California

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

California Investment sales News Retailers

Partnership Sells The Shops at Todos Santos Plaza in Metro San Francisco

by Alex Tostado January 27, 2020

Concord, Calif. — A partnership between Paragon Commercial Group and Long Market Property Partners has completed the disposition of The Shops at Todos Santos Plaza, an entire city block of urban retail located in downtown Concord. Terms of the transaction, including the name of the buyer and acquisition price, were not released. Comprising 15 retail and restaurant tenants, the asset was fully leased to a strong roster of daily needs and restaurant tenants. Nicholas Bicardo, Brandon Rogoff, Forest Gherlone and Mike Zystra of Newmark Knight Frank (NKF) represented the seller …

January 27, 2020

California Features News Retailers SCBlog

Retailers, Landlords Face Complications of Factoring Online Returns Into Gross Sales

by Alex Tostado January 17, 2020

With the rise of e-commerce, declining foot traffic in malls and shuttering department stores, retail landlords and brick-and-mortar tenants have faced a wave of challenges in recent years. As a result, both landlords and tenants are constantly searching for new and unique ways to improve their bottom-line figures. One recent area where this has become an issue concerns in-person returns from online sales, and how they affect a retail tenant’s percentage rent calculation. Many retail leases contain a percentage rent provision in which a tenant pays a portion of its …

January 17, 2020

California Development Finance News Retailers

Parkview Financial Funds $19.8 Million Loan for French Valley Commons Project in Southern California

by Alex Tostado January 16, 2020

Winchester, Calif. — Parkview Financial has provided a $19.8 million loan to Temecula, California-based W Development Partners for construction of the first phase of French Valley Commons, a 14.1-acre mixed-use project in Winchester. The initial phase will include a nine-building development situated at the northwest corner of Leon and Benton roads in Winchester’s French Valley area. Totaling 87,231 square feet, the first phase will feature 36,524 square feet of retail space spanning six buildings and 50,532 square feet of flex/light industrial space spread across three buildings. Three of the planned …

January 16, 2020

California Investment sales News Retailers

Hanley Investment Group Arranges $8 Million Sale of Two-Tenant Retail Asset in Yucaipa, California

by Alex Tostado January 16, 2020

Yucaipa, Calif. — Hanley Investment Group Real Estate Advisors has brokered the sale of a freeway-adjacent, two-tenant retail investment property in Yucaipa, approximately 75 miles east of Los Angeles. Newport Beach, California-based VantageOne Real Estate Investments sold the asset to a Los Angeles-based private investor for $8 million, or $956 per square foot. Built in 2016, the two-building asset is located on 2.2 acres at 31465 and 31467 Avenue E. In-N-Out Burger, with a drive-thru, occupies the 3,867-square-foot building on a long-term ground lease with renewal options and fixed increases. …

January 16, 2020

California Investment sales News Retailers

Cushman & Wakefield Arranges $15.3 Million Sale of Multi-Tenant Retail Building in San Diego

by Alex Tostado January 9, 2020

San Diego — Cushman & Wakefield has negotiated the sale of a freestanding retail building located in La Jolla Village in San Diego. Girard Avenue LP acquired the property from a private family trust for $15.3 million. Located at 1133-1147 Prospect St., the multi-tenant property features 8,116 square feet of retail space. Mike Slattery, Jason Kimmel, Tim Winslow and Kevin Nolen of Cushman & Wakefield’s San Diego office represented the seller in the deal.

January 9, 2020

California Investment sales News Retailers

PECO Buys 59,796-Square-Foot Del Paso Marketplace in Sacramento

by Alex Tostado January 9, 2020

Sacramento, Calif. — Phillips Edison & Co. (PECO) has purchased Del Paso Marketplace, a shopping center in Sacramento, for an undisclosed price. The name of the seller was not released. The acquisition bolsters PECO’s presence in Northern California, representing the company’s fifth metro Sacramento shopping center. Situated at the intersection of Del Paso Road and East Commerce Way, Del Paso Marketplace features 59,796 square feet of retail space. A 29,296-square-foot Sprouts Farmers Market anchors the shopping center. Additional tenants include T-Mobile, Chipotle, Club Pilates, Cookie Cutters, Ono Hawaiian BBQ, State …

January 9, 2020

California Development Entertainment News Restaurants Retailers

Unibail-Rodamco-Westfield to Redevelop 160,000-Square-Foot Former Los Angeles Sears Store into Dining, Entertainment District

by Alex Tostado January 8, 2020

Los Angeles — Unibail-Rodamco-Westfield plans to redevelop the long-vacated former Sears department store in the Canoga Park neighborhood of Los Angeles into a new dining and entertainment district. The empty store is located in the Westfield Topanga & The Village shopping center. Slated to open in late 2021, the new district will feature a chef-driven food hall, sit-down restaurants, lounges, cocktail bars, interior and exterior boutiques, and entertainment and recreational activities, as well as landscaped indoor and outdoor public spaces and plazas. The renovation will also create a grand entrance …

January 8, 2020

California Finance Grocery-anchored Investment sales News Retailers

GRI Fairmont Receives $19.6 Million Loan for Acquisition of Fairmont Shopping Center in Bay Area

by Alex Tostado January 3, 2020

Pacifica, Calif. — GRI Fairmont LLC, an affiliate of First Washington Realty Inc., has received $19.6 million in financing for the acquisition of Fairmont Shopping Center, a retail asset located in Pacifica. The property is situated on 7.5 acres at 705-799 Hickey Blvd. Greg Brown, John Marshall and Bercut Smith of JLL Capital Markets secured the 10-year, fixed-rate loan with PGIM Real Estate Finance for the borrower. Anchored by Safeway, the 102,982-square-foot property was 96 percent leased at the time of sale. Current tenants include Rite Aid, Dollar Tree, Supercuts, …

January 3, 2020

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