California

Downtown Santa Monica

Santa Monica, Calif. — A joint venture between Tova Capital and Shopton Capital has acquired a 7,500-square-foot freestanding retail building in downtown Santa Monica for $5.5 million. Situated at the intersection of Wilshire and Lincoln Boulevards, the single-story building sits on a 15,000-square-foot corner lot. The joint venture plans to renovate the property — which was originally developed in 1981 — with a new storefront, exterior enhancements, lighting upgrades and refreshed paint. The property was 40 percent leased to Commercial Bank of California at the time of sale. Luc Hawkshaw, …

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Old Grove Marketplace

California — Vestar has been selected to provide management services for a 600,000-square-foot retail portfolio in Southern California. The portfolio comprises five grocery-anchored shopping centers including Campus Marketplace in San Marcos, The Pavilion at La Quinta in La Quinta, River Oaks Shopping Center in Santa Clarita, Bear Creek Village in Wildomar and Old Grove Marketplace in Oceanside. Vestar will manage the portfolio on behalf of Nuveen Real Estate, who recently acquired the properties. Vestar’s Southern California management portfolio now totals more than 8.5 million square feet.

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Willow Creek Center

Auburn, Calif. — Monarch Commercial Advisors has brokered the $27.8 million sale of Willow Creek Center, a 67,825-square-foot shopping center located in Auburn, roughly 33 miles outside Sacramento. A Smart & Final grocery store anchors the center, which was constructed between 2015 and 2017. Other tenants at the fully leased property include Starbucks Coffee, Chick-fil-A, Panda Express, PetSmart, Jersey Mike’s, AT&T and GameStop. Dave Lucas and Brandon Norton of Monarch Commercial represented the seller, Best Development Group, in the transaction. The buyer was a private investor. Dan Friedeberg of Slatt Capital …

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Circle K

Coachella, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed, 4,625-square-foot single-tenant retail property located in Coachella. A Circle K convenience store and gas station occupies the site on a 15-year, absolute triple-net-lease with 10 percent rental increase every five years. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, Newport Beach, California-based Fountainhead Development, in the transaction. Aaron Bove of Marcus & Millichap’s San Diego office represented the 1031 exchange buyer, a San Diego-based private investor.

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Westport Plaza and Square

Costa Mesa, Calif. — CBRE has arranged the $25.7 million sale of Westport Plaza & Square, a 39,334-square-foot shopping center located in Costa Mesa. Built in 1975 and renovated in 2002 and 2018, the center is situated on 13.7 acres. Tenants at the property — which was 97 percent leased at the time of sale — include Plums Café & Catering, Fleur De Lys, Crumbl Cookies, Common Thread, House of Yogurt, Massimo’s Pizza and LaserAway. Westport Plaza & Square has roughly 54 years remaining on its long-term ground lease. Jimmy …

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La Alameda Shopping Center

Los Angeles — PSRS has arranged a $40 million loan for the refinance of La Alameda Shopping Center, a 245,000-square-foot shopping center located in the Los Angeles neighborhood of Walnut Park. The 18.3-acre center comprises six building clusters and features Spanish architecture, pedestrian-friendly courtyards, plaza spaces, outdoor seating and a fountain. Tenants at the property include Ross Dress For Less, CVS Pharmacy, Marshalls, Don Chente Bar & Grill, Wingstop, Dollar Tree, Chuck E. Cheese, Panda Express, GameStop, Cold Stone Creamery, Petco and Bath & Body Works. Kostas Kavayiotidis, Mike Davis and …

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The Learning Experience in Elk Grove, California

Elk Grove, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $6.1 million sale of a newly constructed, 9,990-square-foot single-tenant retail property located in the Sacramento suburb of Elk Grove. The Learning Experience, an early childhood education and childcare center, occupies the building on a 17-year corporate lease with 6 percent rent increases every five years. Completed in 2022, the Elk Grove facility is operated by the chain’s largest franchisee. Jeff Lefko and Bill Asher of Hanley Investment Group represented the seller, Armstrong Development Properties, in the transaction. …

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Shops at Hollywood Park

Inglewood, Calif. — Five new tenants have signed leases to join the Shops at Hollywood Park, the 390,000-square-foot retail district located within the larger Hollywood Park mixed-use development in Inglewood. The new round of leases — which total 13,000 square feet — includes food-and-beverage concepts Raising Cane’s, The Melt, Panini Kabob Grill, Lan Noodle and Rhythm Bar and Lounge. Hollywood Park is owned, developed and operated by Los Angeles Rams owner Stanley Kroenke. Hollywood Park spans 300 acres across 890,000 square feet. In addition to retail, the development features hospitality, …

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Grand Covina Plaza

Covina, Calif. — JLL Capital Markets has facilitated the $25 million sale of Grand Covina Plaza, a 111,975-square-foot shopping center located in the Los Angeles suburb of Covina. Stater Bros. Markets anchors the property, which was 89 percent leased to tenants including Dollar Tree, KFC, 7-Eleven and O’Reilly Auto Parts at the time of sale. Originally built in 1956, the center sits on 8.9 acres. Dan Tyner, Gleb Lvovich and Geoff Tranchina of JLL’s Investment Sales and Advisory team represented the seller, a private family partnership, and procured the buyer, …

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safeway-anchored-shopping-centers

Roseville and Elk Grove, Calif. — Two new retail centers designed by Los Angeles-based Nadel Architects have opened in the metro Sacramento area. The properties are West Roseville Marketplace in Roseville and Laguna Reserve Marketplace in Elk Grove. West Roseville Marketplace totals 74,000 square feet and is anchored by a 55,592-square-foot Safeway. Additional tenants at the center include McDonald’s, Starbucks Coffee, Bank of America and Mountain Mike’s Pizza. Laguna Reserve Marketplace, which comprises 57,000 square feet, is also anchored by a Safeway.

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