CONCORD, CALIF. — Marcus & Millichap has arranged the sale of a formerly net-leased Sizzler restaurant property located at 1353 Willow Pass Road in Concord. A private investor sold the property to an undisclosed buyer for $3.3 million. Constructed in 1977, the 5,901-square-foot building was vacant at the close of escrow. The site’s corner lot also features 70 parking space. David Ching of Marcus & Millichap represented the seller in the transaction.
SAN DIEGO — Location Matters has arranged the acquisition of an urban retail building located at 4081-4087 30th St. in San Diego’s North Park neighborhood. George McKeever purchased the property from Cheryl Keller, for $1.3 million. The 2,516-square-foot building features four retail units. Limor Spilky and Marc Karren of Location Matters represented the buyer, while Jac Sachs of Ascent Commercial represented the seller in the deal.
SACRAMENTO, CALIF. — Armstrong Development Properties has announced the opening of Raley’s Supermarket at Fair Oaks Plaza, located at the northwest corner of Fair Oaks Boulevard and Howe Avenue in Sacramento. Slated to open in April, Raley’s Supermarket and Starbucks will join the retailers at the new center, which commenced construction in 2015. Upon completion, the property will be home to a variety of tenants, including Grub Burger Bar, KB Nails and CVS/pharmacy.
LOS ANGELES — PGIM Real Estate has sold Glendale Plaza, a 547,301-square-foot office property, for an undisclosed sum. The property is located at 531 N. Glendale Ave. in the Los Angeles submarket of Glendale. The plaza is 95 percent leased to tenants mostly within the entertainment, insurance, legal and financial services industries. PGIM acquired the 24-floor office property in August 2006. The company is the global investment management businesses of Prudential Financial. The buyer and price were not disclosed.
SAN DIEGO — Campus Evolution Villages LLC, in partnership with an affiliate of Heitman LLC, has acquired Sterling Alvarado, a 771-bed community located near San Diego State University. Planned renovations — to be completed by fall 2017 — include a new, upgraded clubhouse with a community game room; updated common areas and units; and high-speed Wi-Fi throughout.
RIVERSIDE, CALIF. — The Preiss Co. has acquired GrandMarc at University Village in Riverside. The community offers one-, two- and three-bedroom, fully furnished units with bed-to-bath parity. Community amenities include a resort-style swimming pool and spa, outdoor grilling station, basketball court, clubhouse, study and meeting rooms, a game room, theater room, 24-hour fitness center and tanning beds. The seller was an undisclosed private investment group. The Preiss Co. will operate the facility and oversee renovations and upgrades.
PLEASANT HILL, CALIF. — PSRS has secured a $15 million refinancing for Courtyard Shopping Center, an 85,000-square-foot retail center located roughly 25 miles outside San Francisco in Pleasant Hill. Smart & Final, Staples and Rite Aid anchor the property. Seth Ludwick of PSRS Santa Barbara secured the non-recourse loan, which features a 25-year term, through a life insurance company.
BAKERSFIELD, CALIF. — Marcus & Millichap has brokered the sale of a Chevron-occupied retail property located at 2525 White Lane in Bakersfield. A private investor acquired the property and bulk inventory assets for a total price of $2.4 million, with the real estate selling for $1.8 million. Bennet Pakdaman, Gregory Mills and Bruce Barnhard of Marcus & Millichap represented the seller, while Barnhard and Mills represented the buyer in the deal.
CLOVIS, CALIF. — Retail California has brokered a lease of retail space at the Trading Post Shopping Center at 930 Herndon Ave. in Clovis. Dollar Tree signed a lease for 1,360 square feet of retail space from DN Clovis LLC at the shopping center. Peter Orlando and Lewis Smith of Retail California brokered the transaction.
NEWPORT BEACH, CALIF. — Lyon Living has received $388.4 million in loans to refinance a seven-property multifamily portfolio located in California and Colorado. The 2,152-unit portfolio consists of Trabuco Highlands in Trabuco Canyon, Calif.; The Vineyards in Anaheim, Calif.; The Arbors in Lake Forest, Calif.; Sedona in Placentia, Calif.; Monarch Coast in Dana Point, Calif.; Capistrano Pointe in San Juan Capistrano, Calif.; and Autumn Chase in Highlands Ranch, Colo. The portfolio was 94 percent leased at the time of financing. Charles Halladay, Sebastian Trujillo and Lauren LaFever of HFF worked on behalf of Lyon Living to secure the financing in seven separate loans placed with Freddie Mac’s CME Program. HFF will service the securitized loans, each of which has a fixed-rate term of 10 years with a minimum five years of interest-only payments. Loan proceeds were used to refinance expiring debt on the properties. Newport Beach-based Lyon Living develops, owns and operates a portfolio of multifamily communities in California, Colorado, Georgia and Florida. — Katie Sloan
