LOS ANGELES — SBH Real Estate Group has completed the sale of a retail center located at 3138-3148 W. Pico Blvd. in the Koreatown neighborhood of Los Angeles. Hasty Yadegaran, a local real estate investor, acquired the property for $6.7 million, or $441 per square foot. Dollar Tree and a multi-unit coin laundry operator occupy the 15,176-square-foot property. Dan Hoogesteger and Chris Sands of Sands Investment Group represented the seller in the deal.
LAGUNA HILLS, CALIF. — C.W. Driver Cos. has broken ground on Five Lagunas, a rebranding and renovation of Laguna Hills Mall in Laguna Hills. Plans for the 68-acre site include 300,000 square feet of newly built retail space, 45,000 square feet of retail pad construction, and extensive interior and exterior renovations that will upgrade and modernize the shopping center. The 846,885-square-foot lifestyle center is slated to open in summer 2018. Current tenants include JCPenney, Macy’s and Nordstrom Rack. Merlone Geier Partners owns the property.
LAKE ELSINORE, CALIF. — Civic Partners has selected KTGY Architecture + Planning to design Artisan Alley at The Diamond, a retail development located in Lake Elsinore. Situated on 11 acres at the northeast corner of Diamond Drive and Malaga Road, the project will feature 95,000 square feet of retail and restaurant space and a 130-room hotel. Rene Brochier of Colliers International and Philip Riedy of Riedy Commercial Real Estate are handling the leasing and pad site sales at the property.
MISSION VALLEY, CALIF. — Sudberry Properties and the Grant Family are developing Civita Recreation Center, a multi-building recreation center in Mission Valley. Dempsey Construction has broken the ground on the project, which will include two buildings featuring a gymnasium, spa area, great room and kitchen. Outdoor amenities will include a family swimming pool, a lap swimming pool, barbecue area, fire pits and outdoor seating areas. Designed by Bessenian Lagoni, the property is slated for completion in spring 2017.
RIVERSIDE, CALIF. — Three new retailers have signed leases to move into Riverside Plaza, a retail center in Riverside. Carter’s Babies & Kids signed a lease for 4,200 square feet; Ono Hawaiian BBQ inked a deal for 3,005 square feet; and Great Shakes leased 1,193 square feet of space at the center. Existing tenants at Riverside Plaza include Marshalls, Chico’s, Regal Stadium Plaza 16, Trader Joe’s, The Sleep Train, The Coffee Bean & Tea Leaf, Home Care Assistance, Wang Cho Korean BBQ, Charter Communications and Nothing Bundt Cakes.
SOUTH SAN FRANCISCO, CALIF. — A joint venture between Greenland USA and equity partners Ping An Trust, Agile Group and Poly Sino Capital Limited has acquired The Landing at Oyster Point in South San Francisco for $171 million. A partnership between Shorenstein Properties and SKS Partners sold the 42-acre waterfront property, which will be transformed into an office, research and development complex that will support the life sciences industry. The joint venture plans to invest over $1 billion in the project. “The San Francisco Bay Area is known globally for its leadership in innovation, and we’re proud to bring Greenland’s expertise and vision for transformative properties to the area,” says Yuliang Zhang, chairman of China-based Greenland Group, parent company of Greenland USA. “The United States continues to play a critical role in our overseas expansion, and we look forward to what will be a landmark property.” The property will be renamed Oyster Point and will total approximately 2.2 million square feet, including public space and recreational areas. Development of Oyster Point will be completed in phases, and construction on the 500,000-square-foot Phase I is expected to begin by mid-2018, following infrastructure improvements by the city of South San Francisco, including …
CORTE MADERA, CALIF. — New York Life Real Estate Investors has provided a $225 million, 12-year mortgage loan for The Village at Corte Madera, a 460,000-square-foot regional mall located in Corte Madera, just a few miles south of San Rafael. The Macerich Co. and Institutional Mall Investors own the open-air mall, which is home to tenants including Anthropologie, Banana Republic, Free People, J. Crew, Macy’s, lululemon athletica, Nordstrom, Madewell and Restoration Hardware.
SANTEE, CALIF. — CBRE has arranged a $25 million Freddie Mac loan for The Grant Companies to refinance The Pointe at Lantern Crest, a 102-unit independent living and assisted living community in the San Diego suburb of Santee. The Class A community is Phase II of a larger campus. Phase I, The Ridge at Lantern Crest, was also financed with a CBRE-originated Freddie Mac loan in 2014. Lantern Crest Management operates the communities. The 10-year, fixed-rate mortgage includes 72 months of interest-only payments. Aron Will of CBRE National Senior Housing and Bill Chiles and Scott Peterson of the CBRE Debt & Structured Finance team in San Diego, arranged the financing. Founded in 1989, The Grant Companies has developed more than $500 million in medical office buildings, seniors housing and other commercial developments.
SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of Gramercy Court, an 87,526-square-foot assisted living and skilled nursing facility in Sacramento, for $15.6 million. The eight-building community sits on a 5.4-acre campus. It features 71 assisted living units and 120 skilled nursing beds. Max McCabe and Krone Weidler both in Marcus & Millichap’s Tampa office represented both the buyer, a fund manager, and the seller, an individual trust, in the transaction.
YORBA LINDA, CALIF. — Savi Ranch Property Holdings has purchased Savi Tech Center, a 376,808-square-foot office/technology campus in Yorba Linda, for an undisclosed sum. The campus is located within the Savi Ranch business park at 22705-22745 Savi Ranch Parkway, about 40 miles south of downtown Los Angeles. The campus is fully leased to five tenants within the technology, healthcare and housing sectors. The seller, a joint venture between Hines and Oaktree Capital Management, previously invested $13 million to update the campus’ common areas, roof, HVAC systems, and interiors and exteriors. Jeffrey Cole, Jeff Chiate, Ed Hernandez and Rick Ellison of Cushman & Wakefield represented the sellers in the transaction.