San Francisco — Gap Inc. (NYSE: GPS), the parent company of Old Navy, Gap, Banana Republic and Athleta, released its first-quarter 2021 fiscal report showing net sales reached $4 billion, up 8 percent from 2019. Additionally, comparable sales were up 28 percent year-over-year and rose 13 percent since pre-pandemic 2019. The company showed strong increases in net sales at Old Navy and Athleta — 27 percent and 56 percent increase over 2019, respectively. There were declines in net sales at Gap Global (16 percent) and Banana Republic Global (29 percent). …
Fresno, Calif. — Wood Investment Cos. Inc. has acquired Kings Canyon Pavilion shopping center, a 152,354-square-foot retail center anchored by 99 Cents Only in Fresno, for $11.8 million. Built in 2007, the 91 percent-occupied property is situated at 4965 East Kings Canyon Road. By the close of escrow, Wood Investments had secured leases with Raising Cane’s Chicken Fingers and Dutch Bros. to occupy two new single-tenant pad buildings. Both tenants are expected to open in mid-2022. Current tenants at the property include O’Reilly Auto Parts, Cricket Wireless Authorized Retailer, Corina’s …
Beverly Hills, Calif. — Gantry has secured $20 million to recapitalize the signature Beverly Hills location of Saks 5th Avenue. The loan was originated with one of Gantry’s correspondent life insurance company lenders and secured on behalf of the private client property owner. Situated on Wilshire Boulevard, the property is a landmark location for the luxury retailer. Saks 5th Avenue men’s and bridal departments occupy the entire building, while the remaining departments are located in Saks’ separate building immediately east across Bedford Drive. The subject property also includes an adjacent …
East Palo Alto, Calif. — JLL Capital Markets has arranged the $53.2 million sale of Gateway 101, a 92,110-square-foot retail center in East Palo Alto, roughly 30 miles outside San Francisco. The property is fully leased to Target and Nordstrom Rack, and opened in 2000 as part of a larger 430,000-square-foot retail center. Bryan Ley, Eric Kathrein and Tony Ensbury of JLL represented the seller, Regency Centers Corp., in the disposition of the property to an undisclosed private foreign investor.
San Diego — San Diego-based Cisterra Development is developing Radian, a planned 255,000-square-foot retail and residential high-rise tower in the Ballpark District of San Diego’s East Village neighborhood. Located along G Street between 9th and 10th avenues, the 22-story tower will feature 241 apartments and ground-floor retail space, which a 36,000-square-foot Target will occupy. Project partners include San Diego-based Carrier Johnston + CULTURE as building architect, Gensler for interior design and Swinerton as the general contractor. ACORE Capital provided construction financing, which CBRE procured, while Berkadia arranged a private family …
Camarillo, Calif. — Colliers International has arranged the $61.5 million sale of Camarillo Village Square, a grocery-anchored retail center in Camarillo. The sale is the largest retail transaction in Southern California this year, according to the broker. El Warner of Colliers International represented the seller, Donahue Schriber, in the off-market disposition. The buyer was not disclosed. Camarillo Village Square is home to tenants including Sprouts, RiteAid, Big5 and PetSmart.
Rialto, Calif. — Marcus & Millichap has brokered the $2.2 million sale of a restaurant property occupied by Rally’s in the Los Angeles suburb of Rialto. A limited liability company sold the asset to an undisclosed buyer for $2.2 million. The 1,086-square-foot property was built in 2020 and is occupied under a 15-year absolute triple-net lease. The building features double drive-thru lanes. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Matthew Luchs of Marcus & Millichap’s Ontario, California, office served as …
Rocklin, Calif. — Capital Rivers Commercial has arranged the sale of a retail showroom located at 4467 Granite Drive in Rocklin, roughly 22 miles outside Sacramento. The 15,600-square-foot building, which features a second-floor mezzanine level, sold for $4.1 million. Ryan Orn and Joe Blanton of Capital Rivers Commercial handled the transaction. The names of the seller and buyer were not released.
Beaumont, Calif. — SRS Real Estate Partners has negotiated two leases at San Gorgonio Village, a 122,000-square-foot shopping center located at the southeast corner of 2nd Street and Commerce Way in Beaumont. Planet Fitness opened a 17,500-square-foot location at the center in April. Garrett Colburn and Townsand Cropsey of SRS negotiated a 10-year lease on behalf of the tenant. Sherwin Williams is set to open a 4,000-square-foot, freestanding store at the property in mid-2021. Chris Kehl and Zach Leffers of SRS negotiated a 10-year lease on behalf of the tenant. …
Riverside, Calif. — Merlone Geier Partners has purchased Magnolia Tyler Center, a value-add shopping center located at 3650-3790 Tyler St. in the Inland Empire community of Riverside. A private family, which owned the property for more than 50 years, sold the center for $39.4 million. At the time of sale, the 182,653-square-foot property was 83 percent leased. Tenants include Aldi, Bob’s Discount Furniture, Big Lots, Bed Bath & Beyond, Starbucks Coffee, Olive Garden and America’s Tire. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the seller in …