INGLEWOOD, CALIF. — NAI Capital Commercial has arranged three leases totaling 6,049 square feet for Total by Verizon, a wireless phone service provider formerly called Total Wireless. Tina LaMonica and Patrick Ortiz of NAI represented the landlords in the leasing negotiations. In Los Angeles, Total by Verizon will open a 2,234-square-foot store within a space formerly occupied by AT&T and a 2,000-square-foot store at Martin Luther King Jr. Shopping Center. Additionally, the tenant will occupy a 1,815-square-foot space in Inglewood, roughly 12 miles outside Los Angeles.
ALHAMBRA, CALIF. — JCH Senior Housing Investment Brokerage has arranged the lease negotiation of a prominent assisted living facility in Alhambra, just east of Los Angeles. The facility, previously operated by a national operator, will now be under the management of a regional operator that specializes in low-income residents.
Ryan Desmond, partner, Western Retail Advisors in Phoenix Metro Phoenix’s population grew faster than any other major U.S. city between 2010 and 2020. By 2021, the Valley’s 1.48 percent population growth continued to far exceed the country’s .01 percent growth — the slowest annual growth rate in our nation’s history. For a community that has historically been criticized as being over-retailed on a per-capita basis, this has injected tremendous strength into the local retail market. Today, Phoenix ranks as a hotspot among U.S. cities for retail absorption. According to CoStar, Phoenix had absorbed 4.1 million square feet of retail space year over year — the strongest absorption since the start of the Great Recession — by the start of the second quarter in 2023. This reduced the market’s overall vacancy rate to 5 percent. This is impressive, but it doesn’t reflect the increased gap between demand for Class A product and all other retail classes. Much like the flight to quality happening in the office sector, tenants looking for retail space in metro Phoenix want excellence: high-traffic locations in a growth submarket with compelling demographics. As a result, we have seen more metro Phoenix Class A retail properties reach full …
REDLANDS, CALIF. — North Palisade Partners has acquired a nearly 17-acre site at 1101 California St. in Redlands for $44.5 million. The site previously housed a waterpark that closed in 2018. North Palisade plans to transform the space into a modern, Class A warehouse distribution facility. Hunter Warner of Lee & Associates represented the buyer and unnamed seller in the transaction.
SURPRISE, ARIZ. — Gantry has arranged a $53.4 million permanent loan for the refinancing of the The Village at Prasada, a 700,000-square-foot, multi-phase retail center project in the Phoenix suburb of Surprise. The 7.5-year, fixed-rate loan will retire the construction debt for the first phase of the development, which comprises 308,640 square feet. Phase One was fully leased at the time of financing to tenants including Sprouts Farmers Market, Ross Dress for Less, HomeGoods, Marshalls, Ulta Beauty, Total Wine & More, PetSmart, T.J. Maxx and Floor & Décor. Tim Storey, Chad Metzger and Ryan Gross of Gantry secured the loan through an institutional global financial services firm on behalf of the undisclosed borrower.
SEATTLE — Senior Living Investment Brokerage (SLIB), a Chicago-based firm, has arranged the sale of three communities in the Pacific Northwest. The facilities offer a combined 93 units and 105 beds, and were built between 1991 and 1995. The buyer is a private owner-operator group out of Texas. The seller, price, names and locations were not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Matt Alley of SLIB handled the transaction.
SAN JUAN CAPISTRANO, CALIF. — TailoredSpace is scheduled to open its newest location in San Juan Capistrano this September. The 14,000-square-foot space will be located at 27131 Calle Arroyo. TailoredSpace has targeted suburban communities with high per-capita income, easy freeway access and walkable retail amenities. TailoredSpace will be the first fully amenitized coworking operation in San Juan Capistrano, according to the company. This lack of supply has resulted in significant pre-leasing activity for the campus.
SOUTH SAN FRANCISCO — IDEAYA Biosciences has leased 44,000 square feet of space at 5000 Shoreline Court in South San Francisco. The 140,000-square-foot, Class A building is situated on the bay in South San Francisco’s Sierra Point life sciences cluster. IDEAYA plans to move into the space in mid-2024. Chris Jacobs and Matt Jacobs of CBRE represented the landlord, DivcoWest, while Grant Dettmer and Scott Miller of JLL represented IDEAYA.
LAKEWOOD, COLO. — Ziegler, in partnership with M&T Realty Capital Corp., advised on a $105.6 million Freddie Mac refinancing on behalf of The Ridge Senior Living. The loan is for The Ridge Pinehurst, a luxury independent living, assisted living and memory care community in Lakewood, a suburb of Denver. Ridge began opening the 371-unit community in phases starting in September 2020. The original 10-year, fixed-rate loan was structured with five years of interest-only payments, followed by 30-year amortization. The refinancing provided The Ridge with a long-term, fixed-rate loan to replace the original floating-rate construction loan. Eric Johnson of Ziegler arranged and negotiated the transaction. Matt Henning, Matthew Pipitone and Nick Gent led the transaction for M&T.
SAN CLEMENTE, CALIF. — CareTrust REIT Inc. (NYSE: CTRE), along with a regional investor in healthcare real estate, has acquired four skilled nursing facilities on the West Coast. The four-property acquisition includes 450 skilled nursing beds and 20 assisted living units. Links Healthcare Group, a new operator relationship for CareTrust, will operate the facilities pursuant to a 15-year master lease with two five-year extension options. Links is an experienced operator founded by Toby Tilford and Curt Rodriguez and currently operates 16 skilled nursing and seniors housing communities. CareTrust’s initial investment in the facilities, inclusive of transaction costs, was approximately $71.5 million. Aggregate annual cash rent for the first year is approximately $5.4 million, increasing to approximately $6.1 million in the second year, and increasing to approximately $7.1 million in the third year, with CPI-based annual escalators thereafter. The acquisition of these facilities was funded using proceeds from San Clemente-based CareTrust’s $600 million unsecured revolving credit facility.