COVINA, CALIF. — SBH Real Estate Group has completed the disposition of a triple-net-leased restaurant asset located at 1477 N. Azusa Ave. in Covina. HB Property Management acquired the asset for $4.6 million. Pollo Campero, a fast-casual restaurant chain, signed a 15-year ground lease to occupy the restaurant property, which is slated to open for business at the end of September. Matt Schwartz of Newmark represented Eric Silverman of SBH Real Estate Group, while Moon Lim of JLL represented the buyer in the deal.
GARDENA, CALIF. — SBH Real Estate Group has completed the disposition of a commercial property located at 3121 Marine Ave. in Gardena. Masuda Investments acquired the asset for $6.9M. 7-Eleven occupies the building on a 15-year corporate ground lease. The asset includes a 3,000-square-foot convenience store and six gas station islands. The tenant opened for business in early 2022. Jeremy McChesney of Hanley Investment represented Eric Silverman of SBH Real Estate Group, while Trevor Morse and Chris Kostanecki of CPPRE represented the buyer in the deal.
GARDENA, CALIF. — SBH Real Estate has completed the sale of a triple-net leased retail asset located at 15015 Crenshaw Blvd. in Gardena. KOAM Property Investment purchased the property for $3.5 million. Super Star Car Wash signed a 25-year triple-net ground lease for the property. The location opened for business in early 2022 and the tenant has invested more than $3 million into the location. Jeremy McChesney of Hanley Investment Properties represented the seller, Eric Silverman of SBH Real Estate, while Frank Choi of Win Realty & Properties represented the buyer in the transaction.
HUNTINGTON PARK, CALIF. — Stan Johnson Co. has brokered the purchase of a freestanding retail property located at 5731 Bickett St. in Huntington Park, just southeast of downtown Los Angeles. A New York-based private investor acquired the asset for $48.7 million. Principal Life provided acquisition financing. Developer Shane Cos. is slated to complete the 56,000-square-foot building in January 2023. Target has leased the property under a long-term, triple-net lease. Situated on 4.1 acres, the site will feature a Starbucks Coffee, Tesla charging station and an urban-format Target. Jason Maier of Stan Johnson Co. represented the buyer, while Alvin Mansour of The Mansour Group at Marcus & Millichap represented the undisclosed seller in the transaction.
COVINA, CALIF. — SBH Real Estate Group has completed the disposition of a restaurant property located at 1477 N. Azusa Ave. in Covina. HB Property Management acquired the asset for $4.6 million. Pollo Campero, a fast-casual restaurant, signed a 15-year, triple-net ground lease for the property. Construction is almost complete on the restaurant, which is slated to open at the end of September. Matt Schwartz of Newmark represented Eric Silverman of SBH Real Estate Group, while Moon Lim of JLL represented the buyer in the deal.
ANAHEIM, CALIF. — Faris Lee Investments has arranged the purchase of Anaheim Resort Centre, a retail investment opportunity located within the Disneyland Resort District in Anaheim. An Irvine-based family office acquired the asset from an undisclosed seller for $19.5 million. Located on the corner of Harbor Boulevard and Katella Avenue, Anaheim Resort Centre features 10,000 square feet of retail space that nine tenants fully occupy on a triple-net lease basis. Nick Miller and Shaun Riley of Faris Lee Investments represented the buyer in the transaction.
SUNNYVALE, CALIF. — Lee & Associates has brokered the sale of a retail building located at 1109 E. Arques Ave. in Sunnyvale. The asset traded for $4.8 million. Neil Cowperthwaite and Winston Street of Lee & Associates Oakland represented the undisclosed seller in the deal. Union Bank occupies the 5,600-square-foot freestanding building on a long-term, triple-net lease.
LOS ANGELES — Newmark has brokered the sale of a single-tenant net-leased medical office building in the Eagle Rock neighborhood of Los Angeles. Eastern Real Estate and Atlas Capital Group sold the asset to LaSalle Investment Management for $18.2 million. Sean Fulp, Bill Bauman, Kyle Miller, Mark Schuessler and Ryan Plummer of Newmark represented the seller in the deal. Adventist Health Glendale has occupied the 19,777-square-foot critical outpatient facility, located at 2560 Colorado Blvd., since 2003. The tenant operates a physical therapy and wellness center at the facility. The property is located one mile from the 515-bed Adventist Health Glendale hospital.
COMMERCE, CARDIFF AND SANTEE, CALIF. — Calbay Development has purchased three value-add retail properties in California for a total of $8.5 million. In the first transaction, Calbay acquired a site in Commerce in a short-term, off-market, sale-leaseback transaction for $2.5 million. Calbay plans to construct a new Starbucks drive-thru café on the site in 2023. The second property is a corporate-owned Jack in the Box drive-thru in Cardiff, which Calbay acquired for $2.5 million. Reg Kobzi, Michael Peterson, Natasha Edwards and Brianna Bowers of CBRE and Mike Clark of Main & Main brokered the transaction. The property was sold as a short-term sale-leaseback with Jack in the Box corporate. Calbay plans to redevelop the property into a new restaurant in 2023. In the third transaction, Calbay acquired a value-add strip center, with option to purchase a corner lot of excess land, located on a signalized intersection in Santee for $3.5 million. The site benefits from upside due to short-term leases, strong traffic, major adjacent retailers and on/off access to the freeway. Greg Spounias of Highland Partners Corp. brokered the transaction. Calbay secured financing through MidFirst Bank for all three sites and intends to redevelop each property with national brand retailers …
PORTLAND, ORE. — Clarion Partners has sold Marine Drive Distribution Center, a four-building industrial facility located at 6308-6310 and 6204-6210 N. Marine Drive and 7409-7433 and 7507-7517 N. Leadbetter Road in Portland’s Rivergate submarket. LBA Logistics acquired the asset for an undisclosed price. Totaling 590,770 square feet, Marine Drive Distribution Center features one single tenant and three multitenant institutionally managed distribution warehouses. The buildings feature ESFR sprinklers, 24-foot to 26-foot clear heights, and 114 dock-high, 12 grade-level and 28 rail-served doors. At the time of sale, the buildings were fully triple-net leased to seven tenants. Mark Detmer, Buzz Ellis and Ryan Sitov of JLL Capital Markets represented the seller. Tyler Sheils of JLL Leasing is handling leasing of the property.