ALISO VIEJO, CALIF. — Wilson Journey LLC has acquired Journey Business Park, a 60,648-square-foot R&D facility in Aliso Viejo, for $14 million. The two-building property is located at 6 Journey. It was built in 1999. NGKF’s Gary Allen and Douglas Mathews represented the seller, LL & DM Investments LLC, in this transaction.
WALNUT CREEK, CALIF. — Tallen Capital Partners LLC and Citivest Commercial LLC, alongside an undisclosed equity partner, will redevelop Rossmoor Shopping Center, a 108,000-square-foot retail center located in Walnut Creek. The phased redevelopment will include a refreshed façade, the addition of a drive-thru pharmacy, enhanced landscaping with the addition of new plazas and gathering spaces, new lighting and a public art component. The redevelopment will bring an additional 29,000 square feet of space to the property. Groundbreaking is scheduled to take place in the fourth quarter of 2016 with completion expected in late 2017. Norman Sears of SGPA’s San Francisco office will lead the architectural design team for the project. Recent lease signings for the center include a long-term lease with Safeway, CVS/pharmacy, Better Homes & Gardens and Starbucks Coffee.
CONCORD, CALIF. — Sterling Organization has acquired Olivera Crossing, a 47,571-square-foot shopping center located in Concord, from West Valley Properties for $12 million. The asset, located roughly 30 miles outside of San Francisco, was acquired through the firm’s institutional fund Sterling Value Add Partners II LP. Dan Wald of Cushman & Wakefield represented the seller in the transaction. Planet Fitness anchors the 77 percent occupied center, which was originally built in 1960 and underwent renovations in 2005.
LAGUNA NIGUEL, CALIF. — A joint venture between TruAmerica Multifamily and an affiliate of Berkshire Group has acquired the 142-unit Career Lofts in Laguna Niguel for an undisclosed sum. The community is located at 28100 Cabot Road, along California State Route 73. The JV plans to rebrand the property as Sky at Laguna Niguel. It is only the second institutional-grade multifamily project to be constructed in the submarket in more than 20 years, according to the JV. Steve Fried and Seth Hall of Mesa West Capital assisted with the financing.
LOS ANGELES — Simon Baron Development has acquired the ground lease on the 600-room Stay on Main Hotel in downtown Los Angeles for an undisclosed sum. The hotel is located at 640 S. Main St. Simon Baron plans to institute a capital improvement program and reposition the 170,000-square-foot property into a modern mixed-use facility. This acquisition is the developer’s first foray into the West Coast, and represents the firm’s first project in California. Ben Reznik of Jeffer Mangels Butler & Mitchell LLP represented Simon Baron in the deal. David Swartz of CGS3 represented Simon Baron in the ground lease. 248 Haynes Hotel Associates LLC was the seller. HKS Capital provided financial advisory services to Simon Baron.
ALISO VIEJO, CALIF. — Colliers International has arranged the sale of a single-tenant PetSmart location in Aliso Viejo. An Orange County, Calif.-based private investor acquired the land and building, located at 23511 Aliso Creek Road, for $18.5 million, with a 4.62 percent cap rate. The property is one of the anchor tenants for Aliso Town Center. The seller was a Los Angeles-based developer. Jereme Snyder and Eric Carlton of Colliers brokered the transaction.
HANFORD AND CLOVIS, CALIF. — Retail California, a division of Pearson Realty, has arranged three retail leases totaling 7,658 square feet. In Hanford, Pieology leased 1,800 square feet of space at 1696-B W. Lacey Blvd. from Passco Hanford Mall LLC. Lewis Smith and Michael Kennedy of Retail California brokered the deal. Also in Hanford, Blazin Wings Inc. leased 4,623 square feet at 1699 W. Lacey Blvd. from Passco Hanford Mall LLC. Smith represented the landlord, while Phil Fontes of Newmark Grubb ASU & Associates represented the tenant. In Clovis, JR’s Sports Collectibles leased 1,235 square feet of space at 695 W. Herndon Ave. in Clovis Commons Shopping Center from BRE Throne Clovis Commons LLC. Michael Arfsten of Retail California arranged the transaction.
RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners and Hanley Investment Group have listed Thomas Winery Plaza, a 99,808-square-foot shopping center in Rancho Cucamonga, for sale at $28.6 million. Built in 1989 and renovated in 2008, the property is more than 90 percent occupied and features a diverse mix of more than 30 national and regional/local retailers, including CVS/pharmacy, Fitness 19, Souplantation, The Flame Broiler, Klatch Coffee, Wine Tailor and Elements Massage. Brad Umansky and Frank Vora of Progressive Real Estate Partners, along with Bill Asher of Hanley Investment Group, are marketing the property on behalf of the seller, a private real estate partnership.
LOS ANGELES — Holland Partner Group has broken ground on 732 Spring Street, the second of two high-rise, mixed-use projects the firm is developing in a joint venture with North America Sekisui House in downtown Los Angeles. The 24-story tower will feature 300 residential units with luxury amenities and 7,500 square feet of ground floor retail. The $164 million tower is situated across the street from its sister property, 755 Spring Street, on which Holland broke ground late last year. The building sites are located in the Historic Core of downtown Los Angeles, along the edge of the Fashion District. Amenities at the towers will include a resort-style fitness center and clubhouse, a rooftop deck and cantilevered pool cabanas suspended five stories above street level. The towers will stand more than 100 feet above surrounding buildings, offering views of the greater Los Angeles area once completed in mid-2018. MVE + Partners designed the towers.
WESTMINSTER, CALIF. — Marcus & Millichap has arranged the sale of Little Saigon Shopping Center, an 85,133-square-foot leasehold community shopping center located in Westminster’s Little Saigon community. A local partnership sold the asset for $18 million, or $211 per square foot, with a cap rate of 6.26 percent. Wells Fargo anchors the center. Ron Duong of Marcus & Millichap’s Newport Beach, Calif., office represented the seller.
