FAIRFIELD, CALIF. — Sterling Organization has acquired Raley’s Plaza, a 95,441-square-foot shopping center located approximately 40 miles northeast of downtown San Francisco in Fairfield, for $22.8 million. Raley’s anchors the 94 percent occupied center, which is also home to tenants including JP Morgan Chase Bank, Starbucks Coffee, Round Table Pizza and Panda Express. The seller was a subsidiary of San Diego-based Gerrity Group.
LOS BANOS, CALIF. — CBRE’s National Retail Investment Group – West has arranged the sale of Shops at Stonecreek Plaza, a retail strip center located at 1363-1451 W. Pacheco Blvd. in Los Banos. Rich Development Co. sold the 52,171-square-foot property to a Northern California-based private investor for $12 million. Situated on 6.3 acres, the property was 89 percent leased at the time of sale to a variety of tenants, including Petco, Famous Footwear, Dollar Tree, GNC, Metro PCS, Wingstop and Starbucks Coffee. Philip Voorhes, Jimmy Slusher, Megan Wood, Matt Burson, John Read, Kirk Brummer, Preston Fetrow and Richard Rizika of CBRE represented the seller, while a cooperating/selling broker represented the buyer in the deal.
SAN FRANCISCO — Thor Equities has sold the Phelan Building, an 11-story office building in San Francisco, to the Hong Kong-based Hotung family for a reported $375 million. The building is located at 760 Market St. The Phelan Buiding contains 250,000 square feet of office space and 52,000 square feet of retail space. Thor paid $130 million for the asset in 2008. Notable tenants at the property include Credit Karma and Medium. The retail portion includes Starbucks, Orogold Cosmetics, Walgreens, Verizon and Marshalls. The building was originally constructed in 1907.
SAN CARLOS, CALIF. — San Carlos VI LLC has acquired San Carlos Business Park, a 154,462-square-foot office and R&D campus in the Silicon Valley submarket of San Carlos, for $61.1 million. The seven-building campus is located at 963 Industrial Road. The park contains two parcels that include a ground lease for a 27,303-square-foot office building on 1.3 acres and a larger parcel that includes six buildings totaling 127,159 square feet of R&D space on 7.6 acres of land. San Carlos Business Park is situated in the mid-peninsula market with access to Caltrain, major freeways and downtown San Carlos. CBRE’S Bob McSweeney represented the LLC, while the firm’s Seth McKinnon, Scott Prosser, Joe Moriarty, Sean Sullivan and Tyler Myerdirk represented the seller, Black Mountain Properties, in this transaction.
REDONDO BEACH, CALIF. — Hanley Investment Group Real Estate Advisors and Voit Real Estate Services have brokered the sale of a single-tenant retail property located at 537 N. Pacific Coast Highway in Redondo Beach. The Beacon Group Inc. sold the property to a Los Angeles-based private corporation for $7.6 million. Built in 1981, the 17,160-square-foot property is net leased to Petco, which has occupied the building for 22 years and recently signed a 10-year lease extension. Ed Hanley and Bill Asher of Hanley Investment Group, along with the seller’s advisor Joe Miller of Voit Real Estate Services, represented both the seller and buyer in the 1031 exchange transaction.
IRVINE, CALIF. — Texas de Brazil Churrascaria, a Brazilian steakhouse chain, has opened a location in Irvine. Located in The Market Place, the new location is the company’s 49th restaurant and first in the State of California. The 7,600-square-foot restaurant accommodates 220 guests and features an open-view grill in the dining area, a wine wall, patio and a lounge area.
PERRIS, CALIF. — Progressive Real Estate Partners and SRS Real Estate Partners have arranged the sale of a former Walmart building, located at 2560 N. Perris Blvd. in Perris. A California-based private investor acquired the 127,000-square-foot building from a Santa Monica, Calif.-based private investment firm for $4 million. Built in 1991, the building is easily divisible and features parking for approximately 750 vehicles. Additionally, the building is part of the 292,000-square-foot Spectrum Shopping Center, which is occupied by Cardenas, Dollar Tree, Wells Fargo Bank, Verizon, Taco Bell and Payless ShoeSource. Greg Bedell and Paul Galmarini of Progressive Real Estate Partners and Townsand Cropsey of SRS Real Estate Partners represented the seller, while Drew Wetherholt of Marcus & Millichap represented the buyer in the deal.
LA HABRA, CALIF. — Tropical Holdings LLC and Ruffin Tech Center Ltd. has completed the sale of a restaurant property located at 1000 S. Beach Blvd. in La Habra. A Rowland Heights, Calif.-based private investor acquired the property for $3.3 million. The newly constructed, single-tenant, 5,506-square-foot property is absolute triple-net leased to Black Bear Diner. Jeremy McChesney of Hanley Investment Group represented the sellers, while Peter Deltondo of Marcus & Millichap represented the buyer in the transaction.
OAKLAND, CALIF. — Arroyo & Co. and Colliers have arranged the acquisition of Shops at Broadway, a newly constructed grocery- and pharmacy-anchored shopping center located in Oakland. A group of San Francisco Bay area developers sold the property to an undisclosed buyer for an unreleased sum. Sprouts Farmers Market, Walgreens, Starbucks Coffee, Chipotle and Sleep Train occupy the 36,816-square-foot center. Pedro Arroyo and David Kram of Arroyo & Co., along with Mark Lewkowitz of Colliers, represented the buyer in the deal.
SAN DIEGO — Shea Properties has added four new retailers to Del Sur Town Center, a specialty dining and retail development in the master-planned Black Mountain Ranch in San Diego. The new tenants are Sprouts Farmers Market, Orangetheory Fitness, Just Run, a specialty boutique catering to walkers and runners, and Ogden’s Cleaners, an eco-friendly dry-cleaning company. Additional tenants at Del Sur Town Center are Target, CürBar, The Bike Shop and Del Sur Ranch Dental.
