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.
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.