LOS GATOS, CALIF. — A 6,452-square-foot, mixed-use property in Los Gatos that was formerly occupied by Bank of America has sold to an unidentified personal trust for $4.5 million. The space is located at 2 North Santa Cruz Ave. It was built in 1932. J.J. Taughinbaugh and Yuri Sergunin of Marcus & Millichap’s Palo Alto office represented the buyer.
FRESNO, CALIF. — Retail California, a division of Pearson Realty, has brokered two retail sales totaling 69,208 square feet in Fresno. In the first transaction, Fresno Coin Gallery Jewelry and Loan Inc. acquired a 9,208-square-foot retail space at 1727 E. Gettysburg Ave. from Dean & Arlene Sigle Trust. Michael Kennedy and John Lee of Retail California negotiated the transaction. In the second deal, Ag Land Joint Venture acquired a 60,000-square-foot retail building at 4550 and 4582 N. Blackstone Ave. from Rich Development/Gryphon Capital. Lewis Smith of Retail California, along with Mark Saito of Saito Company, brokered the transaction. The acquisition prices were not released for either sale.
SAN DIEGO — Friars-Riverdale Ltd has completed the disposition of Friars-Riverdale Center, a retail center located at 10383-01397 Friars Road in San Diego. Lai Family LP acquired the 32,696-square-foot property for $2.8 million. The property is fully leased to a mix of retail and office tenants. Brian Crepeau and Icela Galaz-Wittkopp of Pacific Coast Commercial represented the seller, while Judy Chou Hsieh of Greater Realty Inc. represented the buyer in the transaction. Renee Marshall of Chicago Title Company provided escrow services, and Ken Cyr, also of Chicago Title Company, provided title services.
GLENDALE, CALIF. — College Plaza, a 5,528-square-foot retail building in the Los Angeles submarket of Glendale, has sold to James Hsu for $6.3 million. The building is located at 1500 Canada Blvd. It was built in 2005. Notable tenants include Coffee Bean and Flame Broiler. The buyer was represented by Peggy Chen of Ko Tai Realty. The seller, Hovik Khatchaturian of Turian Properties, was represented by Alex Vasquez of Stevenson Real Estate Services.
DUBLIN, CALIF. — Dublin-based Ross Stores Inc. will open five new Ross Dress for Less locations in Tennessee, Indiana, North Carolina and Illinois. New stores include a location at Thatcher Woods Center, 12 miles northwest of downtown Chicago; a location at Kensington Center in Plainfield, Illinois; a location at Lincolnton Center, 40 miles Northwest of Charlotte, North Carolina; a location at Village Commons in Evansville, Indiana; and a location at The Crossings at Dickson in Dickson, Tennessee. All locations are set to open July 18.
BEVERLY HILLS, CALIF. — Harbor Group International LLC (HGI) has acquired 357 North Beverly Drive, a 14,144-square-foot urban retail property in Beverly Hills, for $40 million. The property is fully leased on a triple net basis to C.O.S., a subsidiary of H&M, on a long-term lease. HGI partnered with Image Capital on the transaction.
IRVINE, CALIF. – Property Investment Co. has purchased the Landmark Building, an 89,041-square-foot office property in Irvine, for $27.4 million. The Class A space is located at 2100 Main Street, within the master-planned Irvine Concourse office park. The building was about 60 percent occupied at the time of closing. Property Investment Co. was represented by North American Commercial and Industrial Properties. The sellers, 2100 Main L.P. and Bethel Holdings LLC, were represented by Alan Pekarcik and Dan Vittone of Avison Young.
SAN LEANDRO, CALIF. – Ferguson Enterprises has leased a 157,324-square-foot warehouse and distribution building in the Oakland submarket of San Leandro. The Class A facility is located at 1936 Fairway Drive. Ferguson has also leased a contiguous 5.8-acre parcel for its laydown yard. Once completed, it will be the residential plumbing supply company’s largest distribution hub in the region. The landlord is Prologis.
DANA POINT, CALIF. — Zephyr has purchased a nine-acre parcel in the Orange County suburb of Dana Point for $50 million. The parcel is located at 34202 Del Obispo Street. The project will include 168 high-end townhomes and seven mixed-use structures adjacent to Doheny State Beach and Dana Point Harbor. The site is walking distance to the beach, with the harbor, golf, shopping and dining options just minutes away. Construction will commence next year. The project is slated for completion in 2019. The fully entitled site previously featured a mobile home park. The seller was AG/A&M Doheny LLC.
LOS ANGELES — A private investor has purchased the 20-unit Villa Montana apartment community in the Los Angeles submarket of Brentwood for $20 million. This equates to a price-per-unit of more than $1 million, the highest price per unit ever paid for a Los Angeles apartment building that was not adjacent to the ocean, according to Marcus & Millichap, which executed the sale. Villa Montana is located at 11611 Montana Ave. It is within walking distance of Brentwood Village. The new owner exchanged into Villa Montana after selling a property in New York City. The seller was Ken Kahan of California Landmark. Both parties were represented by Ron Harris, Greg Harris and Paul Darrow of Marcus & Millichap. Darrow notes that the sale points toward a larger trend in affluent submarkets like Brentwood.