FONTANA, CALIF. — Faris Lee Investments has negotiated the $5.3 million sale of a retail strip center in Fontana, located in Southern California’s San Bernardino County. Jeff Conover, Scott DeYoung and Greg Lukosky of Faris Lee Investments handled the transaction. The names of the buyer and seller were not released. Chipotle, Jersey Mike’s, Dragon Grill, KWIK Charge EV Charging Stations and Phantom Fireworks are tenants at the 4,872-square-foot property, which is positioned as a pad building in front of a WinCo Foods.
BAKERSFIELD, CALIF. — San Diego-based Torrey Financial Group has sold a single-tenant retail property located at 1125 Olive Drive in Bakersfield to a Los Angeles-based investor for $2.6 million. The 8,302-square-foot, newly renovated building was originally constructed in 2013. AutoZone occupies the property on a new 15-year triple-net lease featuring 10 percent rent increases every five years. Jeff Lefko and Bill Asher of Hanley Investment Group Real Estate Advisors represented the seller in the deal, while Greg Bedell and Lance Mordachini of Progressive Real Estate Partners represented the buyer.
POMONA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $36.7 million sale of Terramonte at Foothill, an apartment property in the Inland Empire city of Pomona. Positive Investments sold the asset to Sack Capital Partners for $265,942 per unit. Kevin Green, Chris Zorbas, Joseph Grabiec, Alexander Garcia Jr. And Greg Harris of IPA represented the seller and procured the buyer in the transaction. Built in 1963 on 9 acres and renovated between 2012 and 2023, Terramonte at Foothills features 138 apartments, two pools, sundecks, spa, fitness center, barbecue pavilion, coworking space and garages. The unit mix is 70 percent two-bedroom units, plus studios and one- and three-bedroom apartments, with an average unit size of 910 square feet.
LA MESA, CALIF. — Marcus & Millichap has arranged the $12.5 million sale of Guava Gardens, an affordable seniors housing community in La Mesa, located in San Diego County. Los Angeles-based Positive Investments was the buyer. Built in 1986, the property totals 81 units, with 40 studio apartments and 41 one-bedroom apartments. Residences are reserved for seniors age 62 and older. Amenities at the community include a pool, spa, recreation room, outdoor gathering areas, laundry facilities and dedicated parking. Christopher Zorbas, Graeme Henderson and Austin Huffman of Marcus & Millichap represented the undisclosed seller in the transaction.
ROHNERT PARK, CALIF. — Clarion Partners has purchased Clearwater at Sonoma Hills, a seniors housing community in Northern California in Rohnert Park. Built in 2020, Clearwater of Sonoma Hills offers 70 assisted living residences and 24 memory care residences with capacity for 100 residents. The 49,000-square-foot community features restaurant-style dining, a theater, art studio, fitness center, putting green and landscaped indoor and outdoor gathering spaces. John Sweeny, Aron Will and Austin Summy of CBRE advised on the sale. Clearwater Living will continue as the property’s operating partner.
NATIONAL CITY, CALIF. — A joint venture between Henderson Park and Lowe has acquired Plaza Bonita, a 1 million-square-foot enclosed regional mall in National City within San Diego County. The seller and sales price were not disclosed, but The San Diego Union-Tribune reports that Paris-based mall giant Unibail-Rodamco-Westfield sold the property for $201.5 million. Built in 1981, Plaza Bonita sits on a 78-acre site and serves the San Diego suburbs of National City and Chula Vista. Anchor tenants of the mall include Macy’s, Target, JCPenney, AMC Theatres, Nordstrom Rack and Round1. Overall, the mall houses 150 stores, restaurants and entertainment venues. Henderson Park and Lowe plan to upgrade and reposition the mall through “significant capital improvements and leasing investment.” The joint venture partners also plan to refresh existing stores and enhance common areas. The construction timeline for the renovations and remerchandising program was not shared. “Plaza Bonita provided a compelling opportunity to acquire and operate a well-performing and stabilized asset that can benefit from physical updates and potential new uses,” says Joel Mayer, executive vice president at Lowe. “Alongside Henderson Park, we intend to build on its strengths and update the property by devoting capital to a host of improvements, …
BELMONT, CALIF. — Voya Financial has provided a $22 million permanent loan for an undisclosed multifamily community in the Bay Area city of Belmont. Keystone arranged the financing at a fixed interest rate of 5.47 percent. Additional details of the transaction were not released.
HACIENDA HEIGHTS, CALIF. — Marcus & Millichap has brokered the $13 million sale of Hacienda Village, a retail center located at 2029 S. Hacienda Blvd. in Hacienda Heights, part of Southern California’s San Gabriel Valley. A Los Angeles-based private investor acquired the property for $549.80 per square foot. Ron Duong of Marcus & Millichap represented the seller, an Orange County, Calif.-based private partnership, in the transaction. Built in 1963, the property features 23,645 square feet of retail space divided into 17 suites.
SANTA CLARA, CALIF. — Gantry has arranged a $9.6 million permanent loan for the refinancing of a two-building, infill light industrial property in Santa Clara. Tony Kaufmann and Jake Davis of Gantry represented the borrower, a private real estate investor, in the transaction. The 10-year, fixed-rate, nonrecourse loan was secured from one of Gantry’s correspondent insurance company lenders with a 30-year amortization schedule. Gantry will service the loan for the lender. Located at 2290 De La Cruz Blvd., the property features 37,600 square feet spread across two buildings, inclusive of a recently constructed 11,500-square-foot building addition. At the time of financing, the property was fully leased to a national auto collision repair business on a long-term agreement.
FOLSOM, CALIF. — USA Properties and Strand Financial has sold Talavera, a 293-unit apartment property in Folsom, located outside of Sacramento. New York-based Sentinel Real Estate acquired the property for an undisclosed price. Marc Ross, Eli Hanacek, Joe McNamara and Claire Holt of CBRE represented the sellers in the deal. According to CBRE, Talavera is the first property to become available in the Folsom submarket in four years. Located at 1550 Broadstone Parkway, the four-building community features studio, one- and two-bedroom apartments. The elevator-served property also offers a pool, hot tub, courtyard, fitness center, package lockers, pet spa, EV charging stations, fire pits, resident garages, 506 parking spaces and a DIY (do it yourself) workshop.
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