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CaliforniaInvestment salesMixed-useNews

Tinder Founder Justin Mateen Leads $211 Million Acquisition of Wilshire Rodeo Plaza Office/Retail Property in Beverly Hills

by Hayden Spiess

Beverly Hills, Calif. — Tinder founder Justin Mateen, his brother Tyler Mateen and their brother-in-law Pouya Abdi have acquired Wilshire Rodeo Plaza, a Class A office and retail complex located at the corner of Rodeo Drive and Wilshire Boulevard in the posh Los Angeles suburb of Beverly Hills. Nuveen sold the asset for $211 million. The 300,000-square-foot property includes three six-story office and retail buildings along Wilshire Boulevard and a three-story office building along Rodeo Drive.  The buyers plan to rebrand the property as One Rodeo, as well as upgrade and …

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CaliforniaGrocery-anchoredInvestment salesNews

Cushman & Wakefield Brokers $56.6 Million Sale of Marketplace del Rio in Southern California

by Hayden Spiess

Oceanside, Calif. — Cushman & Wakefield has brokered the $56.6 million sale of Marketplace del Rio, a 183,292-square-foot shopping center located in Oceanside. Stater Bros. Markets anchors the property, which recently underwent extensive renovations. Jimmy Slusher, James Tyrell and Preston Fetrow of CBRE represented the seller, ROIC, in the transaction. A California-based private investor acquired the property. Phil Lyons and Chad Iafrate of Cushman & Wakefield represented the buyer. 

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CaliforniaInvestment salesNews

Kennedy Wilson Brokers $2.2 Million Sale of Retail Building in Los Angeles

by Hayden Spiess

Los Angeles — Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties, has brokered the $2.2 million sale of a retail building located on Melrose Avenue in Los Angeles. Tenants at the property, which comprises 2,933 square feet, include jeweler The Great Frog. Ed Sachse, Jaysen Chiaramonte and Jack Nathan of Kennedy Wilson represented the seller, Quiet Lion, in the transaction. This marks the final property to be sold within a three-property Melrose Avenue portfolio. In total, Quiet Lion garnered $9 million from the portfolio sales. 

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CaliforniaFinanceNews

Majestic Realty Co. Receives $12.6 Million Refinancing for Two Shopping Centers in Walnut, California

by Hayden Spiess

Walnut, Calif. — Majestic Realty Co. Capital Markets has completed the refinancing of two shopping centers located in Walnut, approximately 30 miles outside Los Angeles. PGIM Real Estate provided a $12.6 million loan for Snow Creek Village West Shopping Center and retired the existing debt on Snow Creek Village East Shopping Center.  Developed by Majestic Realty Co. affiliates, the properties comprise a total 128,922 square feet of retail space. Current tenants at the centers include T.J. Maxx, HomeGoods, Aldi, Panera Bread, McDonalds, Starbucks Coffee and Applebee’s Grill + Bar.

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CaliforniaInvestment salesNet leaseNews

Hanley Arranges $3.9 Million Sale of Single-Tenant Property in Southern California

by Hayden Spiess

Fountain Valley, Calif. — Hanley Investment Group Real Estate Advisors has arranged the $3.9 million sale of a single-tenant property located in Fountain Valley. McDonald’s occupies the 3,500-square-foot property on an absolute triple-net ground lease. Built in 2011, the development is situated on an outparcel adjacent to a Costco. Bill Asher and Jeff Lefko of Hanley, in association with Fred Encinas of Oaks Commercial Real Estate, represented the seller, a California-based family trust, in the transaction. Robert Tran of HPT Realty represented the buyer. 

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CaliforniaInvestment salesNews

Hanley Arranges Sale of 29,817-Square-Foot Shopping Center in Santa Clarita, California

by Hayden Spiess

Santa Clarita, Calif. — Hanley Investment Group Real Estate Advisors has arranged the sale of Stevenson Ranch Plaza, a 29,817-square-foot shopping center located in Santa Clarita. Catalyst Real Estate sold the property for an undisclosed price. Tutor Time anchors the center, which was built in 1999 and remodeled in 2023. Kevin Fryman, Ed Hanley, Sean Cox and Alexander Moore of Hanley represented the seller. Edmond Bina of EMB Properties represented the buyer.

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CaliforniaInvestment salesNews

Progressive Brokers $2.4 Million Sale of Retail Center in Southern California

by Hayden Spiess

West Covina, Calif. — Progressive Real Estate Partners has brokered the $2.4 million sale of a retail center located in West Covina, roughly 20 miles east of Los Angeles. The property, which totals 7,760 square feet, was fully occupied by five tenants at the time of sale. Greg Bedell and Roxanne Klein of Progressive represented the seller, a private investor, in the transaction. 

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CaliforniaInvestment salesNews

Matthews Negotiates $5.8 Million Sale of Retail Center in Merced, California

by Hayden Spiess

Merced, Calif. — Matthews Real Estate Investment Services has arranged the sale of 3110 R Street, a retail center located in the San Joaquin Valley city of Merced. An undisclosed buyer purchased the property for $5.8 million. Tenants at the center include Chipotle Mexican Grill and Panera Bread, which occupy end-cap storefronts. Chipotle recently extended its lease for an additional 10 years. Clay Smith of Matthews represented the seller in the transaction.

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Alamo-Drafthouse
CaliforniaCompany newsEntertainmentInvestment salesNewsTexas

Sony Pictures Entertainment Acquires Theater Chain Alamo Drafthouse Cinema

by Hayden Spiess

Culver City, Calif. and Austin, Texas — Sony Pictures Entertainment has acquired theater chain Alamo Drafthouse Cinema from Altamont Capital Partners, Fortress Investment Group and founder Tim League for an undisclosed price.  Alamo Drafthouse was founded in 1997 in Austin, and has grown from a single mom-and-pop location to 35 cinemas across 25 metropolitan areas. The company is the seventh-largest theater chain in North America and was one of the pioneers of the in-theater elevated food and drink concept.  Alamo Drafthouse will maintain its headquarters in Austin and will continue to …

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CaliforniaDevelopmentFinanceNews

BWE Arranges $66.5 Million Financing for Plaza de Perris in Southern California

by Hayden Spiess

Perris, Calif. — BWE has arranged $66.5 million in construction financing for a new phase of development at Plaza de Perris, a retail center located in Perris. Upon completion, the property will span 363,582 square feet and feature a Target location. Wood Investments, the borrower and developer, purchased the center in 2017 and previously completed the addition of 118,000 square feet of retail space at the property in 2019 and 2020. Upon completion of construction, Target will join the center as a tenant. Other tenants at the center, which was 99 …

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