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Progressive Arranges 3,273-Square-Foot Lease in Southern California

by Hayden Spiess

Ontario, Calif. — Progressive Real Estate Partners has arranged a 3,273-square-foot lease in Ontario. Albert Lopez of Progressive represented the landlord in the leasing negotiations. KFC will occupy the single-tenant property on a 15-year ground lease. KFC has begun renovations to the property and is scheduled to open by mid-2024. Charlie Cangelosi of Irish Commercial represented the tenant in negotiations. Restaurant Brands, which operates more than 70 KFC venues in Southern California, is the franchisee. 

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CaliforniaGrocery-anchoredInvestment salesNews

Newmark Brokers Sale of 110,511-Square-Foot Pacific Pearl Shopping Center in Pleasanton, California

by Hayden Spiess

Pleasanton, Calif. — Newmark has arranged the sale of Pacific Pearl, a 110,511-square-foot retail center located in Pleasanton. 99 Ranch Market anchors the property, which was developed in 2018. Other tenants include 85 Degrees Bakery, Mochinut, Kura Sushi and Bonchon Chicken. Tourmaline Capital acquired the property and has retained Vestar as manager. Nicholas Bicardo, Bill Bauman, Kyle Miller and Cheyne Bloch of Newmark facilitated the transaction.

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Target to Close Nine Stores Across Four States

by Hayden Spiess

Minneapolis — The Target Corp. has announced plans to close nine stores in four states. Scheduled to close Oct. 21, the stores are located in New York City; Seattle; Portland, Oregon; San Francisco; and Oakland, California. In a statement, the brand attributed the closures to the fact that “theft and organized retail crime are threatening the safety of [its] team and guests and contributing to unsustainable business performance.” 

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CaliforniaFinanceNews

Marcus & Millichap Arranges $3.8 Million Refinancing for Retail Property in San Jose, California

by Hayden Spiess

San Jose, Calif. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.8 million loan for the refinancing of Tully Commercial Center, a property featuring 15 freestanding retail spaces in San Jose. Current tenants include Little Caesars, Hawaiian BBQ, a hair and nail salon, and a dry cleaner. David Campbell of Marcus & Millichap secured the financing, which features a seven-year term and 25-year amortization.

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CaliforniaLeasingNews

Barnes & Noble to Open 21,000-Square-Foot Store in Santa Monica, California

by Hayden Spiess

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. 

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CaliforniaFinanceNews

PSRS Arranges $14.5 Million Loan for Central Valley Plaza Shopping Center in California

by Hayden Spiess

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.

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CaliforniaDevelopmentLeasingNews

475 South Lake Avenue Completes Redevelopment of 45,000-Square-Foot Retail Building in Pasadena, California

by Hayden Spiess

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 …

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CaliforniaInvestment salesNews

Hanley Brokers $2.9 Million Sale of Single-Tenant Property in Palm Desert, California

by Hayden Spiess

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. 

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CaliforniaLeasingNews

Macy’s to Open 30,000-Square-Foot, Small-Format Store in Southern California

by Hayden Spiess

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. 

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CaliforniaLeasingNews

Four Tenants Sign Leases Totaling 12,531 Square Feet at The Shops at Montebello in Metro Los Angeles

by Hayden Spiess

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. 

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