COSTA MESA, CALIF. — Philip Voorhees of CBRE has arranged the $13.8 million sale of Newport 17th Plaza, a 28,450-square-foot retail center anchored by Chase Bank, Growers Direct and The Butchery in Costa Mesa. The property is located at 101, 103 and 105 E. 17th St. Voorhees represented the seller, WOHL/CM LLC, while Chase Associates LLC represented the buyer, Newport 17 LLC.
OCEANSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $7.4 million sale of a single-tenant Walgreens property located roughly 38 miles outside San Diego in Oceanside. The 14,380-square-foot, freestanding building is occupied under an absolute net lease. Kevin Fryman and Ed Hanley of Hanley Investment Group represented the seller, a Beverly Hills-based private investor. Jason Flashman/Flashman Investment Group of Peak Commercial represented the buyer, a private investor from Northridge.
LOS ANGELES — Shapell Liberty Investment Properties has broken ground on The Vineyards at Porter Ranch, a $150 million mixed-use project in Los Angeles’ Porter Ranch neighborhood. In addition to restaurants and shops, the 345,000-square-foot development will include a movie theater, Whole Foods Market, Kaiser-Permanente medical office building, hotel and 266-unit luxury apartment complex. The project is a joint venture between Shapell Properties Inc. and Liberty Building Co. The Vineyards is being developed on the north and south sides of Rinaldi Street at the western intersection of Porter Ranch Drive. The design includes a main street and central green area that will host community events. Other features include a 4,000-square-foot community meeting room, solar panels on rooftops to help supply power to the complex, a rainwater capture and irrigation recycling system, and electric car charging stations. “The Vineyards will be a sophisticated, pedestrian-oriented retail experience that not only will serve as a central gathering spot for Porter Ranch residents, but also as the prime choice for higher-end shops and restaurants serving this entire region,” says John Love, vice president of Shapell Properties. Completion of the main shopping center is expected in late 2018. Additional phases, including the hotel and apartment community, are …
SAN DIEGO — A joint venture between Citivest Commercial Investments LLC and Hutensky Capital Partners has acquired a freestanding AMC Theatres complex in San Diego for $36 million. The property is located within Palm Promenade Shopping Center, which is home to tenants including Walmart, The Home Depot and Vons. The acquisition also included available development rights. Plans for additional development have yet to be announced.
SAN DIEGO — Sorrento West Properties has purchased a 117,354-square-foot industrial building in the San Diego submarket of Poway for $20 million. The property is located at 14145 Danielson St. It is situated on 7.2 acres. Sorrento West represented itself, while Mickey Morera and James Duncan represented the seller in this off-market transaction.
STOCKTON, CALIF. — Westcore Properties has purchased a 277,500-square-foot industrial property in Stockton for $14.4 million. The property is one mile west of I-5. It can accommodate mid-sized users seeking 25,000 to 75,000 square feet of space. Mike Goldstein of Colliers International represented both the buyer and unnamed seller in this transaction.
LOS ANGELES — The University of Southern California’s (USC) Lusk Center for Real Estate has announced the retirement of longtime chairman Stan Ross and the appointment of his successors, Emile Haddad and Bill Witte. Ross chaired the Lusk Center advisory board for the past 18 years. He became chairman after retiring as vice chairman of E&Y Kenneth Leventhal Real Estate Group. Ross has enjoyed a career in real estate that spans more than 60 years. Haddad is chairman and CEO of FivePoint Holdings. He will serve as the new chair, while Witte, chairman and CEO of Related California, will act as the new vice chair. The longtime members of the Lusk Center’s advisory board assume their new leadership duties July 1. Haddad and Witte will work together to guide the Lusk Center’s programs, as well as its support for research and academics, while continuing in their current roles with their respective companies.
ANAHEIM, CALIF. — A joint venture between Mariner Real Estate Management and PRES Cos. has purchased a 191,556-square-foot office building in downtown Anaheim for $58.9 million. St. Joseph Health System fully occupies the asset. The building is located at 200 W. Center St. Promenade. It was built in 1992 and renovated in 2015. St. Joseph maintains a long-term lease at the property that still has 10 years left. NGKF’s David Milestone and Brett Green represented the buyers. The same firm’s Kevin Shannon, Paul Jones, Ken White and Blake Bokosk represented the undisclosed seller.
LOS ANGELES — Taubman Centers, Inc. has named four new restaurants that will join Beverly Center’s culinary lineup as part of the shopping and dining destination’s $500 million redevelopment. The restaurants — Cal Mare, Eggslut, Farmhouse and Yardbird — will be located on Level 1. All are expected to open by the end of 2018. A brand new 8,200-square-foot concept from James Beard Award-winning, Michelin-starred Chef Michael Mina, Cal Mare is a celebration of coastal Italian cuisine with Mediterranean and Californian influences. Farmhouse celebrates California’s bounty from local farms, markets, dairies and purveyors, situated within a new informal dining experience in a 7,000-square-foot space. Yardbird will be a 6,000-square-foot homage to farm-fresh ingredients, classic Southern cooking, culture and hospitality, helmed by award-winning restaurateur John Kunkel. Eggslut is a gourmet food concept founded in 2011 as a food truck. Every store is open throughout the renovation that is scheduled to be completed by holiday 2018. Beverly Center has more than 100 distinctive stores, including Burberry, Dolce & Gabbana, Fendi, Gucci, Louis Vuitton, Prada, Saint Laurent and Salvatore Ferragamo. The center is anchored by Bloomingdale’s and Macy’s. Taubman Centers is engaged in the ownership, management and/or leasing of 27 regional, super-regional and outlet shopping centers …
HEMET, CALIF. — Marcus & Millichap has arranged the $5.4 million sale of The Terrace at Seven Hills, a 40-unit seniors housing property in Hemet, located east of Los Angeles and north of San Diego. Built in 2012, the property is age restricted and features 12 one-bedroom, one-bath units and 28 two-bedroom, two-bath units. The sales price equates to $135,000 per unit and a capitalization rate just under 6 percent. Reza Ghaffari from Marcus & Millichap’s Ontario office represented the seller, a limited liability company. Ghaffari and Mark Bridge represented the buyer, a private investor.