San Diego — Marcus & Millichap has brokered the sale of Fifth and Penn, a 2,867-square-foot mixed-use property located in San Diego. Built in 1931, the property comprises retail, office and residential space. Ross Sanchez and Nick Totah of Marcus & Millichap represented the seller, Tom Fine, in the transaction. Daniel Heimler of DAH Penn LLC acquired the property for an undisclosed price.
San Diego — Simon has announced plans for the development of a new mixed-use project at its Fashion Valley shopping center in San Diego. Upon completion, the redevelopment project will add 100,000 square feet of new retail space to the center, as well as new restaurants and an 850-unit AMLI branded apartment community. Construction is scheduled to begin in late 2025, with completion anticipated in late 2026. Fashion Valley recently underwent a multimillion-dollar capital improvement program and added brands Dior, Bottega Veneta, David Yurman and Dolce & Gabbana. New tenants Celine, …
Riverside, Calif. — Gantry has secured a $17 million loan for the refinancing of Magnolia Towne Center, a retail center located in Riverside. Tenants at the property, which totals 133,000 square feet, include Ralph’s and Wells Fargo. Strategic Real Estate Advisors (SRA) is currently negotiating 27,000 square feet of leases at the property on behalf of the ownership. James Ruiz of Gantry arranged the 10-year, fixed-rate financing through a life insurance company on behalf of the borrower.
Garden Grove, Calif. — Strategic Retail Advisors (SRA) has brokered the $18 million sale of a retail building located in Garden Grove. The property totals 46,287 square feet. OC Freedomhouse Church acquired the building, which formerly housed a Walmart Neighborhood Market, from a private investor. Blaine Bush of SRA arranged the transaction.
Dixon, Calif. — Marcus & Millichap has arranged the sale of a retail building located in Dixon, roughly 25 miles southwest of Sacramento. The multi-tenant property comprises 13,132 square feet of space. A private investor acquired the building from another private investor for $3.6 million. Michael Grandstaff and Christopher Hund of Marcus & Millichap represented the seller and procured the buyer in the transaction.
San Francisco — JLL Capital Markets has arranged the $9.4 million sale of 2145 Market Street, a 29,762-square-foot retail center located in San Francisco. Pacific Capital acquired the property from an undisclosed seller. The center, which comprises a two-story building, was fully leased at the time of sale to tenants Walgreens and Live Fit Gym. Eric Kathrein, Warren McClean, Andrew Spangenberg and Jen Mistretta of JLL represented the seller in the transaction.
Inglewood, Calif. — Three new tenants have signed leases totaling 128,500 square feet at Hollywood Park, a mixed-use development currently underway in Inglewood, approximately 13 miles outside downtown Los Angeles. JD Sports and Iconix Fitness will occupy 7,500 and 56,000 square feet, respectively, beginning this summer. Cosm will also open a 65,000-square-foot experiential venue at the property this summer. Upon completion, Hollywood Park — which is being developed by Los Angeles Rams Owner and Chairman E. Stanley Kroenke — will feature up to 890,000 square feet of retail space, as well …
Los Angeles — Progressive Real Estate Partners has negotiated the sale of a 6,300-square-foot retail center located at 728 W. Vernon Ave. in Los Angeles. A Los Angeles County-based investor acquired the three-tenant property from the seller, also based in Los Angeles County, for $3.5 million. Tenants at the center include 7-Eleven, Boost Mobile and a laundromat. Brad Umansky and Lance Mordachini of Progressive represented both parties in the transaction.
Columbus, Ohio — Ohio-based BWE has arranged loans totaling $40.2 million for four properties located in California. The deals included a $12.3 million bridge loan for the acquisition and redevelopment of a retail property located in Rancho Palos Verdes. The property, which was 67 percent preleased at the time of financing, is anchored by O’Reilly Auto Parts. Other tenants include Habit Burger, Mattress Firm, Urbane Café and California Fish Grill. Mike Guterman of BWE secured the financing through Calmwater Capital on behalf of the borrower, West Hive Capital. BWE also secured …
West Hollywood, Calif. — Marcus & Millichap has arranged the $27 million sale of The Abbey Food & Bar and The Chapel at The Abbey, two retail properties located in West Hollywood. Tristan Schukraft acquired the properties, which are situated on neighboring parcels, from David Cooley. Brandon Michaels and Matthew Luchs of Marcus & Millichap represented the seller and procured the buyer in the deal. The previous ownership transformed a small coffee shop into The Abbey Food & Bar — now a well-known bar, restaurant and event venue — and opened …
