California

Hanley Investment Group Arranges $10.4 Million Sale of Sprouts-Occupied Retail Asset in Inland Empire

by Alex Tostado February 27, 2020

Fontana, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant retail building located within the recently completed Highland Village Shopping Center in Fontana. Woodlands Hills, California-based Adler Realty Investments sold the asset to a private investor for $10.4 million. Sprouts Farmers Market occupies the 30,000-square-foot building, which anchors Highland Village Shopping Center. Additional tenants at the center, which were not included in the acquisition, are BurgerIM, Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s Subs, Café Rio Mexican Grill, Oggi’s, Mountain View …

February 27, 2020

California Conference Coverage Entertainment Features

Entertainment-Based Retail Requires Patience, Creativity, Say EEE Panelists

by Alex Tostado February 24, 2020

Los Angeles — In today’s retail environment, adding local food and beverage concepts, entertainment venues and landscaped parks seems like a surefire way to revitalize a dated shopping center. A trickier task is determining how exactly these nontraditional concepts boost the bottom line. A panel of retail owners and service providers weighed in on this topic at France Media’s sixth annual Entertainment Experience Evolution conference at the JW Marriott L.A. Live in Los Angeles last week. “This panel started because I’m a bit of a skeptic as it relates to …

February 24, 2020

California Investment sales News Retailers

SRS Real Estate Partners Negotiates $32 Million Sale of Santa Fe Springs Promenade in California

by Alex Tostado February 19, 2020

Santa Fe Springs, Calif. — SRS Real Estate Partners has arranged the sale of Santa Fe Springs Promenade, a shopping center in Santa Fe Springs. An Orange County, Calif.-based private partnership sold the property to a Los Angeles-based private investor for $32 million. Situated on 8.2 acres at 11452-11568 Telegraph Road, the 111,925-square-foot shopping center was built in phases from 1953 to 1986. At the time of sale, Santa Fe Springs Promenade was 80 percent occupied by a variety of tenants, including 99 Cents Only, AutoZone, Bank of America, Starbucks …

February 19, 2020

California Investment sales News Retailers

JLL Brokers $12.1 Million Sale of Breakwater Town Center Retail Property Near San Diego

by Alex Tostado February 19, 2020

Imperial Beach, Calif. — JLL Capital Markets has brokered the sale of Breakwater Town Center, a four-building retail property located at 781-881 Palm Ave. in Imperial Beach. An undisclosed buyer acquired the asset for $12.1 million. Constructed in 2018, Breakwater Town Center consists of 31,934 square feet of retail space spread across four freestanding outparcel pads. At the time of sale, the property was fully occupied by Starbucks Coffee, Chipotle, Five Guys Burgers and Fries, Baskin Robbins, Jersey Mike’s Subs, Great Clips and Grocery Outlet. Gleb Lvovich and Daniel Tyner …

February 19, 2020

California Finance News Retailers

Ready Capital Closes $20.2 Million Refinancing for Retail Center in Santa Ana, California

by Alex Tostado February 11, 2020

Santa Ana, Calif. — Ready Capital has closed a $20.2 million for a 60,000-square-foot Class B retail neighborhood center in Santa Ana. The non-recourse, floating-rate loan features a 24-month term, one extension option and flexible prepayment. Additionally, the loan includes a facility to provide future funding for capital expenditures and tenant leasing costs. The undisclosed sponsor will use loan proceeds to pay off existing debt while continuing to make cosmetic upgrades and leasing tenants at market rents.

February 11, 2020

California Investment sales News Retailers

Poincare Group Acquires Bel Villaggio Retail Centers in Temecula for $26.1 Million

by Alex Tostado February 10, 2020

Temecula, Calif. — Poincare Group has purchased Bel Villaggio I-II and Bel Villaggio III, two adjacent retail assets in Temecula. San Diego-based Pathfinder Partners sold the properties $26.1 million. Situated on more than 16.3 acres, the properties are located at 41501 and 41221-41493 Margarita Road, adjacent to Costco and Promenade Temecula. Kirk Brummer, Sean Heitzler and Philip D. Voorhees of CBRE’s National Retail Partners-West represented the seller in the deal.

February 10, 2020

California Colorado Content Partners Faris Lee Investments Investment sales News Retailers

Faris Lee Brokers Sales of Two Retail Assets in Southern California, Colorado Springs Totaling $26.1 Million

by Alex Tostado February 4, 2020

Orange County, Calif. and Colorado Springs, Colo. — Faris Lee Investments has arranged the sales of two retail properties located in Southern California and Colorado Springs totaling $26.1 million. In the first deal, an undisclosed seller divested of Brea Center, a grocery-anchored shopping center in Orange County. An undisclosed buyer acquired the asset for $17.6 million. Current tenants include Vons, Bank of America, Pet Wants, Aulestics and Painted Nest. Don MacLellan, Rick Chichester and Jeremy Warren of Faris Lee Investments represented the seller in the transaction. In the second deal, …

February 4, 2020

California Investment sales News

Location Matters Negotiates Sale of Retail Property in San Diego for $13.3 Million

by Alex Tostado February 4, 2020

San Diego — Location Matters has arranged the sale of a retail asset located at 3930-3940 and 3946-3964 Fifth Ave. in San Diego’s Hillcrest neighborhood. Paragon Real Estate Investments acquired the property for $13.3 million. Situated on four parcels, the 28,528-square-foot building is located on a 32,839-square-foot lot. At the time of sale, three restaurant tenants fully occupied the retail portion of the property: Snooze American Eatery, Lemonade and India Palace. The building also offers seven residential units on the second level, all of which were occupied at the time …

February 4, 2020

California Company news News Retailers

Forever 21 Agrees to Sell Stores to Group of Landlords for $81 Million

by Alex Tostado February 3, 2020

Los Angeles — Forever 21 Inc. has entered into an agreement to sell its stores to a group of landlords led by Simon Property Group Inc., Brookfield Property Partners LP and Authentic Brands Group LLC for $81 million, according to papers filed in U.S. Bankruptcy Court in Wilmington, Delaware. The buyers have made a deposit with an ESCROW agent in the amount of $13.5 million. The group, known as SPARC Group F21, is stalking horse bidders, meaning other companies have until Friday, Feb. 7 to place any counteroffers. If any such bids are …

February 3, 2020

California Investment sales News Retailers

SRS Brokers $9 Million Acquisition of Sorrento Plaza Retail Center in San Diego

by Alex Tostado January 29, 2020

San Diego — SRS Real Estate Partners’ National Net Lease Group has arranged the purchase of Sorrento Plaza, a shopping center located in the Sorrento Valley submarket of San Diego. A Northern California-based private investor acquired the asset from Wells Fargo, as the successor trustee, for $9 million, or $756 per square foot. Built in 2007, the 11,901-square-foot property is located at 9254 Scranton Road. At the time of acquisition a variety of tenants fully occupied the property, including Subway, Rubio’s Coastal Grill, Opera Patisserie, Croutons and a dental clinic. …

January 29, 2020

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