Western

Meridian Capital Secures $40 Million Refinancing of The Plant Retail Center in Panorama City

by Nellie Day November 7, 2016

PANORAMA CITY, CALIF.— Meridian Capital Group has secured a $40 million refinancing for The Plant, a 219,922-square-foot retail power center located in Panorama City. Seth Grossman and Jackie Tran of Meridian arranged the five-year balance sheet loan featuring full-term, interest-only payments on behalf of the borrower, Decron Properties. Citibank provided the capital. Tenants at The Plant include Regency Theatres, Ross Dress for Less, Old Navy, Forever 21, PetSmart, Party City, Home Depot and In-N-Out Burger.

November 7, 2016

California Retail Western

Diversified Properties Acquires 34,051 SF Retail Center in San Diego for $8.1M

by Nellie Day November 7, 2016

SAN DIEGO — Diversified Properties has acquired Bay City Plaza, a shopping center located at 1515-1555 Palm Ave. in San Diego. The Lorah Family Trust sold the property for $8.1 million. At the time of sale, the 34,051-square-foot property was fully leased to a variety of tenants, including Rent-A-Center, Advance America, Subway, Little Caesars Pizza, and St Vincent de Paul. Joe Yetter and Chad Iafrate of Cushman & Wakefield represented the seller in the transaction.

November 7, 2016

California Retail Western

Duhs Commercial Negotiates $1.9M Sale of 8,694 SF Retail Property in Escondido

by Nellie Day November 7, 2016

ESCONDIDO, CALIF. — Duhs Commercial has arranged the sale of a shopping center located at 426 W. Second Ave. in Escondido. William and Helen Taylor Trust acquired the 8,694-square-foot asset for $1.9 million. Austin Dias and Scott Duhs of Duhs Commercial represented the sellers, Tom Family Trust and Golden Meadows Investments LLC, while Matt Belshin and Bill Morgan of Morgan Real Estate represented the buyer in the deal.

November 7, 2016

California Retail Western

Red Mountain Group Sells The Knolls Shopping Center in Long Beach for $29.1M

by Nellie Day November 4, 2016

LONG BEACH, CALIF. — Red Mountain Group Inc. has completed the disposition of The Knolls Shopping Center, a retail center located at 4250 Long Beach Blvd. in Long Beach. An undisclosed buyer acquired the property for $29.1 million in an all-cash transaction. After acquiring the asset in 2015, Red Mountain Group redeveloped and re-tenanted the property with Trader Joe’s, Pet Food Express, Chipotle, Jersey Mike’s Subs, Verizon Wireless, Mob Pizza and Crunch Fitness. Bill Bauman of Savills Studley brokered the deal.

November 4, 2016

California Retail Western

Reliable Properties Acquires 124,000 SF Retail Center in Pomona

by Nellie Day November 4, 2016

POMONA, CALIF. — Reliable Properties has acquired Foothill & Garey Center, a retail property located at the southeast corner of Foothill Boulevard and Garey Avenue in Pomona, for an undisclosed price. Situated on 10.7 acres, the 124,000-square-foot property is occupied by Superior Grocers, O’Reilly Auto Parts, Chase Bank, Carl’s Jr., Sally Beauty Supply, Fred Loya Insurance and Boost Mobile, among others. The name of the seller was not released.

November 4, 2016

California Loans Multifamily Seniors Housing Western

CBRE Arranges Acquisition Financing for 102-Unit Independent Living Community in Redding

by Nellie Day November 4, 2016

REDDING, CALIF. — CBRE has arranged an undisclosed amount of financing for Ray Stone Inc., which will use the capital to acquire River Oaks Retirement Community, a 102-unit independent living community in Redding, approximately 160 miles north of Sacramento. CBRE Multifamily Capital originated a fixed-rate loan through its Fannie Mae DUS multifamily loan origination program. Ray Stone will operate the property following the sale. CBRE’s Kevin Randles and Aron Will arranged the financing.

November 4, 2016

California Retail Western

Marcus & Millichap Arranges $3.7M Sale of 18,041 SF Retail Property in Palm Desert

by Nellie Day November 4, 2016

PALM DESERT, CALIF. — Marcus & Millichap has brokered the sale of Las Sombras, a retail property located at 72-261 Highway 111 in Palm Desert. An undisclosed buyer acquired the property for $3.7 million. The property includes 18,041 square feet of existing buildings that are currently vacant. Pablo Rodriguez, Richard Vincent and Bruce Haulley of Marcus & Millichap represented the seller, a private investor, in the deal.

November 4, 2016

Colorado Retail Western

Quaker Steak & Lube Accelerates Expansion

by Nellie Day November 4, 2016

DENVER — Family casual-dining franchise Quaker Steak & Lube has increased its franchise development efforts and is seeking entrepreneurs interested in opening multiple restaurants in Colorado. The chain also plans to expand within Florida, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, South Carolina, Tennessee and Wisconsin. Earlier this year the TA Restaurant Group acquired Quaker Steak & Lube. The TA Restaurant Group is a division of TravelCenters of America, a Fortune 500 company. The more than 750 locations in the TA Restaurant Group’s operation include 10 proprietary and nearly 30 franchised restaurant brands nationwide. Quaker Steak & Lube, founded over 40 years ago in Pennsylvania in a renovated filling station, now includes over 50 locations in 14 states across the U.S. Since opening its first restaurant in 1967, the TA Restaurant Group includes more than 750 quick-service restaurants, full-service restaurants and other food outlets. The TA Restaurant Group is a division of TravelCenters of America LLC, which offers diesel and gasoline fueling, restaurants, truck repair facilities, convenience stores and other services in 43 states and in Canada.

November 4, 2016

California Multifamily Western

Advanced Real Estate Services Receives $73.9M to Refinance SoCal Multifamily Portfolio

by Nellie Day November 3, 2016

LOS ANGELES — Advanced Real Estate Services has received $73.9 million to refinance a five-property multifamily portfolio in Southern California. The portfolio contains a total of 479 units. The properties include Cantabria, Four Seasons, Lanter Bay, Solara and the Pines at Montclair. These assets are spread throughout Orange, Los Angeles and San Bernardino counties. The refinancing features a seven-year term, 3.78 percent interest rate and a 30-year amortization schedule. NorthMarq’s Michael Elmore arranged the financing through a national bank. The transaction was completed under the lender’s portfolio recapitalization program, which minimized prepayment and closing costs. It also provided cash-out proceeds to Advanced, which plans to use the excess funds for future acquisitions.

November 3, 2016

Industrial Nevada Western

Westcore Properties Buys Reno Industrial Portfolio for $54.5M

by Nellie Day November 3, 2016

RENO, NEV. — Westcore Properties has purchased a 12-property industrial portfolio in Reno for $54.5 million. The portfolio contains a total of 1.17 million square feet. The acquisition marks Westcore’s entry into the Reno marketplace. The properties included in the transaction range in size from 11,200 square feet to 210,215 square feet. The portfolio is 92 percent leased by 53 tenants, which primarily use the properties for distribution space. HFF’s Anthony Brent, Ryan Martin and Scott Pertell represented the seller, GLP US, in this transaction.

November 3, 2016

Newer Posts

Older Posts