Huntington Beach, Calif. — Beverage concept Sip Fresh has signed a franchise deal for the development of three new stores in Southern California. Franchisees Brittany, Bryson and Risa Berryman will open the units, which are expected to be located within shopping centers in the Huntington Beach and Newport areas. Sip Fresh stores typically comprise between 400 and 1,400 square feet.
Petaluma, Calif. — Gantry has secured a $9.5 million loan for the refinancing of Plaza North Shopping Center in Petaluma on behalf of an undisclosed borrower. Lola’s Market, CVS/pharmacy, Starbucks Coffee, GNC and Club Pilates anchor the property, which comprises 101,000 square feet. Robert Slatt, Andrew Ferguson and Maria Zwick of Gantry arranged the financing through a life company lender to replace a maturing loan from 2013.
Camp Hill, Penn. — Rite Aid will sell an additional 92 store leases as part of its financial restructuring, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. Ranging from 5,000 to 33,548 square feet, the stores are located in California, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania and Washington. A&G Real Estate Partners, real estate advisor to the company, will broker the transactions in the form of private sales. The leases comprise the second tranche to be sold, and more leases are expected to be …
Palm Desert, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $6.3 million sale of a retail pad located in Palm Desert. Situated within Monterey Crossing, the property comprises 8,370 square feet. Built in 2022, the pad was fully leased at the time of sale. Tenants at the property include Jersey Mike’s Subs, Nekter Juice Bar, Roll-Em-Up Taquitos, Mathnasium and Keith Alexander, DDS. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Fountainhead Development, in the transaction. Yoram Katz of Peak Commercial represented the buyer, a …
San Gabriel, Calif. — Cushman & Wakefield has arranged the $10 million sale of Las Tunas Plaza, a shopping center in San Gabriel, an eastern suburb of Los Angeles. Situated on 1.3 acres, the property totals 17,473 square feet. Tenants at the center, which was 90 percent leased at the time of sale, include 7-Eleven, Golden Deli and Bopomofo Café. Joseph Lising, Mitchell Neff and Maureen Gitto of Cushman & Wakefield represented the seller in the transaction.
Costa Mesa, Calif. — Continental Realty Corp. has acquired South Coast Collection, a 292,000-square-foot retail center located in Costa Mesa. Built in 2007, the property was 97 percent leased at the time of sale. Tenants at the center include COCO Republic, Design Within Reach, Roche Bobois, Pirch, Paul Mitchell the School, Brown Jordan, Natuzzi Italia, Room & Board, Arc Food and Libations, Butcher’s House, Greenleaf Kitchen & Cocktails, Moulin, Paragon and Portola Coffee. The center also features The OC Mix, a 15,000-square-foot collection of more of more than 20 retailers and …
Rancho Cucamonga, Calif. — Progressive Real Estate Partners has brokered the $7.5 million sale of a nine-tenant retail building located in Rancho Cucamonga. Situated within Terra Vista Town Center, the 21,918-square-foot property was fully leased at the time of sale. Tenants at the building, which have all signed triple-net leases, include a jeweler, escape room and indoor playground. Greg Bedell and Paul Su of Progressive represented the seller in the transaction.
Hayward, Calif. — Las Montañas Supermarket has opened a 23,334-square-foot store at Creekside Center, an 80,311-square-foot retail center located in Hayward. In addition to a selection of produce, meat, poultry and seafood, the store features a taqueria. Other tenants at Creekside Center include The King Mattress and Furniture II, Supernails, Cricket Wireless, Rent-A-Center, Papa John’s, Subway and Carl’s Jr.
San Diego and Dallas — Realty Income Corp. (NYSE: O) and Spirit Realty Capital Inc. (NYSE: SRC) have entered into an all-stock merger agreement valued at $9.3 billion. The combined company, which will operate under the Realty Income banner, is expected to become the fourth largest REIT on the S&P 500 index with a total enterprise value of $63 billion. Both companies primarily invest in freestanding, net-leased commercial properties. Realty Income boasts a portfolio of 13,100 properties located across the U.S. and Europe, and Spirit Realty owns a portfolio of …
Ontario, Calif. — SRS Real Estate Partners has brokered the $4.6 million sale of a freestanding restaurant property located in Ontario. Culichi Lounge Inc. acquired the 5,535-square-foot building, which is occupied by Culichi Town, from an undisclosed local developer. Matthew Mousavi and Patrick Luther of SRS represented the seller in the deal. Terrison Quinn and Zach Leffers of SRS arranged the lease with Culichi Town on behalf of the seller.
