SAN DIEGO — CBRE has arranged the $10.4 million sale of Torrey Highlands Plaza, a 14,042-square-foot retail center in San Diego. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller, Paragon affiliate TH Plaza LLC. Tim Mills of CBRE represented the buyer, Santa Monica Property Investors. At the time of sale, Torrey Highlands Plaza was fully leased to 10 tenants.
LOS ANGELES, SAN DIEGO AND BAKERSFIELD, CALIF. — Hanley Investment Group Real Estate Advisors has completed the sales of three 7-Eleven properties in separate transactions with a combined valued of $9.1 million. In Los Angeles, a private investor acquired a two-tenant retail property, located at 1661 and 1665 S. Robertson Blvd., for $4.4 million. Built in 1977, the 4,722-square-foot property is occupied by 7-Eleven and Launderland Laundry. Jeremy McChesney of Hanley Investment represented the seller, a private investor from Los Angeles, while Michael Irvine of Bulldog Realtors represented the buyer in the 1031 exchange. In the second transaction, a Los Angeles-based family trust purchased a single-tenant 7-Eleven located at 8508 San Carlos Drive in San Diego. A private investor from Los Angeles sold the 2,403-square-foot property, which was built in 1970, for $1.9 million, or $791 per square foot. Allen Park of Packo Investments represented the buyer in the deal. In third deal, McChesney represented the seller, a private investor, in the disposition of a single-tenant 7-Eleven store and gas station located at 5203 Olive Drive in Bakersfield. A private investor form Clovis, Calif., acquired the 3,000-square-foot property for $2.8 million. Sharhan Mheni of Marcus & Millichap represented the buyer …
LOS ANGELES — Marcus & Millichap has arranged the sale of a retail property located at 3601 W. Pico Blvd. in Los Angeles. An individual/personal trust acquired the property for $1.8 million. The property features 5,850 square feet of retail space. Steven Schechter of Marcus & Millichap represented the seller, an individual/personal trust, in the deal.
PORTERVILLE, CALIF. — Retail California has arranged three retail leases at Porter’s Crossing Shopping Center, located at the northeast corner of Henderson and Prospect avenues in Porterville, totaling 6,550 square feet. In the first deal, TOGO’S Sandwiches leased 1,400 square feet of space at Porter’s Crossing Shopping Center from Opus-Dean. Nick Frechou of Retail California and Keith Mellor of Pro Equity Real Estate Services brokered the transaction. In the second lease, The Habit Burger Grill inked a deal for 2,650 square feet of space from Opus-Dean. Frechou and Shane Anderson of Commercial Retail Associates arranged the lease. In the final transaction, Blaze Pizza leased 2,500 square feet of retail space from Opus-Dean. Frechou and Josh Sherley of Cushman & Wakefield brokered the deal.
CORONA DEL MAR, CALIF. — MSM Global Ventures has acquired Corona del Mar Shopping Center, a 33,404-square-foot retail center in the Southern California community of Corona del Mar. The sales price was not disclosed, but the Orange County Register reports the asset sold for $23 million. The historically grocery-anchored property was anchored by discount grocer Smart and Final at the time of sale.
SAN JOSE, CALIF. — Greystar has received a $201 million loan for the development of The Reserve, a 636-unit multifamily community that will be located at 897 S. Winchester Blvd. in San Jose. The site previously housed a 216-unit community that was also branded “Reserve.” Demolition of that property began in August. The Reserve will be situated within walking distance of Santana Row, a 42-acre mixed-use development that houses about 70 shops, 20 restaurants and nine spas and salons. In addition, the community will be adjacent to I-280, which provides access to the base offices of Apple, eBay, Google and Netflix, among others. Scheduled for completion in 2020, The Reserve will offer a mix of one-, two- and three-bedroom units averaging 869 square feet per unit. The project will also feature more than 8,000 square feet of ground-floor retail space and two levels of underground parking. Amenities will include a pool, rooftop lounge, fitness center with yoga rooms, clubhouse with private dining rooms, business center, pet spa and electric car charging stations. Charles Halladay and Jordan Angel of HFF led the debt placement effort. Canadian lender Otéra Capital provided the capital on behalf of Greystar. The South Carolina-based multifamily development and …
DUBLIN, CALIF. — Ross Stores has recently opened 30 Ross Dress for Less and 10 dd’s Discounts stores across 22 different states in September and October. These new locations complete the company’s store growth plans for fiscal 2017. (Ross added 96 new stores total in 2017.) “This fall, we continued to expand our Ross and dd’s footprints across both new and existing markets, with nearly half of our Ross store openings in our newest market — the Midwest,” says Jim Fassio, president and chief development officer. Ross Stores Inc. is headquartered in Dublin and boasts 1,412 Ross Dress for Less locations in 37 states, the District of Columbia and Guam. The company also operates 215 dd’s Discounts stores in 16 states. Long term, the company hopes to reach 2,000 stores for Ross and 500 for dd’s Discounts
LOS ANGELES — An individual/personal trust has acquired a 32-unit apartment complex in North Hollywood for $4.4 million. The community is located at 6706 Cleon Ave. in the Los Angeles submarket. Janette Monfared and Jason Tuvia of Marcus & Millichap represented both the buyer and seller, an LLC, in this transaction.
LOS ANGELES — Nordstrom Inc. opened its newest Los Angeles full-line store at Westfield Century City, a re-location from Westside Pavilion. The store offers a new store design and new customer services. Also, in West Hollywood, the retailer launched Nordstrom Local, a neighborhood hub where customers can access the company’s services in a central location. The three-level, 154,000-square-foot Century City store offers the fifth ‘Nordstrom x Nike’ sneaker boutique, a women’s-only fitness/fashion lifestyle concept; and SPACE, a boutique featuring advanced and emerging designers. The store also houses the first West Coast MAC Makeup Studio; Bar Verde, a full-service, seasonally-focused restaurant and bar; Style Bar, an area to meet with complimentary personal stylists; Nordstrom to You, a personal stylist service on wheels; Buy Online & Pick-Up In-Store; Reserve & Try In-Store; Curbside Pickup; and Two-Hour Delivery. Nordstrom Century City will have the company’s latest store design concept, which includes more windows to incorporate natural light and connect the shopping experience to the outside world. Also on the horizon: The company plans to open its 10th Nordstrom Rack location in Los Angeles at the FIGat7th shopping center downtown. Nordstrom Rack is the off-price division of Nordstrom. Nordstrom is a fashion retailer based in …
ONTARIO, CALIF. — A California-based investor has acquired the 160-unit Metro 102 Apartments in Ontario for $35 million. The community is located at 102 N. Lemon Ave. It sits adjacent to City Hall, Ontario Town Square and Euclid Avenue. The affordable apartment community was built in 2009 on a podium garage. It is 98 percent occupied. Community amenities include a resident lounge, pool table, swimming pool, gym and courtyard. Jim Fisher, Mike Smith and Joe Leon of Berkadia represented the seller, TruAmerica Multifamily, in this transaction.
