SAN CLEMENTE, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has expanded its revolving credit facility from $300 million to $400 million, while simultaneously entering into a new $100 million, seven-year, non-amortizing unsecured term loan. Approximately $95 million of the term loan proceeds were used to pay off and terminate CareTrust’s existing secured mortgage indebtedness under its 2006 credit agreement with General Electric Capital Corporation. The lower interest rate resulting from the refinancing is expected to generate approximately $1.3 million in annual savings. CareTrust REIT Inc. is a publicly traded seniors housing and healthcare REIT based in San Clemente.
REDLANDS, CALIF. — Majestic Realty Co. has signed four new tenants at Mountain Grove, a 67-acre shopping center in Redlands. Jeff Stanley of Lee & Associates represented Farmer Boys in the lease of 2,502 square feet of restaurant space; Justin Schultz of CBRE represented Nike Inc. in the lease of 25,000 square feet of retail space; and Robert Brady of Voit Real Estate represented Waba Grill in a deal for 1,495 square feet of restaurant space. Additionally, JoJo’s Grill A Dog inked a deal for 1,209 square feet of restaurant space at the shopping center. John Hunter and Tom Cozzolino provided in-house representation for the landlord, Majestic, in the transactions.
VENICE, CALIF. — Yellow Fever, an Asian-inspired fast casual restaurant, has leased retail space at 2570 Lincoln Blvd. within the Plaza Marina in Venice. The 1,500-square-foot space marks the restaurant’s second location and its entry into the Los Angeles market. The restaurant features customizable Asian-inspired bowls. Michael Pakravan and Ed Sachse of Kennedy Wilson represented the tenant and the landlord, Quiet Lion 7 LP, in the transaction.
WOODBURN, ORE. — Radiant Senior Living, a Portland-based seniors housing owner/operator, has purchased Emerald Gardens of Woodburn, a 44-unit assisted living and memory care facility approximately 30 miles south of Portland, for $6 million. Built in 1987, the community was renovated in 2013 to add 12 units of secured memory care. Shep Roylance and James Duffy of JCH Senior Housing Group arranged the transaction. The seller was not disclosed.
SANDY, UTAH — Kisco Senior Living has acquired Atria at Sandy, a 183 unit independent and assisted living community in the Salt Lake City suburb of Sandy, for an undisclosed price. Kisco has renamed the community Cedarwood at Sandy. The building is on a six-acre plot and includes 122 independent living and 61 assisted living residences. Kisco also acquired four acres adjacent to community, formerly a nursing home, to build a 100-unit assisted living and memory care addition to be called Cedar Court. Construction will begin later this year. This is Kisco’s second Utah location, joining Sagewood at Daybreak, which recently opened its doors in nearby South Jordan. Based in Carlsbad, Calif., Kisco operates 22 senior living locations in California, Florida, North Carolina, Texas, Utah, Hawaii and Virginia.
MADERA, CALIF. — Newmark Grubb Pearson Commercial has arranged the sale of a retail building located at 100 E. Yosemite Ave. in Madera. Serranos Rentals acquired the 15,000-square-foot property from Barsotti Family LLC for an undisclosed sum. Craig Holdener and Troy McKenney of Newmark Grubb Pearson arranged the transaction.
NORTH LAS VEGAS — An unnamed buyer has purchased a 74-room Best Western Plus in North Las Vegas for $6.2 million. The hotel is located at 4540 Donavan Way. It was built in 2000. Aseem Tandon of Marcus & Millichap’s Ontario office represented the seller, a limited liability company, in this transaction.
SAN DIEGO — Flocke & Avoyer Commercial Real Estate has brokered the sale of a commercial building located at 9906 Carmel Mountain Road in San Diego. The Bradley Family Trust and McGuiness Family Trust sold the property to The Bertrand Family Trust for $1.6 million. Bertrand’s Music will occupy the 3,342-square-foot property. Brian Quinn of Flocke & Avoyer represented the sellers in the transaction.
FRESNO, CALIF. — Tree of Life has signed a lease for 2,547 square feet of retail space at 2139 Kern St. in Fresno. The landlord is Banner Bank. Phil Souza, Jeremy Reed and Jessica Young of Newmark Grubb Pearson Commercial handled the lease transaction.
SEATTLE — Fowler Property Acquisitions has purchased the 388-unit Landing at Dashpoint apartment community in the Seattle submarket of Federal Way for $46 million. The community is located at 31004 19th Place SW. Landing at Dashpoint was built in 1976. It was 95 percent occupied at the time of sale. Fowler plans to continue upgrading the interiors, a project that was initiated by the seller, Bridge Investment Group. The new owner will also complete renovations to the property’s exterior. Kenneth Dudunakis, Ben Johnson and David Sorensen of Berkadia executed the transaction.