Indio, Calif. — Marcus & Millichap has arranged the sale of a retail property, located at 82360 U.S. Highway 111 in Indio. An individual/personal trust acquired the 9,888-square-foot property for $2.1 million at a 6.7 percent capitalization rate. Edwin Mariscal of Marcus & Millichap’s Ontario, California, office represented the buyer in the deal.
Burbank, Calif. — SBH Real Estate Group has completed the disposition of a 14,000-square-foot retail property occupied by Harbor Freight Tools in Burbank, California. SBH originally purchased the property in the first quarter of 2018 and proceeded to renovate and improve the building. Renovations included a new roof, updated electrical and lighting systems, new restrooms and a new HVAC system. A private investor acquired the property for $7.8 million. Adam Friedlander and Kien Tsoi of JLL represented the seller, while Jeff Gerlach from CBRE represented the buyer in the deal.
Lancaster, Calif. — Hanley Investment Group Real Estate Advisors has directed the sale of two multi-tenant pads adjacent to a Walmart Supercenter in Lancaster, approximately 70 miles north of downtown Los Angeles. The Niki Group Wood Investment Cos. sold the properties to a Los Angeles-based private buyer for $6 million. Eric Wohl, Ed Hanley and Andrew Cunningham of Hanley Investment Group represented the sellers, while James Chin of Realtex Properties represented the buyer in the deal. Built in 2003, the fully occupied buildings total 13,760 square feet. AT&T, Papa John’s, …
Merced, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail building, located at 360 W. 16th St. in Merced, California. Ares Commercial Properties acquired the property from a Bakersfield, California-based private investor for $2.6 million. Built in 2016, the 3,700-square-foot pad building features a 1,900-square-foot Starbucks Coffee with drive-thru and an 1,800-square-foot T-Mobile store. Bill Asher, Jeff Lefko and William Ito of Hanley Investment Group represented the seller, while Mort Rothman of Commercial Real Estate represented the buyer in the transaction.
Moreno Valley, Calif. — Brixton Capital has completed the sale of Towngate Center, a community shopping center located at 12625 Frederick St. in Moreno Valley, California. An Asian-Pacific-based 1031 exchange buyer acquired the asset for $50.9 million. At the time of sale, the 290,000-square-foot property was 95 percent occupied by tenants including TJ Maxx/Home Goods, BevMo, Ross Dress for Less, Dollar Tree, Ulta Beauty, Regency Theaters, Planet Fitness, Chipotle Mexican Grill and Wells Fargo Bank. Phillip Voorhees of CBRE’s National Retail Partners-West represented the seller in the transaction.
Valencia, Calif. — SRS Real Estate Partners has arranged the $8.5 million sale of Valencia Autoplex, a 20,459-square-foot, fully leased shopping center in Valencia, California. The property is situated at 23506 Valencia Blvd., 35 miles north of downtown Los Angeles. Tenants at the auto-oriented shopping center include Big O Tires and Oil Stop. All tenants are signed to triple-net leases. Pat Kent, Rich Walter and Parker Walter of SRS represented the seller, Newport Beach-based Frye Family Partnership III, in the transaction. Ron Feder of RJ Feder & Associates Inc. represented …
Tustin, Calif. — SRS Real Estate Partners has secured a $6.5 million loan for the purchase of Mimi’s Plaza, a retail center located at 13911, 13931 and 13951 Carroll Way in Tustin, California. The three-building property features 30,795 square feet of retail space. At the time of financing, the property was fully occupied. Ben Townsend and Matt Marlin of SRS’s Debt & Equity team structured the non-recourse, five-year loan on behalf of an out-of-state private investor. The loan features a 4.65 percent fixed interest rate and a 30-year amortization.
Fontana, Calif. — Hanley Investment Group has arranged the $3.5 million sale of a single-tenant building situated within a Sprouts Farmers Market-anchored retail center in Fontana, California. The 3,233-square-foot property is fully leased to a Raising Cane’s Chicken Fingers restaurant, which opened in February. Other tenants at Highland Village shopping center include Jack in the Box, Burgerim, Jersey Mike’s, Oggi’s Restaurant, Mountain View Tires, Pacific Dental and Quick Quack Car Wash. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, Adler Realty Investments Inc., in the transaction. …
San Diego — Donahue Schriber has announced a $120 million expansion at Del Mar Highlands Town Center, a mixed-use property located at 12925 El Camino Real in San Diego. The expansion will bring the development to more than 400,000 square feet of retail, dining and entertainment space. The expansion — to be known as The Collection at Del Mar Highlands Town Center — will bring an additional 120,000 square feet of space, offering 40 new retailers, restaurants, fitness studios and new spaces to work, play and lounge. As part of …
Rialto, Calif. — Marcus & Millichap has negotiated the sale of two multi-tenant retail pads at Rialto Marketplace, located at 1276 Riverside Ave. in Rialto. Scott Hook of Marcus & Millichap arranged the sale. Terms of the transaction were not released. Recently developed by Newmark Merrill Cos., the buildings total 25,567 square feet. Tenants include Starbucks Coffee, GNC, Wingstop, Pieology Pizzeria and T-Mobile. Walmart Supercenter is the anchor tenant for Rialto Marketplace.
