UPLAND, CALIF. — Brixmor Property Group has acquired Upland Town Square, a 100,350-square-foot shopping center in the Inland Empire community of Upland, for $31.7 million. Dixie Walker and Charley Simpson of Cushman & Wakefield arranged the transaction on behalf of the seller, IRA Capital. Sprouts Farmers Market anchors Upland Town Square, which was 88 percent occupied at the time of sale by 19 retail and restaurant tenants.
LODI, CALIF. — The Wolff Company has broken ground on Revel Lodi, a 142-unit independent living community in Lodi, located south of Sacramento and east of San Francisco. The project is located within the Reynolds Ranch master-planned community in California’s wine country. The property is scheduled for completion in mid-2018. Once completed, the two four-story buildings will offer 134 apartments and eight single-story cottages in a variety of studio, one- and two-bedroom floor plans. Revel Lodi will be the fourth senior living community Wolff has developed since 2016. The Scottsdale, Ariz.-based private equity firm intends to invest between $300 million and $400 million annually in the development of independent and assisted living communities, in addition to purchasing existing communities.
VISTA, CALIF. — Retail Insite has inked deals with two tenants at Vista Terrace Marketplace, a retail redevelopment project in Vista, 40 miles north of San Diego. Brian Pyke and Don Moser of Retail Insite signed a 15-year lease with Sprouts Farmers Market, which will anchor the development, and a 20-year lease with Dunkin’ Donuts. Black Lion Investment Group, the project developer, acquired the existing 48,000-square-foot retail center and an adjacent 2.5-acre parcel of land in 2016 with plans to reposition the property. The redevelopment will reface inline and end-cap shop space, create restaurant-ready suites with patios and build the Sprouts anchor building on the 2.5-acre land parcel. The first phase of Vista Terrace Marketplace is slated for completion in early 2018, and Sprouts is expected to open in the fourth quarter of 2018.
FRESNO, CALIF. — JRK Property Holdings has purchased a 614-unit apartment portfolio in Fresno for $98.7 million. The portfolio includes the 218-unit Crown Point and the 200-unit Cascades. Both properties are situated within the Dominion neighborhood. Each property features a mix of one- and two-bedroom floor plans with wood-burning fireplaces, and units come with either garages or covered parking. Mark Leary and Nate Oleson of ARA Newmark represented the seller, Demmon Partners, in this transaction.
NEWPORT BEACH, CALIF. — C.W. Driver has broken ground on Newport Harbor Medical Plaza, a 26,500-square-foot medical facility in Newport Beach. The Class A facility will be located at 330 Old Newport Blvd. It is situated near Hoag Memorial Presbyterian Hospital Newport Beach. The facility is scheduled for completion in fall 2018. Office spaces will range from 2,000 square feet to 16,500 square feet. The property will offer second-floor patio deck amenities, two levels of below-grade parking and gurney-accessible elevators. Shaoulian Properties is developing Newport Harbor Medical Plaza, which Bundy-Finkel Architects is designing.
CORONA, CALIF. — ShopOne Centers REIT Inc. has purchased McKinley Crossroads, a three-building retail center located at 275 Teller St. in Corona, for an undisclosed price. Situated on 13.9 acres, the 202,134-square-foot retail center was built in 1989 and renovated in 2000. Simple Fresh Market and 24-Hour Fitness anchor the property. The acquisition marks ShopOne’s entry into the California market.
NORTH HOLLYWOOD, CALIF. — Marcus & Millichap has arranged the sale of Andrew’s Plaza, a mixed-use building located at 11305 Magnolia Blvd. in North Hollywood. Yasam Legacy LLC acquired the property from a limited liability company for $9.8 million. At the time of sale, the 21,973-square-foot property was 96.9 percent occupied by a mix of retail and office tenants. Martin Agnew and Ryan Rothstein-Serling of Marcus & Millichap represented the seller and buyer in the deal.
SACRAMENTO, CALIF. — Texla Housing Partners has sold the Element Sacramento, which is situated near the campus of California State University, Sacramento. Texla purchased the asset in December 2015 through its VerTex Student Housing Partners JV with Harrison Street Real Estate Capital. Built in 2004, Element Sacramento contains 288 units and 792 beds. It features a mix of one- to four-bedroom units. Over the hold period, Texla’s management arm, VerTex Student Housing Management, executed interior capital improvements that ultimately produced returns of about 57 percent and an equity multiple greater than 2x.
LOS ANGELES — G.H. Palmer has obtained a $266.7 million refinancing for a four-property multifamily portfolio in Los Angeles. The portfolio contains a total of 1,359 units. Properties featured in the portfolio include Skyline Terrace Apartments at 930 Figueroa Terrace and Pasadena Park Place at 101 Bridewell St., along with River Ranch Townhomes and Apartments at 18005 Anne’s Circle and The Terrace at 21311 Alder Drive in Santa Clarita. The refinancing was completed as seven-year, fixed-rate, interest-only, non-recourse loans at 3.54 percent interest with a 65 percent loan-to-value ratio. Gary M. Tenzer of George Smith Partners arranged the financing.
PLACENTIA, CALIF. — NewMark Merrill Cos. LLC has acquired Placentia Town Center, a 116,832-square-foot shopping center in Placentia, a city in Southern California. The sales price was not disclosed. Marshall’s, Ross Dress for Less and CVS/pharmacy anchor Placentia Town Center, which was 96 percent leased at the time of sale to tenants including Bank of America, Massage Envy, Baskin Robbins, The Whole Enchilada, Avalon Bagels & Burgers, Philly’s Best and Craftsman Pizza. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison of NewMark Merrill represented the company internally in the transaction, with support from Alex Kozakov of CBRE. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller, Retail Properties of America Inc.
