SANTA ANA, CALIF. — Orange County-based Red Mountain Group has acquired 20 empty fee-simple former Big Lots stores from Big Lots for $47.5 million in an off-market transaction. The portfolio includes 463,427 square feet of retail space and 3.5 acres of land for future pad development. The empty big box properties are located throughout 20 cities and four states in the United States, with most of the sites in Northern and Southern California.
AZUSA, CALIF. — SENTRE, a San Diego-based, vertically integrated real estate investment firm, has completed the disposition of Azusa Center, a two-building industrial property in Azusa. JAR Commercial Investments acquired the asset for $20.5 million. Situated on 3.6 acres at 301 and 411 N. Aerojet Ave., Azusa Center features 75,081 square feet of industrial space. The two buildings offer 22-foot to 26-foot clear heights, concrete tilt-up construction, ESFR fire systems, three dock-high doors and four ground-level doors. At the time of sale, the property was fully leased. Michael Longo, Barbara Perrier, Anthony DeLorenzo, Mark Shaffer, Darla Longo, Rebecca Perlmutter, Brett Hartzell, Joe Cesta, Paige Morgan, Eric Cox, Lynn Knox and Case Dahlen of CBRE represented the seller in the deal.
PERRIS, CALIF. — NFI Industries, a supply chain solutions provider, has renewed its 864,000-square-foot lease at Perris Distribution Center in Perris. Mark Kegans, Ron Washle and Dean Washle of Newmark represented the landlord, Ares Management (formerly known as Black Creek Group). Located at 657 Nance St., Perris Distribution Center is a two-story, cross-dock facility expandable to 1.1 million square feet. The buildings offer 7,000 square feet of office space, minimum 36-foot warehouse clearance, ESFR sprinkler systems, LED warehouse lighting, 112 dock-high loading doors and concrete truck courts. The 43-acre parcel offers 298 auto parking spaces and 224 trailer parking spaces, including an auxiliary parcel to accommodate up to 154 trailer parking spaces or 530 auto parking spaces.
LOS ANGELES — CBRE has brokered the sale of LC by CLG, an apartment property located in the Larchmont Village neighborhood of Los Angeles. California Landmark Group sold the asset to a private partnership formed by Harrison Yale Hurst and Richard Rosin of H&R Investments for $46.5 million. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction. Located adjacent to Paramount Studios, LC by CLG features 84 apartments, a rooftop deck with a pool, barbecues, firepits, seating areas and views of the Hollywood Hills. Residences offer large floor plans and windows, in-unit washers/dryers, central air conditioning, stainless steel appliances and exposed ceilings.
CHERRY VALLEY, CALIF. — Shopoff Realty Investments and Artemis Real Estate Partners have completed the disposition of the I-10 Logistics Center to a Brookfield Asset Management real estate fund. Situated in the Inland Empire East, the newly completed 1.8 million-square-foot logistics center is located at 36500 Cherry Valley Blvd. in Cherry Valley. Spanning 115 acres, I-10 Logistics Center (also known as Cherry Valley Logistics Center) includes two high-cube logistics/warehouse buildings that have been designed for LEED Silver certification. Building I features 814,822 square feet and Building II features 1 million square feet of space. The buildings offer 40-foot clear heights, 665 employee parking spots, 585 trailer parking spots and 296 dock-high doors. Brookfield Properties leased the building to a global e-commerce retailer with plans to employ nearly 1,000 employees at the logistics center. Barbara Perrier, Eloy Covarrubias, Joe Werdein and Darla Longo of CBRE represented Shopoff Realty Investments and Brookfield Properties in the transaction. The price was not disclosed.
AVILA BEACH, PISMO BEACH AND PASO ROBLES, CALIF. — An affiliate of KSL Capital has purchased the Martin Resorts Collection of five independent boutique hotels located along California’s Central Coast, midway between Los Angeles and San Francisco. Terms of the transaction were not disclosed. Totaling 346 rooms, the collection includes the 54-suite oceanfront Avila Lighthouse Suites in Avila Beach; the 70-suite oceanfront Pismo Lighthouse Suites and 100-room oceanfront Shore Cliff Hotel in Pismo Beach; and 89-room Paso Robles Inn and the 24-room The Piccolo in Paso Robles. KSL will invest in improvements across the collection, providing a greater suite of amenities and more ways to engage with the local communities. KSL Resort will manage each of the hotels.
ROSEVILLE, CALIF. — LRE & Cos. and American Hospitality Services have unveiled full plans for Roseville Junction, a new mixed-use development in Roseville. The property will feature two hotels, three restaurants, an entertainment and sports complex and an outdoor gathering space. Roseville Junction will be built on an 11-acre site that is 20 miles northeast of Sacramento. The site is adjacent to Highway 65 near Interstate 80, and is located nearby many of the area’s vineyards and wineries, as well as new retail and shopping amenities such as the Roseville Galleria. A timeline for completion was not disclosed. The family- and pet-friendly outdoor gathering space will be called Social Connection and will offer guests a variety of food and beverage options, including craft brewery Fieldwork Brewing Co. The restaurants leases are currently under negotiation. The project’s entertainment and sports complex, The Electric Pickle, will include a bocce ball court and 10 pickleball courts. The Electric Pickle will also offer food options such as wood-fired pizzas, tacos, burgers and more. Guests will be able to place food and beverage orders through an app and have their food delivered by “food ambassadors” moving throughout the property. The two five-story, select-service hotels will be …
AMERICAN CANYON, CALIF. — Intersection has acquired 5555 Broadway Street, an industrial property in the Napa County city of American Canyon. The name of the seller and acquisition price were not released. The 89,000-square-foot building is a temperature-controlled warehouse with a night-air cooling, which is ideal for beverage storage and distribution. Situated on seven acres, the building features five grade-level doors, eight dock-high doors including four with levelers, 18-foot to 23-foot warehouse clearance and 9,000 square feet of office space. The property also includes three acres for additional outdoor storage space. At the time of sale, the building was 98 percent occupied. Intersection plans to bring the property to market-rate rent values and implement capital improvements to the asset. Kris Hagar and Tyler Epting of Newmark represented the buyer in the transaction.
SIMI VALLEY, CALIF. — Griffin Living has completed the disposition of Griffin Plaza, a shopping center located at 3885-3977 Cochran St. in Simi Valley. A private 1031 exchange investor acquired the asset for $22.1 million. Built in 1981 and renovated in 2019, Griffin Plaza features 85,022 square feet of retail space. At the time of sale, the property was 94 percent occupied. Current tenants include Aldi, CVS/pharmacy, Wendy’s and Varenita Assisted Living Community, a 102-unit seniors housing property located within Griffin Plaza. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets representd the seller in the deal.
ORANGE, CALIF. — MCA Realty has completed the disposition of Struck Business Park, a two-building industrial park in Orange, to a private investor for $13.5 million. MCA Realty originally acquired the asset for $9.4 million in August 2021. Located at 1523 and 1547 W. Struck Ave., Struck Business Park features 42,750 square feet of industrial space. At the time of sale, the property was 100 percent leased. The asset was built in 1976. Michael Hefner, Hayden Socci and Tom Terry of Voit Real Estate Services represented the seller, while Michael Vernick of Voit Real Estate Services represented the buyer in the deal.