LOS BANOS, CALIF. — O’Reilly Automotive Enterprises has acquired three retail land parcels in Los Banos. O’Reilly acquired a 15,912-square-foot parcel and a 17,291-square-foot land parcel, both located at the northwest corner of Pacheco Pass and Sixth Street, from Balatti Family Trust for undisclosed price. Additionally, O’Reilly purchased a 14,288-square-foot land parcel at the northwest corner of Pacheco Pass and Sixth Street in Los Banos from Douglas Balatti Revocable Trust. Lewis Smith of Retail California brokered the three transactions.
PALM DESERT, CALIF. — Marcus & Millichap has arranged the sale of Coco’s Bakery & Restaurant, located at 78375 Varner Road in Palm Desert. An individual/personal trust acquired the 6,887-square-foot net-leased property for $3.2 million. Don Emas of Marcus & Millichap represented the seller, a limited liability company, while Emas and Kevin Struve, also of Marcus & Millichap, represented the buyer in the transaction.
NEWPORT BEACH, CALIF. — Dallas-based SRS Real Estate Partners has launched SRS National Net Lease Group, a newly created platform offering advisory services for investors of single-tenant and net lease retail properties nationwide. Leading the new platform as managing principals and co-founders are Matthew Mousavi and Patrick Luther, formerly of Faris Lee Investments, who will be based in SRS’ Newport Beach office. In their roles, they will lead a collaborative net lease platform with SRS’ investment sales professionals across the U.S., while managing all marketing and transactions from the Newport Beach office. In addition, Mousavi and Luther will also lead investment sales of all other retail property types in the Southern California market, including multi-tenant and portfolio sales. Mousavi and Luther have a track record of more than $2 billion in closings, and 20 years of experience handling retail investments.
MORENO VALLEY, CALIF. — The Praedium Group has purchased the 394-unit Villas at Towngate Apartments in Moreno Valley for $68.5 million. The community is located at 13120 Day St. Towngate was built in 2006. Notable employers in the area include Proctor & Gamble, Deckers Outdoor, Phillips Electonics and Walgreens. Amazon recently opened a 2 million-square-foot fulfillment center in the area, while Skechers debuted a 1.8 million-square-foot center in 2012. A 40.6 million-square-foot World Logistics Center was also recently approved within the city. It is the largest single project in California, and estimated to add 20,000 permanent jobs with an annual economic impact of $2.5 billion.
ANAHEIM, CALIF. — Kisco Senior Living has announced plans for a $16 million expansion to Emerald Court, a 194-unit independent living and assisted living community in the Los Angeles suburb of Anaheim. The expansion will add a two-story, 58-unit assisted living building as well as a new bistro, fitness center and several landscaped courtyards. In addition to the new construction, Kisco will renovate and expand the common areas and residences of the existing buildings. Kisco plans to break ground on the expansion in June of this year. Based in Carlsbad, Kisco Senior Living owns and operates 22 seniors housing communities in seven states, with a heavy concentration in California.
POWAY, CALIF. — The Heritage Group has arranged the $6 million sale of Old Poway Village, a 27,453-square-foot retail and office property located in the San Diego suburb of Poway. The center features four multi-tenant retail and office buildings, home to tenants including the Poway Chamber of Commerce, Pomerado News, Countryside Barn, Lily Café, Hagan Chiropractic, San Diego Pond & Garden and Poway Pilates. Old Poway Village Center LLC acquired the property in a 1031 Exchange. Mark Hoekstra and Rocco Cortese of The Heritage Group represented the buyer in the transaction. The Heritage Group will also manage and lease the property.
SAN DIEGO — The Coseo Family Trust has purchased a 26,500-square-foot office property in San Diego for $3.7 million. The building is located at 17075 Camino San Bernardo, within the 4S Ranch Business Park. It was built in 1999. The trust plans to reposition the property before re-leasing. Richard Lebert and Matt Zimsky of Colliers International represented the buyers. JLL’s Tony Russell, Jay Alexander and Tim Olson represented the seller, Wheat Accessories.
HANFORD, CALIF. — Passco Cos. has secured four national retail tenants for Hanford Mall located at 1675 W. Lacey Road in Hanford. The four new tenants are Buffalo Wild Wings, Five Guys, Dunkin’ Donuts and Pieology. Construction for Buffalo Wild Wings, Five Guys and Pieology is underway with planned openings this summer, while Dunkin’ Donuts is set to start construction soon. Kohls, Forever 21, Sears, JC Penney and Cinemark 8 anchor the property.
CARSON, CALIF. — HFF has secured $83.2 million in first lien financing for South Bay Pavilion, a 1.2 million-square-foot super regional mall in the Los Angeles suburb of Carson. James Fowler of HFF worked on behalf of the borrower, Vintage Real Estate, to secure the three-year, floating-rate loan through PCCP. The loan will be used to continue the borrower’s redevelopment, repositioning and expansion of the mall. The 95 percent leased center is home to more than 60 tenants including Cinemark Theatre, Ikea, Old Navy, Olive Garden, Buffalo Wild Wings, Big 5 Sporting Goods, Panera Bread, 24 Hour Fitness, Chili’s Grill & Bar and The Children’s Place. The current expansion plan includes adding several new fashion and restaurant tenants.
ANTIOCH, CALIF. — The San Diego North office of Lee & Associates has brokered the sale of a newly constructed retail property located at the northwest corner of Buchanan Road and Somerville Road in Antioch. The 15,789-square-foot property sold for an undisclosed price. CVS occupies the property under a new 20-year net lease. Ryan Bennett and Ryan Barr of Barr & Bennett Net Leased Investment, a specialty group of Lee & Associates-North San Diego, represented the undisclosed seller in the transaction. The name of the buyer was not released.