California

IRA Capital Sells 157,322 SF Poinsettia Plaza Shopping Center in Ventura, California for $66M

by Amy Works February 6, 2023

VENTURA, CALIF. — IRA Capital has completed the disposition of Poinsettia Plaza, a shopping center located at 4220-4360 E. Main St. and 4687-4731 Telephone Road in Ventura. An undisclosed buyer acquired the property for $66 million. At the time of sale, the 157,322-square-foot Poinsettia Plaza was 96.5 percent occupied. Current tenants include Ross Dress for Less, Office Depot, Petco, FedEx, Lamps Plus and Aldi. Recent renovations at the property include modernizations of existing facades, new landscaping and parking lot upgrades. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal.

February 6, 2023

Acquisitions California Retail Western

Hanley Investment Group Brokers $21.2M Sale of El Dorado Shopping Center in Long Beach, California

by Amy Works February 6, 2023

LONG BEACH, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of El Dorado Shopping Center, a retail property located at 8105-8195 E. Wardlow Road in Long Beach. A partnership managed and represented by Orange-based Milan Capital Management acquired the asset from El Segundo-based DPI Retail for $21.2 million. Grocery Outlet and Dollar Tree anchor the 74,500-square-foot shopping center. Built in 1965 and renovated in 2003, the asset was 93 percent occupied at the time of sale. Kevin Fryman and Ed Hanley of Hanley Investment Group represented the seller in the transaction.

February 6, 2023

Acquisitions California Retail Western

Dunbar Real Estate Holdings Buys 92,640 SF Retail/Industrial Portfolio in Los Angeles County

by Amy Works February 6, 2023

GARDENA, CALIF. — El Segundo, Calif.-based Dunbar Real Estate Holdings LLC has acquired two freestanding retail and industrial buildings from T.A. Properties LTD for $22.7 million in an off-market transaction. The buildings are located at 1355-1361 W. 190th St. in Gardena. AutoZone, 3 Day Suit Broker, Off Broadway West and 4 Wheel Parts are tenants at the 92,640-square-foot asset. The property consists of two concrete tilt-up buildings situated on 3.7 acres. The buildings offer 18-foot and 19-foot clear heights, fire sprinklers, dock-high loading doors, private security fenced yards and ample grade-level parking. Chuck Brill of DAUM Commercial represented the buyer, while The Altemus Co. represented the seller in the deal.

February 6, 2023

California Market Reports Retail Western Western Market Reports

Is There a Supply Problem for Inland Empire Retail?

by Jeff Shaw February 6, 2023

— Brad Umansky, President, Progressive Real Estate Partners — The retail vacancy rate for the Inland Empire has dipped below 6 percent for the first time since 2008. But there is a dramatic difference between then and now. From 2006 to 2008, there was about 20 million square feet constructed, compared to only 2.8 million square feet from 2020 to 2022. Using Costar’s data, retail rents rose 5.7 percent in the past year, which was just under the 6 percent rent growth in 2021. These are the two highest years of rent growth in the past 15 years. In my opinion, the market has regained equilibrium, which is about where we were at in 2019 before the bottom fell out the following year. The substantial development of the early 2000s required almost a decade to fully absorb. COVID then created 1.5 million square feet of negative absorption in 2020, which has all been fully absorbed, plus another 3.3 million square feet of net absorption in 2021 and 2022. The Inland Empire added more than 74,000 jobs in the past year, and the region’s population continues to grow despite the decline in California’s overall population. People are attracted to the employment opportunities, lower cost of …

February 6, 2023

Acquisitions California Retail Western

Red Mountain Group Buys 20 Former Big Lots Locations for $47.5M

by Amy Works February 3, 2023

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.

February 3, 2023

Acquisitions California Industrial Western

SENTRE Sells Two-Building Industrial Property in Azusa, California for $20.5M

by Amy Works February 3, 2023

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.

February 3, 2023

California Industrial Leasing Activity Western

NFI Industries Renews 864,000 SF Industrial Lease in Perris, California

by Amy Works February 3, 2023

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.

February 3, 2023

Acquisitions California Multifamily Western

CBRE Arranges $46.5M Sale of Multifamily Community in Los Angeles’ Larchmont Village

by Amy Works February 2, 2023

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.

February 2, 2023

Acquisitions California Industrial Western

Shopoff Realty, Artemis Real Estate Sell I-10 Logistics Center in Cherry Valley, California

by Amy Works February 2, 2023

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.

February 2, 2023

Acquisitions California Hospitality Western

KSL Capital Partners Buys Five Boutique Hotels Along California’s Central Coast

by Amy Works February 2, 2023

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.

February 2, 2023

Newer Posts

Older Posts