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CaliforniaInvestment salesNet leaseNewsRestaurants

Hanley Arranges $2.9 Million Sale of Single-Tenant Property in Corona, California

by Hayden Spiess

Corona, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $2.9 million sale of a single-tenant retail property located in Corona. A Taco Bell Drive-Thru — operated by the tenant, Alvarado Restaurant Nation — occupies the 2,049-square-foot property on a triple-net-lease basis. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Evergreen Development, in the transaction. David Aschkenasy of Commercial Asset Group represented the 1031-exchange buyer, a locally based private investor.

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CaliforniaInvestment salesLeasingNews

TTM Purchases 248,841-Square-Foot Retail Center in Los Angeles

by Hayden Spiess

Los Angeles — TTM Real Estate Capital has purchased HHLA, a 248,841-square-foot retail center located in the Westchester neighborhood of Los Angeles. Rebranded from The Promenade at Howard Hughes Center, the property underwent a $35 million renovation following its acquisition by the previous owner — Laurus Corp. with Torchlight Investors LLC as a preferred equity partner — in 2015 for $111 million.  Newmark brokered the sale. TTM also announced the addition of two tenants to the property, 60out Escape Rooms and Genio Global Entertainment’s Muhammed Ali Experience, which will open …

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CaliforniaFinanceGrocery-anchoredNewsWashington

BWE Secures $35 Million Refinancing for Shopping Center in Washington

by Hayden Spiess

Irvine, Calif. —Bellwether Enterprise Real Estate Capital LLC (BWE)’s Irvine office has arranged a $35 million loan for the refinancing of a shopping center located in the state of Washington. Tenants at the property, which was 95 percent leased at the time of sale, include a grocery store anchor and 100,000-square-foot big-box retailer. Tom Turnage and Joe Galosic Jr. of BWE secured the financing through a life insurance company on behalf of the borrower. The non-recourse loan carries a five-year term with interest-only payments for two years, followed by a …

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CaliforniaLeasingNevadaNewsRestaurants

Simon and JAG to Collaborate on Restaurants at Three Properties

by Hayden Spiess

Las Vegas and Palo Alto, Calif. — Simon Property Group and José Andrés Group (JAG) will collaborate to bring restaurants to three properties located in Las Vegas and Palo Alto. The partnership will introduce new dining concepts to Stanford Shopping Center in Palo Alto and The Shops at Crystals in Las Vegas. The collaboration will also bring Turkish, Greek and Lebanese restaurant Zaytinya to The Forum Shops at Caesars Palace in Las Vegas. “Simon Property Group is the preeminent retail property owner with a significant footprint in cities where we …

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CaliforniaDevelopmentGrocery-anchoredNews

Westar to Develop 175,000-Square-Foot Retail Center in Southern California

by Hayden Spiess

Rancho Mission Viejo, Calif. — Westar Associates will develop Esencia Commons, a 175,000-square-foot retail center in Rancho Mission Viejo. Upon completion, the property will feature a supermarket, fitness center, gas station and other retail and restaurant spaces. Groundbreaking for the project — which will be located within a 50-acre mixed-use development that includes an apartment community, business park, self-storage facilities and planned medical offices — is scheduled for the fourth quarter of this year. Westar will manage the property and has begun leasing efforts for the center.

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CaliforniaInvestment salesNews

CBRE Arranges $25 Million Sale of Foothill Village Plaza in Metro Los Angeles

by Hayden Spiess

Rancho Cucamonga, Calif. — CBRE has arranged the $25 million sale of Foothill Village Plaza, an 88,000-square-foot retail center located roughly 40 miles outside Los Angeles in Rancho Cucamonga. John Read of CBRE represented the seller, Raymond Arjmand of RA Centers, in the transaction. The property was fully leased at the time of sale to tenants including Chuck E. Cheese, NAPA Autoparts, Brands for Less and Beauty Club. Tenants at the center also include 10 undisclosed restaurants. A local private investor purchased the property.

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CaliforniaLeasingNews

ALMQUIST Signs 21 Tenants to River Street Marketplace in Southern California

by Hayden Spiess

San Juan Capistrano, Calif. — ALMQUIST has signed 21 tenants to River Street Marketplace, a 60,000-square-foot retail development currently underway in San Juan Capistrano. Concepts that will join the lineup include Bred’s Hot Chicken, Capistrano Brewing, Common Thread, Fermentation Farm, Finca by David Pratt, Free People, Gueros Cevicheria, Hudson’s Cookies, Kozan Teahouse & Boba, La Vaquera, McConnell’s Ice Cream, The Meat Cellar Market and Steakhouse, Mendocino Farms, Nana’s Fish Chippery, Nom, SALT., Seager, Shootz Hawaiian, Toes on the Nose, Ubuntu Café and Wildfire Mercantile.

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CaliforniaCompany newsNews

Heather Sharp Joins Progressive Real Estate Partners as Senior Vice President of Retail Sales, Leasing

by Hayden Spiess

Rancho Cucamonga, Calif. — Heather Sharp has joined Progressive Real Estate Partners as senior vice president of retail sales and leasing. Sharp, who brings more than 25 years of experience in real estate, will lead the firm’s expansion into the Coachella Valley while continuing brokerage activities, including the sale and leasing of retail properties. Previously, Sharp was a partner at Wilson Meade Commercial Real Estate in Rancho Mirage. “We have been eager to bring our team-oriented, resource-rich brokerage culture to the Coachella Valley for a few years but were waiting …

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CaliforniaGrocery-anchoredInvestment salesNews

Longpoint Acquires Shopping Center in Metro Los Angeles for $22.7 Million

by Hayden Spiess

Montclair, Calif. — Longpoint has acquired Cardenas Marketplace, a shopping center located in Montclair, roughly 30 miles east of Los Angeles, for $22.7 million. Built in 2020 and anchored by Cardenas Market, the property was 91 percent occupied at the time of sale. Other tenants at the center include AT&T and Wendy’s. Alan Krueger, Vanessa Haddad and Masih Waliyar of CBRE represented Longpoint in the transaction.

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