PORTLAND, ORE. — An institutional invester has purchased Burnside 26, a mixed-use property with 135 residential units in Portland, for $41.5 million. The community is located at 2625 E. Burnside St., next to the Laurelhurst Theater. Burnside 26 is situated near Whole Foods Market and Starbucks. Top employers in the area include Providence Portland Medical Center, Kaiser Permanente Northwest, City of Portland, Portland State University, and Oregon Health and Science University. The seller was a joint venture between Capstone Partners, Green Light Development and Premium Property USA, a subsidiary of German company MIAG Mutschler Immobilien AG.
WESTLAKE VILLAGE, CALIF. — LTC Properties Inc. (NYSE:LTC), a seniors housing and healthcare real estate investment trust based in Westlake Village, has completed the previously announced acquisition of a 10-property portfolio for $142 million. The properties provide 891 units of independent living, assisted living and memory care services. Nine of the properties are located in Wisconsin and one is located in Illinois. Specific names and locations were not disclosed. LTC entered into a triple-net master lease agreement with an affiliate of Senior Lifestyle Corporation, which will operate the communities. Blueprint Healthcare Real Estate, led by Ben Firestone, brokered the deal on behalf of the undisclosed seller. The purchase was funded by the LTC’s revolving credit facility. LTC’s stock closed at $43.90 on Wednesday, Aug. 19, up from $40.03 a year prior.
HAYWARD, CALIF. — ROIC California LLC, a subsidiary of Retail Opportunity Investments Corp., has acquired Jackson Square, located at the southwest corner of West Jackson Street and Amador Street in Hayward. Terramar Retail Centers LLC sold the property for $32.5 million. The fully occupied, 114,220-square-foot retail center is anchored by Safeway, CVS and 24 Hour Fitness. Additional in-line tenants include Starbucks Coffee, Chase Bank, Round Table Pizza and Patelco Credit Union. Dan Wald, Eric Kathrein and Justin Sharp of DTZ represented the seller in the transaction.
PASADENA, CALIF. — An unnamed buyer has acquired the 50-unit JGrant apartment complex in Pasadena for $26.2 million. The community is located at 119 South Los Robles Ave. The developer originally designed JGrant as a luxury condo complex. The buyer plans to lease the individual units, however, due to the “the strength of the multifamily investment market, the desirability of the location, the attractiveness of the debt market and the limited new supply,” according to Berkadia, which executed the transaction. The Berkadia team consisted of Dean Zander, Vince Norris and Mark Ventre.
RIVERSIDE, CALIF. — A joint venture between Waypoint Property Group and the Lewis Group of Companies has acquired the development rights and master developer designation for the remaining 875 acres within the Meridian Business Park in Riverside. The price was not disclosed. The master-planned business park is situated in the I-215 South corridor. Meridian is part of the former March Air Force Base. It is less than 90 minutes from the Los Angeles/Long Beach port complex. Phil Lombardo, Chuck Belden and Andrew Starnes of Cushman & Wakefield represented both the buyer and seller in this transaction.
SANTA ROSA, Calif. — Greystone, a real estate lending, investment and advisory company, has provided a $58.3 million Freddie Mac loan to refinance Varenna at Fountaingrove, a 163-unit independent living facility in Santa Rosa, just north of San Francisco. Affiliates of Oakmont Senior Living own and operate the luxury community. The 10-year loan was funded via Freddie Mac’s Index Lock product, which enabled the borrower to take advantage of the existing 10-Year Treasury rate prior to commitment.
TEMPE, Ariz. — National Asset Services (NAS) has arranged the sale of Gateway at Tempe, a student housing property located approximately one mile east of Arizona State University in Tempe. An undisclosed buyer purchased Gateway from a group of 33 tenant-in-common (TIC) co-owners that NAS advised during the transaction process. Built in 1998, Gateway at Tempe was purchased by the TIC group in December 2006 for $55.8 million. NAS assumed asset management responsibilities for the property in 2010. Gateway at Tempe is one of the largest student housing properties in the Arizona State University area, with 918 beds and 288 units. Situated on approximately 19 acres, the garden-style student living community consists of 19 two- and three-story wood-frame residential buildings and a single-story clubhouse/leasing building. The residential buildings contain 289,704 square feet of net rentable area, which equates to an average unit size of 1,006 square feet. The apartment community features a swimming pool, basketball court, two lighted tennis courts, a fire pavilion and a lighted sand volleyball court.
CLAREMONT, CALIF. — NAI Capital has arranged the sale of a 22,750-square-foot Sprouts Farmers Market located in Claremont. The property sold for over $12 million. Fariba Kavian of NAI Capital represented the seller, HCLARE LLC, in the sale of the property to Acquisition Group Inc. The single-story building is situated on 1.91 acres of land and was renovated in 2007.
LOS ANGELES, CALIF. — U.S. Property Trust has purchased the Lakewood Galleria, a 19,008-square-foot shopping center in Lakewood, for an undisclosed sum. The center is located at 5115 Candlewood Road across from the Lakewood Galleria Mall. Tenants at the center include Fantastic Sam’s, Corner Bakery Café, Cold Stone Creamery, Rubio’s Grill and Pick Up Stix, among others. HFF brokered the transaction.
LOS ANGELES — Stevenson Real Estate Services has arranged the sale of a retail center located at 5581 Huntington Drive North in Los Angeles. 11305 West Moorpark LLC acquired the property for $4.1 million from Sandale LLC. Situated on a 28,807-square-foot land parcel, the property offers 9,689 square feet of retail space. Built in 2008, the property is 100 percent occupied by tenants including Antigua Bread Bakery & Café, Jackie’s Closet, Subway, Rite-Optics, Prodigy Hair Salon, Burrito Place, Boost Mobile and Tips 2 Toes. Randy Stevenson, Stephen Baker and Kris Hons of Stevenson Real Estate Services represented the seller, while Andrew Awaida of RE/MAX Optima represented the buyer in the transaction.