Los Angeles — A private developer has completed the sale of California Marketplace, a shopping center located at 450 S. Western Ave. in the Koreatown neighborhood of Los Angeles. Jake Sharp Capital acquired the asset for $57.5 million. A Korean grocery store occupies the three-story retail property, which features an adjacent, four-level parking structure. At the time of sale, the property was 86 percent leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog and BMB Medical. Michael Shustak, Derrick Moore, Chris Caras and Phillip Sample of …
California
JLL Brokers $10.6 Million Sale of Three Retail Pads at Vista Terrace Marketplace in Vista, California
Vista, Calif. — JLL has arranged the sale of a portion of Vista Terrace Marketplace, a retail property in Vista. Black Lion Investment Group sold the asset to an undisclosed buyer for $10.6 million. The transaction included three retail pads occupied by O’Reilly Auto Parts, Dunkin Donuts, AT&T and Verizon Wireless. Daniel Tyner and Gleb Lvovich of JLL represented the seller in the transaction. Brian Pyke and Connor Stevens of Retail Insite handle the leasing on behalf of the owner. Black Lion still owns two pad site and the anchor …
Hanley Investment Group Arranges $17 Million Sale of Shopping Center in Southern California
Huntington Beach, Calif. — Hanley Investment Group has arranged the sale of Village Plaza at Huntington Harbor, a 20,328-square-foot shopping center. The sales price was not disclosed, but according to industry sources, the sales price was $17 million. The property was 91 percent leased at the time of sale to tenants including Harbor Barber, Secret Spot Restaurant, La Bodega Bottle Shop, Super Mex, Stoney’s Pizza, Sunset Vapor, Riip Beer Co. and Tsunami Sushi. The center is situated at 17196-17236 Pacific Coast Highway, two blocks from the beach and 31 miles …
Beacon Realty, Carolina Capital Acquire Open-Air Retail Center in Southern California
La Quinta, Calif. — A joint venture between Beacon Realty Advisors and Carolina Capital Real Estate Partners has acquired Jefferson Square, a partially built, open-air shopping center in La Quinta. The property’s infrastructure has been completed but only half of the land has been fully developed, according to Beacon Realty. A CVS/pharmacy anchors the center. The buyers plan to lease the vacant 14,000 square feet to a grocer, medical tenant or home improvement retailer. Regency Centers sold the property, which spans 10 acres, for an undisclosed price. A timeline for …
Progressive Real Estate Partners Brokers $6.2 Million Sale of Shell Gas Station, Circle K Property in Southern California
Bloomington, Calif. — Progressive Real Estate Partners has arranged the sale of a retail property located at 2128 S. Riverside Ave. in Bloomington. Shell Gas Station and Circle K Convenience Store occupy the property, which was built in 2001. A Corona, California-based private investor sold the property to a Riverside County, California-based private investor for $6.2 million. The acquisition included both the business and the real estate. The buyer operates multiple ARCO gas stations throughout California. The asset features a Shell Gas Station offering eight dispensers with 20 fueling positions …
Menomonee Falls, Wis. and San Francisco — Sephora will debut at least 850 “Sephora at Kohl’s” locations within Kohl’s stores by 2023, the San Francisco-based cosmetic company announced. The locations will span 2,500 square feet and will typically be situated near the front of each Kohl’s. Sephora at Kohl’s shops will replace Kohl’s current in-store beauty assortment. Exterior signage at locations that feature the in-store shops will display both Kohl’s and Sephora branding. These locations will be selected based on existing Sephora store proximity, market opportunity and customer insights. Menomonee …
Guitar Center Files for Chapter 11 Bankruptcy Protection, Hires A&G to Evaluate Store Footprint
Westlake Village, Calif. — Musical instrument retailer Guitar Center has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Eastern District of Virginia. The Westlake Village-based company did not announce plans to close any of its 297 stores, but it has retained A&G Real Estate Partners to explore opportunities for its real estate portfolio. In court filings, Guitar Center cited its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic, according to The …
Fullerton, Calif. — Calbay Development has completed the disposition of a single-tenant restaurant building located at 1101 S. Harbor Blvd. in Fullerton. A Los Angeles-based high-net-worth buyer acquired the property for $6.2 million, or $2,067 per square foot. Constructed in 2020, the 3,000-square-foot property has a fully entitled drive-thru. Starbucks Coffee occupies the building and recently signed a 20-year, absolute, triple-net ground lease with no termination rights for the asset. Adam Friedlander of JLL Retail Capital Markets represented the seller in the deal.
Invesco Completes Phase I Redevelopment of Former LA Times Facility in Orange County
Costa Mesa, Calif. — Invesco Real Estate, along with Steelwave and 5_Ronin, has completed the base build for Phase I of The Press in Costa Mesa. The development team is transforming the former Los Angeles Times newsroom, printing press and distribution facility into a mixed-use creative work campus and social hall. Upon completion in fourth-quarter 2020, the project will offer 380,856 square feet of modern creative office space and 50,909 square feet of retail space. Situated on 24 acres at 1375 Sunflower Ave., the property features a 1.5-acre park and improved …
Santa Clara, Calif. — Despite shelter-in-place mandates and temporary closures due to COVID-19, Westfield US has opened 42 stores and restaurants this year at Westfield Valley Fair, a 2.2 million-square-foot Bay Area shopping and lifestyle destination located at 2855 Stevens Creek Blvd. in Santa Clara. Twenty-two of the new tenants have opened since March, with 15 new retail and restaurant leases signed and foot traffic increasing more than 10 percent week-over-week since the center reopened for retail operations in June. New tenants and milestones include: The completion of an expanded …