Fremont, Calif. — Marcus & Millichap Capital Corp. has secured a $4.6 million loan for the acquisition of a single-tenant retail property located in Fremont. Ron Balys of Marcus & Millichap arranged the 10-year financing on behalf of the undisclosed borrower. Red Lobster occupies the property.
Carlsbad, Calif. — CBRE has brokered the $23.5 million sale of three restaurant properties located in Carlsbad. Reg Kobzi, Michael Peterson, Joel Wilson, Philip Voorhees, Megan Lanni and Eric Shain of CBRE represented the seller, CPT/SC Title Holding Corp., in the disposition of the properties to separate buyers. Creekside Shops LLC purchased a 10,262-square-foot building leased to King’s Fish House at 5625 Paseo Del Norte for $10.3 million. An undisclosed buyer purchased a 7,166-square-foot P.F Chang’s located at 5621 Paseo Del Norte for $5.7 million. K Ishii Manhattan Ave LLC acquired a 10,470-square-foot BJ’s Restaurant …
San Diego — French investor Unibail-Rodamco-Westfield (URW) has sold Westfield Mission Valley, a 1.1-million-square-foot retail center in San Diego, for $290 million. The center was developed on two parcels of property; URW sold the eastern portion to Lowe and Real Capital Solutions, while Sunbelt Investment Holdings Inc. bought the smaller western parcel. The Westfield Mission Valley shopping mall, the eastern part of the property, was originally built in 1960 on a 41-acre site. The center currently offers 73 shops, including Target, Nordstrom Rack, Macy’s Home, Michael’s, Bloomingdale’s Outlet and a 24-Hour Fitness, as well …
Inglewood, Calif. — Cinépolis Luxury Cinemas will open a 55,137-square-foot theater at Hollywood Park, a mixed-use development currently underway in Inglewood. Scheduled to open this month and dubbed Cinépolis Luxury Cinemas Inglewood IMAX, the space will feature 12 screens and 1,236 seats.
Santa Monica, Calif. — Fitness concept Club Studio will open a 48,000-square-foot studio at Santa Monica Place, a Macerich property in Santa Monica. Located on the first level of the property, the space will feature five boutique studio rooms, as well as a recovery space, steam rooms, infrared saunas, a juice bar and retail store. A timeline for the opening was not disclosed.
San Diego — High Bluff Capital Partners will assume ownership of a portfolio comprising 81 Hardee’s locations following an auction. Located in Alabama, Florida, Georgia, Kansas, Missouri, Montana, South Carolina and Wyoming, the restaurants were previously owned by franchisee Summit Restaurant Group, which filed for Chapter 11 bankruptcy in May of this year. The transaction is expected to close in August. Dave Dixon will oversee operation of the restaurants. “High Bluff is the ideal partner to support our efforts…while making critical investments in restaurant remodels and other initiatives to boost traffic …
Oceanside, Calif. — Faris Lee Investments has arranged the $5.9 million sale of a retail pad located in Oceanside. A recently constructed Starbucks Coffee and Pacific Dental occupy the property, which is situated within Pacific Coast Plaza. Jeff Conover, Don MacLellan, Scott DeYoung and Chris DePierro of Faris Lee represented the seller, a California-based developer. Shaun Riley of Faris Lee represented the all-cash buyer in the 1031-exchange transaction.
El Segundo, Calif. — Oath Pizza will open a 799-square-foot restaurant within The Works shopping center in El Segundo. Scheduled to open Aug. 5, the location will mark the first in the state for the brand, which was founded in 2015. The El Segundo restaurant is the first of three locations to be developed in California by franchise group Brothers Empire. Brothers, comprised of partners Mandeep Singh, Kulwant Jafal and Garish Talwar, is also considering storefronts in Orange County and Carlsbad.
Cypress, Calif. — Seven new tenants are joining The Square Cypress, a mixed-use retail center located in Cypress, roughly 25 miles outside Los Angeles. Trader Joe’s has opened a store at the center, and BLK Dot Coffee, Board & Brew Specialty Sandwiches, Dr. Footman, El Zarape, The Kebab Shop and YogaSix have also signed leases at the property. The Square Cypress features 31,000 square feet of grocery, retail and restaurant space, with plans for the addition of an apartment community, hotel and medical office building.
San Clemente, Calif. — Wood Investments Cos. has acquired a 25,000-square-foot single-tenant retail property located in San Clemente for $7 million. The 99 Store occupies the property, which is situated within Pico Plaza shopping center. “The 99 Store has been a good tenant and partner of ours in other centers, and this was another opportunity to partner with them again,” says Patrick Wood, chief executive officer and president of Wood Investments.
