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CaliforniaRetailWestern

Vestar Plans Renovations for Pacific Commons Shopping Center in Fremont

by Nellie Day

FREMONT, CALIF. — Vestar has announced plans to renovate Pacific Commons, a 1.2-million-square-foot regional power center located in Fremont. The refresh — set to begin this month — will include the addition of indoor-outdoor dining areas with exterior tables and umbrellas; new seating areas; gathering space with fire pits; new landscaping and trellis elements; stone and wood seating walls; cobble and concrete pavers; a fountain; lighting; steel awnings; and upgraded signage. The property is home to tenants including Target, Lowe’s, Costco, Dick’s Sporting Goods, Kohl’s, Toys R Us, Nordstrom Rack, DSW, Old Navy, T.J. Maxx, Ulta Beauty, Tilly’s, Total Wine, Men’s Wearhouse and Century Theatres.

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CaliforniaWestern

City of Burbank, Visit Burbank Receive 2016 Excellence in Economic Development Awards

by Nellie Day

BURBANK, CALIF. — The International Economic Development Council (IEDC) has awarded the City of Burbank and Visit Burbank with Excellence in Economic Development Awards for projects in 2016. The City of Burbank received a Silver Award for General Purpose Print Promotion, while Visit Burbank received a Bronze Award for Special Purpose Website. The accolades were presented at an awards ceremony on Sept. 27, during the IEDC Annual Conference, which was held in Cleveland.

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CaliforniaRetailWestern

CBRE Facilitates $15.6M Sale of Tesla-Leased Retail Property in Santa Monica

by Nellie Day

SANTA MONICA, CALIF. — CBRE has arranged the sale of a retail property located at 1227 3rd St. Promenade in Santa Monica. A joint venture between KLM Equities and Harlington Realty acquired the 3,000-square-foot property for $15.6 million. The property is currently occupied by Tesla Motors. Constructed in 1938, the building underwent a complete revamp in 2012 to become a state-of-the-art showroom for Tesla. Timothy Bower, Ken McLeod and Tim Kuruzar of CBRE represented the undisclosed seller and the buyer in the deal.

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CaliforniaRetailWestern

NAI Capital Brokers $7.5M Sale of a Retail Building West Hollywood

by Nellie Day

WEST HOLLYWOOD, CALIF. — NAI Capital has arranged the sale of a retail property located at 8126 Beverly Blvd. in West Hollywood. Los Angeles-based investor Arash Denialifar acquired the property from Hamilton Properties for $7.5 million, or $852 per square foot. Previously occupied by Environment Furniture, the 8,800-square-foot property features a private parking lot. Ian Strano of NAI Capital’s Westwide office represented the seller and buyer in the transaction.

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CaliforniaRetailWestern

Marcus & Millichap Negotiates $2.8M Sale of Carl’s Jr. Ground Lease in Oxnard

by Nellie Day

OXNARD, CALIF. — Marcus & Millichap has brokered the sale of ground lease for 480 N. Rose Ave. in Oxnard. A limited liability company sold the property to a private investor for $2.82 million. The 3,000-square-foot property is net-leased to Carl’s Jr. Lior Regenstreif of Marcus & Millichap represented the seller and buyer in the transaction.

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CaliforniaOfficeWestern

Progressive Real Estate Partners Brokers $2.2M Sale of Retail/Office Building in Chino

by Nellie Day

CHINO, CALIF. — Progressive Real Estate Partners has arranged the sale of a mixed-use building located at 4774 Riverside Drive in Chino. A private investor based in Orange County, Calif., sold the 8,000-square-foot property for $2.2 million, or $278 per square foot. A private Chino Hills-based investor acquired the retail/office property, which is fully occupied by Mother’s Nutritional Center, WIC, T-Mobile Cell Tower and two medical office tenants. Frank Vora of Progressive Real Estate Partners represented the seller, while Leo Gao of Reno Business Investment Group represented the buyer in the deal.

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CaliforniaRetailWestern

Colliers Negotiates 3,750 SF Restaurant Lease in San Fernando Valley

by Nellie Day

SAN FERNANDO VALLEY, CALIF. — Colliers Retail Foresight has arranged a lease for restaurant space at North Hills Vallarta Center in San Fernando Valley. Stinkin Crawfish will occupy 3,750 square feet of space at the 61,000-square-foot neighborhood shopping center. James Rodriguez, Michael Bohorquez and Bradley Pagnone of Colliers Retail Foresight represented the undisclosed landlord in the lease.

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CaliforniaOfficeWestern

Sepulveda Center Office Tower in Los Angeles Trades for $68.2M

by Nellie Day

LOS ANGELES — An affiliate of Swig Co. has acquired Sepulveda Center, a 178,157-square-foot office tower in West Los Angeles, for $68.2 million. The Class A tower is located at 3415 S. Sepulveda Blvd. The 12-story property is 83 percent leased to a mix of media, technology and financial tenants. The new owner will implement a capital improvement plan that will update the lobbies, bathrooms and outdoor facilities. The plan will also expand the common building amenities. The seller was KBS Capital Advisors. HFF’s Ryan Gallagher, Andrew Harper and Michael Leggett executed the sale. The firm also worked on behalf of the new owner to secure a three-year, floating-rate loan through MetLife Real Estate.

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CaliforniaIndustrialWestern

Cornerstone Centre Industrial Facility in Rancho Bernardo Sells for $7.4M

by Nellie Day

SAN DIEGO — McEwen-Otay LLC and MP McEwen I LLC have acquired Cornerstone Centre, a 43,423-square-foot multi-tenant flex industrial property in the San Diego submarket of Rancho Bernardo, for $7.4 million. The facility is located at 10840 Thornmint Road. Cornerstone Centre was built in 1990. The building was fully occupied by six tenants at the time of sale. Mark McEwen of Colliers International represented the buyers. Randy LaChance, Brian Mulvaney and Josh West of Voit Real Estate Services represented the seller, CRP – 2 San Diego, in this transaction.

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CaliforniaIndustrialWestern

ALDI Earns LEED Gold Certification for Moreno Valley Distribution Center

by Nellie Day

MORENO VALLEY, CALIF. — Leading grocery retailer ALDI has earned LEED (Leadership in Energy and Environmental Design) Gold certification from the U.S. Green Building Council (USGBC) for its environmentally sustainable distribution center and regional headquarters in Moreno Valley. According to USGBC, LEED projects are responsible for diverting more than 80 million tons of waste from landfills. Compared to the average commercial building, LEED Gold buildings consume a quarter less energy and generate 34 percent lower greenhouse gas emissions. To meet LEED Gold standards, ALDI worked with Graycor Construction Co. as a design-build partner along with architects and engineers to improve the design and materials used in the development of its distribution center and regional headquarters. The sustainable building features include: • Renewable energy from onsite solar panels that provide 60 percent of the electricity. • Ammonia refrigeration system, which is a naturally occurring element and highly energy-efficient. • Electric vehicle charging stations and bicycle racks that promote the use of greener methods of transportation. • Water-efficient landscaping and plumbing. Partners in the project include Graycor, HPA Architecture, Webber/Smith Associates, Inc., Gregg Electric, Inc., Air Control Systems, HSA Engineering Inc., Huitt-Zollars, Ridge Landscape Architects and KDI. Throughout the construction of its Moreno Valley warehouse, …

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