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.
CONCORD, FAIRFIELD AND FOLSOM, CALIF. — A partnership between Birtcher Anderson Realty and Merced Capital has acquired a three-property industrial portfolio in Northern California for $63.4 million. The portfolio boasts a total of 533,700 square feet. The acquisition includes the 204,726-square-foot Garaventa Park in Concord; the 228,133-square-foot Fairfield Corporate Commons in Fairfield; and the 100,832-square-foot Lake Forest Business Park in Folsom. The portfolio contains 18 industrial, flex and office buildings that are 85 percent leased to more than 30 tenants. Terry Daly of Cushman & Wakefield placed the debt for the buyer. The firm’s Steve Hermann, Robert Gilley, Brooks Pedder and Tony Binswanger represented the seller, Garaventa Properties, in this transaction. Pedder and Binswanger will continue to serve as the properties’ leasing agents. Cushman & Wakefield will also assume property management under the new ownership.
SAN CARLOS, CALIF. — R.D. Olson Development has broken ground on the 204-room Residence Inn by Marriott Silicon Valley in San Carlos. The hotel will be located at 595 Industrial Road. Residence Inn by Marriott Silicon Valley is situated immediately adjacent to the 101 Freeway, within two miles of Oracle’s headquarters. The area is home to 16 Fortune 500 companies, including Apple, Intel, Facebook and Google. The hotel will offer 1,500 square feet of meeting and pre-function space, a fitness center, full-service business center, pool, spa, and an outdoor patio with fire pits and a sports court. Deacon Corp. will build the hotel, which DLR Group will design.
MONTEREY, CALIF. — San Carlos Associates has received $65 million in first-mortgage debt for the 341-room Marriott Monterey Hotel. The AAA-rated, Four Diamond hotel is located at 350 Calle Principal in downtown Monterey. Marriott Monterey Hotel sits adjacent to the Monterey Conference Center in the downtown retail district. The 10-story hotel includes about 16,500 square feet of meeting space, a spa, two restaurants and subterranean parking for 142 cars. A European Money Center bank provided the 10-year, fixed-rate financing, which was underwritten at a debt yield below 10 percent. Sonnenblick-Eichner Co. arranged the financing.
LOS ANGELES — An affiliate of Z Capital Partners, the private equity management arm of Z Capital Group, has agreed to acquire chain restaurant brand Pink Taco for an undisclosed price. Z Capital Partners is the largest shareholder in restaurant group Real Mex Restaurants, and plans to expand the Pink Taco brand via new locations and improvements to operations and marketing. Third-generation restaurateur Harry Morton founded Pink Taco in Las Vegas in 1999, and the franchise also has locations in Los Angeles. Hard Rock Hotel will still own and operate the original Las Vegas location. Morton will continue to guide strategic marketing, design and future locations of the chain, as well as help launch take-home products for the brand. The transaction is expected to close in the second quarter of 2016.
VICTORVILLE, CALIF. — Construction has commenced on a 444,740-square-foot industrial facility at Southern California Logistics Centre (SCLC) in Victorville. The new building is scheduled for completion and occupancy this fall. Stirling Capital Investments, which has already delivered more than 3 million square feet of Class A industrial space at SCLC, is developing the 2,500-acre commercial and industrial complex. A national manufacturer has already secured the 211,000-square-foot pre-lease commitment. The remaining space is now committed to a second multi-national tenant that will utilize the 233,740-square-foot space for regional and national product distribution. SCLC, along with the Southern California Logistics Airport (SCLA) and the Southern California Rail Complex (SCRC), comprise Global Access Victorville. The complex is entitled for 60 million square feet of development.
