Retail

HEMET, CALIF. — Hanley Investment Group has arranged the sale of Hemet Plaza, a shopping center located in Hemet east of Los Angeles. A Santa Ana-based private investor acquired the property for $5.5 million, representing a 6.3 percent cap rate. Situated on four acres, the property is occupied by Big Lots, True Value, Farmers Insurance, Jackson Hewitt Tax Services, Rent-A-Center, Metro PCS and U.S. Postal Service. The six-building center, which was built in 1985, was 71 percent occupied at the time of sale. Pat Kent of Hanley Investment Group represented both the seller, a private investor based in Tucson, Ariz., and the buyer in the transaction.

LOS ANGELES — Avison Young has brokered a 10-year lease for 7,600 square feet of restaurant space at 1000 S. Olive St. within the South Park submarket of downtown Los Angeles. PSP Investment Group leased the space to Bar Mikkeller. The tenant is planning a total renovation of the site with a grand opening slated for early fall 2016. Bar Mikkeller, which has locations in Copenhagen, Denmark; San Francisco; Bangkok; Stockholm; Reykjavik, Iceland; Seoul, South Korea; and Tokyo, offers craft beer. Derrick Moore and Amit Parekh of Avison Young represented the landlord and tenant in the transaction.

TEMECULA, CALIF. — A joint venture of Citivest Commercial Investments LLC and Ares Management has acquired a major portion of Temecula Town Center, a 241,980-square-foot shopping center is located at 27540 Ynez Road, in a transaction valued at $60 million. The seller was BACM 2006-5 Rancho California LP. The acquired portion of the 241,980-square-foot center includes CVS/pharmacy, Home Goods, 24 Hour Fitness Sport Club, Chase Bank and Active, among others. Built in 1989, the center is currently 85 percent occupied. Michelle Schierberl and Donald Ellis of Colliers International represented the seller in the transaction.