FAIRFIELD, CALIF. — Sterling Organization has acquired Raley’s Plaza, a 95,441-square-foot shopping center located approximately 40 miles northeast of downtown San Francisco in Fairfield, for $22.8 million. Raley’s anchors the 94 percent occupied center, which is also home to tenants including JP Morgan Chase Bank, Starbucks Coffee, Round Table Pizza and Panda Express. The seller was a subsidiary of San Diego-based Gerrity Group.
LOS BANOS, CALIF. — CBRE’s National Retail Investment Group – West has arranged the sale of Shops at Stonecreek Plaza, a retail strip center located at 1363-1451 W. Pacheco Blvd. in Los Banos. Rich Development Co. sold the 52,171-square-foot property to a Northern California-based private investor for $12 million. Situated on 6.3 acres, the property was 89 percent leased at the time of sale to a variety of tenants, including Petco, Famous Footwear, Dollar Tree, GNC, Metro PCS, Wingstop and Starbucks Coffee. Philip Voorhes, Jimmy Slusher, Megan Wood, Matt Burson, John Read, Kirk Brummer, Preston Fetrow and Richard Rizika of CBRE represented the seller, while a cooperating/selling broker represented the buyer in the deal.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a storage facility located at 305 E. 61st St. in Manhattan’s Upper East Side. An undisclosed buyer acquired the property for $40 million in an all-cash transaction. The 11-story, 65,886-square-foot building, which features 358 individual storage lockers, was vacant at the time of sale. Bob Knakal, Clint Olsen and Jonathan Hageman of Cushman & Wakefield arranged the transaction. The name of the seller was not disclosed.
SAN MARCOS, TEXAS — The Vitorino Group has brokered the sale of Guadalupe Station, a Class A, 17,528-square-foot retail property next to Texas State University in San Marcos. The asset was 100 percent occupied at the time of closing. Jared Aubrey and Anthony Pucciarello of the Vitorino Group represented the seller, an Austin-based developer. A California-based investor utilizing a 1031 exchange was the buyer. Tenants at Guadalupe Station include MedSpring Urgent Care, Verts Mediterranean Grill, Jersey Mike’s Subs, Pieology Pizzeria, Sports Clips and Torchy’s Tacos
REDONDO BEACH, CALIF. — Hanley Investment Group Real Estate Advisors and Voit Real Estate Services have brokered the sale of a single-tenant retail property located at 537 N. Pacific Coast Highway in Redondo Beach. The Beacon Group Inc. sold the property to a Los Angeles-based private corporation for $7.6 million. Built in 1981, the 17,160-square-foot property is net leased to Petco, which has occupied the building for 22 years and recently signed a 10-year lease extension. Ed Hanley and Bill Asher of Hanley Investment Group, along with the seller’s advisor Joe Miller of Voit Real Estate Services, represented both the seller and buyer in the 1031 exchange transaction.
IRVINE, CALIF. — Texas de Brazil Churrascaria, a Brazilian steakhouse chain, has opened a location in Irvine. Located in The Market Place, the new location is the company’s 49th restaurant and first in the State of California. The 7,600-square-foot restaurant accommodates 220 guests and features an open-view grill in the dining area, a wine wall, patio and a lounge area.
TAYLORSVILLE, UTAH — CBRE Group Inc. has arranged the sale of Taylorsville Town Center, a 127,231-square-foot shopping center in Taylorsville, for an undisclosed price. Associated Foods Fresh Market anchors the 97 percent occupied shopping center, which is also home to Rite Aid, The UPS Store, Pizza Hut and Fantastic Sam’s. Brad Lyons and Tim Richey of CBRE represented the seller, Weingarten Realty Investors, in the transaction. Slate Asset Management purchased the property.
HONOLULU — A partnership between Taubman, CoastWood Capital Group and Queen Emma Land Co. has opened Taubman’s International Market Place in the Honolulu neighborhood of Waikiki. The 345,000-square-foot, open-air shopping center is home to Hawaii’s first Saks Fifth Avenue, among other retailers and restaurants. Amenities at the center include a 700-space parking garage, valet parking, electric vehicle charging stations and complimentary wi-fi.
PERRIS, CALIF. — Progressive Real Estate Partners and SRS Real Estate Partners have arranged the sale of a former Walmart building, located at 2560 N. Perris Blvd. in Perris. A California-based private investor acquired the 127,000-square-foot building from a Santa Monica, Calif.-based private investment firm for $4 million. Built in 1991, the building is easily divisible and features parking for approximately 750 vehicles. Additionally, the building is part of the 292,000-square-foot Spectrum Shopping Center, which is occupied by Cardenas, Dollar Tree, Wells Fargo Bank, Verizon, Taco Bell and Payless ShoeSource. Greg Bedell and Paul Galmarini of Progressive Real Estate Partners and Townsand Cropsey of SRS Real Estate Partners represented the seller, while Drew Wetherholt of Marcus & Millichap represented the buyer in the deal.
ALBUQUERQUE, N.M. — DSW Inc., a leading branded footwear and accessories retailer, plans to open 21 new stores nationwide this fall, including four out West. The Western-based stores will be situated in Albuquerque, N.M.; Silverdale, Wash.; and Salinas and Chino, Calif. The 21 new stores will open in August through October.
