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World Oil, Trammell Crow Plan 260-Acre Mixed-Use Development in Bakersfield

BAKERSFIELD, CALIF. — World Oil Corp. and Trammell Crow Co. have unveiled plans for Bakersfield Commons, a pedestrian-orientated, master-planned mixed-use community located in Bakersfield. The 260-acre project will feature office, retail, residential, recreational and industrial space. Construction is slated to begin in 2018, with the first development pads delivered in late 2018. The fully approved entitlements for the commons include 400,000 square feet of office, 300,000 square feet of..

October 20, 2017

Warner Pacific Properties Repositions Shopping Center in Monrovia

MONROVIA, CALIF. — Warner Pacific Properties is repositioning Monrovia Landing, a retail center within Shamrock Center located at 729 E. Huntington Drive in Monrovia. After acquiring the 100,000-square-foot property in 2016, the company began a re-tenanting and repositioning program for the center. At the time of acquisition, the center consisted of a vacant Albertsons grocery store and a 6,700-square-foot O’Reilly Auto Parts. Originally built in 1973 as a Super K-Mart, Lucky Grocery..

October 20, 2017

Location Matters Negotiates $1.3M Sale of CrossFit Building in Downtown Escondido

ESCONDIDO, CALIF. — Location Matters has brokered the sale of a retail property located at 237 and 243 E. Valley Parkway in downtown Escondido. David Baker of H Street Plaza LLC sold the property to Evan Weinberg of Steven Beverages Inc. for $1.3 million. The 9,300-square-foot property features two retail units: a 7,000-square-foot CrossFit Iconic and a 2,300-square-foot vacant space. The buyer plans to repurpose the vacant space into a brewery and coffee concept by Cismontane Brewing,..

October 20, 2017

Pacific Coast Commercial Brokers $1.2M Sale of The Ink Spot Location in San Diego

SAN DIEGO — Pacific Coast Commercial has arranged the sale of a retail building located at 1040 Garnet Ave. in San Diego. John & Mahin Family Trust acquired the property from John Watts for $1.2 million. The 2,600-square-foot retail property was occupied by The Ink Spot for more than 20 years. Martin Alfaro and Vince Provenzano of Pacific Coast Commercial represented the seller, while John Noble of JN Financial represented the buyer. The buyer plans to lease the property to a new..

October 20, 2017

Marcus & Millichap Arranges $1M Sale of 3,160 SF Retail Property in Los Angeles

LOS ANGELES — Marcus & Millichap has brokered the sale of a retail property located at 4745 W. Washington Blvd. in Los Angeles. A private investor sold the property for $1 million. Floyd Shaheen of Marcus & Millichap represented the seller in the deal. The name of the buyer was not released.

October 20, 2017

RCG Ventures Acquires 326,607 SF Power Center in Metro Denver

LAKEWOOD, COLO. — RCG Ventures has acquired Westland Town Center, a 326,607-square-foot retail center in Lakewood, located eight miles southwest of Denver. The sales price and seller were not disclosed. Scott Tarbet of RCG Ventures represented the company internally in the transaction. Lowe’s Home Improvement, Dollar Tree and Sears anchor the property. Sears was not included in the transaction.

October 19, 2017

NKF Negotiates $33.2M Sale of Retail Center in St. George

SAINT GEORGE, UTAH — Newmark Knight Frank (NKF) has arranged the $33.2 million sale of Red Rock Commons, a 134,152-square-foot retail center in Saint George, a city in southwest Utah. Pete Bethea, Rob Ippolito and Glenn Rudy of NKF represented the seller, ShopCore Properties, an affiliate of The Blackstone Group. Pacific Castle acquired the asset. Constructed in 2011 and 2012, Red Rock Commons includes four multi-tenant buildings and two freestanding pad sites. At the time of sale, the..

October 19, 2017

P.B. Bell Plans 165-Unit Seniors Housing Community Near Phoenix

GLENDALE, ARIZ. — Multifamily developer P.B. Bell is returning to the seniors housing industry with the development of Inspira Arrowhead, a 165-unit community in the Phoenix suburb of Glendale. The property will be located within the 75-acre Aspera mixed-use development. It will feature 123 units split between independent living and assisted living, as well as 42 memory care units. Inspira Arrowhead will complement the 286-unit Velaire at Aspera, P.B. Bell’s luxury multifamily..

October 19, 2017

Hanley Investment Group Brokers $9.1M Sale of Three 7-Eleven Properties in California

LOS ANGELES, SAN DIEGO AND BAKERSFIELD, CALIF. — Hanley Investment Group Real Estate Advisors has completed the sales of three 7-Eleven properties in separate transactions with a combined valued of $9.1 million. In Los Angeles, a private investor acquired a two-tenant retail property for $4.4 million. Built in 1977, the 4,722-square-foot property is occupied by 7-Eleven and Launderland Laundry. Jeremy McChesney of Hanley Investment represented the seller, a private investor from Los..

October 19, 2017

Faris Lee Arranges $7.4M Sale of Two Retail Buildings in Palmdale

PALMDALE, CALIF. — Faris Lee Investments has arranged the sale of two single-tenant, freestanding retail buildings in Palmdale for a combined total of $7.4 million. The newly developed properties are located within the Destination O-Eight power center, anchored by Walmart, Hobby Lobby, Kohl’s and Sam’s Club. The first asset, occupied by Planet Fitness, sold for $4.9 million, and the second building, occupied by Dollar Tree, sold for $2.5 million. Jeff Conover and Chris DePierro of..

October 19, 2017