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FCPT Purchases 20 Bloomin’ Brands Restaurant Properties for $66.4 Million 

by Hayden Spiess

Mill Valley, Calif. — Four Corners Property Trust (FCPT) has purchased 20 restaurant properties occupied by Bloomin’ Brands concepts for $66.4 million dollars. Located in Arizona, Florida, Georgia, Kentucky, Louisiana, North Carolina, Nevada, Pennsylvania, South Carolina and Tennessee, the portfolio includes 10 Outback Steakhouse restaurants and 10 Carrabba’s Italian Grill restaurants, with one dual-tenant property occupied by both concepts. The properties are leased to corporate Bloomin’ Brands entities on two master leases. This transaction makes Bloomin’ Brands the third largest tenant for FCPT, accounting for 3.3 percent of cash rent for …

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CaliforniaLeasingNews

Three New Tenants Sign Leases at South Coast Collection in Metro Los Angeles

by Hayden Spiess

Costa Mesa, Calif. — Three new retail tenants have signed leases at South Coast Collection (SoCo), a 292,000-square-foot retail center located in Costa Mesa, roughly 40 miles outside Los Angeles. Lovesac, BauTeam and Fireclay Handmade Tile will occupy 2,198; 2,035; and 2,238 square feet at the property, respectively. Continental Realty Corp. (CRC) is the landlord of the center, which was originally developed in 2007. Other tenants at the property include Coco Republic, Design Within Reach, La-Z-Boy, Paul Mitchell the School, Brown Jordan, Natuzzi, Room & Board, Butcher’s House, Greenleaf Kitchen + …

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CaliforniaDevelopmentLeasingNews

WS Development Adds New Tenants, Gathering Spaces at Montgomery Village in Santa Rosa, California

by Hayden Spiess

Santa Rosa, Calif. — WS Development has completed the renovation and expansion of public gathering spaces at Montgomery Village, a 280,000-square-foot retail center located in Santa Rosa, as well as added new tenants. Highlights of the property renovations include updates to The Courtyard, a community hub that features seating, a children’s play area and a dog relief area. The Passage, a new covered passageway connecting the north and south ends of the property, is now also open at the center.  New tenant openings at the property include Amour Vert, Mandarin Kitchen, Gorjana, …

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Marys-Vineyard-Visalia-CA
CaliforniaInvestment salesNews

Matthews Real Estate Arranges $17.7 Million Sale of Mary’s Vineyard Shopping Center in Visalia, California

by Hayden Spiess

Visalia, Calif. — Matthews Real Estate Investment Services has arranged the sale of Mary’s Vineyard, a shopping center located in Visalia. Argonaut Investments, a privately held investment firm, acquired the asset from an undisclosed seller for $17.7 million. Developed in 1989 on 16.5 acres, the property totals 151,615 square feet and was leased to 28 tenants at the time of sale. Carter Hamilton and Matt LoPiccolo of Matthews Real Estate Investments represented the seller and buyer in the transaction. 

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CaliforniaInvestment salesNews

Hanley Brokers $5.8 Million Sale of Retail Pad Property in Riverside, California

by Hayden Spiess

Riverside, Calif. — Hanley Investment Real Estate Advisors has brokered the $5.8 million sale of a 6,300-square-foot retail pad property located in Riverside. Chipotle Mexican Grill anchors the three-tenant building, which was built in 2020 and is situated within Veteran’s Plaza. MA Dental is also open at the property, with BHC Chicken scheduled to open in October. Eric Wohl and CJ Kiehler of Hanley represented the developer and seller, Greens Development Inc., in the transaction. Justin Altemus of The Altemus Co. represented the buyer, a 1031-exchange investor. 

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Tokyo Central
CaliforniaLeasingNews

Tokyo Central to Open 40,635-Square-Foot Store at Bay Street Emeryville in California

by Hayden Spiess

Emeryville, Calif. — Tokyo Central has signed a lease at Bay Street Emeryville in Emeryville, with plans to open a 40,635-square-foot store at the newly redeveloped retail center. Owned by Pan Pacific Retail Management (PPRM), the Asian grocery concept features imported Japanese goods. Scheduled to open next year, Tokyo Central at Bay Street will also include a Japanese cuisine dining establishment. CenterCal Properties, which acquired the center in 2021, is the landlord. Other recent openings at the property include Mumu Hot Pot, Fogo de Chão, Flores Cocina & Bar, Pippal, Tipsy …

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CaliforniaInvestment salesNews

Reliable Properties Acquires Remainder of 92,000-Square-Foot Retail Center in Los Angeles 

by Hayden Spiess

Los Angeles — Reliable Properties has acquired a 2.9-acre parcel and a partial interest in another, 1.4-acre parcel at Barnsdall Square, a 92,000-square-foot retail center located in Los Angeles. Jeff Adkison, Bryan Ley, Rob McRitchie and Brendan McArthur of JLL represented the seller, DMDE Properties, in the transaction. Tenants at the property include Jons Marketplace Grocery Store and Rite Aid Pharmacy. Reliable previously acquired the other portions of Barnsdall Square in transactions with other sellers over the past year. Brad Nourafshan of Reliable led the firm’s acquisition efforts. 

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CaliforniaDevelopmentFinanceMixed-useNews

Colliers Arranges $33 Million Financing for Bayfair Mall Redevelopment in San Leandro, California

by Hayden Spiess

San Leandro, Calif. — Colliers Mortgage has secured a $33 million bridge loan to refinance Bayfair Mall in San Leandro. The 715,000-square-foot property is being redeveloped into a mixed-use retail power center and R&D campus in San Leandro. Shahin Yazdi, Jonathan Lee, Tommy Adelson and William Hyatt of Colliers arranged the financing, which includes a 36-month term with optional extensions, on behalf of the borrower, B3 & Gaw. The borrower’s multi-phase business plan includes closing the indoor corridors of the mall, renewing leases for existing retail tenants and filling vacancies with …

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Chipotle Rancho Cordova
CaliforniaInvestment salesNet leaseNews

Hanley Brokers $4.3 Million Pre-Sale of Single-Tenant Property Near Sacramento

by Hayden Spiess

Rancho Cordova, Calif. — Hanley Investment Group Real Estate Advisors has brokered the $4.3 million pre-sale of a single-tenant property located in Rancho Cordova, roughly 13 miles outside Sacramento. Situated on a 0.8-acre parcel within the Anatolia Marketplace shopping center, the building totals 2,325 square feet. Chipotle Mexican Grill has signed a triple-net ground lease at the property. Bill Asher and Jeff Lefko of Hanley represented the seller, an entity doing business as Anatolia Marketplace LLC, in the transaction. Chipotle is scheduled to open at the property in September.

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CaliforniaLeasingNews

Axiom Arranges Two Leases Totaling 20,128 Square Feet at Shopping Center in Southern California

by Hayden Spiess

Escondido, Calif. — Axiom Retail Advisors has arranged two leases totaling 20,128 square feet at a shopping center located in Escondido. The tenants, Dollar Tree and Big Blue Swim School, will occupy a former Big Lots property at the center, which is anchored by The Home Depot. Lea Clay Park and Stephanie Skrbin of Axiom represented the landlord, Red Mountain Retail Group, in the lease negotiations. Brian Pyke of Retail Insite represented Dollar Tree, and Andrew Shemirani of Flocke & Avoyer represented Big Blue Swim School. Red Mountain Retail Group acquired …

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