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‘Exceptional Leader’: Marcus & Millichap Co-Chairman William Millichap Dies at Age 76

by Alex Tostado

Calabasas, Calif. — William Millichap, co-chairman of Marcus & Millichap whose leadership and innovation helped pave the way for the company to become a national player and household name in commercial real estate, has died at the age of 76 following a year-long battle with cancer. The company made the announcement Tuesday. Millichap joined the company, then known as G.M. Marcus Co., as an investment broker shortly after its founding in 1971. After serving as a regional manager of the Palo Alto, Calif., office in the mid-1970s, Millichap went on …

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CaliforniaEntertainmentInvestment salesNews

Netflix Acquires Historic Egyptian Theatre in Hollywood

by Alex Tostado

Hollywood, Calif. — Netflix has acquired the Egyptian Theatre, a historic property that was originally built in 1922 in Hollywood. Netflix and the American Cinematheque, which purchased the theater in 1996, are collaborating to redevelop and continue operations at the theater. The Egyptian Theatre will remain the home of the American Cinematheque, a nonprofit, member-supported cultural organization, with its curation team continuing to autonomously program Friday, Saturday and Sunday events and showings. Netflix will invest in the property’s renovation and will use the revitalized space for special events, screenings and …

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CaliforniaDevelopmentMixed-useNewsRetailers

Shapell Liberty Investment Completes Retail Component of Vineyards at Porter Ranch Mixed-Use Center in Los Angeles

by Alex Tostado

Los Angeles — Shapell Liberty Investment Properties has completed the lifestyle and entertainment portions of The Vineyards at Porter Ranch, a $150 million mixed-use development in Los Angeles’ Porter Ranch neighborhood. AO Architects designed this portion of The Vineyards, which features 273,000 square feet of open-air, mixed-use space at 20000-20250 W. Rinaldi St. The pedestrian-friendly development includes a main street, central green area for community events and a 4,000-square-foot community meeting room. Current tenants of the property include Whole Foods Market, AMC Theaters, Ulta Beauty, Nordstrom Rack, Gus’s Barbeque, Lure …

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CaliforniaEntertainmentInvestment salesNewsRetailers

NKF, Highland Partners Negotiate $14 Million Sale of Single-Tenant Retail Property in Hawthorne, California

by Alex Tostado

Hawthorne, Calif. — Newmark Knight Frank (NKF) and Highland Partners have arranged the sale of a retail building located at 14351 Hindry Ave. in Hawthorne. A private family office acquired the property from Hawthorne Gateway, a private Los Angeles-based partnership, for $14 million. Bed, Bath & Beyond occupies the property. Bill Bauman, Kyle Miller, Michael Fogel and Matt Schwartz of NKF and Michael Grannis of Highland Partners represented the seller in the transaction.

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CaliforniaCompany newsEntertainmentNews

24 Hour Fitness Files for Chapter 11 Protection, Opts to Permanently Close 132 Stores

by Alex Tostado

San Ramon, Calif. — Fitness center retail chain 24 Hour Fitness has filed for Chapter 11 bankruptcy protection stemming from revenue losses during the COVID-19 pandemic. The San Ramon-based company expects to secure $250 million in debtor-in-possession financing, which is subject to court approval. The fitness chain has also announced its intention to permanently close 132 of its 300-plus gyms. In California alone, 24 Hour Fitness will shutter 41 locations, and in Texas another 26 will permanently close as the company will focus on reopening its other gyms across the …

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CaliforniaInvestment salesNewsRetailers

SRS Brokers $9.5 Million Sale of Shops at El Camino Real in Belmont, California

by Alex Tostado

Belmont, Calif. — SRS Real Estate Partners has negotiated the sale of Shops at El Camino Real, a retail center located at 1200 El Camino Real in Belmont. A Northern California-based private investor sold the asset for $9.5 million, or approximately $1,200 per square foot. Peet’s Coffee & Tea, Detox Kitchen & Juice Bar, Menchie’s Yogurt, SuperCuts, Toto’s Pizzeria and AT&T are tenants at the two-building, 8,014-square-foot retail center. Built in 1999, the property is an outparcel to a Safeway-anchored retail center. Chris Tramontano, John Redfield and Bruce Frazer of …

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CaliforniaCompany newsNewsRetailers

Umansky of Progressive Real Estate Partners Named President of Retail Brokers Network

by Alex Tostado

Rancho Cucamonga, Calif. — Brad Umansky has been named the new president of the Retail Brokers Network (RBN). Umansky is the owner and president of Rancho Cucamonga-based Progressive Real Estate Partners. In this volunteer role, Umansky will lead the RBN executive committee and work with the other committee members to grow the RBN brand, represent the organization at industry events, recruit new firms, facilitate education, lead internal networking events and share brokerage “best practices” between the 57 RBN member offices. Umansky has more than 25 years of retail real estate experience …

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CaliforniaInvestment salesNewsRetailers

Hanley Investment Group Brokers $4 Million Sale of Two-Tenant Retail Asset in Southern California

by Alex Tostado

Ontario, Calif. — Hanley Investment Group Real Estate Advisors has directed the sale of a two-tenant retail pad building located at 961 N. Milliken Ave. in Ontario, approximately 35 miles east of downtown Los Angeles. The price was $4 million. Built in 2002, the building features 6,300 square feet of retail space. Assure Dental occupies 3,500 square feet of the property, while Verizon Wireless occupies the remaining 2,800 square feet. Sam’s Club at The Marketplace at Ontario Center shadow anchors the property. Matt Burnett of Hanley Investment Group represented the …

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CaliforniaGrocery-anchoredInvestment salesNet leaseNews

Marcus & Millichap Negotiates $22.1 Million Sale of Alberstons-Occupied Retail Asset in San Diego

by Alex Tostado

San Diego — The Mansour Group of Marcus & Millichap has arranged the sale of a single-tenant retail condominium located at 655 14th St. in downtown San Diego. A Los Angeles-based private investor acquired the asset from a San Diego-based ownership group for $22.1 million. Albertsons grocery store occupies the 43,000-square-foot property on a long-term, triple-net lease basis. Alvin Mansour and Kevin Mansour of Marcus & Millichap’s The Mansour Group, along with Pasquale Ioele and Michael Burton of Flocke & Avoyer represented the seller in the deal.

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CaliforniaInvestment salesNewsRetailers

Matthews Negotiates Sale of Recently Vacated 104,980-Square-Foot Retail Lot in Costa Mesa

by Alex Tostado

Costa Mesa, Calif. — Matthews Real Estate Investment Services has brokered the sale of a recently vacated retail property located at 2666 Harbor Blvd. in Costa Mesa. Red Mountain Retail Group, a real estate developer, acquired the asset from a private family for an undisclosed price. Ace Hardware formerly occupied the 104,980-square-foot lot, located at the southwest corner of Harbor Boulevard and Mesa Verde Drive. Ace vacated the property when its lease expired on April 30. Additionally, there was a sublease in place with an auto dealer that expired with …

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