Newport Beach, Calif. — RealSource Group brokered sales of single-tenant express car wash properties totaling over $100 million last year. The transactions represented a mix of sale-leasebacks, built-to-suits/presales and ground leases across four brands. Properties included in the sales were located across eight states in the Midwest, South and Southeast. “Private individual buyers have become increasingly familiar and comfortable with this asset type for long-term investment and were eager to take advantage of the 100 percent bonus depreciation benefits in 2022, before the depreciation amount was reduced to 80 percent …
Menifee, Calif. — Tourmaline Capital has completed the disposition of Center Pointe, a newly developed shopping center located in Menifee. A private 1031 exchange buyer acquired the center for $24.6 million. Sprouts Farmers Market, Wendy’s, Olive Garden, Tacos & Tequila and Paris Nails are tenants at the 41,461-square-foot property. At the time of sale, the retail center was 96 percent leased. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the deal.
Pinole, Calif. — Balboa Retail Partners has purchased Pinole Square, a shopping center located in Pinole, approximately 20 miles northeast of San Francisco. A private family sold the property for an undisclosed price. Safeway and CVS/pharmacy have anchored the 91,000-square-foot retail center for more than 50 years. Nicholas Bicardo and Cheyne Bloch of Newmark facilitated the transaction.
Redlands and Walnut, Calif. — Majestic Realty Co. has arranged leases with two tenants at shopping centers in southern California. Hot Topic will open a 6,000-square-foot store at Mountain Grove Shopping Center, located in Redlands, roughly 65 miles east of Los Angeles. Additionally, CTBC Bank will lease 3,250 square feet at The Village Shopping Center in Walnut, approximately 25 miles east of Los Angeles. Majestic Realty represented the landlords in both negotiations. Beta Agency represented Hot Topic, and Miren Co. represented CTBC Bank.
Simi Valley, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of Simi Valley Promenade, an 82,366-square-foot shopping center located in Simi Valley. A private investor represented by Avi Narang of BRC Advisors acquired the property for $19.6 million. Bill Asher, Jeff Lefko and Ed Hanley of Hanley represented the seller, Toibb Enterprises. Built in 1981, the property was 92 percent leased at the time of sale to tenants including Smart & Final, Goodwill, Del Taco, Denny’s, Chi Chi’s Pizza and H&R Block.
Lawndale, Calif. — Beta Agency has brokered the sale of Lawndale Plaza, a retail center located approximately 20 miles outside of Los Angeles in Lawndale. A private entity operating in a 1031 exchange acquired the property for $14 million. The center was fully leased at the time of sale to tenants including Smart & Final, Subway, Wingstop, Panda Express, Daily Nails & Spa and Wells Fargo. Richard Rizika and Vanessa Zhang of Beta represent the undisclosed seller, a private shopping center owner, in the transaction.
Long Beach, Calif. — Tova Capital has purchased a 34,500-square-foot retail center located in Long Beach, approximately 25 miles south of Los Angeles. Jared Swedelson of NAI Capital represented Tova in the $6.2 million transaction. The property, which was fully occupied at the time of sale by Trademark Brewing and climbing gym Long Beach Rising, features two buildings comprising approximately 17,000 square feet each. Sheva Hosseinzadeh of Coldwell Banker Commercial BLAIR represented the undisclosed seller.
El Dorado Hills, Calif. — Gantry has arranged the $16.8 million refinancing of Market Place at Town Center, a retail center located in El Dorado Hills, roughly 30 miles northeast of Sacramento. Comprising 134,600 square feet, the property is anchored by Nugget Markets. Robert Slatt and Andrew Ferguson of Gantry secured the 10-year, fixed-rate permanent loan on behalf of the borrower, a private investor. A regional bank provided the financing.
Irving, Texas — Palm Beach Tan Inc. has acquired tanning chain At the Beach, which comprises 58 salons across Oklahoma, Kansas, Southern California and Colorado. The stores will be operated by franchise entities Bronze Body LLC, Old Trinity Partners LLC and West Coast Tanning. Existing At the Beach customer accounts, memberships, sessions, credits and packages will be transferred to Palm Beach Tan, and all At the Beach employees have been offered positions with Palm Beach. This acquisition brings Palm Beach Tan’s total portfolio to 650 franchised and company-owned locations across …
Mill Valley, Calif. — Four Corners Property Trust (FCPT) has purchased a portfolio of four retail properties occupied by Buffalo Wild Wings in Illinois for $14.3 million. The properties have roughly nine years remaining on the leases. The sales price represents a cap rate of 7.3 percent. The seller and specific locations of the properties were not provided. Mill Valley, California-based FCPT is a retail and restaurant REIT with a portfolio of 982 properties across 47 states.