SOLANA BEACH, CALIF. — Hanley Investment Group has brokered the sale of Gateway @ Cedros, a coastal retail center located in Solana Beach. A Canada-based real estate investment fund acquired the multi-tenant retail building from an Encinitas, Calif.-based private investment company for $6.7 million, or $837 per square foot. Located at 100-116 S. Cedros Ave. and 121-129 Lomas Santa Fe Drive, the 8,035-square-foot property fully occupied and anchored by Peet’s Coffee. Eric Wohl of Hanley Investment represented the seller and buyer in the transaction.
ALBUQUERQUE — The Community Development Trust, an affordable housing REIT, and YES Housing Inc., an affordable housing operator, have formed a joint venture to recapitalize three YES-operated properties in New Mexico. CDT will invest $4.5 million to preserve 262 units of affordable Section 8 seniors housing in Albuquerque, Las Cruces and Roswell. The money will fund improvements and preserve affordability at the properties, which are reserved for seniors earning below 60 percent of the area median income. The first property to receive improvements will be the 60-unit Wildewood Apartments in Roswell. CDT and YES acquired the property earlier this month using Freddie Mac financing through Hunt Mortgage Group. The JV plans to make $300,000 in capital improvements to the asset, which was built in 1978 and renovated in 2000. The other two properties were not disclosed, as the acquisitions are still pending.
LAKE OSWEGO, ORE. — 365 by Whole Foods Market will open its second location West Coast location in Lake Oswego, Ore., on July 14. The second store will host two new Friends of 365 partners that both originate from Portland, Ore.: Next Level Burger, a plant-based take on hamburgers, and Canteen, a café and juice bar. Both ‘friends’ will establish shops within the store. The store will also offer online ordering and delivery. Whole Foods hopes to open 10 stores under the 365 brand in 2017.
PHOENIX — Greystone has provided a total of $45.5 million in financing for two multifamily communities in Phoenix. The first loan was $26.2 million for Granite Bay. The second was $19.3 million for Valencia Park. Both Fannie Mae DUS loans feature 10-year terms with 30-year amortization periods. Tony Spaeth of Greystone originated the loans.
FARFIELD, CALIF. — Panattoni Development Co. has started construction of Gateway80 Business Park, a 1 million-square-foot spec industrial park in Fairfield. The project is situated between San Francisco and Sacramento, 12 miles from the Napa Valley wine region. The 52.4-acre site is just off Interstate 80. It will consist of two 430,500-square-foot buildings and a 178,000-square-foot building, all designed and built to LEED standards. The developers expect the project will be complete and available for tenancy by the end of the year. JLL’s Matt Bracco, Glen Dowling and Chris Neeb will handle the leasing.
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.
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.
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.
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.
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.