ONTARIO, CALIF. — Noble House Home Furnishings has leased Prologis Mission Distribution Center, a 741,458-square-foot industrial distribution center in Ontario. The Class A center is located at 3655 S. Philadelphia St. It was built in 2001 and acquired by Prologis in 2007. The center was completely vacant prior to this lease. Peter Castleton of Voit represented the national residential furniture manufacturer in the transaction.
PLACENTIA AND SAN DIEGO, CALIF. — Vestar has been selected to two retail properties in Placentia and San Diego. In the first assignment, Vestar will manage Placentia Square, a community retail center in Placentia. Located at the corner of Yorba Linda and Kraemer boulevards, Wells Fargo, Walgreens, Supercuts, Pick Up Stix, Subway and Rubios occupy the 27,930-square-foot center. In the second assignment, Clarion Partners selected Vestar to manage Courtyard at Carmel Mountain Ranch, a community retail center at 11134 Rancho Carmel Drive in San Diego. Best Buy, TJ Maxx, Staples, Petco and The Vitamin Shoppe occupy the 128,000-square-foot property. With these assignments, Vestar now manages more than 26 million square feet of retail space throughout the West Coast.
CARLSBAD, CALIF. — Flocke & Avoyer Commercial Real Estate has arranged the lease of 1,270 square feet of space at Bressi Village, located at 2623 Gateway Road in Carlsbad. Cravory Holdings LLC signed a five-year lease with a consideration of $364,100 for the space where it plans to open a bakery. Stewart Keith and Bill Thaxton of Flocke & Avoyer represented the lessor, while Greg Bowman of Cushman & Wakefield represented the lessee in the deal.
LOS GATOS, CALIF. — Donahue Schriber has acquired Los Gatos Village Square, a 46,235-square-foot grocery-anchored shopping center located in the San Francisco Bay area community of Los Gatos. Trader Joe’s anchors the fully occupied center. Nicholas Bicardo, Danny Reddin and Brandon Rogoff of HFF represented the undisclosed institutional seller in the transaction.
GRANITE BAY, CALIF. — Vestar has acquired Sierra Oaks Plaza, a neighborhood shopping center located in Granite Bay in the Sacramento metropolitan area. The asset, which is situated at the intersection of Douglas and Sierra College boulevards, sold for $28.1 million. Walmart Neighborhood Market, Chick-Fil-A, Crunch Fitness, Tri Counties Bank and Habit Burger occupy the 105,555-square-foot property. Over the past 12 months, Vestar has acquired six retail centers valued at $700 million throughout the Western states.
CALABASAS, CALIF. — Michael Klein, principal and CEO, has opened Freedom Financial Funds (FFF) in Calabasas. FFF manages private equity funds that it uses for debt and equity capital for the construction, rehabilitation, repositioning, conversion or additions to commercial and residential properties in the Western United States. The firm’s team of experts includes Stanley Kafka, Minda Johnstone and Yan Lam, all principals and founding members of FFF. The firm uses pooled funding or managed accounts, provided by high-net-worth individuals, business managers, institutional investors and lines of credit provided by commercial banks.
SAN FRANCISCO — Bridgeton Holdings has received a $45 million loan to acquire 995 Market St., a 15-story office tower in San Francisco. The company purchased the 91,300-square-foot tower for $62 million. The office portion of the tower is occupied by WeWork and a nonprofit group. It also includes ground-floor retail that is fully leased to CVS. The property is situated in the Mid-Market neighborhood, which is also home to Twitter, Uber and Spotify. Jordan Ray, Ari Hirt, Steven Buchwald and Alex Draganiuk of Mission Capital Advisors arranged the non-recourse loan.
LOS ANGELES — An affiliate of Brooks Street has obtained a total of $9.8 million in financing to acquire a 1.2-acre land parcel in Los Angeles’ Koreatown neighborhood. The Newport Beach-based developer obtained entitlements for 166 apartment units and 5,000 square feet of retail. West Bay Capital LLC arranged the financing. The funds consist of a $5 million loan secured by a second deed of trust, as well as a $4.8 million senior loan that was placed with a capital partner. Both loans fetaure six-month terms and six-month extension periods.
PERRIS, CALIF. — Eight new retailers are set to open at Perris Marketplace, a Super Walmart-anchored shopping center located in the Los Angeles suburb of Perris. New openings will include a 2,000-square-foot Chipotle Mexican Grill; a 3,000-square-foot Pacific Dental; a 2,300-square-foot Pieology; a 2,500-square-foot freestanding Popeye’s with a drive-thru; a 1,600-square-foot T-Mobile; a 1,600-square-foot Verizon; a 1,500-square-foot Waba Grill; and a 1,135-square-foot Yogurtland. Paul Galmarini of Progressive Real Estate Partners represented the developers and owners of the center, Evergreen and Trachman Indevco, in the transactions. The freestanding drive-thru pad and the two buildings that will be home to the new stores are scheduled for groundbreaking in early summer 2016, with all eight retailers projected to open in late 2016 and early 2017.
WALNUT CREEK, CALIF. — MoMo’s American Bar & Grill, an AT&T Park-adjacent restaurant, is opening a second location in Walnut Creek, roughly 25 miles outside of San Francisco. The bar and eatery will occupy a 6,528-square-foot retail space at 1444 N. California Blvd. Jeffrey Hook of Savills Studley represented MoMo’s, and John Sechser of Transwestern represented the landlord, Nearon Enterprises, in the transaction. The restaurant signed a 15-year lease with two extension options, and plans to open in the fourth quarter of this year. This will be the fifth restaurant owned by The Golden Bear Restaurant Group, founded in 1991 by Peter Osborne and his wife, Janet. The original MoMo’s opened in 1998 and was named in memory of Osborne’s grandmother and mentor, whom he affectionately called MoMo.
