REBusinessOnline

California

FPA Multifamily, PCCP Sell Las Palmas Apartments in Vista for $20.9M

VISTA, CALIF. — An unnamed buyer has acquired the 140-unit Las Palmas apartments in the San Diego submarket of Vista for $20.9 million. The community is located at 300 W. Los Angeles Drive. Las Palmas has floor plans ranging from one- to three-bedroom units. Amenities include a pool, fitness center, community lounge and covered parking. Chris Zorbas of IPA represented the buyer. JLL’s Darcy Miramontes and Kip Malo represented the sellers, FPA Multifamily and PCCP, in this transaction.

April 25, 2017

Creative Office, Industrial Property Changes Hands in Carlsbad

CARLSBAD, CALIF. — A high-net-worth 1031 exchange buyer has purchased a 64,165-square-foot creative office and industrial property in Carlsbad. The asset is located at 5858 Dryden Place. The space was 98 percent leased to 44 tenants. It includes a high-end creative office portion that serves as executive suites and a warehouse space currently occupied by the International Floral Trade Center. CBRE’s Matt Pourcho, Gary Stache and Anthony DeLorenzo represented the seller, Sunroad..

April 25, 2017

Oracle Leases 16,000 SF of Office Space in Oakland

OAKLAND, CALIF. — Oracle has signed a six-year lease for 16,000 square feet of space in downtown Oakland. The space is located at 1330 Broadway. Oracle will occupy the 17th and 18th floors of the 313,000-square-foot office building. The new lease continues the cloud applications and platform services provider’s expansion into the East Bay. The landlord, TMG Partners, recently renovated the building. This included a new main lobby and building entrance, common area finishes, elevator..

April 25, 2017

Bebe to Close All 168 Remaining Stores, Switch to Online-Only Model

BRISBANE, CALIF. — Women’s retailer Bebe has announced it will close all 168 of its remaining stores. The company plans to move to an online-only model. Bebe entered into an agreement with Great American Group and Tiger Capital Group to sell all its merchandise and inventory, as well as certain of its subsidiaries located in its existing retail stores. The store closures should be complete by the end of May, according to a recent SEC filing. Bebe was founded in 1976. It operates Bebe,..

April 24, 2017

Colliers Brokers Sale of Desert Oasis Apartments in Indio for $11M

INDIO, CALIF. — An unnamed buyer has purchased the 90-unit Desert Oasis Apartments in the Coachella Valley submarket of Indio for $11 million. The community is located at 46211 Jackson St. The sale set a federal Housing & Urban Development (HUD) record of 17 bids within 24 hours according to Colliers, which brokered the deal. Desert Oasis, which is situated near Highway 111 and Interstate 10, will soon undergo a renovation. John Nguyen and Jesse Elsanhuty of Colliers International..

April 24, 2017

Hanley Investment Group Arranges $2.7M Sale of Starbucks Building in California

BAKERSFIELD, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.7 million sale of a 1,850-square-foot Starbucks Coffee location in Bakersfield. Bill Asher and Jeff Lefko of Hanley represented the seller, Evergreen Development. Joe Bolognese of Major Properties Real Estate represented the buyer, a Los Angeles-based private investor.

April 24, 2017

RAF Pacifica to Develop Mixed-Use Project in Metro San Diego

SOLANA BEACH, CALIF. — RAF Pacifica Group has acquired a 40,000-square-foot land parcel in Solana Beach, formerly the site of Cedros Gardens, and plans to develop a 26,000-square-foot mixed-use project including restaurants, ground-floor retail, office and multifamily space. The land is fully entitled for development and is located in the Cedros Design District. The planned development will include 3,200 square feet of restaurant space, 5,000 square feet of ground-floor retail, 8,000..

April 21, 2017

Savills Studley Negotiates Sale of Terraces Shopping Center in Rancho Palos Verdes

RANCHO PALOS VERDES, CALIF. — Savills Studley has negotiated the sale of the Terraces, a 172,913-square-foot regional shopping center in Rancho Palos Verdes. A subsidiary of Retail Opportunity Investments Corp. (ROIC), a publically traded REIT, purchased the property for an undisclosed price. Terraces Subsidiary LLC, a joint venture of Combined Properties and Saban Capital Group Inc., was the seller. Built in 1959 and renovated in 1988, 2008 and 2016, The Terraces is located at 28821-28901..

April 21, 2017

Progressive Real Estate Partners Arranges $3.2M Sale of Retail Center in San Bernardino

SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the $3.2 million sale of a 7-Eleven-anchored retail center at 1935 S. Waterman Ave. in San Bernardino. The property was sold in an all-cash 1031 tax-deferred exchange. Progressive’s Greg Bedell and Pablo Velasco represented the buyer, a private investor. Built in 2012, the 4,208-square-foot center features a 7-Eleven with 10 years remaining on its lease term, a Chase ATM and a vacant shop space.

April 21, 2017

Cushman & Wakefield Arranges $26.5M Sale of 17.7-Acre Retail Site in Carlsbad

CARLSBAD, CALIF. — Cushman & Wakefield has arranged the $26.5 million sale of a retail site in the San Diego suburb of Carlsbad. Shea Properties LLC/Shea Homes San Diego LP acquired the 17.7-acre undeveloped land tract in the city’s Bressi Ranch area and plans to construct a mixed-use development. The property consists of lots 29 through 32 in Bressi Ranch. Aric Starck and Dennis Visser of Cushman & Wakefield’s Carlsbad office represented the buyer and seller in the..

April 20, 2017