Capital Funding Group, a lender based in Baltimore, has provided a $6.8 million bridge-to-HUD loan for Village Square Skilled Nursing Facility in San Marcos. Village Square is a 118-bed skilled nursing about 35 miles north of San Diego. The bridge-to-HUD loan will finance the acquisition of the facility, but the buyer and seller were not disclosed. Gary Sever arranged the financing.

April 28, 2016

Colorado Multifamily Student Housing Western

Core Spaces Acquires 665-Bed Student Housing Community Near Colorado State University

by Nellie Day April 28, 2016

FORT COLLINS, COLO. — Chicago-based development and management firm Core Spaces has acquired a 665-bed student housing community located one block away from the Colorado State University campus in Fort Collins. The purchase was the first for Core Spaces since the firm established its acquisitions platform in September 2015. The company will renovate and rebrand the three-year-old asset. During renovations, the fitness center will be relocated and increased in size by 2,500 square feet while adding equipment, free weights, stand-up tanning facilities, a yoga room and sauna. Improvements to the outdoor courtyards will take place, as well as the addition of a hot tub, sand volleyball court, fire pits, barbecue grills, and gaming and gathering areas. The community’s computer lab will also be expanded during renovations with the addition of new computers, printers, four group study areas and individual study nooks. Other improvements to the facility will include improvements to the lobby, reception area and offices and the addition of a 313-space parking garage. The community is currently fully occupied and already 85 percent pre-leased for the 2016-17 school year. Renovations are scheduled for completion by the start of the fall semester.

April 28, 2016

Colorado Multifamily Seniors Housing Western

Northstar Commercial Partners Breaks Ground on 74-Unit Assisted Living Community in Denver

by Nellie Day April 28, 2016

DENVER — Northstar Commercial Partners, a Denver-based developer, has broken ground on a 74-unit assisted living and memory care community in Denver. Being built on a recently acquired 1.6-acre vacant parcel, the community will be part of Denver’s Stapleton neighborhood on the former site of Stapleton International Airport. The Stapleton neighborhood already has 19,000 residents, 50 parks and 38 miles of trails. When completed, the 63,283-square-foot seniors housing community will offer 58 assisted living units and 16 memory care units. Northstar expects to finish construction in spring 2017. Balfour Senior Living will operate the community.

April 28, 2016

California Retail Western

Aldi to Open 25 Stores in California

by Nellie Day April 28, 2016

PALM DESERT, CALIF. — ALDI, a discount supermarket chain that had no locations in California at the start of the year, will have 25 locations in the state as of May 19, when seven locations will have their grand openings. The company plans to operate approximately 45 California stores by the end of 2016, and more than 2,000 stores nationwide by the end of 2018. Currently, the grocer operates more than 1,500 stores in 33 states. ALDI stores opening on May 19 include: • 2120 Panama Lane, Bakersfield, Calif. • 2450 Rockwood Ave., Calexico, Calif. • 2050 Imperial Ave., El Centro, Calif. • 1545 N. Hacienda Ave., La Puente, Calif. • 72543 Highway 111, Palm Desert, Calif. • 5830 Firestone Blvd., South Gate, Calif. • 1750 University Ave., Vista, Calif.

April 28, 2016

California Loans Multifamily Seniors Housing Western

CBRE Arranges $21.9M Construction Loan for 84-Bed Assisted Living Community in California

by Nellie Day April 27, 2016

GOLETA, CALIF. — CBRE Capital Markets’ Debt & Structured Finance Team has arranged a $21.9 million FHA loan for the construction of Mariposa at Ellwood Shores, an 84-unit assisted living and memory care community in Goleta, located on the coast approximately 100 miles west of Los Angeles. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office, along with Noah Reischmann of CBRE’s FHA lending platform, arranged the 40-year, non-recourse, fixed-rate loan with two years interest-only payments. Mariposa at Ellwood Shores will be a 60,909-square-foot, two-story community with 64 assisted living beds and a 20-bed memory care extension. Oliver Dixon and Westmont Living principals Andrew Plant and Michael O’Rourke will own the project. Westmont Living will operate the community once complete.

April 27, 2016

Retail Utah Western

Eight of Sears Holdings’ 78 Store Closings Are in Western States

by Nellie Day April 27, 2016

DRAPER, UTAH — Sears Holdings will close 68 Kmart and 10 Sears stores nationwide this summer. Among the affected stores are eight Kmarts based in Utah, California and Arizona. In February, the company, which is based in the Chicago suburb of Hoffman Estates, announced it would accelerate the closing of unprofitable stores. The majority of the store closings will take place in July. The closing Kmart and Sears stores will start their liquidation sales on May 12 and April 29, respectively. Associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at other area Kmart or Sears stores. Sears Holdings expects the store closures to generate a meaningful level of cash from the liquidation of store inventory and from the sale or sublease of some of the related real estate. The following is a complete list of the Western-based impacted stores: Kmart: 300 W. Mariposa Road, Nogales, Ariz. Kmart: 2270 E. El Monte Way, Dinuba, Calif. Kmart: 520 S. Cherokee Lane, Lodi, Calif. Kmart: 1475 Hillman St., Tulare, Calif. Kmart: 2785 Highway 46, Wasco, Calif. Kmart: 1055 E. Draper Parkway, Draper, Utah Kmart: 610 W. Price River Drive, Price, Utah Kmart: …

April 27, 2016

Colorado Multifamily Western

Investors Management Group Buys Rolling Hills Apartments for $23.8M

by Nellie Day April 27, 2016

CASTLE ROCK, COLO. — Investors Management Group has acquired the 186-unit Rolling Hills apartments in Castle Rock for $23.8 million. The community is located at 1129 S. Eaton Circle, just southeast of Denver. The property was built in 1987. It was 93 percent occupied at the time of sale. Rolling Hills is situated near Sky Ridge Medical Center, the RidgeGate development, Park Meadows Mall and the DTC Business Corridor, the largest employment center in metro Denver. ARA’s Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews represented the seller, Virtú Investments, in this transaction.

April 27, 2016

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