SANTA CLARITA, CALIF. — Cushman & Wakefield has brokered the sale of Canyon Square Plaza, a grocery-anchored shopping center in Santa Clarita. A private high-net worth investor acquired the property for $22.5 million. A 40,751-square-foot Vallarta Supermarkets anchors the retail property. At the time of sale, the 96,927-square-foot shopping center was 96 percent occupied by 29 tenants. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller, a real estate investment trust, in the deal.
SAN DIEGO — CBRE has arranged the $10.4 million sale of Torrey Highlands Plaza, a 14,042-square-foot retail center in San Diego. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller, Paragon affiliate TH Plaza LLC. Tim Mills of CBRE represented the buyer, Santa Monica Property Investors. At the time of sale, Torrey Highlands Plaza was fully leased to 10 tenants.
LOS ANGELES, SAN DIEGO AND BAKERSFIELD, CALIF. — Hanley Investment Group Real Estate Advisors has completed the sales of three 7-Eleven properties in separate transactions with a combined valued of $9.1 million. In Los Angeles, a private investor acquired a two-tenant retail property, located at 1661 and 1665 S. Robertson Blvd., for $4.4 million. Built in 1977, the 4,722-square-foot property is occupied by 7-Eleven and Launderland Laundry. Jeremy McChesney of Hanley Investment represented the seller, a private investor from Los Angeles, while Michael Irvine of Bulldog Realtors represented the buyer in the 1031 exchange. In the second transaction, a Los Angeles-based family trust purchased a single-tenant 7-Eleven located at 8508 San Carlos Drive in San Diego. A private investor from Los Angeles sold the 2,403-square-foot property, which was built in 1970, for $1.9 million, or $791 per square foot. Allen Park of Packo Investments represented the buyer in the deal. In third deal, McChesney represented the seller, a private investor, in the disposition of a single-tenant 7-Eleven store and gas station located at 5203 Olive Drive in Bakersfield. A private investor form Clovis, Calif., acquired the 3,000-square-foot property for $2.8 million. Sharhan Mheni of Marcus & Millichap represented the buyer …
LOS ANGELES — Marcus & Millichap has arranged the sale of a retail property located at 3601 W. Pico Blvd. in Los Angeles. An individual/personal trust acquired the property for $1.8 million. The property features 5,850 square feet of retail space. Steven Schechter of Marcus & Millichap represented the seller, an individual/personal trust, in the deal.
PORTERVILLE, CALIF. — Retail California has arranged three retail leases at Porter’s Crossing Shopping Center, located at the northeast corner of Henderson and Prospect avenues in Porterville, totaling 6,550 square feet. In the first deal, TOGO’S Sandwiches leased 1,400 square feet of space at Porter’s Crossing Shopping Center from Opus-Dean. Nick Frechou of Retail California and Keith Mellor of Pro Equity Real Estate Services brokered the transaction. In the second lease, The Habit Burger Grill inked a deal for 2,650 square feet of space from Opus-Dean. Frechou and Shane Anderson of Commercial Retail Associates arranged the lease. In the final transaction, Blaze Pizza leased 2,500 square feet of retail space from Opus-Dean. Frechou and Josh Sherley of Cushman & Wakefield brokered the deal.
CORONA DEL MAR, CALIF. — MSM Global Ventures has acquired Corona del Mar Shopping Center, a 33,404-square-foot retail center in the Southern California community of Corona del Mar. The sales price was not disclosed, but the Orange County Register reports the asset sold for $23 million. The historically grocery-anchored property was anchored by discount grocer Smart and Final at the time of sale.
SANDY, UTAH — Marcus & Millichap (NYSE: MMI) has arranged the sale of Rosegate Sandy, a 159-unit active adult community in the Salt Lake City suburb of Sandy, for $23.8 million. Completed in 2013, the property is restricted to residents over the age of 55. The one-building community has three elevators and access hallways to each unit. Nearby shopping venues include a Walmart Supercenter, Harmons Grocery, Smith’s Food and Drug, and Lowe’s. Other nearby features include the Marv Jenson Recreation Center, Storm Mountain Park and the Henry J. Wheeler Historic Farm. Danny Shin and Brock Zylstra of Marcus & Millichap represented both the seller, a local developer, and the buyer, an out-of-state investor, in the transaction. The price equates to more than $149,000 per unit.
PHOENIX — Cushman & Wakefield has arranged the $10.2 million sale of Covington Plaza, a Bashas’-anchored shopping center in Phoenix. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, an entity formed by CW Capital, in the transaction. Dallas-based Covington Plaza LLC acquired the asset. In addition to Bashas’, the 105,574-square-foot center was 87.4 percent leased at the time of sale to tenants including Domino’s Pizza, State Farm Insurance, Firestone Auto and Dairy Queen.
AVONDALE, ARIZ. — TransEquity Development has purchased a 5.7-acre site in the Phoenix suburb of Avondale for $600,000. The developer plans to build an assisted living and memory care community on the vacant plot. A land speculator acquired the site more than 20 years ago, but was unable to close a sale of the property since then. The plot is located just south of I-10 and is near large retailers like Walgreens, Wal-Mart, Target and JCPenney. Judy Jones of SVN Desert Commercial Advisors brokered the transaction on behalf of the seller. The transaction was handled by Vickie Etherton with Landmark Title Assurance Agency. Construction of the assisted living community is expected to begin immediately.
PHOENIX — Velocity Retail Group has signed two new retailers to a vacant big box site formerly occupied by Fry’s Food & Drug in Phoenix. The 48,000-square-foot store will be split to accommodate two retailers. Marshalls will occupy 23,475 square feet and Michaels will lease 25,324 square feet. Dave Cheatham and Darren Pitts of Velocity Retail and Jeff Dinsmore of JLL represented Fry’s in the lease transaction. Greg Laing and Dan Gardiner of Phoenix Commercial Advisors represented Marshalls and Michaels. The building will be remodeled, and the tenants are expected to open by the fourth quarter of 2018.