Irving, Texas — Palm Beach Tan Inc. has acquired tanning chain At the Beach, which comprises 58 salons across Oklahoma, Kansas, Southern California and Colorado. The stores will be operated by franchise entities Bronze Body LLC, Old Trinity Partners LLC and West Coast Tanning. Existing At the Beach customer accounts, memberships, sessions, credits and packages will be transferred to Palm Beach Tan, and all At the Beach employees have been offered positions with Palm Beach. This acquisition brings Palm Beach Tan’s total portfolio to 650 franchised and company-owned locations across …
Mill Valley, Calif. — Four Corners Property Trust (FCPT) has purchased a portfolio of four retail properties occupied by Buffalo Wild Wings in Illinois for $14.3 million. The properties have roughly nine years remaining on the leases. The sales price represents a cap rate of 7.3 percent. The seller and specific locations of the properties were not provided. Mill Valley, California-based FCPT is a retail and restaurant REIT with a portfolio of 982 properties across 47 states.
San Ramon, Calif. — University Avenue Partners has purchased a mixed-use property located in San Ramon, approximately 40 miles east of San Francisco. Terms of the transaction were not released. At the time of sale, the 52,149-square-foot property was 90 percent leased to a mix of office and retail tenants. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark facilitated the transaction. Nicholas Bicardo of Newmark advised on the retail component of the sale.
Thousand Oaks, Calif. — An affiliate of Maxxam Enterprises has received $84.7 million in refinancing for Janss Marketplace, a grocery-anchored shopping center in Thousand Oaks. Matt Stewart, Alethia Halamandaris and Chris Jaffe of JLL Capital Markets Debt Advisory secured the financing through TerraCotta Credit Fund for the borrower. Janss Marketplace features 456,390 square feet of retail space. The property was built in phases from 1959 to 1999 and renovated in 2007 and 2020. Current tenants include Aldi, Ulta Beauty, Petco, Old Navy, Five Below and Golds Gym. At the time …
Livermore, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of a 4,821-square-foot single-tenant property net leased to Chick-fil-A in Livermore, about 45 miles east of San Francisco. Bill Asher and Jeff Lefko represented the seller, Meridian, in the $10.4 million transaction. An undisclosed 1031-exchange buyer acquired the property, which is located in Arroyo Plaza, adjacent to Home Depot and Walmart.
Irvine, Calif. — JLL Capital Markets has secured $245 million in refinancing for a portfolio of six commercial real estate properties across California. The portfolio includes three retail centers in coastal Orange County. Anchored by CVS/pharmacy, Aliso Creek Shopping Center comprises 49,149 square feet in Laguna Beach and is 92 percent leased. Flower Hill Promenade is a 168,249-square-foot retail center located in Del Mar. Anchored by Whole Foods Market, the center is 95.6 percent occupied. The final retail property, The Landing, is located in Newport Beach. Comprising 44,289 square feet, …
Palmdale, Calif. — Bridge Group Investments and Steerpoint Capital have purchased Antelope Valley Mall in the North Los Angeles community of Palmdale for $60 million. The property, which comprises 1 million square feet, is anchored by Dillard’s, Macy’s and JCPenney. Other tenants include Dick’s Sporting Goods, Old Navy, Oishi Japanese Sushi Bar and Grill and Blaze Pizza. The center also features a 16-screen Cinemark theater. The firms — which previously acquired The Shops at Montebello in Montebello, California — plan to add new amenities, as well as dining and entertainment …
Downtown Riverside, Calif. — Progressive Real Estate Partners has brokered the sale of two adjacent single-tenant properties located in Downtown Riverside in separate deals totaling $4.2 million. The first property, 3940 University Ave., was acquired by an undisclosed buyer for $2 million in an all-cash transaction. Plant Power, a fast-casual restaurant with a drive-thru and patio, occupies the building. Richie’s Hot Chicken and Carlo’s Tijuana Tacos, which are leased and run by the same operator, occupy the second property at 3980 University Ave. An undisclosed buyer purchased the property for …
La Verne and Montebello, Calif. — Newmark has brokered the sale of a portfolio featuring three grocery-anchored retail centers totaling 400,000 square feet, all located near Los Angeles. Pete Bethea, Glenn Rudy, Rob Ippolito, Bill Bauman and Kyle Miller of Newmark represented the seller, Combined Properties Inc., in the $137 million transaction. Institutional investor EDENS acquired the properties. The first property, The Commons at La Verne, spans 120,720 square feet in La Verne, California. The center is anchored by Vons and Ross Dress for Less. The second property, Foothill Plaza, …
Los Angeles — A private family has completed the disposition of a retail property in the Studio City neighborhood of Los Angeles. A private investor acquired the property for $6.9 million. Sit ‘n Sleep, a mattress retailer, has occupied the two-story, 15,000-square-foot building at 12318 Ventura Blvd. for 11 years. The tenant’s current lease terminates in 2023, with a six-year option to renew. Tanel Harunzade, Darrell Levonian and Brittney McCarthy of Kidder Mathews represented the seller in the deal.