WEST HOLLYWOOD, CALIF. — Safco Capital Corp. has purchased a retail parcel, located at 8330 W. Santa Monica Blvd. in West Hollywood. Mayfair Realty sold the asset for $25.2 million. A 17,833-square-foot Gelson’s Market, a gourmet grocery store, occupies the building situated on the 1.25-acre site. David Swartz of Crosbie Gliner Schiffman Southard & Swanson represented the buyer in the deal, which was structured as a sale-leaseback transaction.
YUMA, ARIZ. — Love Funding has secured a $10.5 million bridge-to-HUD construction loan for a transitional rehabilitation facility in Yuma. The 32,000-square-foot facility will offer 41 Medicare and managed care beds upon completion. Love Funding’s Leonard Lucas secured the bridge loan through Love Funding’s parent company, Midland States Bank. This is the second bridge-to-HUD construction loan obtained through Love Funding for the developer-operator’s portfolio.
ANAHEIM, CALIF. — C.W. Driver Cos., as general contractor, and Ware Malcomb, as architect, have completed the development of Braille Institute Anaheim Center, a 14,700-square-foot building located on the institute’s existing campus in Anaheim. Located at 527 N. Dale Ave., the $5.4 million building replaces the institute’s former multi-structure facility and provides a larger unified space to serve more visually impaired children, adults and seniors from Orange, Los Angeles and Riverside counties. The property includes a 2,500-square-foot learning resource center featuring a library, computer lab, low-vision consultation area and counseling space. Additionally, the facility features designated areas for Braille reading education and self-defense training, as well as a 2,100-square-foot multipurpose room, four classrooms, an art and ceramics studio, training kitchen and multiple technology labs. The new project also features exterior gardens, gathering spots, a dog run and an open-air courtyard.
DENVER — Nexus Commercial Realty has arranged the sale of a multifamily building, located at 8770-8780 Galen Court in Denver. An undisclosed buyer acquired the 38-unit property from 71st & Lowell Apartments LLC for $4.7 million. The 30,802-square-foot property features 12 one-bedroom/one-bath and 26 two-bedroom/one-bath units. The property underwent recent renovations include new roofs, windows, boilers and decks, as well as 54 off-street parking spaces in a re-striped parking lot. Jason Koch of Nexus represented the seller in the deal.
NAPA, VALLEJO, HERCULES, ANTIOCH, DUBLIN AND HAYWARD, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of a seven-property multifamily portfolio located in the Bay Area. San Francisco-based Reliant Group Management purchased the portfolio from an undisclosed private company for $116 million. Totaling 478,345 square feet, the portfolio features 603 apartments. The buyer plans to convert four of the properties, totaling 369 units, to affordable housing with the use of bonds and low-income housing tax credits. Three of the property (234 units) will continue to be maintained as workforce housing. Additionally, the buyer plans to renovate all apartments, investing approximately $40,000 per unit. Richard Knutson, Anthony Pappageorge, Zach LeBeouf, Will Thomas and Kathy Knutson of NKF represented the seller in the transaction.
VISTA, CALIF. — Ohio-based SITE Centers (formerly DDR) has completed the disposition of Vista Village, an entertainment-focused neighborhood shopping center in Vista. Las Vegas-based CFT Vista acquired the property for an undisclosed price. Built in 2003, the 195,009-square-foot property is occupied by Frazier Farms, Cinepolis, Wave Waterpark (not a part of the sale), Pets Plus and Crunch Fitness, among others. Jimmy Slusher, Eric Shain, Philip Voorhees and Reg Kobzi of CBRE represented the seller and buyer in the transaction.
DESERT HOT SPRINGS, CALIF., AND LAS VEGAS — Treehouse Real Estate Investment Trust has completed the purchase of two retail properties for a combined total of $33.5 million. Terms of the sales were not released. The properties are a retail storefront development on Highland Drive in Las Vegas and a 45,000-square-foot Dutch greenhouse in Desert Hot Springs.
PHOENIX — Simone Bell Tower LLC has completed the sale of Bell Tower Apartments, a value-add multifamily community located at 17216 N. 33rd Ave. in North Phoenix. KA Capital acquired the property for $26.3 million. Completed in 1986, Bell Tower Apartments features 224 units. Brad Goff, Brett Polachek and Chris Center of Newmark Knight Frank represented the seller in the deal.
REDMOND, ORE. — Compass Commercial Real Estate Services has arranged the sale of an industrial property in Redmond. Located at 2050 SW Deerhound Ave., the property features 13,602 square feet of industrial space. Bruce Churchill of Compass Commercial Real Estate Services represented the undisclosed buyer and seller in the deal.
SAN MATEO, CALIF. — HFF has arranged a $21 million refinancing for Baywood, an office and retail asset property in downtown San Mateo. The borrower is developURBAN, a private developer. Chris Gandy and Taylor Gimian of HFF secured the 10-year, fixed-rate loan with full-term interest-only payments. Citigroup provided the capital. Loan proceeds will be used to refinance the existing debt that HFF arranged in 2017. The 27,897-square-foot property is fully leased and recently underwent renovations and capital improvements. The property is home to a technology arm of a publicly listed company, with the ground-floor office space leased to a data analytics firm and the retail space leased to a yoga chain.