California

Pomona, Calif. — Progressive Real Estate Partners has brokered the $5.7 million sale of a single-tenant retail property located in Pomona, roughly 30 miles east of downtown Los Angeles. Built in 2013 and renovated in 2022, AutoZone Mega Hub occupies the 30,000-square-foot building on a new triple-net corporate guaranteed lease, which has roughly 18 years remaining. The Pomona AutoZone Mega Hub is a larger format store that features a full-service retail counter while also functioning as a mini-distribution center for satellite stores in the surrounding region. Brad Umansky and Lance …

Newport Beach, Calif. — Cushman & Wakefield has arranged the $2.2 million sale of a 1,300-square-foot freestanding retail building in Newport Beach. Situated within the Balboa Island shopping district at 323 Marine Ave., home goods retailer Blu Canoe occupies the site, which was originally built in 1930. Joseph Lising and Nathan Demosthenes of Cushman & Wakefield’s Capital Markets & Retail Services team represented the seller, a Newport Beach-based family office that previously owned the property for more than 30 years. A Newport Beach-based investor was the buyer.

San Clemente, Calif. — Marcus & Millichap has brokered the $8.9 million sale of 2727 Via Cascadita, a 24,933-square-foot retail center located in San Clemente. The California Department of Motor Vehicles anchors the property, occupying more than 32 percent of the center. An adjacent undeveloped portion of the parcel is also available for up to 10,000 square feet of future construction. Situated near the Outlets at San Clemente, the center sits on 2.8 acres. Tony Azzi and Rabbie Banafsheha of The Azzi Group, a division of Marcus & Millichap, represented …

Santa Monica, Calif. — A joint venture between Tova Capital and Shopton Capital has acquired a 7,500-square-foot freestanding retail building in downtown Santa Monica for $5.5 million. Situated at the intersection of Wilshire and Lincoln Boulevards, the single-story building sits on a 15,000-square-foot corner lot. The joint venture plans to renovate the property — which was originally developed in 1981 — with a new storefront, exterior enhancements, lighting upgrades and refreshed paint. The property was 40 percent leased to Commercial Bank of California at the time of sale. Luc Hawkshaw, …

Coachella, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed, 4,625-square-foot single-tenant retail property located in Coachella. A Circle K convenience store and gas station occupies the site on a 15-year, absolute triple-net-lease with 10 percent rental increase every five years. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, Newport Beach, California-based Fountainhead Development, in the transaction. Aaron Bove of Marcus & Millichap’s San Diego office represented the 1031 exchange buyer, a San Diego-based private investor.

Costa Mesa, Calif. — CBRE has arranged the $25.7 million sale of Westport Plaza & Square, a 39,334-square-foot shopping center located in Costa Mesa. Built in 1975 and renovated in 2002 and 2018, the center is situated on 13.7 acres. Tenants at the property — which was 97 percent leased at the time of sale — include Plums Café & Catering, Fleur De Lys, Crumbl Cookies, Common Thread, House of Yogurt, Massimo’s Pizza and LaserAway. Westport Plaza & Square has roughly 54 years remaining on its long-term ground lease. Jimmy …