California

Cushman & Wakefield Brokers $10M Sale of Las Tunas Plaza Retail Center in San Gabriel, California

by Amy Works November 3, 2023

SAN GABRIEL, CALIF. — Cushman & Wakefield has arranged the sale of Las Tunas Plaza, a neighborhood shopping center in San Gabriel, an eastern suburb of Los Angeles. The property traded for $10 million, or $572 per square foot. The names of the seller and buyer were not released. Situated on 1.3 acres at 805-841 W. Las Tunas Drive, Las Tunas Plaza offers 17,473 square feet of retail space. At the time of sale, the property was 90 percent leased to a variety of tenants, including 7-Eleven, Golden Deli and Bopomofo Café. Joseph Lising, Mitchell Neff and Maureen Gitto of Cushman & Wakefield’s Southern California Retail and Capital Markets team represented the seller in the deal.

November 3, 2023

Acquisitions California Retail Western

West Village Sells Rancho Santa Fe Plaza in Encinitas, California for $26M

by Amy Works November 2, 2023

ENCINITAS, CALIF. — West Village has completed the disposition of Rancho Santa Fe Plaza, a shopping center located at 162 S. Rancho Santa Fe Road in Encinitas, a northern suburb of San Diego. Corona del Mar-based Space Investment Partners acquired the asset for $26 million. Harvest Ranch Market anchors the 60,492-square-foot retail center. The new owners are planning major enhancements and aesthetic improvements to the property. Mike Moser of Retail Insite represented the seller in the deal.

November 2, 2023

Acquisitions California Industrial Western

Harbor Associates, F&F Capital Buy Industrial Portfolio in Carlsbad, California for $21.2M

by Amy Works November 2, 2023

CARLSBAD, CALIF. — A joint venture between Harbor Associates and F&F Capital Group has acquired two industrial buildings at 5801 and 5807 Van Allen Way in Carlsbad, approximately 30 miles north of San Diego. An undisclosed seller sold the portfolio for $21.2 million, or $208 per square foot. Situated within Carlsbad Research Center, the 102,360-square-foot portfolio features passive solar cooling with operable windows, two dock-high doors, three grade-level doors and street frontage along Faraday Avenue. The sale included a leaseback with the seller at 5807 Van Allen Way. The buyers will market 5801 Van Allen Way to traditional industrial and life science users. Dennis Visser and Matt Pourcho of CBRE advised the seller in the deal.

November 2, 2023

Acquisitions California Restaurant Retail Western

CRC Buys 292,000 SF South Coast Collection Retail Center in Costa Mesa, California

by Amy Works November 1, 2023

COSTA MESA, CALIF. — Continental Realty Corp. (CRC) has entered the California market with the acquisition of South Coast Collection (SoCo), a lifestyle retail center focused on home furnishing and design in the Orange County city of Costa Mesa. CRC purchased SoCo with funds from Continental Realty Opportunistic Retail Fund I, a closed-end fund for which $261 million has been raised since 2021. Constructed in 2007 on 20 acres, SoCo features 292,000 square feet of retail space. At the time of sale, the property was 97 percent leased to 60 tenants. Current tenants include COCO Republic, Design Within Reach, Roche Bobois, Pirch, Paul Mitchell the School, Brown Jordan, Natuzzi Italia, Room & Board, Arc Food and Libations, Butcher’s House, Greenleaf Kitchen & Cocktails, Moulin, Paragon and Portola Coffee. SoCo also features The OC Mix, a 15,000-square-foot shopping and dining space with more than 20 sit-down restaurants, coffee shops and quick-service restaurants, as well as a fine cheese retailer and an art gallery. Christopher Hoffman, Mark Damiani of Eastdil Secured represented the undisclosed seller in the deal. Terms of the transaction were not released.

November 1, 2023

Acquisitions California Multifamily Western

Transwestern Brokers $15M Sale of Summerhill Place Apartments in Union City, California

by Amy Works November 1, 2023

UNION CITY, CALIF. — Transwestern Real Estate Services has arranged the sale of Summerhill Place Apartments, a multifamily property in Union City, located between Oakland and San Jose. An undisclosed seller sold the asset to Interstate Equities Corp. for $15 million, or $250,000 per unit. Located at 3900 Horner St., Summerhill Place was built in 1986 and originally acquired by the seller in 1993. The property features 60 one- and two-bedroom apartments. Community amenities include ample parking, onsite laundry and a pool. Shivu Srinivasan of Transwestern handled the transaction.

November 1, 2023

Acquisitions California Net Lease Retail Western

Private Investor Sells Retail Building in Rancho Cucamonga, California for $7.3M

by Amy Works November 1, 2023

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has brokered the sale of a 21,918-square-foot retail property located at 10582 Foothill Blvd. in the Inland Empire city of Rancho Cucamonga. A Michigan-based private investor sold the asset to a San Gabriel Valley-based private investor for $7.4 million in an all-cash transaction. Part of the 645,000-square-foot Terra Vista Town Center, the nine-tenant retail building was fully occupied at the time of sale. Current tenants include multiple beauty service providers, a jeweler, an escape room and a children’s indoor playground. All leases are triple net with staggered lease expirations, embedded annual rent increases and below-market rents. Greg Bedell and Paul Su of Progressive Real Estate Partners represented the seller, while Raymond Ho with GE Property represented the buyer in the deal.

November 1, 2023

Acquisitions California Multifamily Western

IPA Negotiates $106.6M Sale of Summerset Village Multifamily Property in Los Angeles’ Chatsworth Neighborhood

by Amy Works October 31, 2023

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Summerset Village, an apartment community in the Chatsworth neighborhood of Los Angeles. An institutional buyer acquired the property from an undisclosed seller for $106.6 million, or $380,893 per unit. Completed in 1986, Summerset Village features 280 apartments spread across 39 two-story residential buildings. Apartments offer full-size washers/dryers and panoramic views. Select units feature fireplaces, wrap-around patios and direct access garages. Community amenities include two solar-heated swimming pools, two hot tubs, a beach volleyball court and direct access to hiking trails. Kevin Green, Joseph Grabiec and Gregory Harris of IPA represented the seller and procured the buyer in the transaction.

October 31, 2023

Acquisitions California Net Lease Retail Western

Hanley Arranges $3.7M Sale of BLISS Car Wash Property in Santa Clarita, California

by Amy Works October 31, 2023

SANTA CLARITA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.7 million sale of a car wash property currently under construction in the Valencia neighborhood of Santa Clarita. The building, which is scheduled for completion in the first quarter of 2024, will total 4,263 square feet. BLISS Car Wash will occupy the property on a triple-net lease upon completion. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Fountainhead Development, in the transaction. Jenny Eng of CBRE represented the undisclosed buyer.

October 31, 2023

Acquisitions California Company News Net Lease Retail Texas Top Stories Western

Realty Income Corp. to Acquire Spirit Realty Capital in $9.3B REIT Merger

by Katie Sloan October 31, 2023

SAN DIEGO AND DALLAS — Realty Income Corp. (NYSE: O) and Spirit Realty Capital Inc. (NYSE: SRC) have entered into an all-stock merger agreement valued at $9.3 billion. The combined company, which will operate under the Realty Income banner, is expected to become the fourth largest REIT on the S&P 500 index with a total enterprise value of $63 billion. Both companies primarily invest in freestanding, net-leased commercial properties. Realty Income boasts a portfolio of 13,100 properties located across the U.S. and Europe, and Spirit Realty owns a portfolio of 2,064 properties across 49 states. Primary tenants across the combined company’s portfolio include Life Time Fitness, BJ’s Wholesale Club, At Home, Dave & Buster’s, Dollar Tree, The Home Depot, Treasury Wine Estates, Sainsbury’s, 7-Eleven, Lowe’s and Chipotle Mexican Grill. Under terms of the agreement, each share of Spirit Realty Capital will be converted into 0.762 of a share of newly issued Realty Income stock. At closing, this will result in Realty Income and Spirit owning 87 percent and 13 percent of the combined company, respectively. No external capital is currently being used for the transaction. Realty Income and Spirit cite the potential for higher earnings, a more competitive cost of …

October 31, 2023

California Development Hospitality Loans Western

PACE Loan Group Funds $11.2M Construction Loan for Reset Hotel in Twentynine Palms, California

by Amy Works October 30, 2023

TWENTYNINE PALMS, CALIF. — PACE Loan Group has provided a $11.2 million C-PACE loan for the construction of Reset Hotel. The site is near the north entrance of Joshua Tree National Park in Twentynine Palms, a desert city approximately 150 miles east of Los Angeles. Qualifying C-PACE improvements include plumbing, HVAC, electrical, lighting, building envelope and seismic measures. The 30-year loan is combined with a $7.5 million first mortgage. Located at 7000 Split Rock Ave., the independent hotel will use modular construction to reduce construction time by nearly half with delivery slated for early 2025. Offering views of Joshua Tree National Park, the hotel will offer 65 guest rooms with private outdoor patios, an outdoor swimming pool overlooking the park, gift shop, poolside cocktail bar serving small bites, conference room and 65 surface parking spots. Built on 5.8 acres of 11.1 acres of land acquired in 2021, the asset is the only hotel in the area that is removed from the highway and completed adjacent to the national park. The developers own 170 acres of the surrounding land up to the park boundary and are currently leaving the area undeveloped to maintain views and privacy for guests. Sightline Hospitality will manage …

October 30, 2023

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