Palm Desert, Calif. — Progressive Real Estate has negotiated the $1.8 million sale of a 5,000-square-foot freestanding retail building located in the Downtown Edge District of Palm Desert. The buyer, a family that owns and operates the neighboring Shiraz Rug Co., acquired the building to expand the store’s operations by an additional 5,000 square feet. Heather Sharp of Progressive arranged the sale.
Glendale, Calif. — Marcus & Millichap has arranged the sale of a vacant retail building located on 2.4 acres at South Central Avenue and Chevy Chase Drive in Glendale. Aria Investments LLC sold the property to the City of Glendale for $24 million. The city plans to develop a park and recreation center on the site, which includes a 33,818-square-foot retail building formerly occupied by JoAnn Fabrics. Sheila Alimadadian of Marcus & Millichap represented the seller and procured the buyer in the deal. Built in 1966 and renovated in 2013, the …
Mountain House, Calif. — Brixton Capital has acquired The Market Mountain House, an 88,872-square-foot neighborhood shopping center located within the master planned community of Mountain House, for $32 million. Situated roughly 50 miles east of San Francisco in San Joaquin County, The Market Mountain House features five buildings and was fully leased at the time of sale. Safeway anchors the property, which features a mix of additional tenants including Starbucks Coffee, The UPS Store, Great Clips, Häagen-Dazs, AappaKadai, Mountain Mike’s Pizza and Sourdough & Co. Shea Properties developed The Market Mountain House …
Lakewood, Calif. — A joint venture between Pacific Retail Capital Partners, Lyon Living and Silverpeak has acquired Lakewood Center, a 2 million-square-foot super-regional shopping center located about 23 miles southeast of Los Angeles. The joint venture plans to redevelop the property to feature elevated retail and dining options, integrated residential living opportunities, wellness amenities, green spaces and entertainment offerings. The timeline and additional design elements will be disclosed as the project progresses. Lakewood Center originally opened in 1952 and spans nearly 150 acres. According to Wikipedia, the center is ranked among …
Diamond Bar, Calif. — Hanley Investment Group Real Estate Advisors and Oaks Commercial Real Estate has arranged the $4.8 million sale of a multi-tenant retail pad property in Diamond Bar, roughly 27 miles east of downtown Los Angeles. Built in 2016, the 4,767-square-foot building is fully leased to three tenants: Jimmy John’s, Crumbl Cookies and Starbucks Coffee. Bill Asher and Jeff Lefko of Hanley, along with Fred Encinas of Oaks Commercial Real Estate, represented the seller, a Las Vegas-based private partnership, in the transaction. Arman Mahmoodi of BeachRock Group represented …
Oakley, Calif. — Newport Beach, California-based RealSource Group has negotiated the sale of a single-tenant retail property located in Oakley. A 7-Eleven convenience store occupies the 3,795-square-foot building on a triple-net ground lease basis, which has more than nine years remaining on its initial 15-year term. Built in 2019, the property sits on nearly 1.3 acres and is situated adjacent to a McDonald’s and Quick Quack Car Wash. Jonathan Schiffer and Austin Blodgett of RealSource Group represented the seller, California Capital & Investment Group. The buyer, 7-Eleven, Inc., purchased the store …
Palm Desert, Calif. — Irvine, California-based Faris Lee Investments has brokered the $6.1 million sale of a two-tenant retail property located at the corner of Highway 111 and Fred Waring Drive in Palm Desert. SchoolsFirst Federal Credit Union and T-Mobile occupy the 7,400-square-foot building. Chris DePierro, Jeff Conover, Don MacLellan, Scott DeYoung and Greg Lukosky of Faris Lee represented the seller, Sage Investments, in the transaction. The all-cash, 1031 exchange buyer was a Southern California-based private investor. This deal marks the 25th property Faris Lee Investments has sold in the Palm …
Riverside, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $2.8 million sale of a newly constructed single-tenant retail property situated at 4990 Van Blvd. in Riverside. A Dutch Bros Coffee drive-thru occupies the 1,025-square-foot building on a 15-year absolute triple-net ground lease with 10 percent rental increases every five years. Located on a .39-acre retail pad, the building sits adjacent to a Walmart Supercenter and McDonald’s. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, Zach Bonsall and Braden Bernards of Portland, Oregon-based Cole Valley …
Cathedral City, Temecula and Redding, Calif. — SRS Real Estate Partners has arranged the sales of three restaurant properties in separate transactions totaling $10 million. Starbucks Coffee occupies the three newly constructed drive-thru properties, which operate under long-term, corporate-guaranteed triple-net leases. The first transaction includes a 1,900-square-foot property in Cathedral City. A Northern California-based private investor acquired the café from a Newport Beach, California-based retail and restaurant development company for $3.7 million. Alexander Moore of SRS Capital Markets represented the buyer in the deal. The second transaction features a 3,600-square-foot property …
Stockton, Calif. — Family-owned real estate platform Mershops has acquired Weberstown Mall, an 800,000-square-foot regional shopping center located in Stockton, for $50.8 million. Originally opened in 1966, the center is anchored by JCPenney, Dillard’s and Barnes & Noble. Other tenants include Old Navy, Five Below, BoxLunch, Foot Locker, Lids, Victoria’s Secret and Journeys. Steerpoint Capital brokered the sale on behalf of Mershops. The seller was Washington Prime Group. This transaction marks Mershops’ sixth enclosed shopping center acquisition across California and Nevada. Mershops’ current portfolio includes North County Mall in Escondido, California; …
