RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $4.9 million sale of a four-tenant retail property located in the Inland Empire city of Riverside. Built In 2020 and situated within Veteran’s Plaza, net-lease tenants at the 6,963-square-foot building include Starbucks Coffee, Express Gadget Repair, Desperate Measures and Jersey Mike’s Subs. Eric Wohl and CJ Kiehler of Hanley represented the seller, a California-based developer. Shirley Kim of Max Mega Group Realty represented the buyer, an international private investor.
INGLEWOOD, CALIF. — SRS Real Estate Partners has arranged the $5.1 million sale of a single-tenant retail property located in Inglewood, roughly 12 miles southwest of Los Angeles. Starbucks Coffee occupies the 1,008-square-foot building, which was built in 2021 on 0.4 acres, on a net-lease basis. Brian Wolfman and Zach Leffers of SRS represented the seller, a Los Angeles-based private investor. David Oberg and Zach Ordin of DLO Realty Group represented the buyer, a Los Angeles-based family office.
SANTA ANA, CALIF. — Marcus & Millichap has arranged an acquisition loan of $6.4 million for an industrial property in Santa Ana. The 19,152-square-foot asset is located at 1820 S. Santa Fe St. Richard Knorr of Marcus & Millichap Capital Corp. secured the financing with a national bank. The loan features a 6.14 percent interest rate with a 25-year self-liquidating term. Drew Wetherholt and Colin Wu of Marcus & Millichap arranged the sale. The buyer and seller were not disclosed.
SAN FRANCISCO — Westfield has made plans to pull out of San Francisco and surrender the San Francisco Centre mall to the property’s lender, reports CNN. The decision follows the closure of stores including Banana Republic and Nordstrom. A spokesperson for Westfield previously attributed the closure of the latter to “unsafe conditions for customers, retailers and employees.” According to SFGATE, Westfield and its partner, Brookfield Properties, have ceased loan payments on the mall. In a statement provided to the publication, Westfield noted that it has operated San Francisco Centre for more than 20 years and that it has “made the difficult decision to begin the process to transfer management of the shopping center to our lender,” citing “declines in sales, occupancy and foot traffic.” The company also stated that the property’s debt “is nonrecourse and this action has no impact on the rest of [Unibail-Rodamco-Westfield’s] debt.”
MORENO VALLEY, CALIF. — CapRock Partners has purchased a 22.1-acre parcel within the World Logistics Center master-planned development in Moreno Valley. The company plans to develop CapRock Global Logistics, a 500,000-square-foot, LEED-certified industrial warehouse on the site. The development will accommodate a wide range of uses, including e-commerce, manufacturing and distribution. At completion, the property will feature 36-foot clear height, 65 dock-high doors and up to 10,000 square feet of two-story office space. The property will offer 88 trailer parking stalls, 339 auto parking stalls, a truck court depth of 185 feet and a secured concrete yard. Stefan Pastor and Brad Yates at Stream Realty Partners represented CapRock in the sale. Mark Repstad at Southland Commercial Real Estate represented the undisclosed seller.
SANTA CLARA, CALILF. — Newmark has arranged the sale of San Tomas Business Centre in Santa Clara. The nine-building property is located at 2060-2101, 2110, 2116 and 2118 Walsh Ave. It comprises office and light industrial/warehousing space. Corporate offices for Nvidia, Google, Apple, Amazon and Samsung are nearby. Newmark’s Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak arranged the transaction.
SANTA MONICA, CALIF. — Citivas Capital Group has provided a senior construction loan for the development of a mixed-use project at Third Street Promenade in Santa Monica. Upon completion, the space, which will include retail and office space, will feature floor-to-ceiling windows and a 4,000-square-foot outdoor roof terrace. Blatteis & Schnur was the borrower. Jorge Adler of Citivas arranged the financing.
CARLSBAD, CALIF. — PSRS has arranged a $13.2 million refinancing for a 47,000-square-foot life sciences property in Carlsbad. A growing start-up occupies the property. The undisclosed permanent lender was able to fund the loan prior to the tenant taking occupancy. The loan’s interest rate is fixed for seven years and amortized over a 30-year schedule. Pasha Johnson, Trevan Swierczewski and Daniel de Leon of PSRS arranged the refinancing.
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.