MONTEBELLO, CALIF. — Combined Properties has planned a $5.5 million renovation for Mart Montebello, a retail center at the intersection of Montebello and Beverly boulevards in Montebello. Originally built in 1957 and last renovated in 1991, the new project will remodel and modernize the facades and pad buildings with new parapets, features, fascia materials and repainted color schemes. Additionally, the renovation includes a new pad building, currently under construction, that is leased to Chipotle and The Habit Burger. The renovation is expected to begin during this quarter with completion by the end of the year. Upon completion, the center will be renamed Montebello Mix.
DAVIS, CALIF. — Browman Development has acquired a five-building retail portfolio across four blocks in downtown Davis. Brinley Downtown Properties sold the fully-leased portfolio for an undisclosed price. Located at 513, 603 and 718 Second St., 209 F St. and 207 E St., the 71,437-square-foot portfolio is occupied by a variety of retailers, including Armadillo Music, Fleet Feet Sports, The Army Corps of Engineers, The Avid Reader, Spa Central, E Street Salon, Balance Point Pilates Studio, The Wardrobe, The Root of Happiness Kava Bar, and Sweet and Shavery. Erik Neese, Ken Reiff and Shaun Morrow of Cushman & Wakefield represented the seller in the transaction.
DUBLIN AND PETALUMA, CALIF. — Regency Centers, in partnership with SoCore Energy and several of its retail partners, has installed over 750 kilowatts of rooftop solar photovoltaic systems at Persimmon Place in Dublin and East Washington Place in Petaluma. Combined, the systems include approximately 2,500 modules and are expected to produce over 1.2 million kilowatt hours of electricity each year.
LOS ANGELES — Rexford Industrial Realty has purchased a nine-property industrial portfolio based in a variety of Southern California infill markets for $191 million. The portfolio contains more than 1.5 million square feet of space. The properties are situated throughout Orange County, Inland Empire West, central San Diego and the Los Angeles-San Gabriel Valley markets. The portfolio is fully leased to 12 tenants. Rexford funded the acquisition with proceeds from its recent public equity issuance and the exercise of a $100 million accordion on its $125.0 million unsecured term loan. The acquisition increased Rexford’s owned square footage by more than 12 percent.
LOS ANGLES — NorthMarq Capital has arranged $13.6 million in financing for Marshalls Plaza, a retail property located at 707-815 W. Second St. in Los Angeles. Ory Schwartz of NorthMarq Capital’s Los Angeles office secured the 10-year financing, which features a 30-year amortization schedule, through a CMBS lender for the undisclosed borrower. Marshalls, DD’s Discounts and Dollar Tree are tenants at the 151,286-square-foot property.
BELLFLOWER, CALIF. — Charles Dunn Co. has arranged the $3.2 million sale of a 5,000-square-foot, single-tenant, triple-net-leased property occupied by Union Bank in the Los Angeles suburb of Bellflower. Kyle Gulock and Jason Cope of Charles Dunn represented both the seller, a private investor from Orange County, and the buyer, a Chinese investor, in the transaction.
COVINA, CALIF. — A limited liability company has purchased The Bahamas, a 40-unit apartment property in Covina, for $7 million. The two-building community is located at 514 E. Cypress St. and 826 North Barranca Ave. The buildings were constructed in 1961 and 1963. Mark Sanfilippo and Reza Ghaffari of Marcus & Millichap represented the buyer. Sanfilippo also represented the seller, a private investor, in this transaction.
OXNARD, CALIF. — Starbucks Corp. has signed a 20-year lease for a freestanding, drive-thru store at Shopping at the Rose in Oxnard. The coffee shop will join Walmart, Sam’s Club, Vons, Ross Dress for Less, Hobby Lobby and PetSmart, among other tenants, at the 500,000-square-foot power center, which is currently under construction. Linda Hagelis of Hagelis Group represented the landlord, McGrath-RHD Partners, in the transaction.
PICO RIVERA, CALIF. — A fund advised by UBS Asset Management has named Vestar as property manager for Village Park in Pico Rivera. A variety of tenants, including CVS/pharmacy, Harbor Freight Tools and Cinepolis, occupy the 126,000-square-foot lifestyle center. With this assignment, Vestar now manages more than 11 million square feet of retail space in the Los Angeles area.
VENTURA, CALIF. — Hagelis Group has arranged the sale of a freestanding retail property located within Ventura’s retail corridor. A private investor from Santa Barbara acquired the property. The sale price was not disclosed, but the property was listed at $2.4 million. Rob Devericks and Bill Hagelis of Hagelis Group represented the undisclosed seller, while Kris Roth of Hayes Group represented the buyer in the transaction.