Santa Ana, Calif. — Red Mountain Group Inc. has purchased a portfolio comprising 20 vacant Big Lots properties for $47.5 million. Totaling 463,427 square feet, the buildings are located across 20 cities and four states, with 16 of the properties in California. The all-cash transaction also involved an additional 3.5 acres of land for future retail pad development.
Simi Valley, Calif. — JLL Capital Markets has arranged the $22.1 million sale of Griffin Plaza in Simi Valley, roughly 40 miles northwest of Los Angeles. Built in 1981, the property comprises 85,022 square feet. The center, which is anchored by Aldi and CVS/pharmacy, was 94 percent leased at the time of sale. Other tenants include Wendy’s and Varenita Assisted Living Community. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL brokered the sale on behalf of the seller, an entity doing business as Griffin Living. A private, 1031-exchange investor …
Newport Beach, Calif. — RealSource Group brokered sales of single-tenant express car wash properties totaling over $100 million last year. The transactions represented a mix of sale-leasebacks, built-to-suits/presales and ground leases across four brands. Properties included in the sales were located across eight states in the Midwest, South and Southeast. “Private individual buyers have become increasingly familiar and comfortable with this asset type for long-term investment and were eager to take advantage of the 100 percent bonus depreciation benefits in 2022, before the depreciation amount was reduced to 80 percent …
Menifee, Calif. — Tourmaline Capital has completed the disposition of Center Pointe, a newly developed shopping center located in Menifee. A private 1031 exchange buyer acquired the center for $24.6 million. Sprouts Farmers Market, Wendy’s, Olive Garden, Tacos & Tequila and Paris Nails are tenants at the 41,461-square-foot property. At the time of sale, the retail center was 96 percent leased. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the deal.
Pinole, Calif. — Balboa Retail Partners has purchased Pinole Square, a shopping center located in Pinole, approximately 20 miles northeast of San Francisco. A private family sold the property for an undisclosed price. Safeway and CVS/pharmacy have anchored the 91,000-square-foot retail center for more than 50 years. Nicholas Bicardo and Cheyne Bloch of Newmark facilitated the transaction.
Redlands and Walnut, Calif. — Majestic Realty Co. has arranged leases with two tenants at shopping centers in southern California. Hot Topic will open a 6,000-square-foot store at Mountain Grove Shopping Center, located in Redlands, roughly 65 miles east of Los Angeles. Additionally, CTBC Bank will lease 3,250 square feet at The Village Shopping Center in Walnut, approximately 25 miles east of Los Angeles. Majestic Realty represented the landlords in both negotiations. Beta Agency represented Hot Topic, and Miren Co. represented CTBC Bank.
Simi Valley, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of Simi Valley Promenade, an 82,366-square-foot shopping center located in Simi Valley. A private investor represented by Avi Narang of BRC Advisors acquired the property for $19.6 million. Bill Asher, Jeff Lefko and Ed Hanley of Hanley represented the seller, Toibb Enterprises. Built in 1981, the property was 92 percent leased at the time of sale to tenants including Smart & Final, Goodwill, Del Taco, Denny’s, Chi Chi’s Pizza and H&R Block.
Lawndale, Calif. — Beta Agency has brokered the sale of Lawndale Plaza, a retail center located approximately 20 miles outside of Los Angeles in Lawndale. A private entity operating in a 1031 exchange acquired the property for $14 million. The center was fully leased at the time of sale to tenants including Smart & Final, Subway, Wingstop, Panda Express, Daily Nails & Spa and Wells Fargo. Richard Rizika and Vanessa Zhang of Beta represent the undisclosed seller, a private shopping center owner, in the transaction.
Long Beach, Calif. — Tova Capital has purchased a 34,500-square-foot retail center located in Long Beach, approximately 25 miles south of Los Angeles. Jared Swedelson of NAI Capital represented Tova in the $6.2 million transaction. The property, which was fully occupied at the time of sale by Trademark Brewing and climbing gym Long Beach Rising, features two buildings comprising approximately 17,000 square feet each. Sheva Hosseinzadeh of Coldwell Banker Commercial BLAIR represented the undisclosed seller.
El Dorado Hills, Calif. — Gantry has arranged the $16.8 million refinancing of Market Place at Town Center, a retail center located in El Dorado Hills, roughly 30 miles northeast of Sacramento. Comprising 134,600 square feet, the property is anchored by Nugget Markets. Robert Slatt and Andrew Ferguson of Gantry secured the 10-year, fixed-rate permanent loan on behalf of the borrower, a private investor. A regional bank provided the financing.