Newbury Park, Calif. — Beta, a California-based commercial real estate agency, has negotiated the sale of a retail building located at 3057 Grande Vista Drive in Newbury Park. AHS Property Inc. acquired the asset from Academy Road LLC. Although the price was not disclosed, the building was listed for $15 million. LA Fitness occupies the 37,346-square-foot building, which is located within the 575,644-square-foot Village at Newbury Park shopping center, which was developed this year. Additional tenants at the shopping center include Target, The Home Depot, Staples, Lowe’s Home Improvement Warehouse …
Monrovia, Calif. — A partnership between Pasadena, California-based Telos Capital and Warner Pacific Properties has completed the disposition of Monrovia Landing, a grocery-anchored retail asset located in Monrovia. A Los Angeles-based buyer acquired the property for $30.5 million as part of a 1031 exchange from a prior sale. Situated on more than six acres at 723-737 E. Huntington Drive, the center features 96,885 square feet of retail space. At the time of sale, the property was 100 percent leased to a variety of national-credit tenants, including ALDI Food Market, TJ …
Pacifica, Calif. — Bethesda, Maryland-based First Washington Realty (FWR) has purchased Fairmont Shopping Center, a community shopping center located in Pacifica. Terms of the acquisition, including seller’s name and price, were not released. Situated at the intersection of Hickey and Skyline boulevards, Fairmont Shopping Center features 102,982 square feet of retail space, with Safeway and Rite Aid as anchor tenants. FWR currently owns 103 shopping centers with a value of more than $5.5 billion located in 22 states and the District of Columbia. The company’s centers contain approximately 13.8 million …
Corona, Calif. — JLL has arranged the sale of Corona Hills Marketplace, a grocery-anchored community shopping center located in the Corona Hills neighborhood of Corona. A public REIT sold the property to a private investor for $31.5 million. Situated on 12.3 acres at 529-591 N. McKinley St., Corona Hills Marketplace features 148,805 square feet of retail space in California’s Riverside County. At the time of sale, the property was 98 percent leased to a mix of daily-needs and service-oriented tenants. Anchor tenants include Vons, PetSmart and Howard’s Appliances. Gleb Lvovich, …
Cerritos, Calif. — SRS Real Estate Partners has arranged the sale of South Street Shops, a value-add retail property located at 10745 South St. in Cerritos. A Los Angeles-based private investor sold the two-tenant asset to a Southern California-based private investor for $4.3 million, or $237 per square foot. Built in 1969 and situated on 1.6 acres, the 18,096-square-foot South Street Shops is part of a larger, 95,000-square-foot community shopping center. Current tenants include SJJ Fitness & Sports Performance and one vacant space of approximately 4,000 square feet. The property …
Mission Viejo, Calif. — SRS Real Estate Partners’ National Net Lease Group has completed the sale of a single-tenant retail property located at 28651 Marguerite Parkway in Mission Viejo. Irvine, California-based Pacific Castle sold the asset to a Hawaii-based investor for $3.8 million, or $1,374 per square foot. Patrick Luther, Matthew Mousavi and Terrison Quinn of SRS’ National Net Lease Group represented the seller, while Arthur Flores of CBRE represented the buyer in the deal. Built in 1979, the 2,759-square-foot property is scheduled to be renovated in the near future. …
Hermosa Beach, Calif. — Newmark Knight Frank (NKF) has negotiated the sale of The Bijou Building, a three-story mixed-use building located in downtown Hermosa Beach. Federal Realty Investment Trust sold the property to 1221 Hermosa Ave LLC for $18 million. Located at 1221 Hermosa Ave., The Bijou Building was originally developed in 1923 as the Metropolitan Theater and later converted to office and retail space. At the time of sale, the 23,172-square-foot building was 94 percent occupied by a variety of tenants, including Chase Bank, Beach City Capital, Steel Partners …
Los Angeles — Gaw Capital and DJM have acquired Hollywood & Highland, a 463,000-square-foot iconic shopping center in Hollywood. The sales price was not disclosed. The buyers plan to implement renovations over the next 24 to 30 months. Renovations will include improving event space, incorporating space for different tenant concepts and making the property more accessible to consumers. Jerry Tang and Greg Murphy of Natixis arranged a financing package, which included an acquisition loan along with the future funding component, on behalf of the borrower. The seller was CIM Group, …
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. …
Mason Asset Management, Namdar Group Buy 500,000-Square-Foot Sierra Vista Mall in San Joaquin Valley
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, …