Pico Rivera, Calif. — JLL has secured a $23 million construction loan for Crossroads Plaza Shopping Center, a 140,198-square-foot retail center in Pico Rivera. John Marshall of JLL worked on behalf of the borrower, an entity doing business as Crossroads Plaza LP, and its developer, TRF Pacific LLC, to secure the loan through a regional bank. Loan proceeds will be used to redevelop and renovate portions of the center and develop an additional 12,000 square feet of proposed shop space. Located at 9050-9200 Whittier Blvd., the Crossroads Plaza Shopping Center …
Mission Viejo, Calif. — SRS Real Estate Partners has arranged the sale of a two-tenant retail property located at 26911 and 26921 Trabuco Road in Mission Viejo. Starpoint Properties sold the asset to a Hawaii-based private investor for $11 million. Smart & Final and Saddleback Carpet & Flooring fully occupy the 26,202-square-foot property, which is part of Alicia Trabuco Plaza. Smart & Final serves as the anchor tenant for the plaza. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller and buyer in the deal.
Atwater, Calif. — BridgeCore Capital has funded a $12.4 million loan for the purchase of a retail center in Atwater. The undisclosed borrower required a bridge loan to acquire the fully occupied, grocery- and pharmacy-anchored retail center. The borrower was unable to secure traditional financing that provided flexibility to allow for the sale of individual parcels of the property during the loan term. BridgeCore was able to provide a loan with a fixed 6.9 percent interest rate and 24-month term, including two six-month extension options.
Culver City, Calif., Alexandria, La. and Ocala, Fla. — Hanley Investment Group Real Estate Advisors and Enduring Real Estate have brokered the sales of three, single-tenant net lease retail properties occupied by Starbucks. The combined total of the sales was approximately $10 million. One of the properties, a 2,249-square-foot building in Culver City, is located at 12313 Jefferson Blvd. and does not have a drive-thru. Built in 2007, the building is situated at the entrance to Playa Vista, which is home to Facebook, Google, Microsoft, Yahoo, YouTube, Fox Sports, Nike …
Fontana, Calif. — SRS Real Estate Partners has arranged the sale of Heritage Crossings, a fully leased retail property located at 7470 Cherry Ave. in Fontana. A Southern California-based development firm sold the asset to a private investor for $7.6 million. Built in 2008 on 2.8 acres, Heritage Crossings features 16,273 square feet of retail space. Current tenants include 7-Eleven, Boston Market, Subway and Little Caesars. John Redfield and Chris Tramontano of SRS’ National Net Lease Group represented the seller, while Jigar Shah of Century 21 Discovery represented the buyer.
Fontana, Calif. — SRS Real Estate Partners’ National Net Lease Group has arranged the $7.6 million sale of Heritage Crossings, a fully leased 16,273-square-foot retail center located at 7470 Cherry Avenue in Fontana. John Redfield and Chris Tramontano of SRS represented the seller, a Southern California-based development firm. Jigar Shah from Century 21 Discovery represented the buyer, who was a private investor in a 1031 exchange. Built in 2008 and situated on 2.9 acres, the center is occupied by 7-Eleven, Boston Market, Subway and Little Caesars Pizza.
Bakersfield, Calif. — Retail Equities has completed the disposition of East Hills Malls, a vacant shopping center situated on 38 acres in Bakersfield. A partnership between Steve Zimmerman of ZDI and Michael Heslov of Soboroff Partners acquired the asset for $7.2 million. Located at 2800-3200 Mall View Road, the 352,666-square-foot property was initially developed by the Hahn Co. in 1988. The property was formerly called City Lights at East Hills. Orbell Ovaness, Ara Rostamian and Aren Ohanian of Marcus & Millichap’s Los Angeles office represented the seller in the deal. …
San Bernardino, Calif. — Progressive Real Estate Partners has arranged the sale of a retail property located at 2067 E. Highland Ave. in San Bernardino. Sage Invesco and Pacific Riviera Properties sold the asset to a San Bernardino County-based private investor for $4.7 million. or $919 per square foot. Greg Bedell of Progressive Real Estate Partners represented the seller, while Choong “Bruce” Lee of NewStar Realty and Hope Kim, an independent broker, represented the buyer in the deal. Built in 2020, the three-tenant building features 5,058 square feet of retail …
Paramus, N.J. and Los Angeles — Pinstripes Inc. will open two new locations at Westfield Garden State Plaza in Paramus and Westfield Topanga in the Los Angeles area. Both centers are owned by Unibail-Rodamco-Westfield. Pinstripes is a bocce and bowling entertainment facility that also features fine dining and a full bar. The concept will open at Westfield Garden State Plaza in late 2022, offering made-from-scratch dining and gaming. Pinstripes will join the center’s dining and entertainment line-up, which includes Arena Stem, a retail entertainment concept; AMC theater; and restaurants including …
San Diego, Calif. — Newmark Merrill Cos. has hired Barret Bradley as vice president of acquisitions and development for the company’s San Diego division. In his new role, Bradley will be responsible for sourcing and overseeing the acquisition of existing retail properties, in addition to identifying and managing new development projects within San Diego County, South Orange County and South Riverside County. Prior to joining Newmark Merrill, Bradley worked on the development and acquisitions team at CenterCal Properties.