FOLSOM, CALIF. — Faris Lee Investments has arranged the sale of a drive-thru restaurant property located within Folsom Gateway Shopping Center in Folsom. A private family partnership acquired the asset from an undisclosed seller for $2.5 million. Taco Bell occupies the freestanding building, which was constructed in 2007. Tyler Strauss and Jeff Conover of Faris Lee procured the buyer and represented the seller in the transaction.
While the Inland Empire economy was hit hard in 2020, we remain optimistic on the retail sector’s recovery over the coming 12 to 24 months. This market is a benefactor of COVID-19 in that more people than ever before are able to work remotely. This has triggered a migration from urban cores to more spacious and affordable housing in the newer residential communities of Riverside and San Bernardino counties. As the population is anticipated to expand here, retail will directly benefit as residents are more likely to have additional discretionary income to allocate to retail and restaurant venues. In particular, there are many high-growth submarkets to watch within the region. Some of our top areas include Eastvale, Jurupa Valley and Rialto, which have all experienced expansion despite the restrictions and challenges that COVID has created. They are seeing a significant amount of residential growth as they offer strong school districts, expansive parks, affordable housing, proximity to large employment bases and newer retail amenities. A young family demographic is moving to towns like these, and retail users have taken notice. This has resulted in large retail projects like Renaissance Marketplace in Rialto and the Station in Eastvale taking shape. Turning to …
ESCONDIDO, CALIF. — Colliers International has arranged the sale of an apartment building located at 1015 E. Ohio Ave. in Escondido. Hama Investments acquired the property from Cunningham Family Trust for $3.4 million. The recently renovated, 9,472-square-foot property features 15 one-bedroom/one-bath units. Recent renovations included new windows, fencing, paint, landscaping and light fixtures. Unit interiors feature upgraded plank flooring, recessed lighting, upgraded kitchens, luxury gas ranges, new bathrooms, mirrored closet doors and designer two-tone interior paint. Peter Scepanovic and Corey McHenry of Colliers International San Diego Region’s Multifamily Advisory team represented the buyer, while Ray Adams of Cushman & Wakefield represented the seller in the deal.
PASADENA, CALIF. — Laemmle Theatres, a Los Angeles-based art-house cinema chain, has completed the sale-leaseback of Laemmle Playhouse 7 in Pasadena. Arash Danialifar of Los Angeles-based GD Realty Group acquired the property from Laemmle Theaters. The acquisition price was not released. The 22,897-square-foot property is located at 673 E. Colorado Blvd. in Old Pasadena in the Playhouse District. The Laemmel Playhouse 7 is available for auditorium rentals for private and public screenings or full-week engagements, and offers feature films, documentaries and shorts for viewing. Matthew May of May Realty Advisors represented the seller, while Carlos Lopez of Hanley Investment Group Real Estate Advisors represented the buyer in the transaction.
SANTA MONICA, CALIF. — Developer Community Corp. of Santa Monica and general contractor R.D. Olson Construction have broken ground on Las Flores Santa Monica, a 94,000-square-foot affordable housing community in Santa Monica. The family-focused property is slated for completion in fall 2022. Las Flores Santa Monica will feature 35 one-bedroom, 19 two-bedroom and 19 three-bedroom apartments above a below-grade parking garage. Community amenities will include exterior decks and lounge areas, a playground, community laundry, community rooms, exterior walkways and landscaping. Designed by DE Architects, the property’s exterior façade will feature stucco with architectural metal panels. Located at 1834 14th St., the property is within walking distance of Santa Monica’s retail, dining and entertainment options, as well as Santa Monica College and Memorial Park.
MONTCLAIR, CALIF. — CBRE has arranged the sale of Holt Medical Center, a medical office property located in Montclair. A private investor in a 1031 exchange acquired the asset from an Orange County-based private investor for $3.8 million. Sammy Cemo, Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and John Oien of CBRE represented the seller, while an outside broker represented the buyer. Located at 5153 Holt Blvd., the 12,453-square-foot property was originally built in 2006. At the time of sale, the two-story building was fully occupied by seven tenants with a weighted average lease term remaining of 5.02 years.
FONTANA, CALIF. — Progressive Real Estate Partners has arranged the sale of Shops at Fontana Square, an un-anchored, multi-tenant retail center in Fontana. An Arizona-based private investor sold the asset to a Southern California-based private investor for $2.8 million. Located at 17218 Foothill Blvd., the 7,194-square-foot shopping center was built in 2008. At the time of sale, the property was fully occupied with a stable mix of seven internet-resistant services. Greg Bedell and Mike Lin of Progressive Real Estate Partners represented the seller, while Dolly Yau of Dolly Realty represented the buyer in the deal.
SAN FRANCISCO — Presidio Bay Ventures has received on $120 million in construction financing for the development of Ventana Residences, an apartment community located at 99 Ocean Ave. in San Francisco’s Outer Mission and Excelsior District. The project is a joint venture between Presidio Bay and American Realty Advisors. TDA Investment Group (TDA) and the AFL-CIO Housing Investment Trust (AFL-CIO HIT) provided the construction financing. Ventana Residences will offer 193 family-friendly apartments, with 48 designated as below-market-rate units, in a mix of studio, one-, two- and three-bedroom floor plans. Community amenities will include a fitness center, co-working spaces, on-site childcare facilities, a two-level roof deck and a large-format, public-facing art program. Additionally, the project’s design incorporates sustainable elements including rooftop solar photovoltaic panels, all-electric appliances and individual utility submetering. Utilizing 100 percent union labor, the development of Ventana Residences will create more than 500 prevailing wage jobs and provide 25 percent on-site affordable housing, making the project the largest San Francisco community to be built under the city’s HOME-SF affordable housing development program.
MORENO VALLEY, CALIF. — Vendaval Corp. has unveiled plans for an affordable housing community for seniors and veterans in Moreno Valley, approximately 65 miles east of downtown Los Angeles. The property is situated on seven acres and will include more than 400 units. A name for the community was not released. Additional facilities will include entertainment venues, restaurants and other amenities totaling 30,000 square feet to support both residents and the surrounding community. The development will be self-sustaining, and programs will be free. Revenues from the apartment rentals and retail shops will cover the cost of providing rental assistance by the Department of Urban and Housing Development (HUD) and other programs. Affordable housing is scarce in California, and in Moreno Valley the average rent for a one-bedroom apartment runs north of $1,600 a month, according to Vendaval.
STANTON, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $11.3 million sale of a 30,476-square-foot, single-tenant retail building in the Orange County community of Stanton. The property is net leased to Smart & Final Extra! and was remodeled in 2008. Eric Wohl, Ed Hanley and CJ Kiehler of Hanley represented the seller, 7050 Katella Avenue LLC, in the transaction. Oliver Wang of RE/MAX Premier Properties represented the buyer, a private investor from Los Angeles.
