Lancaster and Palmdale, Calif. — A private investor has acquired two retail properties in southern California for a total $6.8 million. IHOP occupies both properties, which are located in Lancaster and Palmdale, on a net-lease basis. Deal terms include a new 23-year lease that commenced at the close of escrow, 1.5 percent annual increases and a 30-unit guarantee. Andre Thompson and Peter Deltondo of Marcus & Millichap represented the seller, a private investor, and secured the buyer in the transaction.
California
Glendale, Calif. — NAI Capital Commercial has negotiated the $3.2 million sale of a two-building retail property in Glendale, just north of Los Angeles. Guillermo Olaiz and John Archibald of NAI Capital Commercial represented the undisclosed seller in the transaction.
San Ramon, Calif. — PSRS has secured a $3.7 million loan for the permanent financing of Pointe West Plaza, a retail property located in San Ramon. The property is a 16,921-square-foot building leased to tenants including a billiards venue, salon, bistro and Chinese restaurant. Jonny Soleimani and Matthew Farzinpour of PSRS secured the five-year financing, which features a 25-year amortization schedule, through a correspondent life insurance company. The firm previously arranged bridge acquisition financing for the property.
Anaheim, Calif. — Tourmaline Capital has acquired Anaheim Hills Shopping Village, a 67,528-square-foot shopping center in Anaheim. A private family partnership sold the property for $16.7 million. Big Lots anchors the center, which was 95 percent occupied at the time of sale. Daniel Tyner, Gleb Lvovich and Geoff Tranchina of JLL Capital Markets represented the seller in the transaction.
Malibu, Calif. — Pacific Equity Partners has received $135 million in financing for Cross Creek Ranch, a 122,324-square-foot mixed-used property in Malibu. The property features 71,605 square feet of retail space and 50,719 square feet of creative office space. Cross Creek Ranch is adjacent to a Whole Foods Market in the core of Malibu’s shopping district, which also includes Malibu Country Mart, Malibu Village and Malibu Lumber Yard. John Marshall, Spencer Seibring, Allie Black and Tim Donald of JLL Capital Markets secured the five-year loan through Torchlight Investors on behalf of …
Los Angeles — PSRS has arranged a $13.2 million loan for the refinancing of Wilmington Plaza, a 64,222-square-foot retail center in the Wilmington neighborhood of Los Angeles. Mike Thorp and Ari Zeen of PSRS secured the nonrecourse financing, which features a five-year term, 30-year amortization and cash-out proceeds, through a life insurance company. Tenants at the property include Northgate Gonzalez Market, CVS/pharmacy and Chase Bank.
San Bernardino, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $7.7 million sale of a single-tenant retail property located in San Bernardino. 7-Eleven occupies the property, which was built in 2023 and totals 4,088 square feet. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Chase Partners Ltd., in the transaction. Jeff Leggio of ASU Commercial represented the buyer, a California-based private investor.
Rocklin, Calif. — LRE & Cos. has received approval from the City of Rocklin for the development of University Square, a 10-acre mixed-use destination development in Rocklin, approximately 20 miles northeast of Sacramento. Scheduled for completion by the end of 2025, University Square will feature more than 20,000 square feet of retail space, 5,000 square feet of space for quick-service restaurants with drive-thrus, a 123-room Hilton Garden Inn, a 10,000-square-foot daycare center and a 3,700-square-foot Circle K convenience store and a car wash. A construction timeline was not released.
Nordstrom to Open 26 New Nordstrom Rack Stores
Seattle — Seattle-based retailer Nordstrom has announced plan to open 26 new Nordstrom Rack stores. Openings are scheduled to begin this spring and continue through spring 2025. The sites of the new stores include locations in Arizona, California, Florida, Georgia, Illinois, Indiana, Nebraska, New Jersey, New York, North Carolina, Ohio and Texas.
Marcus & Millichap Secures $96 Million Refinancing for Three Shopping Centers in Southern California
Bakersfield, North Hollywood and Ventura, Calif. — Marcus & Millichap Capital Corp. (MMCC) has secured a $96 million loan for the refinancing of three shopping centers located in Southern California. Tenants at the properties — which are located in Bakersfield, North Hollywood and Ventura — include 24 Hour Fitness, Dollar Tree, Starbucks Coffee, Wells Fargo and Tractor Supply. Zack Metzner, Daizy Gomez and Linsey Farrahi of MMCC secured the five-year financing on behalf of the borrower, a private investor. The interest-only loan carries a fixed interest rate of 5.8 percent.