Santa Monica, Calif. — Barnes & Noble will open a store within a 21,000-square-foot space at Third Street Promenade in Santa Monica. This marks the return of the retailer to the property following a five-year hiatus. Other new tenants at the center include fitness brand JOHN REED and pickleball venue Pickle Pop.
Modesto, Calif. — PSRS has arranged $14.5 million in permanent debt for Central Valley Plaza, a retail center located in Modesto. Walmart and Kohl’s anchor the property. Michael Thorp of PSRS secured the 10-year loan through a life insurance company on behalf of the undisclosed borrower.
Pasadena, Calif. — A consortium of investors doing business as 475 South Lake Avenue LLC has completed the redevelopment of a 45,000-square-foot historic retail building in Pasadena. Originally constructed in 1949 as a department store, the I. Magnin & Co. building was most recently occupied by Borders Books & Music more than a decade ago. Erewhon now occupies space on the ground floor and basement level of the property, with childcare center Brella and women’s healthcare clinic Tia occupying the second floor. Architecture, planning and interior design firm RDC and Humberto …
Palm Desert, Calif. — Hanley Investment Group Real Estate Advisors has brokered the $2.9 million sale of a single-tenant property located in Palm Desert. Bank of America occupies the 3,515-square-foot building, which was built in 2015. Bill Asher and Jeff Lefko of Hanley represented the seller, an undisclosed private investor. Tyler Rollema of The Klabin Co. represented the buyer.
Santee, Calif. — Macy’s has signed a 30,000-square-foot lease at Santee Trolley Square in Santee, with plans to open one of the brand’s new small-format stores at the property. Brian Quinn and Bryan Cunningham of JLL secured the lease on behalf of the landlord, Kimco Realty Corp. Dave Hagglund and Andrew Roth of CBRE represented Macy’s in the negotiations. The store is scheduled to open in November 2023.
Montebello, Calif. — Four tenants have signed leases totaling 12,531 square feet at The Shops at Montebello, a retail center located in Montebello, roughly 10 miles outside Los Angeles. Claw Daddy has opened a 1,076-square-foot arcade at the property, and MINISO has opened a 5,503-square-foot store. Froyology and Joe’s Boots will also open in September and October, occupying 1,120 and 4,832 square feet, respectively.
Thousand Oaks, Calif. — Black Lion has purchased a retail center in Thousand Oaks for $8 million. Whole Foods Market anchors the 23,958-square-foot property, which was 55 percent occupied at the time of acquisition. The buyer plans to implement upgrades including a façade renovation, new roof and parking lot, as well as rebrand the property. Dan Tyner of JLL represented both the buyer and undisclosed seller in the transaction.
Ontario, Calif. — Left Coast Brewing Co. will open a 5,000-square-foot tasting room at The Collection, a 96,000-square-foot development currently underway in Ontario. Scheduled to open in the first quarter of 2024, the outpost will mark the third in the country for the company.
Valencia, Calif. — Centennial has acquired Westfield Valencia Town Center, a 1 million-square-foot shopping mall located in Valencia. Moving forward, the property, which was leased to more than 140 tenants at the time of sale, will be known as Valencia Town Center.
Lancaster, Calif. — Hanley Investment Group Real Estate Advisors has brokered the $2.7 million sale of a two-tenant retail building located in Lancaster. AutoZone and Precision Eyebrow Threading occupy the 6,999-square-foot property, which is situated on a 0.6-acre plot within a Target-anchored shopping center. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, an undisclosed private investor.
