California

SANTA MONICA, CALIF. — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties Ltd., has arranged the sale of a retail property at 2031-2037 Wilshire Blvd. in Santa Monica. Auerbach Realty Holdings sold the asset to Cypress Equity Investments for $7 million, or $2,222 per square foot. Situated on a 6,970-square-foot parcel, the shopping center offers 3,149 square feet of retail space. CEI owns the adjacent properties at 2025 Wilshire Blvd. and 1152 21st St., and this purchase will create a 25,457-square-foot assemblage. As part of the sale process, and in anticipation of the parcel’s imminent redevelopment, the Kennedy Wilson Brokerage team also assisted in the future relocation of Noma Sushi, a neighborhood restaurant that opened at the property in 1982. Ed Sachse and Christine Deschaine of Kennedy Wilson Brokerage represented the seller in the off-market transaction.

ESCONDIDO, CALIF. — Cavalier Investments, a Colorado-based investor, has completed the disposition of Citrus Strip Center, a retail property in Escondido, approximately 35 miles north of San Diego. Eiad and Vera H Family Trust acquired the asset for $6.2 million. Located at 2315-41 E. Valley Parkway, the 27,310-square-foot retail center features 16 suites and two kiosks that are occupied by restaurants, professional services, beauty and fitness retailers, and a laundromat. Nick Totah of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.

ESCONDIDO, CALIF. — Marcus & Millichap has brokered the sale of Escondido Commons, a retail property in the San Diego suburb of Escondido. Garry Hanafin of The Hanafin Family Trust sold the asset to Bobby Hrdina of STNC Properties LLC for $1.6 million. Located at 145-49 S. Orange St. and 412-20 W. 2nd Ave., Escondido Commons offers 8,388 square feet of space in 12 retail suites spread across three adjacent buildings and two parking lots. At the time of closing, the asset was fully leased to nine tenants. Nick Totah of Marcus & Millichap represented the seller and procured the buyer in the deal.

SAN DIEGO — Decron Properties has acquired Mira Mesa Market West Shopping Center in San Diego’s Mira Mesa submarket from Stockbridge Capital Group for $99 million. The acquisition included the assumption of the existing financing with New York Life Insurance Co., which allowed for the assumption of a below-market interest rate of 3.5 percent fixed for the remaining loan term. Built in 2000, the fully leased Mira Mesa Market West features 238,747 square feet of retail space. Current tenants include The Home Depot, Smart & Final, CVS/pharmacy, Dave’s Hot Chicken, Rubio’s Baja Grill, Starbucks Coffee, Jersey Mike’s Subs, Verizon Wireless, PNC and Lazy Dog restaurant. The property is situated on 20.2 acres at 10604 Westview Parkway. This is the first acquisition since 2008 for Decron, which owns and manages approximately 600,000 square feet of additional retail assets and nearly 10,000 multifamily units in California, Washington and Arizona.

RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $4.8 million sale of Shops III at Anatolia Marketplace, a multi-tenant retail pad in Rancho Cordova, roughly 13 miles east of Sacramento. Tenants at the property, which totals 5,900 square feet, include Popeyes Louisiana Kitchen, Cold Stone Creamery, Jamba and Capriotti’s Sandwich Shop. Bill Asher and Jeff Lefko of Hanley represented the seller, an entity doing business as Anatolia Marketplace LLC. Craig Lewis of Lewis Capital Advisors represented the buyer, a local private investor. 

CAMPBELL, CALIF. — Marcus & Millichap, on behalf of an individual/personal trust, has brokered the $1.8 million sale of a retail property in Campbell, a suburb of San Jose. Located at 2615 S. Bascom Ave. and 835 Union Ave., the property offers 5,896 square feet of multi-tenant retail space and ample parking. Yuri Sergunin and J.J. Taughinbaugh of Marcus & Millichap’s Palo Alto office represented the seller in the deal. The name of the buyer was not released.