SAN DIEGO — CBRE has arranged the sale of La Plaza La Jolla, a multi-tenant retail ground lease located at 7863-7877 Girard Ave. within La Jolla Village in San Diego. A private family office acquired the asset from La Plaza Investment for $10.2 million. Built in 1986 and renovated in 2015, the 28,866-square-foot property is fully leased to a mix of restaurant, boutique and experiential tenants. Michael Peterson, Reg Kobzi and Jimmy Slusher of CBRE represented the seller in the transaction.
BERKELEY, CALIF. — Flying Horse Investments LLC (FHI) has acquired Shattuck Plaza, a 29,187-square-foot, street-front retail property located in downtown Berkeley, with plans to renovate the center. Renovations will include lease-ready storefronts on the 17,767-square-foot ground-level. The building’s 11,430-square-foot lower-level space will also be reactivated to feature community-serving tenants, such as fitness, education and wellness concepts. The renovation is expected to begin immediately, with FHI targeting approximately six to nine months for initial building upgrades and another six to nine months for tenant build-outs, subject to permitting and city approvals. D-Scheme Studio and Aecore Inc. will lead the redevelopment, while Pegasus Asset Management will oversee property and construction management. The Econic Co. will handle leasing for the property. Bolour Associates financed the acquisition and Pegasus Capital Markets served as debt advisor for the transaction. Nicolas Bicardo of Newmark represented the seller, Hill Street Realty (HSR), which originally acquired the property in October 2012. In March 2021, following a condominium adjustment that formally separated the retail portion from the movie theater and office components of the property, HSR sold the latter portion of the property to Article Student Living, while retaining ownership of the retail frontage.
SAN FRANCISCO — Macy’s and TMG Partners have formed a venture to explore the potential redevelopment of the retailer’s flagship store on Union Square in San Francisco’s retail district. TMG will help Macy’s conduct a “strategic assessment” of the property to explore the viability of renovations and enhancements that will “align with the needs of today’s office workers, residents, visitors, retail and local businesses.” The Union Square location will remain open through the 2025 holiday season and into first-quarter 2026. Further updates on plans and next steps for the Union Square site will be shared in the coming months. In February 2024, Macy’s originally announced plans to close Union Square as part of a larger sell-off of store properties nationwide; however, the company said its store would not close until it found a buyer for the 700,000-square-foot property, as disclosed by several media sources. The Union Square flagship store has been in operation since 1929 and is one of the retailer’s largest and oldest locations.
LA MIRADA, CALIF. — Voit Real Estate Services has arranged the purchase of a freestanding industrial building located at 14821 Artesia Blvd. in La Mirada. An Orange County, Calif.-based full-service printing service and fulfillment company acquired the asset from The Realty Associates Fund XII Portfolio for $23.4 million. The buyer will use the 89,873-square-foot property to expand its operations and to accommodate its acquisition of several other companies, according to the Voit team. Eric Smith, Selden McKnight and Stan Kwak of Voit represented the buyer in the deal.
IRVINE, CALIF. — Philip Voorhees will join BISON Partners, a real estate operating company focused on retail properties, following his departure from CBRE at the end of the year after a 25-year tenure. Voorhees currently serves as vice chairman in CBRE’s Retail Capital Markets division, where his retail investment teams have completed more than 1,080 transactions totaling over $15 billion in value. Launched in 2022 by Brad Rable and Wil Smith, BISON Partners was established as a strategic venture to acquire and reposition retail shopping centers. The firm recently expanded its footprint with properties in California, Arizona and Nevada. Voorhees’ expertise in acquisitions and capital markets will support BISON’s continued mission to grow a portfolio of value-add retail properties across the western United States.
SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of Atrium Garden, an apartment property in San Jose. The property traded for $18.5 million, or $115,531 per unit. The names of the seller and buyer were not released. Mitchell Zurich, Kirk Trammell and Joshua Johnson of Marcus & Millichap represented the seller and procured the buyer in the deal. Constructed in 2000, the four-story Atrium Garden features 159 studios and a one-bedroom manager’s apartment. Studios are furnished with a bed, bedside table and lamp, lounge chair, built-in desk and chair, TV, microwave, mini-fridge and a stove or hotplate. Community amenities include a leasing office, fitness center, media rooms, resident lounges, community kitchens, laundry facilities and an outdoor barbecue and lounge area.
LOS ANGELES — Lee & Associates LA North/Ventura has arranged the acquisition of a three-story office building located at 5550 Topanga Canyon Blvd. in the Warner Center/Woodland Hills submarket of Los Angeles. S&G Properties Management LLC acquired the property from an undisclosed seller for $10.1 million. S&G Property Management plans to occupy a portion of the 62,241-square-foot building for its company, Citiguard, a security guard company in California. Additionally, the new owner will invest capital into the building to renovate the interior and exterior, as well as create onsite amenities to attract tenants. Darren Casamassima, Scott Romick and Jay Rubin of Lee & Associates LA North/Ventura represented the buyer. The team will also oversee leasing of the property moving forward.
SACRAMENTO, CALIF. — Newmark has arranged the sale of Rivergate Apartments, a 126-unit property at 900 Simon Terrace in West Sacramento. Will Blucher and Wills Vlasek of Newmark represented the seller, McCarty Sacramento Property LLC, in the disposition to a private buyer, IMG II, LLC. The acquisition price was not released. Rivergate is approximately three miles from Sacramento’s central business district and offers 72 one- and 54 two-bedroom floor plans across 10 two-story buildings on a 3.6-acre parcel. Amenities include a gated pool, standalone leasing office, common area laundry facilities and interior courtyards.
LOS ANGELES — Concord Capital Partners has purchased The View, a 13-story, 168-unit Class A apartment property in Los Angeles’ Koreatown neighborhood, from an undisclosed seller for $52.1 million, or $310,000 per unit. Located at 3460 W. 7th St., The View features 12 studios, 120 one-bedroom/one-bath units and 36 two-bedroom/two-bath units with oversized floor plans, modern interiors and city views. JLL represented the seller and secured acquisition financing for the buyer.
PLEASANTON, CALIF. — JLL Capital Markets has directed the sale of Tri-Valley GMP, an industrial biomanufacturing facility located at 4698 Willow Road in Pleasanton. An undisclosed seller sold the asset to Cannae Partners and REALM for $8.5 million. Erik Hanson of JLL led the transaction. The cGMP facility previously served as Gritstone bio’s Tri-Valley hub until its February 2025 vacancy. The 42,620-square-foot property benefits from improvements totaling more than $325 per square foot invested into the current build-out, transforming it into a state-of-the-art laboratory and manufacturing complex featuring 12 production rooms, ISO 5+ cleanroom space and comprehensive quality assurance and quality control laboratories.
