LOS ANGELES — Simon Baron Development has acquired the ground lease on the 600-room Stay on Main Hotel in downtown Los Angeles for an undisclosed sum. The hotel is located at 640 S. Main St. Simon Baron plans to institute a capital improvement program and reposition the 170,000-square-foot property into a modern mixed-use facility. This acquisition is the developer’s first foray into the West Coast, and represents the firm’s first project in California. Ben Reznik of Jeffer Mangels Butler & Mitchell LLP represented Simon Baron in the deal. David Swartz of CGS3 represented Simon Baron in the ground lease. 248 Haynes Hotel Associates LLC was the seller. HKS Capital provided financial advisory services to Simon Baron.
DENVER — American Realty Advisors has purchased a 341-unit apartment building in the Union Station submarket of downtown Denver. The purchase price was not disclosed. The property, formerly known as Elan Union Station, will be rebranded as ALARA Union Station. The newly constructed asset is located at 1975 19th St. The property also contains 58,000 square feet of ground-floor retail space and a two-story subterranean parking garage. King Soopers, Wells Fargo, upscale pet food store Kriser’s and the Pig and Sprout, a new restaurant concept by a local restaurateur, lease the retail portion. Jordan Robbins and Jeff Haag of Holliday, Fenoglio and Fowler represented the seller, a joint venture that included Greystar, in this transaction.
ALISO VIEJO, CALIF. — Colliers International has arranged the sale of a single-tenant PetSmart location in Aliso Viejo. An Orange County, Calif.-based private investor acquired the land and building, located at 23511 Aliso Creek Road, for $18.5 million, with a 4.62 percent cap rate. The property is one of the anchor tenants for Aliso Town Center. The seller was a Los Angeles-based developer. Jereme Snyder and Eric Carlton of Colliers brokered the transaction.
HANFORD AND CLOVIS, CALIF. — Retail California, a division of Pearson Realty, has arranged three retail leases totaling 7,658 square feet. In Hanford, Pieology leased 1,800 square feet of space at 1696-B W. Lacey Blvd. from Passco Hanford Mall LLC. Lewis Smith and Michael Kennedy of Retail California brokered the deal. Also in Hanford, Blazin Wings Inc. leased 4,623 square feet at 1699 W. Lacey Blvd. from Passco Hanford Mall LLC. Smith represented the landlord, while Phil Fontes of Newmark Grubb ASU & Associates represented the tenant. In Clovis, JR’s Sports Collectibles leased 1,235 square feet of space at 695 W. Herndon Ave. in Clovis Commons Shopping Center from BRE Throne Clovis Commons LLC. Michael Arfsten of Retail California arranged the transaction.
RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners and Hanley Investment Group have listed Thomas Winery Plaza, a 99,808-square-foot shopping center in Rancho Cucamonga, for sale at $28.6 million. Built in 1989 and renovated in 2008, the property is more than 90 percent occupied and features a diverse mix of more than 30 national and regional/local retailers, including CVS/pharmacy, Fitness 19, Souplantation, The Flame Broiler, Klatch Coffee, Wine Tailor and Elements Massage. Brad Umansky and Frank Vora of Progressive Real Estate Partners, along with Bill Asher of Hanley Investment Group, are marketing the property on behalf of the seller, a private real estate partnership.
LOS ANGELES — Holland Partner Group has broken ground on 732 Spring Street, the second of two high-rise, mixed-use projects the firm is developing in a joint venture with North America Sekisui House in downtown Los Angeles. The 24-story tower will feature 300 residential units with luxury amenities and 7,500 square feet of ground floor retail. The $164 million tower is situated across the street from its sister property, 755 Spring Street, on which Holland broke ground late last year. The building sites are located in the Historic Core of downtown Los Angeles, along the edge of the Fashion District. Amenities at the towers will include a resort-style fitness center and clubhouse, a rooftop deck and cantilevered pool cabanas suspended five stories above street level. The towers will stand more than 100 feet above surrounding buildings, offering views of the greater Los Angeles area once completed in mid-2018. MVE + Partners designed the towers.
PAHRUMP, NEV. — DaVita HealthCare Partners has leased a new ground-up, built-to-suit medical office facility in Pahrump. The 57,000-square-foot facility is situated on a 7.2-acre site about 60 miles west of Las Vegas. The group will occupy the space once it opens next year. Details of the long-term lease were not disclosed, though the lease is valued “in the tens of millions of dollars,” according to MDL Group/CORFAC International. The firm’s Hayim Mizrachi, Jarrad Katz and Galit Kimerling executed the lease transaction between DaVita, the land owner, Thousandaire Inc., and the developer, Dakem & Associates. Aimee Burford and Bill Oakley of Bank of Nevada, a division of Western Alliance Bank, funded the development.
WESTMINSTER, CALIF. — Marcus & Millichap has arranged the sale of Little Saigon Shopping Center, an 85,133-square-foot leasehold community shopping center located in Westminster’s Little Saigon community. A local partnership sold the asset for $18 million, or $211 per square foot, with a cap rate of 6.26 percent. Wells Fargo anchors the center. Ron Duong of Marcus & Millichap’s Newport Beach, Calif., office represented the seller.
CARSON, CALIF. — Vintage Real Estate has signed F21 RED, Forever 21’s latest store concept, at SouthBay Pavilion located at 20700 Avalon Blvd. in Carson. Slated to open in spring 2017, the new concept offers a larger selection of the retailer’s most popular lines, including Forever 21, Forever 21 Men, Forever 21 Plus and Forever 21 Kids, at lower prices. Currently 98 percent leased, IKEA, JCPenney, Sears and Target anchor SouthBay. Additional tenants include Olive Garden, Pieology, Buffalo Wild Wings, Cinemark, Sephora, Old Navy, rue21, Wing Stop and Payless Super Store. Edge Realty Partners represented Forever 21 in the deal.
LONG BEACH, CALIF. — Marcus & Millichap has arranged the sale of a retail property located at 425 W. Anaheim St. in Long Beach. A private investor acquired the 7,296-square-foot property for $4 million. Situated on a 27,277-square-foot lot, the property was built in 2006. James Yang of Marcus & Millichap secured and represented the buyer in the deal.