SAN FRANCISCO — SRS Real Estate Partners has secured a ground lease on a 58,040-square-foot property located at 1501 Harrison St. in San Francisco’s South of Market district. The tenant plans to construct a new BMW Service center on the site. Matt Alexander and Andrew Lindsey of SRS Real Estate Partners, along with Chris Hamey of HC&M Commercial Properties, brokered the transaction. The names of the tenant and landlord were not released.
FRESNO AND MADERA, CALIF. — Retail California has arranged three leases totaling 39,144 square feet of retail space in Fresno and Madera. In the first deal, Lumber Liquidators Inc. leased 8,144 square feet of retail space at 5091 N. Fresno St. in Fresno from 5561 Sultana LLC. Nick Frechou and Mike Arfsten of Retail California worked with Doug Cords and Shane Anderson of Commercial Retail Associates to arrange the transaction. In the second transaction, Dollar Tree leased 10,000 square feet of retail space at 333 W. Olive Ave. within Bethard Square Center in Madera from First Priority Funding. Arfsten along with Cords and Anderson brokered the deal. In the final deal, PF Madera LLC leased 21,000 square feet of retail space at 313 W. Olive Ave. within Bethard Square Center in Madera from First Priority Funding. Arfsten and Anderson arranged the transaction.
SANTA CLARA, CALIF. — LeEco has received $140 million in first mortgage debt for a 48.6-acre site in Santa Clara in the heart of Silicon Valley. The Beijing-based tech company plans to develop its 3 million-square-foot world headquarters on the site. LeEco is buying the site, located at 3005 Democracy Way, from Yahoo for $250 million. The property includes several vacant buildings and a parking lot that formerly served the nearby Levi’s Stadium — the new home of the San Francisco 49ers completed in 2014. Hudson Mesa West SA Democracy Way LLC, a limited liability company managed by Mesa West Capital, and Hudson Pacific Properties Inc. (NYSE: HPP) provided the $140 million loan. Brad Zampa of CBRE’s San Francisco office arranged the financing. “LeEco is a very dynamic technology firm with exciting plans for the future,” says Brandon Bachner, vice president of Mesa West Capital. “The firm saw this site as a terrific opportunity to develop a global headquarters and plant a flag in the U.S., realizing that having a strong presence in Silicon Valley is pivotal for talent acquisition and continued growth. Our short-term floating rate loan will provide LeEco with enough runway to complete its pre-development plan.” LeEco will team up with …
SAN DIEGO — SVN|Asset Advisory Group has arranged the sale Boulevard Plaza Shopping Center, located at 2800-2820 El Cajon Blvd. in the North Park section of San Diego. Boulevard Plaza San Diego LLC sold the 12,623-square-foot retail property to 2800 El Cajon Blvd LLC for $3.7 million. At the time of sale, the property was fully leased. Chris Rink of SVN|Asset Advisory Group represented the seller and buyer in the deal.
PALMDALE, CALIF. — Marcus & Millichap has arranged the sale of ALDI – Palmdale, a retail center located at 732 W. Rancho Vista Blvd. in Palmdale. The 17,750-square-foot, net-leased property sold for $3.5 million. Richard Vincent and Pablo Rodriguez of Marcus & Millichap represented the seller, a developer, and the buyer, a private investor, in the deal.
DUBLIN, CALIF. — Ross Stores opened 24 Ross Dress for Less and seven dd’s DISCOUNTS stores across 15 different states in June and July. These new locations are part of the company’s 2016 expansion plans to add approximately 70 Ross and 20 dd’s DISCOUNTS locations throughout the year. Ross Stores, Inc. is headquartered in Dublin, Calif., with 1,317 locations in 34 states, the District of Columbia and Guam. The company also currently operates 185 dd’s DISCOUNTS in 15 states.
LOS ANGELES — ArcWest Partners, a joint venture between Arc Capital Partners and Belay Investment Group, has acquired Chapman Plaza, a historic retail center in Los Angeles’s Koreatown, for an undisclosed sum. Originally opened in 1929 and renovated in 1990, the property is anchored by Baekjeong and Quarters, two Korean-barbeque restaurants. Ben Wagner of CBRE worked with Thorofare Capital and DoubleLine Capital to arrange for bridge acquisition and renovation financing. Jay Chu and Ryan Yatman of Secured Properties advised the buyer and seller in an off-market basis. The names of the seller and buyer were not released.
RIVERSIDE, CALIF. — JCH Consulting Group has arranged the sale of a skilled nursing facility in the Los Angeles suburb of Riverside for $13.1 million. Built in 1969, the facility features 188 beds, resulting in a sale price of $69,680 per bed. The community was 60 percent occupied at the time of sale The buyer was a California owner-operator, and the seller was a regional operator. Shep Roylance was the lead agent on the transaction.
LOS ANGELES — A property occupied by fashion house Bijan has traded hands on Rodeo Drive in Los Angeles. An undisclosed investor acquired the property, located at 420 N. Rodeo Drive, in an all-cash transaction. Bijan has operated at the property for more than 40 years, and is the longest standing privately owned designer house on Rodeo Drive. Marc Schillinger, Bryan Ley and Bill Fishel of HFF represented the undisclosed seller in the transaction.
LOS ANGELES — Dunkin’ Donuts has signed a development agreement with Precision Hospitality & Development to develop eight new restaurants in Los Angeles. The first restaurant is planned to open in 2018. This agreement closes out the company’s first wave of franchise commitments since announcing the state would be open for franchise sales in January 2013. In 2014, Precision Hospitality & Development signed a store development agreement to open 10 Dunkin’ Donuts restaurants in South Orange County and surrounding cities. The group already has two restaurant locations open in Laguna Hills and Irvine, with plans to open a multi-brand restaurant with sister-brand Baskin-Robbins this fall in Foothill Ranch.