California

Progressive Real Estate Partners Brokers $2.3M Sale of Restaurant Asset in Inland Empire

by Amy Works August 29, 2019

BEAUMONT, CALIF. — Progressive Real Estate Partners has facilitated the sale of a restaurant property, located at 501 E. Fifth St. in Beaumont. A private Riverside-based investor sold the property to San Jose-based private investor for $2.3 million, or $1,006 per square foot. Built in 2008, the 2,250-square-foot building, which features a drive-thru, recently underwent a renovation. Popeyes Louisiana Kitchen occupies the single-tenant property. Greg Bedell of Progressive Real Estate Partners represented the seller, while Cindy Hipwell of Hipwell Real Estate represented the buyer in the deal.

August 29, 2019

Acquisitions California Retail Western

Telos Capital, Warner Pacific Sell 96,885 SF Monrovia Landing Retail Center in California for $30.5M

by Amy Works August 26, 2019

MONROVIA, CALIF. — A partnership between Pasadena, Calif.-based Telos Capital and Warner Pacific Properties has completed the disposition of Monrovia Landing, a grocery-anchored retail asset located in Monrovia. A Los Angeles-based buyer acquired the property for $30.5 million as part of a 1031 exchange from a prior sale. Situated on more than six acres at 723-737 E. Huntington Drive, the center features 96,885 square feet of retail space. At the time of sale, the property was 100 percent leased to a variety of national-credit tenants, including ALDI Food Market, TJ Maxx/Home Goods, Ulta Beauty and O’Reilly Auto Parts. Philip Voorhees, Alex Kozakov, Patrick Wade, Sean Heitzler and Jimmy Slusher of CBRE represented the seller, while Sheila Alimadadian of Marcus & Millichap represented the buyer in the transaction.

August 26, 2019

California Development Multifamily Seniors Housing Western

Advocacy Development Partners Breaks Ground on 32-Unit Memory Care Community in San Dimas, California

by Amy Works August 26, 2019

SAN DIMAS, CALIF. — Advocacy Development Partners has broken ground on The Terraces at Via Verde, a 32-unit memory care community in San Dimas, a city in the San Gabriel Valley of Los Angeles County. The project is scheduled to open in early fall 2020. Upon opening it will be the only standalone memory care community in the San Dimas area, according to the developers. The community will be split into two 15,000-square-foot neighborhoods with 16 suites each, all located on 1.2 acres near parks and shopping centers. Frontier Management will operate the community upon completion. Irwin Partners Architects designed the project, with PacifiCore Construction serving as general contractor and Conley Design handling interiors. Fremont Bank, which recently announced an expansion of its seniors housing lending platform, is providing the construction and bridge financing for the project.

August 26, 2019

California Development Multifamily Western

Fore Property Opens Two New Multifamily Communities in Southern California

by Amy Works August 23, 2019

RANCHO CUCAMONGA AND CAMARILLO, CALIF. — Fore Property has completed the development and construction of two multifamily communities in Southern California: Arte in Rancho Cucamonga and Las Positas in Camarillo. Located on Foothill Boulevard, the mixed-use, transit-oriented Arte features 182 apartments on an infill site. Designed by California-based Architects Orange, the property features a contemporary design with a bold color palette and articulated architectural details. On-site amenities include the region’s first rooftop lounge, a swimming pool, spa, two-story fitness center, dog park, karaoke room, outdoor grilling areas and entertainment patio with an outdoor fireplace. Situated in Camarillo’s Spanish Hills neighborhood, Las Positas was designed by Architects Orange to pay homage to the region’s Spanish-design history. The 213-unit community features a mix of one- and two-bedroom apartments, a two-story clubhouse, billiard room, large fitness center, yoga and spin rooms, resort-style pool, community garden and dog park. Additionally, the commuter-friendly Las Positas is close to more than 1.2 million square feet of retail in Camarillo Premium Outlets. Both Arte and Las Positas are seeking LEED Silver certification.

August 23, 2019

Acquisitions California Retail Western

JLL Brokers $31.5M Sale of 148,805 SF Corona Hills Marketplace in Corona, California

by Amy Works August 23, 2019

CORONA, CALIF. — JLL has arranged the sale of Corona Hills Marketplace, a grocery-anchored community shopping center located in the Corona Hills neighborhood of Corona. A public REIT sold the property to a private investor for $31.5 million. Situated on 12.3 acres at 529-591 N. McKinley St., Corona Hills Marketplace features 148,805 square feet of retail space in California’s Riverside County. At the time of sale, the property was 98 percent leased to a mix of daily-needs and service-oriented tenants. Anchor tenants include Vons, PetSmart and Howard’s Appliances. Gleb Lvovich, Bryan Ley and Daniel Tyner of JLL Capital Markets represented the seller in the transaction.

August 23, 2019

Acquisitions California Retail Western

Beta Negotiates Sale of 37,346 SF Retail Building in Southern California

by Amy Works August 23, 2019

NEWBURY PARK, CALIF. — Beta, a California-based commercial real estate agency, has negotiated the sale of a retail building located at 3057 Grande Vista Drive in Newbury Park. AHS Property Inc. acquired the asset from Academy Road LLC. Although the price was not disclosed, the building was listed for $15 million. LA Fitness occupies the 37,346-square-foot building, which is located within the 575,644-square-foot Village at Newbury Park shopping center, which was developed this year. Additional tenants at the shopping center include Target, The Home Depot, Staples, Lowe’s Home Improvement Warehouse and PetSmart. Richard Rizika and Yvonne Shum of Beta represented the seller, while Mark Thiel of Marcus & Millichap represented the buyer in the deal.

August 23, 2019

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Arranges $2.4M Acquisition of 11,971 SF Industrial Asset in Vista, California

by Amy Works August 23, 2019

VISTA, CALIF. — Lee & Associates – North San Diego County has brokered the purchase of a net-leased investment property located at 1046-1050 La Mirada Court in Vista. Sterndahl Group 3 LLC acquired the asset from The San Diego 17 Trust for $2.4 million, or $205 per square foot. At the time of sale, the 11,971-square-foot building was leased to H2O Innovation USA on a long-term basis. The tenant specializes in water filtration, wastewater treatment and water reuse. Isaac Little, Marko Dragovic, TJ Donnelly and Matt Weaver of Lee & Associates – North San Diego County represented the buyer, while Rocket Glass represented the seller in the transaction.

August 23, 2019

Acquisitions California Retail Western

First Washington Realty Acquires Fairmont Shopping Center in Pacifica, California

by Amy Works August 22, 2019

PACIFICA, CALIF. — Bethesda, Md.-based First Washington Realty (FWR) has purchased Fairmont Shopping Center, a community shopping center located in Pacifica. Terms of the acquisition, including seller’s name and price, were not released. Situated at the intersection of Hickey and Skyline boulevards, Fairmont Shopping Center features 102,982 square feet of retail space, with Safeway and Rite Aid as anchor tenants. FWR currently owns 103 shopping centers with a value of more than $5.5 billion located in 22 states and the District of Columbia. The company’s centers contain approximately 13.8 million square feet with approximately 2,500 tenants.

August 22, 2019

Acquisitions California Healthcare Office Western

LaSalle Investment Management Buys 89,650 SF Medical Office Property in Orange County

by Amy Works August 22, 2019

BREA, CALIF. — LaSalle Investment Management, through its medical office fund, has acquired a medical office property located at 2767 E. Imperial Highway in Brea. A joint venture between Healthcare Property Advisors and The Innovation Institute sold the asset for an undisclosed price. St. Jude fully occupies the 89,650-square-foot property on a net-lease basis with 14 years remaining on the term. The two-story property is situated on 5.1 acres with frontage and visibility from Imperial Highway, as well as convenient access to the 57 Freeway. St. Jude is a network hospital of Providence St. Joseph Health. Nick Foster of JLL’s Net Lease Practice Group; Evan Kovac and Andrew Milne of JLL’s National Healthcare Capital Markets team; and Andrew Harper from JLL’s Los Angeles office investment team represented the seller. Additionally, John Chun of JLL’s National Healthcare Capital Market team advised from a debt and structured finance perspective.

August 22, 2019

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $12M Sale of Bluff Place Apartments in San Pedro, California

by Amy Works August 22, 2019

SAN PEDRO, CALIF. — Marcus & Millichap has negotiated the sale of Bluff Place, an apartment property located in San Pedro. A limited liability company sold the property for $12 million. Located at 4034 S. Pacific Ave., the building features 36 apartments in a mix of one studio, seven one-bedroom, 24 two-bedroom and four three-bedroom layouts. At the time of sale, 31 of the 34 units were vacant. The buyer plans to extensively renovate the property prior to releasing the units. Kevin King of Marcus & Millichap’s Long Beach, Calif., office represented the seller, while Bryan Schellinger of Marcus & Millichap’s Los Angeles office represented the buyer, another limited liability company, in the deal.

August 22, 2019

Newer Posts

Older Posts