DUBLIN, CALIF. — Ross Stores opened 24 Ross Dress for Less and seven dd’s DISCOUNTS stores across 15 different states in June and July. These new locations are part of the company’s 2016 expansion plans to add approximately 70 Ross and 20 dd’s DISCOUNTS locations throughout the year. Ross Stores, Inc. is headquartered in Dublin, Calif., with 1,317 locations in 34 states, the District of Columbia and Guam. The company also currently operates 185 dd’s DISCOUNTS in 15 states.
LOS ANGELES — ArcWest Partners, a joint venture between Arc Capital Partners and Belay Investment Group, has acquired Chapman Plaza, a historic retail center in Los Angeles’s Koreatown, for an undisclosed sum. Originally opened in 1929 and renovated in 1990, the property is anchored by Baekjeong and Quarters, two Korean-barbeque restaurants. Ben Wagner of CBRE worked with Thorofare Capital and DoubleLine Capital to arrange for bridge acquisition and renovation financing. Jay Chu and Ryan Yatman of Secured Properties advised the buyer and seller in an off-market basis. The names of the seller and buyer were not released.
RIVERSIDE, CALIF. — JCH Consulting Group has arranged the sale of a skilled nursing facility in the Los Angeles suburb of Riverside for $13.1 million. Built in 1969, the facility features 188 beds, resulting in a sale price of $69,680 per bed. The community was 60 percent occupied at the time of sale The buyer was a California owner-operator, and the seller was a regional operator. Shep Roylance was the lead agent on the transaction.
TEMPE ARIZ. — Orion Investment Real Estate has arranged the $2 million sale of Red Devil Center, an 18,170-square-foot shopping center located near Arizona State University in Tempe. Fry’s Food Store shadow-anchors the property, which was 81 percent occupied at the time of sale by tenants including H&R Block, Red Devil Italian Restaurant and Trophy Den. Derek Buescher of Orion represented the seller, John A. Teberg Trust, in the sale of the property to Norte Land Holdings LLC.
LOS ANGELES — A property occupied by fashion house Bijan has traded hands on Rodeo Drive in Los Angeles. An undisclosed investor acquired the property, located at 420 N. Rodeo Drive, in an all-cash transaction. Bijan has operated at the property for more than 40 years, and is the longest standing privately owned designer house on Rodeo Drive. Marc Schillinger, Bryan Ley and Bill Fishel of HFF represented the undisclosed seller in the transaction.
LOS ANGELES — Dunkin’ Donuts has signed a development agreement with Precision Hospitality & Development to develop eight new restaurants in Los Angeles. The first restaurant is planned to open in 2018. This agreement closes out the company’s first wave of franchise commitments since announcing the state would be open for franchise sales in January 2013. In 2014, Precision Hospitality & Development signed a store development agreement to open 10 Dunkin’ Donuts restaurants in South Orange County and surrounding cities. The group already has two restaurant locations open in Laguna Hills and Irvine, with plans to open a multi-brand restaurant with sister-brand Baskin-Robbins this fall in Foothill Ranch.
RENO, NEV. — Shopoff Realty Investments has acquired Firecreek Crossing, a 348,000-square-foot regional power center located at the intersection of Kietzke Lane and Redfield Parkway in Reno, for $48.5 million. The Walmart and Sam’s Club shadow-anchored center is 71 percent occupied. Tenants at Firecreek Crossing include Ross Dress for Less, TJ Maxx, HomeGoods, Michaels and Ulta Beauty.
LAGUNA NIGUEL, CALIF. — Bernards, a commercial builder, has commenced work on Crestavilla, a 220-unit, $95.5 million independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. Santa Ana-based William Hezmalhalch Architects designed the community, which Irvine-based Steadfast Senior Living is developing. Since the project was first announced in February, the number of units and acuity mix have changed. The 211,387 square feet will now feature 112 independent living units (formerly announced as 61), 72 assisted living units (formerly announced as 115) and 36 memory care units (formerly announced as 25). The project is located on 11.5 acres and is scheduled for completion in November 2017.
BALDWIN PARK, CALIF. — Continental Funding Group has secured a $19 million loan to refinance the 195-room Courtyard by Marriott in Baldwin Park. The hotel is located at 14635 Baldwin Park Towne Center. Hilton originally built the Courtyard by Marriott, which was later affiliated with Radisson. It was franchised as part of the Marriott chain in 2004. The sponsor received a fixed-rate, non-recourse loan that would refinance the existing maturing loan, as well as provide a cash-out component. Mitch Paskover of Continental Funding Group secured the loan from a major U.S. investment bank. The 10-year loan was priced at 4.98 percent, with a loan-to-value ratio of 68 percent and a 25-year amortization.
FRESNO, CALIF. — An undisclosed buyer has purchased the 284-unit Lakeview Apartments in the Fresno submarket of Lemoore for $17.9 million. The community is located at 333 E. Cinnamon Drive. Lakeview Apartments is situated near Cinnamon Elementary School and Rite-Aid. The largest employer in the area, Lemoore Naval Air Station, is also nearby. The new owner plans to renovate the property’s interior and common areas. Jon Mimms and Ron Harris of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented both the buyer and the seller, B.A.G. Investments, in this transaction.
