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CaliforniaInvestment salesNews

Weingarten Realty Sells Jess Ranch Marketplace in the Inland Empire for $89 Million

by Alex Tostado

Apple Valley, Calif. — Houston-based Weingarten Realty has completed the sale of Jess Ranch Marketplace, a community shopping center located in Apple Valley. A Newport Beach, California-based, privately held investment, development and management company acquired the asset for $89 million. The sale included the grocery, lifestyle and entertainment portions of Jess Ranch Marketplace, a 704,927-square-foot community shopping center. Anchor tenants include Target, Winco Foods, Burlington, 24 Hour Fitness, Cinemark, Best Buy, Bed Bath & Beyond, PetSmart, Rite Aid, Big 5 Sporting Goods, Staples, 99 Cents Only Stores and ULTA Beauty. …

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CaliforniaInvestment salesMallsNews

Mason Asset Management, Namdar Group Buy 500,000-Square-Foot Sierra Vista Mall in San Joaquin Valley

by Alex Tostado

Clovis, Calif. — Mason Asset Management and Namdar Group have purchased Sierra Vista Mall and Lifestyle Center, a regional mall located at 1050 Shaw Ave. in Clovis, eight miles northeast of Fresno. An undisclosed seller sold the asset for $41 million. The seller had a 100 percent leasehold interest in the 500,000-square-foot mall. Originally built in 1988 and renovated in 2005, the mall features an outparcel and open-air configuration, as well as interior space. Current tenants include Kohls, Target, Sierra Vista Cinema, AT&T, Baja Fresh, Chipotle, Jamba Juice, Panera Bread, …

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CaliforniaInvestment salesNews

JLL Arranges $13.6 Million Sale of Leasehold Interest of Glendora Commons Shopping Center in Los Angeles County

by Alex Tostado

Glendora, Calif. — JLL has brokered the sale of Glendora Commons, a grocery-anchored retail center located in Glendora. Seagrove Property Group sold the asset to a private foreign investor for $13.6 million. Located at 1241-1251 Lone Hill Ave., Glendora Commons features 41,689 square feet of retail space. Completed in 2017, the property is currently occupied by Aldi, Guitar Center, Chick-fil-A and Pick-Up-Stix. Bryan Ley and Tony Ensbury of JLL Capital Markets represented the seller in the sale.

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CaliforniaInvestment salesNewsRetailers

Lucescu Realty Negotiates Sales of Two Shopping Centers in Northern California for $24.6 Million

by Alex Tostado

Oroville and Auburn, Calif. — Lucescu Realty has arranged the sales of two shopping centers located in Northern California. Community Centers of America sold the properties for a total of $24.6 million. A Sacramento, California-based private development/investment company acquired Currier Square, a 131,017-square-foot, open-air community shopping center in Oroville, for $14.8 million. At the time of sale, the property was 88.5 percent leased to a variety of tenants, including Raley’s Grocery, Marshalls and Petco. The asset also includes four out-pad parcels positioned for redevelopment/buildout. A Los Angeles-based private investor purchased …

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CaliforniaDevelopmentMixed-useNewsRetailers

San Francisco Planning Commission Approves 2.3 Million-Square-Foot Flower Mart Redevelopment Project

by Alex Tostado

San Francisco — The San Francisco Planning Commission has unanimously approved plans to redevelop the historic Flower Mart in the city’s South of Market (SoMa) district as a 2.3 million-square-foot mixed-use property. Kilroy Realty Corp. is leading the development, which will preserve and update the 115,000-square-foot Flower Mart, while also adding 2.1 million square feet of creative office space, a 100,000-square-foot retail market hall and one acre of public open space. The project still requires approval from the San Francisco Board of Supervisors and the city’s mayor, which Kilroy hopes …

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CaliforniaContent PartnersFaris Lee InvestmentsInvestment salesNewsRetailers

Faris Lee Executes Break-Up Strategy of Three Sales Totaling $11.4 Million in Southern California

by Alex Tostado

Lake Elsinore, Calif. — Faris Lee Investments has arranged three sales with three buyers within Central Plaza Shopping Center in Lake Elsinore. The three transactions total $11.4 million. The first sale was for a Marshalls-occupied building, which sold for $4.5 million at a 6 percent cap rate; the second sale was for a Panera Bread-occupied building, which sold for $3.8 million at a 4.8 percent cap rate; and the third sale was for a Pieology- and Ono-occupied building, which sold for $3.1 million at a 5 percent cap rate. The …

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CaliforniaCompany newsNew JerseyNewsRetailers

Joint Venture Revives Toys ‘R’ Us Brand, to Open Two New Stores Before Christmas

by Alex Tostado

Parsippany, N.J. and San Francisco — One of the recently fallen retail giants is poised to make a return less than two years after its demise. Tru Kids Brands, the Parsippany-based parent company of Toys ‘R’ Us, and b8ta, a San Francisco-based experiential retail firm, have announced plans to bring back Toys ‘R’ Us stores to the United States. The retailer announced in March 2018 that it was declaring bankruptcy and would start an “orderly wind down” and close its 735 remaining stores. Now, 16 months later, the Tru Kids-b8ta joint venture …

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CaliforniaInvestment salesNewsRetailers

Hanley Investment Group Negotiates $4.1 Million Sale of Four-Tenant Asset in Huntington Beach

by Alex Tostado

Huntington Beach, Calif. — Hanley Investment Group Real Estate Advisors has facilitated the sale of a multi-tenant retail building, located at 6946-6968 Warner Ave. in Huntington Beach. A San Diego-based private investor acquired the property from a Newport Beach, Calif.-based private investor for $4.1 million. Eric Wohl of Hanley Investment Group represented the seller, while Randy Rivera of Capital Real Estate Ventures represented the buyer in the deal. At the time of sale, the four-tenant, 8,600-square-foot retail property was fully occupied by Trading Post Fan Co., Advanced Dental Huntington Beach, …

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CaliforniaInvestment salesNewsRestaurants

Bolour Associates Acquires Quick-Serve Restaurant Site in Los Angeles for $7.4 Million

by Alex Tostado

Los Angeles — Beverly Hills, California-based Bolour Associates has purchased 0.69 acres, located at 163-179 S. Vermont St. in Los Angeles’ Koreatown, for $7.4 million. Simultaneous to the acquisition, Bolour signed long-term ground lease with an undisclosed quick-serve restaurant for the site. The site’s new tenant signed a 15-year, triple-net lease and is expected to complete tenant improvements on a standalone 3,209-square-foot building, located on the property, before opening for business. Alex Sachs and Brian Peterson of WESTMAC Commercial Brokerage Co. represented the buyer and undisclosed seller. Michael Pakravan of …

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CaliforniaInvestment salesNewsRetailers

Locker Realty Corp. Arranges $6.2 Million Acquisition of Starbucks-Occupied Building in Monrovia, California

by Alex Tostado

Monrovia, Calif. — Locker Realty Corp. has arranged the purchase of a restaurant and drive-thru property located West Huntington Drive in Monrovia. An undisclosed buyer acquired the property for $6.2 million. Starbucks Coffee occupies the recently completed, 2,200-square-foot building, which is situated on 27,975 square feet of land. The tenant relocated to the new location, which includes a drive-thru and outdoor patio, from 621 W. Huntington Drive. The lease is a corporate signature Starbucks net lease with approximately 20 years remaining. Paul Locker and Kristine Locker of Locker Realty represented …

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