California

Sacramento, Calif. — Pine Tree, in partnership with a U.S. pension fund, has purchased Delta Shores, a shopping center in Sacramento, for $122.5 million. Completed in 2017, Delta Shores features 414,658 square feet of retail space. Tenants at the time of sale included Dick’s Sporting Goods, Hobby Lobby, Ross Dress for Less, PetSmart and Ulta Beauty. The shopping center is part of the 800-acre Delta Shores master-planned development located 10 miles south of downtown Sacramento and immediately adjacent to Interstate 5. Eastdil Secured represented Pine Tree in the transaction.

Palmdale, Calif. — Stan Johnson Co. has arranged the $5.5 million sale of a retail property located at 40014 10th St. West in Palmdale, roughly 58 miles north of Los Angeles. A New York City-based private investor sold the asset to the tenant, Planet Fitness. Prior to acquiring the real estate, Planet Fitness occupied the 18,000-square-foot property on a triple-net lease that features rental increases and option periods. Ronnie Givargis of Stan Johnson Co. represented the seller in the deal. 

Bakersfield, Calif. — Hanley Investment Group Real Estate Services has arranged the $10.1 million sale of Colonial Square, a 41,238-square-foot retail strip center located north of Los Angeles in Bakersfield. Bill Asher and Jeff Lefko of Hanley represented the seller, LS Capital Inc. Independent realtor and broker Paul Stansen represented the buyer, a Los Angeles-based private investor, in the 1031 exchange transaction. The property was developed in 1985 and was 97 percent occupied at the time of sale. 

La Quinta, Calif. — SRS Real Estate Partners has brokered the sale of a 154,383-square-foot portion of One Eleven La Quinta Center, a community retail center located at 78959 CA-11 in La Quinta. A Coachella Valley-based private family office sold the asset to Milan Capital Management for $35 million. Chris Tramontano and John Redfield of SRS’ Investment Properties Group represented the seller, while the buyer was self-represented in the deal. Terrison Quinn and Casey Mahony of SRS Real Estate Partners are leasing agents for the property. Tenants at the time …

San Leandro, Calif. — An affiliate of Madison Marquette has completed the sale of Bayfair Center, a 42-acre regional mall located adjacent to a BART subway station in San Leandro. B3 and GAW Capital Partners acquired the property for an undisclosed price. Located at 15555 E. 14th St., Bayfair Center was 91 percent leased at the time of sale to tenants including Target, Century Theaters, Macy’s, Kohl’s, Bed Bath & Beyond, Ulta Beauty, Old Navy, 24 Hour Fitness and PetSmart. The property includes one primary mall building and five outparcel buildings …

Woodland Hills, Calif. — Bolour Associates has acquired Warner Center, a 10,400-square-foot retail property located at 5780 Canoga Ave. in Woodland Hills. The center is located near LNR Warner Center, an 800,000-square-foot office development. Michael Pakravan and Kyle Pari of Matthews Real Estate Investment Services represented both the buyer and the seller, Flamingo Investments, in the transaction. The new ownership plans to modernize and reposition the center, with planned renovations including facade and exterior upgrades, new landscaping and signage and expanded patio spaces.