California

Trader Joe’s Debuted 14 New Stores in 2017

by Nellie Day October 18, 2017

MONROVIA, CALIF. — Trader Joe’s, a Monrovia-based chain of neighborhood grocery stores, opened the last of its new locations for 2017. On Oct. 12, stores opened in Allston, Mass.; Kalamazoo, Mich.; and North Brunswick, N.J. Fourteen new locations opened this year, bringing the total number of Trader Joe’s stores to 474. Other new locations include: San Francisco; West Hollywood, Calif.; San Diego; Hoboken, N.J.; Las Vegas; Brooklyn, N.Y.; Somerville, Mass.; Los Angeles; Washington, D.C.; Coralville, Iowa; San Juan Capistrano, Calif.; and Jacksonville, Fla. For the past 10 years, Trader Joe’s has opened an average of 23 stores annually. Plans for 2018 locations are already underway. The first Trader Joe’s store opened in 1967 in the Los Angeles area. Since then, Trader Joe’s has expanded to more than 470 stores in 41 states.

October 18, 2017

California Office Top Stories Western

Northwood Investors Buys 245,786 SF Office Building in Los Angeles for $148M

by Nellie Day October 18, 2017

LOS ANGELES — Northwood Investors has purchased 800 Corporate Pointe, a 245,786-square-foot office building in the Los Angeles submarket of Culver City, for $148 million. The Class A building is situated off Slauson Avenue and Bristol Parkway near State Route 90. The four-story building was developed in 2007. It was 98 percent occupied at the time of sale. The LEED Gold-certified asset houses six tenants within the financial services, media, technology and engineering industries. The acquisition includes an adjacent six-level parking structure. Nearby retail amenities include Westfield Culver City Mall, Runway at Playa Vista and downtown Culver City. “800 Corporate Pointe is one of the two newest and one of the best office buildings in this evolving Culver Pointe park,” says Kevin Shannon, president of NKF’s Capital Markets. “Culver City is drafting off the momentum from Playa Vista and is attracting similar-profile tenants seeking cool environments. The property enjoys a strong tenant roster with attractive returns augmented by its ownership of the parking structure for the adjacent building.” Shannon, along with Ken White, Rob Hannan, Michael Moll and Laura Stumm, represented the seller, Vornado Realty Trust, in this transaction. Northwood, a New York-based real estate investment and management firm, represented …

October 18, 2017

California Retail Western

Cushman & Wakefield Arranges $22.5M Sale of Canyon Square Plaza in Santa Clarita

by Nellie Day October 17, 2017

SANTA CLARITA, CALIF. — Cushman & Wakefield has brokered the sale of Canyon Square Plaza, a grocery-anchored shopping center in Santa Clarita. A private high-net worth investor acquired the property for $22.5 million. A 40,751-square-foot Vallarta Supermarkets anchors the retail property. At the time of sale, the 96,927-square-foot shopping center was 96 percent occupied by 29 tenants. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller, a real estate investment trust, in the deal.

October 17, 2017

California Retail Western

TH Plaza Sells 14,042 SF Retail Center in San Diego for $10.4M

by Nellie Day October 17, 2017

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.

October 17, 2017

California Retail Western

Hanley Investment Group Completes Three 7-Eleven Deals Totaling $9.1M

by Nellie Day October 17, 2017

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 …

October 17, 2017

California Retail Western

Marcus & Millichap Negotiates $1.8M Sale of Retail Property in LA

by Nellie Day October 17, 2017

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.

October 17, 2017

California Retail Western

Retail California Brokers Three Retail Leases in Porterville Totaling 6,550 SF

by Nellie Day October 17, 2017

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.

October 17, 2017

California Retail Western

MSM Global Ventures Buys Shopping Center in Corona del Mar for $23M

by Nellie Day October 16, 2017

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.

October 16, 2017

California Loans Multifamily Top Stories Western

Greystar Receives $201M Loan to Develop 636-Unit Multifamily Community in San Jose

by Taylor Williams October 16, 2017

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 …

October 16, 2017

California Retail Western

Ross Stores Opens 40 New Locations Nationally

by Nellie Day October 13, 2017

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

October 13, 2017

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