Palm Desert, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $3.9 million sale of a retail pad located in Palm Desert. Built in 2008, the property comprises 8,500 square feet across four tenant spaces. Chipotle Mexican Grill anchors the pad, and other tenants include Cornerstone Pharmacy and Luxury Nails & Spa. Bill Asher and Jeff Lefko of Hanley represented the seller in the transaction. Omar Hussein of Beacon Realty Advisors represented the buyer.
Los Angeles and New York City — Apparel retailer BOGNER has opened two stores in Los Angeles and New York City, marking the first locations in the country for the German brand. Located on Madison Avenue, the New York City store comprises 3,400 square feet, and the Los Angeles store occupies 2,500 square feet on the Sunset Strip.
Mammoth Lakes, Calif. — PSRS has arranged a $3.7 million loan for the refinancing of Mammoth Gateway, a retail center in Mammoth Lakes. Rite Aid anchors the property, which totals 54,854 square feet. Built in 1973 on 3.5 acres, the center features 13 retail spaces. Grady Seldin and Thomas Rudinsky of PSRS secured the 10-year, fixed-rate financing on behalf of the undisclosed borrower.
Camp Hill, Pa. — A&G Real Estate Partners will market 79 Rite Aid store leases for sale, in its capacity as real estate advisor to the company, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Part of Rite Aid’s financial restructuring process, this marks the third tranche of leases to be sold and follows a set of 92 store leases that became available in November. Ranging from 5,502 to 31,468 square feet, the leases are located in 11 states, including California, Connecticut, Maryland, Michigan, New Jersey, …
Newport Beach, Calif. — California-based Mountain Mike’s Pizza has signed a franchise deal for the development of 10 restaurants in Washington, marking the brand’s entrance into the state. Locations will include Arlington, Bellevue, Bellingham, Burlington, Kirkland, Lake Stevens, Lynwood, Marysville, Mill Creek, Northgate and Redmond, with the first opening scheduled for next year. Franchisees Gurjot and Yashraj Thind will develop and operate the restaurants.
Thousand Oaks, Calif. — NewMark Merrill Cos. has acquired a 172,008-square-foot retail center located in Thousand Oaks. Renamed the Collection at Janss Marketplace, the property was 60 percent leased at the time of sale. NewMark acquired the center from Seritage Retail Group for an undisclosed price. Tenants at the property, which was originally built as a multi-story Sears department store, include Dave & Buster’s, DSW and Nordstrom Rack. The center shares parking and access points with the adjacent Janss Marketplace, a 458,000-square-foot shopping center. Sandy Sigal, Jim Patton, Brad Pearl, Sandra …
Palm Desert, Calif. — Pacific Real Estate Partners (PCRP) has acquired The Shops at Palm Desert, a nearly 1 million-square-foot enclosed mall located in Palm Desert. Built in 1982, the property was renovated in 2013. Tenants at the mall include JCPenney, Macy’s, Dick’s Sporting Goods and Barnes & Noble. PCRP plans to reposition the 72-acre property as a mixed-use development. Plans include the addition of a green space, as well as residential and entertainment space.
Rancho Cucamonga, Calif. — Progressive Real Estate Partners has brokered the $4.9 million sale of a 16,560-square-foot single-tenant property located in Rancho Cucamonga. Dollar Tree occupies the building on a triple-net-lease basis. Brad Umansky, Greg Bedell and Lance Mordachini of Progressive arranged the sale on behalf of the seller, Red Mountain Group. Katherine Quach and Wendy Wong of Treelane Realty Group represented the buyer, a private investor.
Los Angeles — Gantry has arranged a $21.6 million loan for the development of a grocery-anchored retail project in Los Angeles. Upon completion, the project will comprise 33,700 square feet. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the five-year financing, which one of the firm’s correspondent lenders provided, on behalf of the undisclosed borrower.
Moon Bay, Calif. — Matthews Real Estate Investment Services has arranged the sale of Strawflower Village Shopping Center, a 78,940-square-foot retail center located in Moon Bay, approximately 30 miles south of San Francisco. A 33,000-square-foot Safeway anchors the center, which was 96 percent leased at the time of sale. Other tenants include T-Mobile, Chase Bank and US Bank. SJ Amoroso Properties Co. acquired the property from HMB Musich LLC for $34 million. Marko Buljan of Matthews represented the seller in the transaction. Tim Gilmartin of The Gilmartin Group represented the buyer.
