SAN DIEGO — CBRE has arranged the sale of Midway Village Shopping Center, a 29,718-square-foot retail center located at 3146 to 3194 Midway Drive in San Diego. Taco Bell and Wings N Things anchor the complex, with additional tenants including CharkBait Sportfishing, Fairouz Café & Gallery, Fast Signs and Kyoto Sushi. Reg Kobzi and Joel Wilson of CBRE represented the seller, Pacifica Woodside LP, and Kyle Clark of The Heritage Group represented the buyer, Sunset Waste Holdings LLC, in the transaction.
ESCONDIDO, CALIF. — CDC Commercial Inc. has arranged the sale of a 15,600-square-foot, single-story retail space located at 840 W. Mission Ave. in Escondido for $3.9 million. Tenant O’Reilly Auto Parts recently extended their lease for 12 years. The buyer, 6021 Business Center Court LLC, and the seller, LTB Properties LLC, were both represented by Don Zech, Matt Orth and Nick Zeck of CDC Commercial.
SIERRA MADRE, CALIF. — Fountain Square Development West and HPI Architecture have completed The Kensington of Sierra Madre, an assisted living and memory care community in Sierra Madre. Occupying 58,000 square feet, The Kensington comprises 75 total units, 33 of which are memory care. The facility also offers a salon and art studio that is open to the community.
SIDNEY, MONTANA – A 22.5-acre, mixed-use development site in Sidney has received a $1.4 million loan. The site is located along East Holly Street in east-central Montana, near the North Dakota border. The development site contains 18 lots within the Sunrise Village subdivision. The project features 11 lots zoned for residential and seven lots zoned for commercial use. The developer is American Land Development-Sidney LLC, an affiliate of American Land Development Corp. The three-year, interest-only financing was closed by Kennedy Funding Financial LLC, which will also service the loan.
SALT LAKE CITY — Extra Space Storage has acquired SmartStop Self Storage for $1.4 billion. Extra Space will acquire 121 SmartStop stores and will assume the property management for its 43 third-party managed stores once the transaction is complete. SmartStop is based in the Orange County submarket of Ladera Ranch, Calif. It currently operates 169 self-storage properties in 21 states and in Canada. SmartStop is the seventh-largest owner and operator of self-storage facilities in the U.S. Certain SmartStop assets will be sold for about $120 million at or prior to the closing of this transaction. This includes one store in California, beneficial interests in two Alabama stores and five stores in Toronto. The stores in Alabama and California will be managed by Extra Space following the disposition. Salt Lake City-based Extra Space Storage is a self-administered and self-managed REIT. The company owns and/or operates 1,100 self-storage properties in 35 states, Washington, D.C., and Puerto Rico.
SAN BERNARDINO, CALIF. — National Community Renaissance (National CORE) has broken ground on the $200 million redevelopment of Waterman Gardens in San Bernardino. The redevelopment efforts will fill a housing void and serve as an economic catalyst for the neighborhood and city, National CORE notes. Phase I of the project will raze the 1940s-era public housing that currently sits on the Waterman Gardens site. The 252 affordable units will be replaced with 411 new units, including market-rate and senior apartments. An additional 76 new units will be built at Valencia Avenue and 9th Street, which will sit adjacent to the existing Waterman Gardens community. Phase I was awarded nearly $12 million in tax credits from the State of California this past fall. The City of San Bernardino is also investing $2.3 million of federally allocated HOME-Investment Partnership funds into the project. The $25 million remaining balance for first-phase funding was provided by the Housing Authority of the County of San Bernardino, the Department of Housing and Urban Development’s (HUD) Rental Assistance Demonstration (RAD) program and a permanent loan from PNC Real Estate. Amenities at the project will include a community center with community meeting rooms, after-school program facilities and a …
SCOTTSDALE, ARIZ. — Mid-America Apartment Communities has acquired the 325-unit SkySong Scottsdale Apartments for $67.5 million. The community is located at 1301 N. Scottsdale Road. The purchase comes on the heels of the SkySong 3 debut, the newest office building within the 42-acre, mixed-use SkySong, the ASU Scottsdale Innovation Center development. The SkySong development team has also announced plans for a new restaurant facility along Scottsdale Road at SkySong Boulevard, while construction of SkySong 4 is expected to begin sometime this year. SkySong Scottsdale Apartments were developed by a joint venture between the ASU Foundation and USAA Real Estate Co.
HUNTINGTON BEACH, CALIF. – Blue Sky HB LLC has purchased a few structures at Huntington Beach Medical Campus for $7.8 million. The acquisition includes a 19,288-square-foot surgery center, a 29,398-square-foot medical office building and a four-level parking structure. The building is located at 17752-17762 Beach Blvd. The campus includes Huntington Beach Hospital, Huntington Beach Diagnostic Imaging & Breast Center and Huntington Professional Tower and Pharmacy. Tenants within the campus include Quest Diagnostics, Beach Pediatrics, Surf City Pediatrics and other medical offices. The seller, KO’s HB Medical Building, was represented by Tom Nguyen of NAI Capital.
RANCHO CUCAMONGA, CALIF. – Rancho Plaza, an 11,691-square-foot retail center in Rancho Cucamonga, has sold to an unnamed buyer for $6.8 million. The center is located at 8678 19th Street. The fully leased center was built in 2007. Notable tenants include Starbucks, Juice It Up, Flame Broiler and Western Dental. The property was marketed by Brad Umansky and Frank Vora of Progressive Real Estate Partners.
ATASCADERO, CALIF. – The 130-room SpringHill Suites by Marriott Paso Robles Atascadero has opened in the San Luis Obispo submarket of Atascadero. It is located at 900 El Camino Real. The hotel is within minutes of more than 300 wineries throughout the Paso Robles/Atascadero Wine Country. The property also contains the Union and Vine Ranch Kitchen restaurant/bar, as well as more than 6,000 square feet of flexible meeting and event space.