POMONA, CALIF. — Foremost Cos. has purchased a 100,000-square-foot office building in Pomona for an undisclosed sum. The building is located at 901 Corporate Center Drive. The building’s interior is currently improved with classrooms and administrative offices. The asset is situated within the 50-acre University Corporate Center business park. Current owners and tenants at the business park include pharmaceutical, professional offices and businesses, educational, and state and county offices. Stonewood Properties was hired as property manager to undertake deferred maintenance and service current tenant needs. NKF’s John Ewart and John Daciolas have been hired as leasing agents.
SANTA MONICA, CALIF. — Dick’s Sporting Goods, the largest U.S.-based, omni-channel sporting goods retailer, will open four new Dick’s Sporting Goods stores in February. The new stores are opening this month in Santa Maria, Calif.; Evansville, Ind.; Baxter, Minn.; and Warwick, R.I. The company will now have 721 Dick’s Sporting Goods stores nationwide in 47 states. Founded in 1948, Dick’s Sporting Goods Inc. operates more than 715 Dick’s Sporting Goods locations across the United States. Headquartered in Pittsburgh, the company also owns and operates Golf Galaxy and Field & Stream specialty stores.
LOS ANGELES — The Magellan Group has sold two Los Angeles-area properties for a total of $77.6 million. The transaction includes Commerce Business Center and Magellan Storage – Commerce, both located in the Commerce submarket. Blackstone Property Partners acquired Commerce Business Center, a 290,000-square-foot industrial facility. The project included 90,000 square feet of new construction built by Magellan to meet demand for smaller tenant spaces in the market. U.S. Storage Centers purchased Magellan Storage – Commerce, a 1,348-unit, 144,000-square-foot self-storage facility. Magellan’s value-add strategy for the project entailed the redesign and redevelopment of a former industrial building. NKF represented Magellan on the business center sale, while Cushman & Wakefield represented the seller on the self-storage transaction.
PETALUMA, CALIF. — Senior Living Investment Brokerage Inc. has arranged the sale of Adobe House of Petaluma, a 40-unit memory care community in Petaluma, approximately 40 miles northwest of San Francisco. Constructed in 1996, Adobe House totals 26,000 square feet and sits on 1.68 acres. TIC Investor Group sold the community to a regional operator based in Southern California. The new operator plans to invest considerable capital into the building. Although the sale price was not disclosed, the price per unit was $240,000, which translates to $9.6 million. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
IMPERIAL BEACH, CALIF. — Retail Insite has arranged the $7.2 million sale of a Grocery Outlet store in the San Diego submarket of Imperial Beach. Retail Insite and HFF arranged the transaction on behalf of the seller, Sudberry Palm Avenue LLC. Tri Star Hotel Investments Inc. acquired the asset. Grocery Outlet anchors Breakwater Town Center, which is home to tenants such as Starbucks Coffee, Chipotle Mexican Grill, Five Guys, Wing Stop, Baskin Robbins, T-Mobile, Great Clips and Poke 1-2-3.
NATIONAL CITY, CALIF. — Walker & Dunlop Inc. (NYSE: WD) has structured an $82 million loan for Paradise Village, located just outside of San Diego in National City. Built in 2009, Paradise Village consists of seven four-story buildings and 394 units of independent living, assisted living and memory care. The 10-year loan provided a two-year period of interest-only payments and a 30-year amortization schedule for Generations Senior Living. The financing replaced a previous construction loan and provided cash to enable the financing of an adjacent, newly developed memory care facility. The transaction for the Class A community represents Fannie Mae’s first Green Rewards loan backed by a seniors housing property, according to Walker & Dunlop. Jeff Ringwald and Bill Jackson led the Walker & Dunlop team.
EMERYVILLE, CALIF. — Decron Properties Corp. has acquired the 220-unit Bridgecourt apartment complex in Emeryville for $87.4 million. The community is located at 1325 40th St. Bridgecourt contains a mix of one- and two-bedroom units, ranging from 554 square feet to 1,179 square feet. Common area amenities include a pool, spa, sauna, outdoor barbecue with seating area and a dog park. Decron plans to complete a renovation program started by the seller, which included interior upgrades to 126 of the units, featuring black/stainless steel appliances, quartz countertops, tile backsplash, new cabinet doors and drawers, and upgraded lighting. Decron will also perform additional upgrades to the common areas. Moran & Co. represented both Decron and the seller, a joint venture between Bascom Group and Carlyle Group, in this transaction.
LONG BEACH, CALIF. — Marcus & Millichap has facilitated the sale of a retail property located at 4411 Pacific Coast Highway in Long Beach. A partnership sold the property to an individual/personal trust for $6.6 million. Wells Fargo Bank occupies the 3,479-square-foot property under a 10-year, triple-net lease with five five-year options to renew. Kevin Boeve of Marcus & Millichap represented the seller, while Neema Ahadian, also of Marcus & Milichap, represented the buyer in the transaction.
VICTORVILLE AND HESPERIA, CALIF. — Progressive Real Estate Partners has arranged the sales of two parcels of land to Circle K and Chevron for a combined total of $4.7 million. Pablo Velasco of Progressive Real Estate Partners represented the sellers in both transactions. In the first deal, Circle K acquired a 3-acre land parcel, located at 15 Freeway and Nisqualli Road in Victorville, for $2.8 million. Circle K plans to build a convenience store, gas station and car wash on the site. The development is slated to open in mid-2018. In the second transaction, Chevron purchased a 1.2-acre land parcel, located at 15 Freeway and Ranchero Road in Hesperia, for $1.9 million. Projected to open in mid-2018, the development will feature a convenience store and car wash.
REDONDO BEACH, CALIF. — CBRE has arranged the sale of a retail property located at 2525 Artesia Blvd. in Redondo Beach. El Indio Property LLC sold the property to MattKarr Properties LLC for $4.2 million. A drive-through Coffee Bean & Tea Leaf, which signed a 15-year lease in 2017, occupies the property. Alex Kozakov and Patrick Wade of CBRE represented the seller, while Sanjo Investments represented the buyer in the deal.