SANTA MARIA, CALIF. — Phillips Edison Grocery Center REIT II has acquired Broadway Pavilion in Santa Maria for an undisclosed price. The 142,944-square-foot center is anchored by Food Maxx, a banner of Save Mart, a private chain of supermarkets that owns and operates stores in Northern and Central California and Northern Nevada. Additional tenants include Starbucks Coffee, Subway, Sally Beauty, Rent-A-Center, Cricket Wireless, Play It Again Sports, Party City, Hallmark and Federal Credit Union.
MONTROSE, COLO. — Roaring Fork Lodge LLC has selected Denver-based architectural firm OZ Architecture to design Roaring Fork Lodge, a new independent living, assisted living and memory care community in Montrose, located in the southwestern portion of Colorado. The 80,000-square-foot community will be situated on a 10-acre plot. It will include 10 independent living duplex cottages, in addition to the main building that will feature 69 independent living, assisted living and memory care apartments. The site will also feature a retail component, coffee shop, café and small medical clinic. Colorado-based Vivage Senior Living will operate the community, which is expected to open in late 2016.
SAN FRANCISCO — CBRE Multifamily Capital has arranged a $17.1 million Fannie Mae loan for the acquisition of Eden Villa Assisted Living & Memory Care, a 54-unit assisted living and memory care community in San Francisco. A joint venture between Auctus Capital Partners and Och-Ziff Capital Management is purchasing the property from an undisclosed seller. The buyers will bring in Integral Senior Living to manage the property. Following the acquisition, the buyers plan to invest in adding additional units and cosmetic enhancements to the property. Aron Will, executive vice president of CBRE National Senior Housing, arranged the non-recourse, 10-year, fixed-rate loan with 60 months of interest-only payments.
LOS ANGELES — A joint venture between Skya Ventures and Gelt Ventures has purchased a 60-unit apartment complex in the Highland Park neighborhood of Los Angeles for $14.2 million. The community is located at 5800 to 5820 Marmion Way. It was built in 1987. The property was 91 percent occupied at the time of sale. The JV acquired the asset as a value-add opportunity. It plans to target much of the community’s deferred maintenance. The seller was Azusa Pacific University.
LYNWOOD, CALIF. — JCH Senior Housing Group has brokered the sale of Bloomfield East, a 130-bed skilled nursing facility in the Los Angeles submarket of Lynwood, for an undisclosed price. A Los Angeles-based real estate investment company purchased the community from an undisclosed for-profit corporation, and immediately triple-net leased it to a new operator, Reliant Management Group. Shep Roylance, senior vice president with JCH, facilitated both the sale and lease transactions.
COMPTON, CALIF. — Partners Capital has purchased a 51,674-square-foot industrial building in Compton for $5.7 million. The fully occupied facility is located at 510 W. Carob St. It was built in 1974. Remington Moses and Trauger Ralston of Lee & Associates LA/Long Beach represented both the buyer and seller, Create & More LLC, in this transaction. The buyer purchased the property as a sale-leaseback.
LAS VEGAS — Las Vegas-based NewMarket Advisors has hired Michelle Bauer as a retail real estate advisor. Bauer’s role will be the representation of national retail tenants and landlords of institutional quality shopping centers. Bauer has more than 20 years of retail real estate experience. Most recently, as state director for Kimco Realty Corp., Bauer led the leasing and management teams for 18 of the company’s shopping centers. Prior to joining Kimco, Bauer was a real estate manager for Dollar Tree stores, where she was responsible for new store development in the Southwest region.
SAN DIEGO — The 100-unit Estancia Apartments in the San Diego submarket of Escondido has sold to Vista International for $16.5 million. The community is located at 725 N. Fig St. Estancia is situated near Interstate 15 and Highway 78. JLL’s Darcy Miramontes and Kip Malo represented the sellers, Fowler Property Acquisitions and PCCP LLC, in this transaction.
ALISO VIEJO, CALIF. — Wilson Journey LLC has acquired Journey Business Park, a 60,648-square-foot R&D facility in Aliso Viejo, for $14 million. The two-building property is located at 6 Journey. It was built in 1999. NGKF’s Gary Allen and Douglas Mathews represented the seller, LL & DM Investments LLC, in this transaction.
WALNUT CREEK, CALIF. — Tallen Capital Partners LLC and Citivest Commercial LLC, alongside an undisclosed equity partner, will redevelop Rossmoor Shopping Center, a 108,000-square-foot retail center located in Walnut Creek. The phased redevelopment will include a refreshed façade, the addition of a drive-thru pharmacy, enhanced landscaping with the addition of new plazas and gathering spaces, new lighting and a public art component. The redevelopment will bring an additional 29,000 square feet of space to the property. Groundbreaking is scheduled to take place in the fourth quarter of 2016 with completion expected in late 2017. Norman Sears of SGPA’s San Francisco office will lead the architectural design team for the project. Recent lease signings for the center include a long-term lease with Safeway, CVS/pharmacy, Better Homes & Gardens and Starbucks Coffee.