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CaliforniaDevelopmentGrocery-anchoredInvestment salesNews

Wood Investments Cos. to Develop 80,000-Square-Foot Shopping Center in Big Bear Lake, California

by Hayden Spiess

Big Bear Lake, Calif. — Wood Investments Cos. has purchased a former Kmart building in Big Bear Lake, with plans to develop an 80,000-square-foot shopping center. Upon completion, Big Bear Lake Shopping Centerwill be subdivided into three individual anchor suites. A 17,193-square-foot Grocery Outlet will anchor the property. Another retailer has signed a 23,228-square-foot lease at the property, and a third tenant is in negotiations to lease a 23,228-square-foot space. Construction is scheduled to begin in the fourth quarter of this year, with the opening scheduled for March 2024. Charley …

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Planet-Fitness-Ventura-Calif
CaliforniaInvestment salesNet leaseNews

Hanley Arranges $6.4 Million Sale of Planet Fitness Property in Southern California

by Hayden Spiess

Ventura, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $6.4 million sale of a single-tenant property located in Ventura. Planet Fitness occupies the newly renovated 24,600-square-foot building on a triple-net-lease basis. Bill Asher, Jeff Lefko and Ed Hanley of Hanley represented the seller, an affiliate of MJL Capital Partners. Brian Hughes of M&M Thrift Management Co. represented the buyer, a Ventura-based private investor.

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IKEA
CaliforniaCompany newsDevelopmentNewsVirginia

Ingka Group to Invest $2.2 Billion in New IKEA Locations, Omnichannel Growth Across US

by Hayden Spiess

Leiden, Netherlands — Ingka Group has announced plans to invest $2.2 billion over the course of the next three years on new IKEA retail locations and omnichannel growth across the United States. The Leiden, Netherlands-based company is the largest owner of IKEA stores globally, representing more than 90 percent of IKEA retail sales with more than 370 stores and 100 home décor planning studios open across 31 countries. The initial phase of investment will include opening eight stores in IKEA’s traditional format and nine “Plan and Order” points, which are …

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CaliforniaDevelopmentLeasingNews

CBRE, NewMark Merrill Sign Tenants to 96,000-Square-Foot Retail Development Underway in Rialto, California

by Hayden Spiess

Rialto, Calif. — CBRE and NewMark Merrill Cos. have completed the preleasing of Rialto Village, a 96,000-square-foot shopping center currently underway in Rialto. Everytable will occupy the final, 1,400-square-foot space at the development, which the companies broke ground on in August of last year. Other tenants include Mattress Firm, Arrowhead Credit Union, Quick Quack Car Wash, In-N-Out Burger, Cold Stone Creamery, The Joint, Nekter Juice Bar, Coffee Bean & Tea Leaf and West Coast Dental. Brian McDonald, Walter Pagel and Hannah Curran of CBRE and Greg Giacopuzzi of NewMark Merrill …

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CaliforniaDevelopmentMixed-useNews

Shopoff Plans 26-Acre Redevelopment of Westminster Mall in Southern California

by Hayden Spiess

Westminster, Calif. — Shopoff Realty Investments has announced plans for Bolsa Pacific at Westminster, a 26-acre mixed-use redevelopment of Westminster Mall in Westminster. Upon completion, the property will feature 1,000 apartments and 100 townhomes, a 175-room hotel and 25,000 square feet of retail and restaurant space. Additionally, the development will include 2.5 acres of green space that will host an amphitheater, dog park, pickleball courts and food kiosks. The groundbreaking for the project, which is designed by AO with landscape architecture by MJS, is scheduled for 2025.

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Matthews Brokers $20.1 Million Sale of Napa Auto Parts Portfolio

by Hayden Spiess

Los Angeles — Matthews Real Estate Investment Services has brokered the $20.1 million sale of a portfolio comprising 12 single-tenant retail properties. Located in Alabama, California, Florida, Georgia, Illinois, Mississippi, New York, North Carolina, Texas, Virginia and Washington, the properties are all occupied by Napa Auto Parts on a net-lease basis. Brandon Perez and Bill Pedersen of Matthews arranged the sale on behalf of the undisclosed limited liability company. A publicly traded REIT purchased the portfolio.

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Fast5Xpress-Ontario-Calif
CaliforniaInvestment salesNet leaseNews

Hanley Arranges Sale of Single-Tenant Building in Ontario, California

by Hayden Spiess

Ontario, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant property located in Ontario, California. Bill Asher and Jeff Lefko of Hanley represented the seller, Evergreen Development, in the $3.5 million transaction. Fast5Xpress Car Wash occupies the property, which comprises a 4,446-square-foot building situated on 1.2 acres, on a 35-year, absolute triple-net ground lease.

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CaliforniaDevelopmentMixed-useNews

LRE & Cos. Plans 10-Acre University Square Mixed-Use Development in Rocklin, California

by Hayden Spiess

Rocklin, Calif. — LRE & Cos. has unveiled plans for University Square, a 10-acre mixed-use development located at the intersection of Sunset Boulevard and University Avenue in Rocklin, a northeast suburb of Sacramento. The project is scheduled for completion by the end of 2025. University Square will feature more than 20,000 square feet of retail space; 5,000 square feet of space for fast food restaurants with drive-thrus; a 123-room Hilton Garden Inn hotel; a 10,000 square-foot daycare center; a 3,700-square-foot convenience store; and a car wash. The site is adjacent …

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Franciscan or Mohave Center-Freemont-Calif
CaliforniaGrocery-anchoredInvestment salesNews

JLL Brokers $40.5 Million Sale of Two Retail Centers in Fremont, California

by Hayden Spiess

Fremont, Calif. — JLL Capital Markets has brokered the $40.5 million sale of two retail centers located in Fremont. The first property, Franciscan Center, comprises 106,840 square feet and the second, Mohave Center, totals 10,228 square feet. Together, the centers were 92 percent leased at the time of sale to tenants including Safeway, Taco Bell, KFC, Burger King, Bank of America and 7-Eleven. Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Eric Kathrein of JLL represented the undisclosed seller in the transaction. Sterling Organization acquired the properties.

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CaliforniaLeasingNews

Progressive Arranges 5,020-Square-Foot Lease at Hesperia Square in California

by Hayden Spiess

Hesperia, Calif. — Progressive Real Estate Partners has arranged a 5,020-square-foot lease with West Coast Dental (WCD) at Hesperia Square in Hesperia. WCD has signed a 10-year lease at the property, which is anchored by Vallarta and Dollar Tree. Albert Lopez of Progressive represented the landlord in the negotiations. Chris Beauchamp of Lee & Associates represented the tenant.

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