California

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

Acquisitions California Restaurant Retail Western

SRS Real Estate Partners Brokers $4.6M Sale of Restaurant Property in Ontario, California

by Amy Works October 30, 2023

ONTARIO, CALIF. — SRS Real Estate Partners has arranged the sale of a freestanding restaurant building located at 4423 Mills Circle in the Inland Empire city of Ontario. A Southern California-based developer sold the asset to Culichi Lounge Inc. for $4.6 million. Culichi Town, a Mexican restaurant, occupies the 5,535-square-foot single-tenant property, which was built in 2001 as an outparcel at Ontario Mills Mall. The location is a new prototype concept for the restaurant, which currently has 22 locations. Matthew Mousavi and Patrick Luther of SRS Capital Markets represented the seller in the deal. Terrison Quinn and Zach Leffers of SRS arranged the lease with Culichi Town on behalf of the seller.

October 30, 2023

Acquisitions California Retail Western

Retail Insite Negotiates Sale of 27,300 SF Former Vons Supermarket in Vista, California

by Amy Works October 30, 2023

VISTA, CALIF. — Retail Insite has arranged the sale of a vacant retail building located at 940 S. Santa Fe Ave. in Vista, approximately 40 miles north of San Diego. Albertsons Inc. sold the asset to SK Vista LLC for $4.3 million. The buyer plans to open a specialty Indian grocery store at the 27,300-square-foot property, which was formerly a Vons supermarket. Mike Moser of Retail Insite represented the seller in the deal.

October 30, 2023

California Loans Mixed-Use Multifamily Restaurant Retail Western

Marcus & Millichap Arranges $2.7M Refinancing for North of Market Mixed-Use Building in San Diego

by Amy Works October 30, 2023

SAN DIEGO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $2.7 million refinancing for North of Market, a mixed-use retail and multifamily property in San Diego. Located at 701-721 8th Ave., the property comprises a restaurant, salon, clothing store and 10 apartments. Chad O’Connor of MMCC’s San Diego office secured the three-year, fixed-rate, interest-only loan for the undisclosed borrower.

October 30, 2023

California Loans Multifamily Western

Barings Real Estate Receives $115M Loan for The Ventana Luxury Apartments in West Los Angeles

by Amy Works October 27, 2023

LOS ANGELES — Barings Real Estate has received $115 million in financing for The Ventana Luxury Apartments, a low-rise multifamily community within the master-planned community of Playa Vista in Los Angeles. The Ventana Luxury Apartments features 405 studio, one-, two- and three-bedroom units, with an average size of 1,049 square feet. The apartments offer in-unit washers/dryers, granite countertops and ceiling heights ranging from nine to 14 feet. Community amenities include two clubhouses, two swimming pools, a spa, business center and fitness center. Originally built in 2007 in two phases, the property is located at 7225 and 6565 Crescent Park. Chris Drew, Annie Rose, Brandon Smith and Gyasi Edmondson of JLL Capital Markets Debt Advisory secured the cash-neutral, five-year loan, which features full-term interest-only payments. The use of the funds was not disclosed.

October 27, 2023

Acquisitions California Multifamily Western

IPA Negotiates $35.5M Sale of Terramonte at Foothill Multifamily Property in Pomona, California

by Amy Works October 27, 2023

POMONA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Terramonte at Foothill, a multifamily community in Pomona, approximately 30 miles east of Los Angeles. The asset traded for $35.5 million, or $257,246 per unit. Constructed in 1963 on nine acres, Terramonte at Foothill features 138 one-, two- and three-bedroom apartments spread across 35 residential buildings. Community amenities include two resort-style swimming pools, a picnic area and laundry facilities. Alexander Garcia Jr., Christopher Zorbas, Kevin Green, Joseph Grabiec and Greg Harris of IPA represented the undisclosed seller and procured the undisclosed buyer in the transaction.

October 27, 2023

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