Vernon, Calif. — DP Vernon Retail has sold Vernon Shopping Center, a retail center located in Vernon, roughly 4 miles outside downtown Los Angeles. Built in 2017, the center totals 14,000 square feet and was 77 percent occupied at the time of sale. Current tenants include Jersey Mike’s Subs and Café Dulce. Wimatex Inc. acquired the property for an undisclosed price in a 1031 exchange. Chris Maling and David Maling of Avison Young represented DP in the transaction.
Stockton, Calif. — Brixton Capital has acquired Pacific Town Center, a 143,217-square-foot shopping center located in Stockton. Tenants at the property, which was 42 percent leased at the time of sale, include Smart & Final, Panda Express and Subway. The buyer plans to re-tenant spaces formerly occupied by Toys “R” Us and T.J. Maxx. Hanley Investment Group represented the undisclosed seller in the transaction.
Roseville, Calif. — 3650 REIT has provided a $71.5 million loan for the acquisition of Creekside Town Center, a retail center located in Roseville, roughly 20 miles outside Sacramento. Built in 2001, the property comprises 10 buildings and was 95.6 occupied at the time of financing. Tenants at the center include Best Buy, Barnes & Noble, Old Navy, Michaels, Marshalls, Nordstrom Rack, Burlington and Bob’s Discount Furniture. Palmer Capital arranged the financing on behalf of the borrower, Cane Cos. Management.
Indio, Calif. — Progressive Real Estate Partners has brokered the $4.5 million sale of a single-tenant property located in Indio. DaVita Dialysis occupies the building. Greg Bedell of Progressive represented the seller, a Los Angeles-based private investor, in the transaction. Abel Mehrabi and Karl Markarian of JohnHart Real Estate represented the buyer.
San Diego — CBRE has negotiated the sale of an 8,915-square-foot freestanding, single-tenant property located in San Diego. Built in 1987, the building is situated within Rancho Bernardo Town Center. A private buyer acquired the property from Kim Family Trust for $3.9 million. The new owners plan to open a restaurant, Sapphire Indian, in the building. Reg Kobzi, Michael Peterson and Joel Wilson of CBRE represented the seller in the transaction. AGAS Real Estate represented the buyer.
Fullerton, Calif. — Walker & Dunlop has arranged a $39.9 million loan for the refinancing of Orangefair Marketplace, a 244,000-square-foot retail center located in Fullerton. Riley Manke and Andrew Westling secured the financing through Morgan Stanley on behalf of the borrower, Columbus Pacific Properties.
Ontario, Calif. — Progressive Real Estate Partners has arranged a 3,273-square-foot lease in Ontario. Albert Lopez of Progressive represented the landlord in the leasing negotiations. KFC will occupy the single-tenant property on a 15-year ground lease. KFC has begun renovations to the property and is scheduled to open by mid-2024. Charlie Cangelosi of Irish Commercial represented the tenant in negotiations. Restaurant Brands, which operates more than 70 KFC venues in Southern California, is the franchisee.
Pleasanton, Calif. — Newmark has arranged the sale of Pacific Pearl, a 110,511-square-foot retail center located in Pleasanton. 99 Ranch Market anchors the property, which was developed in 2018. Other tenants include 85 Degrees Bakery, Mochinut, Kura Sushi and Bonchon Chicken. Tourmaline Capital acquired the property and has retained Vestar as manager. Nicholas Bicardo, Bill Bauman, Kyle Miller and Cheyne Bloch of Newmark facilitated the transaction.
Minneapolis — The Target Corp. has announced plans to close nine stores in four states. Scheduled to close Oct. 21, the stores are located in New York City; Seattle; Portland, Oregon; San Francisco; and Oakland, California. In a statement, the brand attributed the closures to the fact that “theft and organized retail crime are threatening the safety of [its] team and guests and contributing to unsustainable business performance.”
San Jose, Calif. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.8 million loan for the refinancing of Tully Commercial Center, a property featuring 15 freestanding retail spaces in San Jose. Current tenants include Little Caesars, Hawaiian BBQ, a hair and nail salon, and a dry cleaner. David Campbell of Marcus & Millichap secured the financing, which features a seven-year term and 25-year amortization.
