Redlands, Calif. — Progressive Real Estate Partners has arranged $8 million of The Grove, a Circle K-anchored neighborhood center in Redlands. The 39,339-square-foot property is situated at 1542-1598 Orange St. Greg Bedell of Progressive Real Estate Partners represented the Los Angeles County-based seller. Melody Waltz of Realty Executives Riverside represented the buyer, a Riverside County-based private investor group. Built in two phases in 1987 and 1990, The Grove was 80 percent occupied at the time of sale by a mix of businesses including restaurants, beauty users and other services with …
Bethesda, Md. and Costa Mesa, Calif. — Bethesda-based retail real estate owner First Washington Realty (FWR) has purchased Donahue Schriber Realty Group Inc., a shopping center owner based in Costa Mesa. An affiliate of FWR acquired the private retail REIT and its portfolio of grocery-anchored, open-air centers from institutional investors advised by J.P. Morgan Global Alternatives. The transaction adds 47 shopping centers, as well as one DSRG-owned office property, for a combined 6 million square feet to FWR’s holdings. The sales price was not disclosed, but Bloomberg reported in February that …
Hemet, Calif. — SRS Real Estate Partners has arranged the sale of Ramona Plaza, a retail center located at 1300-1480 E. Florida Ave. in Hemet. A Southern California-based investor sold the property to a California-based private investor for $13.9 million. Winston Guest, Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, while The Visintainer Group represented the buyer in the transaction. Built in 1974 on 6.4 acres, Ramona Plaza features 102,546 square feet of retail space. At the time of sale, the property was 88 …
San Bernardino, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $10 million sale of World Plaza, a 55,810-square-foot multi-tenant retail property located in San Bernardino. Matt Burnett of Hanley Investment Group represented the seller, Presidio Property Trust Inc. Brian Heron of Commercial Retail Associates represented the undisclosed buyer in the transaction. Located at 1535 E. Highland Ave., the property was home to seven tenants at the time of sale including Chuze Fitness, Citizen’s Bank, Mother’s Nutrition, County of San Bernardino, Five Keys School, a dental office and …
Palo Alto and Mountain View, Calif. — Nuveen Real Estate has completed the disposition of Charleston Plaza, a five-building retail center in Palo Alto and Mountain View. San Francisco-based Presidio Bay acquired the property for $71.8 million. Situated on 10.9 acres at 2400-2470 Charleston Road, Charleston Plaza features 132,590 square feet of retail space. Completed in 2006, the property features four big box retail buildings and one pad site. Key tenants include PetSmart, Starbucks Coffee and Chipotle Mexican Grill. Will Connors, Daniel Renz and Michael Manas of the JLL Capital …
Woodland Hills, Calif. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 5780 Canoga Ave. in Woodland Hills. Bolour Associates acquired the property from Flamingo Investments for $9 million in an off-market transaction. Baja Fresh, Salad Farm and The Stand are tenants at the retail building. Kyle Pari and Michael Pakravan of Matthews Real Estate Investment Services represented the buyer and seller in the transaction.
San Jose, Calif. — DJM Capital, through a joint venture with affiliates of Fortress Investment Group, has acquired a four-property, grocery-anchored portfolio totaling 488,000 square feet of retail space across California. Merlone Geier sold the portfolio. Chris Hoffmann of Eastdil Secured brokered the transaction. Bank of America served as lender and Brian Ley of JLL acted as equity intermediary. The portfolio includes: Magnolia & Adams, a 68,000-square-foot property at 9062 Adams Ave. in Huntington Beach, California; Magnolia & Warner, a 62,000-square-foot center at 17070 Magnolia St. in Fountain Valley, California; …
Los Angeles — CBM1 has arranged the sale of a neighborhood shopping center located at 11201-11223 National Blvd. in West Los Angeles. Los Robles Office Partners sold the property to a private party for $13.1 million. The 10,883-square-foot center includes eight units; a newsstand; a Wells Fargo ATM; two income-producing billboards; and a cell tower. At the time of sale, seven of the eight units were occupied. Geoff Grossman of CBM1 represented the seller, while Paul Brehme of Lee & Associates represented the buyer in the transaction.
Turlock, Calif. — Faris Lee Investments has brokered the sale of Turlock Town Center, a community retail center located at 503-795 N. Golden State Blvd. in Turlock. A California-based developer sold the property to an undisclosed buyer in a 1031 exchange for $37.4 million. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal. Situated on 8.4 acres, Turlock Town Center features 144,364 square feet of retail space. At the time of sale, the property was fully leased to 29 in-line tenants and five …
Fresno, Calif. — Matthews Real Estate Investment Services has arranged the purchase of Shaw West Center, a shopping plaza located at 2047-2097 W. Shaw Ave. in Fresno. A 1031 exchange buyer acquired the property from an undisclosed seller for $11.1 million. Nabil Awada of Matthews Real Estate Investment Services represented the buyer in the deal.