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.
SANTA ANA, CALIF. — Decron Properties has purchased the 349-unit Adagio at South Coast in Santa Ana for $96 million. The multifamily community is located at 3124 S. Main St. The garden-style property was built in the 1970s. Decron plans to renovate unit interiors with shaker-style cabinets, quartz countertops, stainless-steel appliances, vinyl plank flooring and in-unit washers and dryers. The seller was Prime Residential.
IRVINE, CALIF. — Sabra Health Care REIT (NASDAQ: SBRA) plans to sell off 29 of its 78 skilled nursing facilities currently managed by Genesis Healthcare Inc. The plan, announced on the Irvine-based company’s second-quarter earnings call, is the latest in a trend of publicly traded REITs reducing their exposure to skilled nursing. Last year Ventas spun off its skilled nursing portfolio into a separate REIT, and in May HCP Inc. announced it planned to do the same. As part of the deal, as the facilities are sold, Genesis’ rent will be reduced by 7.5 percent of the net proceeds from the sales. Sabra is currently under contract to sell five other Genesis-managed facilities. If Sabra completes those transactions and is able to sell the entire 29-property portfolio, it will reduce the number of Sabra-owned, Genesis-managed facilities from 78 to 43. If completed, Sabra estimates the sales will reduce the percentage of its revenue from skilled nursing from 51.1 percent to 24.9 percent, after sales proceeds are reinvested.
HAYWARD, CALIF. — Marcus & Millichap has arranged the $6.7 million sale of Mt. Eden Shops, a 10,184-square-foot retail property located at 25965-26250 Industrial Blvd. in the San Francisco suburb of Hayward. The property consists of two freestanding buildings on one parcel anchored by Starbucks Coffee and 7-Eleven. Vincent Schwab and Jeffrey Ida of Marcus & Millichap’s San Francisco office marketed the property on behalf of the seller, an undisclosed limited liability company.
LAKEWOOD, CALIF. — Coldwell Banker Commercial Advisors has arranged the $6.2 million sale of The Plaza at Gordon Ranch, a 9,939-square-foot retail center located in the Los Angeles suburb of Lakewood. Scott Hook of Coldwell Banker Commercial represented the seller and buyer in the transaction. Both parties were undisclosed. 7-Eleven anchors the center, which consists of eight units.
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.