REDLANDS, CALIF. — A joint venture between Harbert Seniors Housing Fund I LP and JEA Senior Living has purchased a six-asset memory care portfolio across five states for an undisclosed price. The Class A communities include Blossom Grove in Redlands, Calif; Prairie Meadows in Omaha, Neb.; High Plains in Lincoln, Neb.; North Ridge in Albuquerque, N.M.; Autumn Hills in Bloomington, Ill.; and Maple Wood in Springfield, Mo. The portfolio totals 395 beds and was 79 percent occupied at the time of sale. JEA, an owner-operator based in Vancouver, Wash., developed all six properties and will continue to manage them. This marks the first transaction for Harbert Seniors Housing Fund I. The fund is sponsored by Harbert Management Corporation, a Dallas-based owner and operator of multifamily, office, industrial, retail and self-storage properties throughout the United States.
GILBERT, ARIZ. — LGE Design Build has broken ground on Dierks Bentley’s Whiskey Row, an 8,000-square-foot restaurant located in Gilbert. The property will feature a 10,000-square-foot patio, a large dance floor for country line dancing and an outdoor area for games including corn hole and Ping-Pong. The restaurant, set for completion in late 2016, will be constructed with reclaimed wood, steel, high ceilings and natural lighting.
LONGMONT, COLO. — U.S. Engineering has purchased a 106,180-square-foot industrial building in Berthoud for $7.7 million. The facility is located at 390 Mountain View Drive, just north of Longmont. It was built in 1999. The full-service mechanical contractor plans to occupy the entire building. Bruce Mawhinnie of Newmark Grubb Knight Frank represented the buyer. Matt Trone, Sam Slaton and Steve Hager represented the seller, PTI USA Manufacturing.
OAKLAND, CALIF. — Kaiser Center, a 975,000-square-foot office complex in downtown Oakland, has undergone a recapitalization. The transaction terms were not disclosed. The complex is located at 300 Lakeside Drive. It includes an 845,000-square-foot office tower, in addition to two low-rise retail/office buildings that total about 130,000 square feet. BART, the University of California and Kaiser Foundation Health Plan currently occupy the property. Affiliates of Rockpoint Group and the Swig Company plan to reposition the asset. This will include major renovations to the lobbies, common corridors, landscaping and retail amenities.
LOS ANGELES — Merlone Geier Partners has purchased El Monte Shopping and Automotive Center, a 473,347-square-foot automotive and retail center located in El Monte, from Decron Properties for $84.5 million. The property is comprised of a traditional shopping center and Longo Lexus dealership. Savills-Studley Retail Investment Group represented Decron Properties, while Melone Geier Partners was self-represented in the transaction. Tenants at the center include Sears, Staples, Deardens, Big 5 Sporting Goods, RadioShack and Jamba Juice.
SALT LAKE CITY — Vestar, in a joint venture with funds managed by Oaktree Capital Management L.P., has acquired a 623,205-square-foot open-air retail and entertainment center within The Gateway, a retail, residential and office complex located in downtown Salt Lake City. The purchase price was not disclosed. The center is leased to over 100 tenants including Barnes & Noble Bookstore, California Pizza Kitchen, The Depot, Dick’s Sporting Goods, Megaplex 12 at The Gateway, Metro Fitness, Starbucks Coffee and Victoria’s Secret. Vestar plans to invest $30 million in revitalizing and rebranding the center.
DENVER — Advenir has purchased a 292-unit apartment community in Denver for $42 million. The community, formerly known as Cypress Point, has been rebranded as Advenir at Cherry Creek South. It is located at 1211 S. Quebec Way. Advenir at Cherry Creek South was built in 1979. The property underwent $2 million in exterior, interior and common-area renovations. Advenir plans to pump an additional $3 million into the community.
LOS ANGELES — Capital Funding Group has provided a $6.5 million bridge-to-HUD loan and a $2 million mezzanine loan for the acquisition of Bloohmfield East, a 130-bed skilled nursing facility in Lynwood. A group of private real estate investors bought the property and leased it to a new operator, Reliant Management. Capital Funding Group is a Baltimore-based lender for healthcare properties, especially skilled nursing facilities, assisted living communities and hospitals.
LOS ANGELES — The Mortgage Bankers Association (MBA) has partnered with Pepperdine University Graziadio School of Business and Management to offer a six-month executive certificate in commercial real estate. The program will kick off in March. Classes aim to accelerate higher-level career opportunities for mid- to senior-level professionals who are pursuing career advancement, continuing education credits and professional designations. The training also aims to improve marketability and open career doors through networking opportunities. The curriculum will incorporate materials and programming from MBA’s education commercial/multifamily courses, making this the first industry program to combine graduate school certificate education with industry-recognized training curriculum. Participants will learn critical analysis and evaluation skills for transacting acquisition, financing, asset management and development deals. They will also learn the intricacies of private equity real estate, private debt/finance, publicly traded real estate (REITs), securitized debt and real estate development. The program was created by combining MBA-established training with the expertise of Pepperdine faculty in the commercial real estate equity and REIT fund investment arenas. Sessions will be held two days per month, on Friday and Saturday. Classes are available online, and at each of the five Pepperdine locations.
SEATTLE — Moody National REIT II has entered into an agreement to purchase the Marriott SpringHill Suites Hotel in Seattle for $74.1 million, excluding closing costs. The SpringHill Suites Seattle is a select-service hotel consisting of 234 guest rooms. Located on the southeast corner of Stewart Street and Yale Avenue in downtown Seattle, the SpringHill Suites Seattle is situated along one of the city’s major transportation routes with access to the corporate homes of Amazon.com, Microsoft, Nordstrom and REI. The hotel is also located near Puget Sound and is within walking distance of the Seattle Space Needle. “Located downtown in a global gateway city accommodating travelers from around the world, and home to companies including Amazon.com, Microsoft, Boeing and Starbucks, this investment presents itself as an attractive addition to our portfolio,” says Brett Moody, CEO and chairman of REIT II. Forbes magazine named Seattle the “No. 1 Best City for Jobs in 2015” based on 16 metrics including job opportunities, employment growth, monthly median starting salary, median annual income, time spent working and commuting, and housing affordability. Due to its geographic location, Seattle is a national hub for manufacturing, technology industries, international business, trade and tourism. Moody National REIT II …