Retail

PALM DESERT, CALIF. — Paul Bitonti of Marcus & Millichap’s Newport Beach, Calif., office has negotiated the disposition and acquisition of Washington Square in Palm Desert. Located at the corner of Washington and Market streets, the 49,972-square-foot shopping center sold for $12.5 million or $250 per square foot. Built in 2007, the property is directly across from the Stater Brothers shopping center and near the Del Webb Sun City housing community. The seller was a local shopping center developer and the buyer was an undisclosed TIC sponsor. Bitonti represented both parties in the transaction.

FREMONT, CALIF. —An affiliate of Dallas-based Crow Holdings has purchased Fremont Shopping Center, which is located at 40559 – 40677 Fremont Blvd. in Fremont. Situated on 8.59 acres in Fremont’s Irvington district, the 24-tenant property offers 118,365 square feet of retail space. Current tenants include Cloverleaf Bowl, Allied Auto Parts, Bank of America and Taco Bell. Don Tepman and Andrew Reed of Trade Commercial Group represented the undisclosed seller in the transaction.

LAKE ELSINORE, CALIF. — Huntington Beach, Calif.-based Civic Partners has partnered with Jacobs Investment Co. to acquire Lake Elsinore Valley Center in Lake Elsinore for $11.5 million. Located on a 6.8-acre site along East Lakeshore Drive, the property offers 68,858 square feet of retail space. Currently, the center is anchored by the County of Riverside and Big Lots. Jennifer Stroffe of Stroffe Properties represented the buyer in the transaction; the seller, Tonto Corp., was self-represented.

COSTA MESA, CALIF. — Costa Mesa-based Donahue Schriber is preparing for the first tenants to open in six retail centers, which total approximately 1.5 million square feet, in California, Nevada and Arizona. In California, the company is developing Smoke Tree Commons, a 170,000-square-foot center in Palm Springs with Michaels, Cost Plus, Walgreens, Petco and Jensen’s Specialty Market as tenants; the 732,000-square-foot Countryside Marketplace in Menifee with Target, Lowe’s Home Improvement Warehouse and Kohl’s as tenants; and Orchard Walk East, a Target-anchored, 296,000-square-foot center in Visalia. The company, in a joint venture with Tim Winn, is also developing two retail properties in Spark, Nev., — Pioneer Meadows West, a 163,000-square-foot, Raley’s-anchored center; and Pioneer Meadows East, which is anchored by a 17,000-square-foot Longs Drugs. Additionally, Donahue Schriber is developing Greenway Marketplace, a Wal-Mart Neighborhood Market-anchored, 70,000-square-foot retail center in Surprise, Ariz.

SCOTTSDALE, ARIZ. — Joseph Compagno of Marcus & Millichap has brokered the sale of Mountain View Plaza, a 59,711-square-foot shopping center in Scottsdale. A Beverly Hills, Calif.-based investor acquired the property for $14.85 million or $248.70 per square foot as part of a 1031 exchange. Located at 9699 N. Hayden Rd., the center was 94.5 percent occupied with 23 tenants at the time of acquisition. The seller was a Phoenix-based private investor.