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CaliforniaInvestment salesNews

Progressive Arranges $6 Million Sale of Retail Center in Southern California

by Hayden Spiess

Fontana, Calif. — Progressive Real Estate Partners has arranged the $6 million sale of South Sierra Plaza, a 17,250-square-foot strip retail center located in Fontana. Comprising 12 units, the property was 93 percent leased at the time of sale to tenants including a dentist, nail salon, Armed Forces career center, staffing agency, Japanese restaurant and Peruvian restaurant. Brad Umansky and Lance Mordachini of Progressive represented the seller, a private Los Angeles-based investor, in the transaction. Paul Galmarini and Albert Lopez, also of Progressive, handled leasing at the property prior to …

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Coronado-Plaza-Coronado-Calif
CaliforniaInvestment salesNews

CBRE Brokers $40 Million Sale of Retail Center in Coronado, California

by Hayden Spiess

 Coronado, Calif. — CBRE has brokered the $40 million sale of Coronado Plaza, a 41,949-square-foot retail center located in Coronado. Built in 1981, the three-story property is situated on one block across from the Hotel Del Coronado. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE’s San Diego office represented the seller, an entity doing business as PREF Coronado Plaza LLC, in the transaction.

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CaliforniaDevelopmentGrocery-anchoredMixed-useNews

Jimbo’s Naturally! Signs 25,000-Square-Foot Lease in San Diego

by Hayden Spiess

San Diego — Jimbo’s Naturally has signed a 25,000-square-foot lease at The Row at Civita, Sudberry Properties’ 20-acre mixed-use development located in San Diego. The grocery store will be an anchor at the property, which is situated within the 230-acre master-planned community of Civita. Construction on the building is scheduled to begin in early 2025, with the opening planned for the second half of 2026. This will mark the fifth Jimbo’s store within San Diego County.

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Will-Tipton
CaliforniaCompany newsNews

Will Tipton Joins Shea Properties as Senior Vice President of Retail and Multi-Use Development

by Hayden Spiess

Aliso Viejo, Calif. — Will Tipton has joined Shea Properties as senior vice president of retail and multi-use development. In his new role, Tipton will continue the Aliso Viejo-based company’s retail growth in California, with a focus on acquisitions, planning, entitlement, leasing, budgeting and construction. Most recently, Tipton served as managing director and partner with Merlone Geier Partners.

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7-Eleven-El-Centro-Calif
CaliforniaInvestment salesNet leaseNews

Hanley Arranges $2.4 Million Sale of Single-Tenant Property in Southern California

by Hayden Spiess

El Centro, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $2.4 million sale of a single-tenant retail property located in El Centro. The 2,940-square-foot building is occupied by 7-Eleven on a 15-year, triple-net ground lease. Bill Asher and Jeff Lefko of Hanley represented the seller, Imperial Retail Investments LLC, in the transaction. A self-represented, California-based private investor purchased the property.

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CaliforniaCompany newsNews

Nordstrom to Close Two Stores in San Francisco

by Hayden Spiess

San Francisco —Nordstrom Inc. will close two stores located near San Francisco’s downtown, reports the Washington Street Journal. Located on Market Street, the first store will close Jul. 1, with the Westfield San Francisco Centre mall location scheduled to close at the end of August. “We can better serve our customers there by focusing on our 16 nearby Nordstrom and Nordstrom Rack locations, as well as online,” said a representative for the company.

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CaliforniaCompany newsLeasingNewsWashington

Nordstrom Rack to Open Five New Stores in California

by Hayden Spiess

Seattle — Nordstrom Inc. has announced plans to open five new Nordstrom Rack stores in California. Scheduled to open in 2024 and 2025, the stores will be located in Davis, Elk Grove, Gilroy, Oceanside and San Mateo. Both the Davis and Gilroy stores will comprise 25,000 square feet, with the Oceanside and San Mateo stores totaling 31,000 and 36,000 square feet, respectively. Each of the stores will be situated within shopping centers, with the new locations bringing the total count of Nordstrom Rack stores to 68.

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Dutch-Bros-Beaumont-Calif
CaliforniaInvestment salesNet leaseNews

Hanley Brokers $1.9 Million Sale of Dutch Bros. Coffee-Leased Property in Southern California

by Hayden Spiess

Beaumont, Calif. — Hanley Investment Group Real Estate Advisors has brokered the $1.9 million sale of a newly constructed single-tenant building located in Beaumont. A Dutch Bros. Coffee drive-thru occupies the 920-square-foot property on a 15-year triple-net ground lease. Bill Asher and Jeff Lefko represented the seller and developer, Evergreen Development. Trevor Harris of Triwell Properties Inc. represented the buyer, a California-based private investor.

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Sherwin-Williams-Beaumont-Calif
CaliforniaInvestment salesNet leaseNews

Wood Investments Sells 4,000-Square-Foot Retail Building in Southern California

by Hayden Spiess

Beaumont, Calif. — Wood Investments Cos. Has sold a 4,000-square-foot single-tenant retail pad building located in Beaumont. The company recently developed the property, which is occupied by Sherwin Williams on a net-lease basis. Lee Csenar and Ed Hanley of Hanley Investment Group Real Estate Advisors represented the seller in the $3.2 million transaction. Howard Rosenthal and Guy Excell of Rosenthal & Excell Commercial Real Estate represented the Hemet, California-based buyer. The retail pad is located adjacent to San Gorgonio Village, a 78,000-square-foot shopping center developed and owned by Wood Investments.

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CaliforniaColoradoFinanceGrocery-anchoredNewsNorth Dakota

RA Centers Arranges $72 Million Refinancing for Retail Portfolio

by Hayden Spiess

Newport Beach, Calif. — RA Centers has arranged $72 million for the refinancing of a portfolio comprising four shopping centers. Located in Redlands, California, the first property, Orange Street Plaza, totals 155,000 square feet. Vons, Trader Joes, Office Depot and U.S. Bank anchor the center, which was 99 percent occupied at the time of financing. The second property, Front Gate Plaza, is located in Lancaster, California, and comprises 150,000 square feet. Stater Brothers, Goodwill, Wells Fargo, McDonalds, Taco Bell and The Habit anchor the center, which was 90 percent occupied …

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