Mooresville, N.C. and San Diego — Lowe’s and Petco Health and Wellness Co. Inc. have announced plans to open a new in-store concept that will offer both home and pet products within select Lowe’s locations. The first Lowe’s + Petco store-in-store concept is slated to open at the Lowe’s Alamo Ranch store in San Antonio at the beginning of February. The companies plan to expand to 14 additional Lowe’s locations in Texas, North Carolina and South Carolina by the end of March. The purpose of the Lowe’s + Petco locations …
Rosamond, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of four single-tenant, net-leased retail properties at a shopping center in Rosamond for a combined $19.3 million. Four separate buyers acquired the properties, which feature a combined total of 28,462 square feet and were built in 2021. Bill Asher and Jeff Lefko of Hanley Investment Group represented the developer and seller, a partnership between Halferty Development Co. and Net Lease Alliance. In the first transaction, Asher and Lefko brokered the sale of a 16,000-square-foot Grocery Outlet-occupied property …
Brea, Calif. — Brixmor Property Group has purchased Brea Gateway Center, a 181,891-square-foot retail center located at 101-407 W. Imperial Highway in Brea. An institutional investor sold the property for $85.7 million. At the time of sale, the center was 98 percent occupied by tenants including Ralphs, HomeGoods, Cost Plus World Market, Mattress Firm, Taco Bell and Panda Express. Gleb Lvovich, Bryan Ley, Geoff Tranchina and Daniel Tyner of JLL Retail Capital Markets represented the seller in transaction.
Santa Maria, Calif. — NewMark Merrill Cos. has acquired North Broadway Plaza, a 97,555-square-foot retail center located at the NE corner of N. Broadway & E. Grant St. in Santa Maria. Reza Investment Group represented NewMark Merrill and the undisclosed seller in the acquisition. North Broadway Plaza has tenants including Food Maxx, CVS/pharmacy, Goodwill, Chase and Verizon Wireless.
Million Viejo, Calif. — Gerrity Group has completed the disposition of Gateway Center, a retail center in Orange County’s Mission Viejo. San Jose-based DJM Capital acquired the asset for $39.5 million. Completed in 1979, Gateway Center features 79,001 square feet of retail space. Current tenants include Starbucks Coffee, Cold Stone Creamery, Subway, Baja Fresh, Happy Minds Academy, Oggi’s and San Diego Credit Union. The property is located on 7.3 acres at 23972-24042 Alicia Parkway. Gleb Lvovich, Bryan Ley and Geoff Tranchina of JLL Retail Capital Markets represented the seller in …
Murrieta, Calif. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant retail property located in Murrieta. A San Diego-based private partnership sold the building to Los Angeles-based Anza Drive Properties for $8.5 million. Smart & Final Extra occupies the 20,750-square-foot property, which is situated at the intersection of Madison Avenue and Los Alamos Road, on a net-lease basis. The building was built in 2003. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Kris Hons of Glendale, California-based Stevenson Real Estate …
Los Angeles — Weiss Development has completed the disposition of Brentwood Shopping Center, a retail property located at 11674-11690 San Vicente Blvd. in Los Angeles. Fields Holdings acquired the asset for $30 million in an off-market transaction. Tenants at the 14,789-square-foot center include Chipotle, Juice Crafters, Planet Beauty, Juan Juan Salon, Coffee Bean & Tea Leaf, Harry’s Wine and Spirits, Winston Pies and Claudio D’Italio. Bill Bauman and Kyle Miller represented the seller in the deal.
Hemet, Calif. — Progressive Real Estate Partners has negotiated the sale of a 3.3-acre commercial land parcel in Hemet. Sater Hemer LLC acquired the property from an undisclosed seller for $1.7 million. The buyer plans to develop a gas station, car wash and drive-thru restaurant on the site, which is located at the northeast corner of Florida and Soboba avenues. Neither a timeline nor specific development plans have been released. Chris Lindholm of Progressive Real Estate Partners represented both parties in the transaction.
Glendale, Calif. — Pine Tree, in partnership with a U.S. state pension fund, has acquired Glendale Marketplace, a 154,049-square-foot shopping center located in downtown Glendale. An undisclosed seller sold the property for $64 million. JLL Capital Markets brokered the sale. Situated at the intersection of South Brand Boulevard and East Harvard Street, Glendale Marketplace is home to tenants including LA Fitness, HomeGoods, Ross Dress for Less, Five Below, Buffalo Wild Wings and Old Navy.
Jurupa Valley, Calif. — Progressive Real Estate Partners has arranged the sale of a Shell gas station and Circle K convenience store and car wash in Jurupa Valley. A Riverside County-based private investor sold the asset to another Riverside County-based private investor for $9.3 million. Built in 1999 at 3873 Pyrite St., the property was fully remodeled in 2013. The asset features 28 fueling positions, an express car wash, a 4,000-square-foot Circle K convenience store and a 2,580-square-foot drive-thru restaurant building occupied by Alberto’s Mexican Food and Sub Hub Sandwiches. …