California

Hanley Investment Group Arranges $11.8M Sale of Retail Property in Huntington Park

by Nellie Day March 15, 2016

HUNTINGTON PARK, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant, absolute net-leased Walgreens property, located at 6100 Pacific Blvd. in Huntington Park. A private investor based in Northern California acquired the 15,525-square-foot property for $11.8 million. Walgreens has more than 22 years remaining on its initial 30-year term. Patrick Kent and Bill Asher of Hanley Investment Group represented the seller, a private investor based in Los Angeles, while Nigel Keep and Bill Kurfess of Kidder Mathews represented the buyer in the transaction.

March 15, 2016

California Retail Western

Gerrity Group Acquires Fallbrook Mercantile Center Near San Diego for $23.6M

by Nellie Day March 14, 2016

FALLBROOK, CALIF. — Gerrity Group has acquired Fallbrook Mercantile Center, a 70,410-square-foot grocery-anchored shopping center located in the San Diego-area community of Fallbrook, for $23.6 million. Major Market Grocery Store anchors the center, which is 97 percent occupied by tenants including Anytime Fitness, Sherwin Williams, Burger King, Jersey Mike’s Subs, Fantastic Sam’s and Denny’s. Gleb Lvovich and CJ Osbrink of HFF represented the seller, Tourmaline Capital, in the transaction.

March 14, 2016

California Multifamily Seniors Housing Western

JCH Arranges $10.9M Sale of Three-Property Skilled Nursing Portfolio in California

by Nellie Day March 14, 2016

PASADENA, CALIF. — JCH Senior Housing Group, a brokerage based in California, has arranged the sale of three skilled nursing facilities in Pasadena for $10.9 million. The properties were Pasadena Residential Care Center (136 beds), Castle View Retirement Estate (40 beds) and Garfield Care Center (60 beds). SYTR bought the portfolio out of bankruptcy from 1415 Garfield LLC, 1425 Garfield LLC and 1435 Garfield LLC. Shep Roylance led the JCH team on the transaction.

March 14, 2016

California Retail Western

Colliers Retail Foresight Negotiates 2,400 SF Retail Lease in Downey

by Nellie Day March 14, 2016

DOWNEY, CALIF. — Colliers Retail Foresight has arranged the lease of 2,400 square feet of retail space at The Marketplace at Gallatin Road in Downey. Lindora, a weight loss and wellness clinic, will occupy the space at the 66,000-square-foot neighborhood shopping center. James Rodriguez and Michael Bohorquez of Colliers Retail Foresight represented the undisclosed landlord in the transaction.

March 14, 2016

California Mixed-Use Western

Jerico Development, Ratkovich Co. Launch $100M Redevelopment of Ports O’Call Village in San Pedro

by Nellie Day March 11, 2016

SAN PEDRO, CALIF. — Jerico Development and The Ratkovich Co. have partnered to revitalize Ports O’Call Village in San Pedro. To be renamed San Pedro Public Market, the project will include a 30-acre retail and dining destination on San Pedro’s waterfront and up to 375,000 square feet of commercial, retail, restaurant, hotel and conference center space. With construction slated to begin in 2017, the first phase of the project will feature 16 acres of restaurants, shops, office and market space, and a waterfront promenade. Additionally, the project will feature outdoor space, including an open-air amphitheater for concerts and family-friendly entertainment. Tim J. Delaney Design and TFO Architecture are designing the first phase of the $100 million revitalization.

March 11, 2016

California Retail Western

O’Reilly Automotive Enterprises Acquires Three Land Parcels in Los Banos

by Nellie Day March 11, 2016

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.

March 11, 2016

California Retail Western

Marcus & Millichap Brokers $3.2M Sale of Retail Property in Palm Desert

by Nellie Day March 11, 2016

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.

March 11, 2016

California Retail Western

SRS Real Estate Partners Launches National Net Lease Group

by Nellie Day March 11, 2016

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.

March 11, 2016

California Multifamily Western

Praedium Group Buys Villas at Towngate Apartments in Moreno Valley for $68.5M

by Nellie Day March 10, 2016

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.

March 10, 2016

California Multifamily Seniors Housing Western

Kisco to Add $16M Expansion to Seniors Housing Community in California

by Nellie Day March 10, 2016

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.

March 10, 2016

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