San Francisco — Westfield plans to pull out of San Francisco and surrender the San Francisco Centre mall to the property’s lender, reports CNN. The decision follows the closure of stores including Banana Republic and Nordstrom. A spokesperson for Westfield previously attributed the closure of the latter to “unsafe conditions for customers, retailers and employees.” According to SFGATE, Westfield and its partner, Brookfield Properties, have ceased loan payments on the mall. In a statement provided to the publication, Westfield noted that it has operated San Francisco Centre for more than …
Inglewood, Calif. — SRS Real Estate Partners has arranged the $5.1 million sale of a single-tenant retail property located in Inglewood, roughly 12 miles outside Los Angeles. Starbucks Coffee occupies the 1,008-square-foot building, which was built in 2021 on 0.4 acres, on a net-lease basis. Brian Wolfman and Zach Leffers of SRS represented the seller, a Los Angeles-based private investor. David Oberg and Zach Ordin of DLO Realty Group represented the buyer, a Los Angeles-based family office.
Riverside, Calif. — Hanley Investment Group Real Estate Advisors has brokered the $4.9 million sale of a four-tenant retail property located in Riverside. Built In 2020 and situated within Veteran’s Plaza, the 6,963-square-foot building is occupied by Starbucks Coffee, Express Gadget Repair, Desperate Measures and Jersey Mike’s Subs on a net-lease basis. Eric Wohl and CJ Kiehler of Hanley represented the seller, a California-based developer. Shirley Kim of Max Mega Group Realty represented the buyer, an international private investor.
Santa Monica, Calif. — Citivas Capital Group has provided a senior construction loan for the development of a mixed-use project at Third Street Promenade in Santa Monica. Upon completion, the space, which will include retail and office space, will feature floor-to-ceiling windows and a 4,000-square-foot outdoor roof terrace. Blatteis & Schnur was the borrower. Jorge Adler of Citivas arranged the financing.
Inglewood, Calif. and Los Angeles — NAI Capital Commercial has arranged three Total by Verizon leases totaling 6,049 square feet. Tina LaMonica and Patrick Ortiz of NAI represented the landlords in the leasing negotiations. In Los Angeles, Total by Verizon will open a 2,234-square-foot store within a space formerly occupied by AT&T and a 2,000-square-foot store at Martin Luther King Jr. Shopping Center. Additionally, the tenant will occupy a 1,815-square-foot space in Inglewood, roughly 12 miles outside Los Angeles.
Santa Ana, Calif. — Hanley Investment Group Real Estate Advisors has brokered the $36.5 million sale of Bristol Place, a 61,454-square-foot retail center located in Santa Ana. Built in 1968, the property was renovated in 2019 and was 89 percent occupied at the time of sale. Matt Burnett, Kevin Fryman and Ed Hanley of Hanley represented the seller, a joint venture between an affiliate of Cadence Capital Investments and Oakwood Real Estate Partners. Ron Duong of Marcus & Millichap represented the buyer, a California-based private investor.
Milan Capital Management Receives $12.1 Million Refinancing for Mission Promenade in Metro San Diego
Oceanside, Calif. — Milan Capital Management has received a $12.1 million loan for the refinancing of Mission Promenade, a 105,700-square-foot retail center located in Oceanside, approximately 40 miles northwest of San Diego. Built in 1972 and renovated in 1999, the property was 97 percent leased at the time of financing, to tenants including El Super and dd’s Discounts. Jeff Sause and John Chun arranged the 10-year loan through a regional bank on behalf of the borrower.
Oakland, Calif. — CBRE has arranged a $15 million loan for the refinancing of Lincoln Square Shopping Center in Oakland. Safeway anchors the property, which comprises three buildings with 14 tenant suites. Other tenants at the center include CVS/pharmacy, Peet’s Coffee, Jamba Juice and the UPS Store. Originally built in 1963, the property underwent extensive redevelopment in 2019. Shaun Moothart, Bruce Francis, Doug Birrell and Bob Ybarra of CBRE arranged the non-recourse, 10-year, interest-only loan on behalf of the borrower, a California-based private retail real estate operating company.
Simi Valley, Calif. — NAI Capital Commercial has brokered the $2 million sale of a 5,708-square-foot restaurant building in Simi Valley. Situated within Woodlands Plaza, the property was formerly occupied by Cocos and vacant at the time of sale. Michael Schiff of NAI represented both the buyer, SSA California Properties LLC, and the seller, Barsky Family Limited Partnership, in the transaction. The new owner plans to open and operate a breakfast restaurant.
Torrance, Calif. — Faris Lee Investments has arranged the $8 million sale of a retail outparcel located in Torrance, roughly 20 miles outside Los Angeles. Situated within South Bay Towne Center, the outparcel building was fully leased at the time of sale to tenants including Starbucks Coffee, Subway, Flame Broiler, Sushi Boy, Great Steak and Hong Kong Express. Walmart was the buyer. JP Morgan provided financing for the purchase.