California

La-Canada-Flintridge-Town-Center-LA-CA

Los Angeles — CBRE has secured $36.4 million in post-acquisition financing for the recapitalization of the purchase of La Canada Flintridge Town Center in Los Angeles. Target anchors the 115,939-square-foot property, which was 96.7 percent occupied at the time of financing. Other tenants at the center include HomeGoods, Panera Bread, Habit Burger and Taylor’s. Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE arranged the seven-year, full-term interest-only loan on behalf of the borrower, TRC.

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East-Washington-Place_Petaluma-Calif

Petaluma, Calif. — Bath & Body Works will open a 4,260-square-foot store at East Washington Place, a 343,000-square-foot shopping center located in Petaluma. Scheduled to open April 12, the store will be situated next to BevMo! Other tenants at the property include Dick’s Sporting Goods, Chipotle Mexican Grill, HomeGoods, PetSmart, Ulta Beauty, Target and T.J.Maxx. 

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Beverly-Palm-Plaza_Beverly-Hills-Calif

Beverly Hills, Calif. — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties, has brokered the $12.5 million sale of Beverly Palm Plaza, a shopping center located in Beverly Hills. The 11,484-square-foot property was fully leased at the time of sale. Tenants at the center include Supercuts, Domino’s Pizza, Sushi Sasabune, Bodhi Thai, Crazy Fish, Traveling Tikes and Zeglio Custom Clothier. Ed Sachse, Kyle Fishburn and Jack Nathan of Kennedy Wilson Brokerage represented the seller, DSC America Inc., in the transaction. 

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Esplanade-Shopping-Center_Oxnard-Calif

Oxnard, Calif. — Primestor Development has acquired Esplanade Shopping Center, a 357,000-square-foot retail center located in Oxnard, for $90 million. The Home Depot, Nordstrom Rack, Staples, Dick’s Sporting Goods, T.J. Maxx and Walmart Neighborhood Market anchor the property, which was 94 percent occupied at the time of sale. Other tenants at the center include Cost Plus World Market, Tilly’s, Boot Barn, In-N-Out Burger and BJ’s Brewery and Restaurant. 

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San Diego — ULTA Beauty has signed a 12,000-square-foot lease at Rancho San Diego Towne Center, a shopping center located in San Diego. The store, which will be located near Crumbl Cookies and Star Nails, is scheduled to open later this month. Other tenants at the property include Albertsons, Staples, Target and Cold Stone Creamery. 

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52-N-Santa-Cruz-Ave-Los-Gatos-CA

Los Gatos, Calif. — Marcus & Millichap has arranged the $4.5 million sale of a retail property located at 52 N. Santa Cruz Ave. in Los Gatos, just south of San Jose. Built in 1985, the 4,401-square-foot property was fully occupied at the time of sale and offers six commercial spaces. Yuri Sergunin and J.J. Taughinbaugh of Marcus & Millichap’s Palo Alto office represented the undisclosed seller and procured the undisclosed buyer in the deal.

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4000-Union-Pacific-Ave-4040-Noakes-Ave-Commerce-CA

Commerce, Calif. — 99 Cents Only Stores LLC has announced plans to close all 371 of its stores and wind down business operations. The company has entered into an agreement with Hilco Global to liquidate all merchandise and dispose of fixtures, furnishings and equipment at the stores. Sales under this agreement are expected to begin today. 99 Cents Only was founded in 1982 as a deep-discount retailer where every item cost less than a dollar. The company is headquartered in the southeast Los Angeles suburb of Commerce, and currently operates stores …

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1000-S-Central-Ave-Glendale-CA

Glendale, Calif. — Marcus & Millichap Capital Corp. has secured $11.2 million in refinancing for a single-tenant retail building located at 1000 S. Central Ave. in the Los Angeles suburb of Glendale. Joann, a fabric and crafts retail chain that recently declared bankruptcy, occupies the property. Ron Bayls of Marcus & Millichap Capital Corp. arranged the 10-year loan, which includes a 5.97 percent interest rate with a 30-year amortization and 50 percent loan-to-value ratio.

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13000-13160-Palm-Dr-Desert-Hot-Springs-CA

Desert Hot Springs, Calif. — Progressive Real Estate Partners has arranged the sale of a retail property located in Desert Hot Springs, in the Coachella Valley. Totaling 33,004 square feet, the property features a multi-tenant building and two pad buildings, one of which is occupied by Chase Bank. A private investor acquired the property for $6.1 million in an all-cash transaction. Greg Bedell of Progressive Real Estate Partners represented the seller, and Heather Sharp of Progressive Real Estate Partners procured the buyer. 

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Nut-Tree_Vacaville-Calif

Vacaville, Calif. — NewMark Merrill has been named the manager of Nut Tree Plaza (The Nut Tree), a 372,225-square-foot retail center located in Vacaville. Originally established in 1921 as a roadside fruit stand, the property is leased to tenants including PetSmart, Nordstrom Rack, Kirkland’s, Ulta Beauty, Old Navy, Michaels and HomeGoods. NewMark Merrill’s portfolio now includes more than 100 shopping centers owned and/or managed by the company throughout the country. 

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