California

Visalia, Calif. — Matthews Real Estate Investment Services has arranged the sale of Mary’s Vineyard, a shopping center located in Visalia. Argonaut Investments, a privately held investment firm, acquired the asset from an undisclosed seller for $17.7 million. Developed in 1989 on 16.5 acres, the property totals 151,615 square feet and was leased to 28 tenants at the time of sale. Carter Hamilton and Matt LoPiccolo of Matthews Real Estate Investments represented the seller and buyer in the transaction. 

Riverside, Calif. — Hanley Investment Real Estate Advisors has brokered the $5.8 million sale of a 6,300-square-foot retail pad property located in Riverside. Chipotle Mexican Grill anchors the three-tenant building, which was built in 2020 and is situated within Veteran’s Plaza. MA Dental is also open at the property, with BHC Chicken scheduled to open in October. Eric Wohl and CJ Kiehler of Hanley represented the developer and seller, Greens Development Inc., in the transaction. Justin Altemus of The Altemus Co. represented the buyer, a 1031-exchange investor. 

Los Angeles — Reliable Properties has acquired a 2.9-acre parcel and a partial interest in another, 1.4-acre parcel at Barnsdall Square, a 92,000-square-foot retail center located in Los Angeles. Jeff Adkison, Bryan Ley, Rob McRitchie and Brendan McArthur of JLL represented the seller, DMDE Properties, in the transaction. Tenants at the property include Jons Marketplace Grocery Store and Rite Aid Pharmacy. Reliable previously acquired the other portions of Barnsdall Square in transactions with other sellers over the past year. Brad Nourafshan of Reliable led the firm’s acquisition efforts. 

Riverside, Calif. — Progressive Real Estate Partners has brokered the $3.6 million sale of a strip shopping center totaling 7,250 square feet in Riverside. The property was fully leased at the time of sale. Greg Bedell of Progressive represented the Los Angeles-based seller in the transaction. Girges Gad of Pacific Realty & Finance represented the buyer.