DENVER — Greystone, an investment firm, has provided a $24.3 million loan to Spectrum Retirement Communities to refinance HighPointe Assisted Living and Memory Care, a 97-unit assisted living and memory care community in Denver. The loan carries a seven-year term and three years of interest-only payments. Greystone’s Scott Kavel and Cary Tremper originated the loan.
GOODYEAR, ARIZ. — LGE Design Build has completed construction on a new 300,000-square-foot U.S. Western warehouse and distribution center in Goodyear. The facility is situated within Goodyear Gateway industrial park. The property has been fully leased to Michael Lewis Company (MLCo). Approximately 100,000 square feet of the 300,000-square-foot building is a refrigerated freezer. The company distributes food and catering supplies to major airlines. MLCo had outgrown its previous 100,000-square-foot facility near Phoenix Sky Harbor International Airport.
LOS ANGELES — NAI Capital has arranged the sale of a retail property located at 2128-2152 W. Washington Blvd. in Los Angeles’ West Adams Heights neighborhood. Washington-Western LLC sold the 22,400-square-foot property for $6.6 million, or $268 per square foot. Built in 1924, the property was delivered vacant to the undisclosed buyer as a condition of the sale. Parham Khoshbakhtian of NAI Capital represented the seller in the deal.
SAN FRANCISCO — An undisclosed buyer has acquired a three-tenant retail property located at 1720-1790 Fulton St. in San Francisco for $4.6 million. Constructed in 2004, Chase Bank, Glow Spa and Great Clips occupy the property. Erich Reichenbach of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
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.