Moreno Valley, Calif. — Faris Lee Investments has brokered the $4.6 million sale of Woodstock Plaza, a retail strip center located in Moreno Valley. The center was 75 percent occupied at the time of sale. Shaun Riley and Nick Miller of Faris Lee represented the undisclosed seller in the all-cash transaction. A private investor acquired the property.
Temecula, Calif. — CBRE has brokered the $27.7 million sale of Meadows Village Center, a 67,336-square-foot retail center located in Temecula. Barons Market anchors the center, which was 96 percent leased at the time of sale. Other tenants include Starbucks Coffee, Wells Fargo, Palomar Health, Subway, Crumbl Cookies, The UPS Store and Pacific Dental. The property also features a CVS/pharmacy, which was not included in the sale. Jimmy Slusher, Philip Voorhees and James Tyrrell of CBRE represented the seller, funds managed by affiliates of Fortress Investment Group LLC, in the …
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 …
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.
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.
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.
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.
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.
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.
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.
