Alameda, Calif. — Marcus & Millichap has arranged the $5 million sale of a single-tenant retail property located in the Bay Area city of Alameda. Peet’s Coffee & Tea occupies the 3,000-square-foot building on a 10-year lease with annual rent increases. Mark Mason of Marcus & Millichap procured the buyer, a California-based private corporate trust. Brandon Norton and David Lucas of Monarch Commercial Advisors represented the seller, a California-based add-value private client.
City of Industry, Calif. and Egg Harbor Township, N.J. — Spencer Spirit Holdings has signed a definitive agreement with Sycamore Partners to acquire Hot Topic and its portfolio of brands: Hot Topic, BoxLunch and Her Universe. The transaction unites six complementary retail concepts under one umbrella, expanding the combined company’s total footprint to more than 3,000 stores across North America. After closing, Hot Topic, BoxLunch and Her Universe will continue to operate independently from the Spencer Spirit business and maintain their existing headquarters in California. The transaction, which is subject to customary …
Rancho Mirage, Calif. — Storyliving by Disney has signed leases with six new tenants at Cotino Bay Beach, Dining and Shops, a waterfront town center underway in Rancho Mirage, approximately 10 miles southeast of Palm Springs. New tenants include Asada Cantina + Kitchen, Mojave Flea Trading Post, SottoSopra, Big Juice, It Refills and La Dolce Piccola Gelateria. The newest businesses join previously announced restaurants and retailers including Elevare, Artigiano and On the Mark Fine Foods & Provisions. The first phase of dining, retail and gathering spaces at the town center is …
Bakersfield, Calif. — San Diego-based Torrey Financial Group has sold a single-tenant retail property located in the San Joaquin Valley city of Bakersfield for $2.6 million. The 8,302-square-foot, newly renovated building was originally constructed in 2013. AutoZone occupies the property on a new 15-year triple-net lease featuring 10 percent rental increases every five years. Jeff Lefko and Bill Asher of Hanley Investment Group Real Estate Advisors represented the seller in the deal, while Greg Bedell and Lance Mordachini of Progressive Real Estate Partners represented the buyer, a Los Angeles-based investor.
Fontana, Calif. — Faris Lee Investments has arranged the $5.3 million sale of a 4,872-square-foot retail strip center located in the Inland Empire city of Fontana. The five-tenant property was fully leased at the time of sale to Chipotle Mexican Grill, Jersey Mike’s Subs, Dragon Grill, Phantom Fireworks and KWIK Charge EV charging stations. Two of the property’s five tenants — Phantom Fireworks and KWIK Charge EV charging stations — lease parking lot areas, rather than occupying traditional building space. The retail center is positioned as a pad building in front of …
National City, Calif. — A joint venture between Henderson Park and Lowe has acquired Plaza Bonita, a 1 million-square-foot enclosed regional mall in National City within San Diego County. The seller and sales price were not disclosed, but The San Diego Union-Tribune reports that Paris-based mall giant Unibail-Rodamco-Westfield sold the property for $201.5 million. Built in 1981, Plaza Bonita sits on a 78-acre site and serves the San Diego suburbs of National City and Chula Vista. Anchor tenants of the mall include Macy’s, Target, JCPenney, AMC Theatres, Nordstrom Rack and Round1. Overall, the …
Hacienda Heights, Calif. — Marcus & Millichap has brokered the $13 million sale of Hacienda Village, a 23,645-square-foot retail center located in Hacienda Heights, approximately 19 miles southeast of downtown Los Angeles in the San Gabriel Valley. Built in 1963, the property features 17 retail suites that are leased to a mix of local food-and-beverage and service-oriented tenants. A Los Angeles-based private investor acquired the property for $549.80 per square foot. Ron Duong of Marcus & Millichap represented the seller, an Orange County, California-based private partnership, in the transaction.
Newport Beach, Calif. — SRS Real Estate Partners has brokered the $6.2 million sale of a single-tenant retail property in Newport Beach. Super Star Car Wash occupies the 6,947-square-foot building on a corporate-guaranteed absolute triple-net lease, with approximately 20 years remaining. Calvin Short and Aron Cline of SRS Real Estate represented the seller, a Phoenix-based owner and operator. The buyer was a Los Angeles-based private investor.
Lake Elsinore, Calif. — RealSource Group has arranged the $11.8 million sale of a single-tenant retail property located in the Inland Empire city of Lake Elsinore. Built in 2008, the 45,460-square-foot building is occupied by LA Fitness and has eight years remaining on its lease. Austin Blodgett and Jonathan Schiffer of RealSource Group represented the seller, a private Southern California investor group, in the transaction. Richard Lee of R&L Properties represented the buyer, another private investor based in Southern California.
Los Angeles — Paragon Commercial Group has acquired a 46,055-square-foot shopping center located in the Tujunga neighborhood of Los Angeles. The property is anchored by Smart & Final, a tenant of more than 30 years, and Goodwill, which has occupied the center for 25 years. Paragon plans to upgrade the center with improvements to the common area, façades, lighting and signage. Greg Offsay and Caleb Morrison of illi Commercial Real Estate represented the buyer in the off-market transaction. The seller was the family of the original developer that had owned and operated …
