LOS ANGELES — Marcus & Millichap has arranged the $1.1 million sale of a 5,104-square-foot mixed-use retail and multifamily property at 4650 W. Adams Blvd. in Los Angeles. Floyd Shaheen and Daniel Hirth of Marcus & Millichap represented the seller, an undisclosed partnership, and secured and represented the buyer, an undisclosed individual trust, in the transaction.
SAN DIEGO — Petco will open 13 new stores across the country and relocate one store in Paso Robles, Calif., in September. In addition, the company will also transition 31 existing Unleashed by Petco stores to smaller format stores this month. The rebranding of 31 select Unleashed by Petco stores are located primarily in Colorado, Georgia and Texas. The stores will transition to smaller format Petco stores. In addition, based on consumer feedback and demand, UnleashedbyPetco.com will become an informational site for consumers, with all online product sales moving to Petco.com. The former Unleashed by Petco locations will continue to operate as smaller format Petco stores and will include most of the same brands, products and amenities — such as self-serve dog wash and dog training services — that are available under the Unleashed by Petco banner. Petco operates more than 1,470 Petco and Unleashed by Petco locations across the U.S., Mexico and Puerto Rico.
SAN FRANCISCO — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire One Front Street, a Class A office building located in the Market Street corridor of San Francisco, for $521 million. The 38-story, LEED Gold certified property is located in the heart of San Francisco’s central business district, within two blocks of the $6 billion Transbay Transit Center development set to open in 2017. The Transbay center will act as a regional transportation hub, accommodating up to 45 million passengers per year. The property consists of 651,000 square feet of office space and a 290-space parking garage. The building was 99 percent occupied at the time of sale by tenants including Lookout Inc., Kite, Wells Fargo Bank, Covington & Burling LLP, Skidmore Owings & Merrill LLP, FTI Consulting, Jones Lang LaSalle (JLL) and BNP Paribas. Market Front Associates LP sold the property, according to reports by the San Francisco Business Times. JLL manages and handles leasing for the office space. Paramount is considering various strategic options including bringing in a joint venture partner for the property or selling an asset within its current portfolio to help fund the transaction. The deal is expected to close before the end of …
CALEXICO, CALIF. — San Diego-based Canada Investments has acquired Emerson Plaza, a shopping center located at 724 Emerson Ave. in Calexico. Gastone and Maria Elena Lopez sold the property for $700,000. The 6,000-square-foot property features a gas station and four retail units. Rob Bloom of Duhs Commercial represented the buyer and seller in the transaction.
MORENO VALLEY, CALIF. — Weidner Apartment Homes has acquired the 552-unit Stonegate at Towngate apartments in Moreno Valley for $98.5 million. The community is located at 12640 Memorial Way Drive, just southeast of the Highway 60 and Interstate 215 interchange. Stonegate at Towngate is the largest apartment community in Moreno Valley and the 12th largest asset in the Inland Empire. Berkadia’s Dean Zander and Spencer Scott represented the seller, Davlyn Investments Inc., in this transaction. Davlyn purchased the asset just after it was completed in 2007.
SAN CARLOS, CALIF. — Marcus & Millichap has arranged the sale of a three-property retail strip center located at 633, 727 and 1199 Laurel St. in San Carlos. A 1031 exchange investor acquired the approximately 13,860-square-foot property for $13.5 million, or $974 per square foot. Mark One Capital arranged $6.85 million in financing for the acquisition of the property. Fabio Sangiorgi of Marcus & Millichap represented the buyer, while David Campbell of Mark One Capital arranged the fixed-rate, interest-only financing for the undisclosed buyer.
COACHELLA, CALIF. — NAI Capital has brokered the sale of Coachella Plaza, a retail center located at 50249 Harrison St. in Coachella. Harrison Coachella 26 LLC sold the property for $10.6 million, or $124.65 per square foot. Built in 1991, the 85,035-square-foot plaza was 78 percent occupied at the time of sale. Tenants include 99¢ Only, Planet Fitness and WSS Shoes. Fariba Kavian of NAI Capital represented the seller in the deal. The name of the buyer was not released.
ANTIOCH, CALIF. — MBK Senior Living has purchased The Commons at Dallas Ranch, a 109-unit assisted living and memory care community in Antioch, for an undisclosed price. The acquisition comes despite the recent resignation of the company’s president, Terry Howard, in August. The seniors housing developer and operator has commenced its search for Howard’s replacement. In the last month, MBK also assumed operations of five Capitol Seniors Housing-owned communities. Those communities include Fairview Commons in Costa Mesa, Calif., and four in metro Seattle: The Creekside, Island House, Mountainlake Terrace Plaza and Northgate Plaza. MBK Senior Living’s portfolio of owned and managed communities now includes a total of 2,465 units within 22 independent living, assisted living and memory care communities in Arizona, California, Colorado, Utah and Washington.
RANCHO MIRAGE, CALIF. — NAI Capital has arranged the acquisition of a retail showroom located at 71441 Highway 111 in Rancho Mirage. FM 111 LCC purchased the property from Thomas Realty Co. from $5.3 million, or $412.80 per square foot. At the time of sale, the 15,000-square-foot property was fully leased to Electric Car Distributors. Jeffrey Simonds of NAI Capital represented the buyer in the transaction.
SEASIDE, CALIF. — The University Corp. at Monterey Bay — an auxiliary corporation of California State University, Monterey Bay — has acquired a 579-bed student housing community located adjacent to the university’s campus in Seaside for $68.5 million. AMCAL Equities LLC sold the project, called The Promontory. The university had a 20-year master lease on the community with an option to purchase after the first 12 months, which it chose to exercise. Community amenities at the property include an internet café, basketball half-court, community clubroom, 24-hour study areas, bicycle storage, fitness center and outdoor grills and seating areas.
