California Centers Magazine serves retailers, developers, shopping center owners, investment sales brokers and tenant representation firms throughout the state of California.
Issue link: https://californiacenters.epubxp.com/i/711240
46 California Centers Magazine | August 2016 REAL ESTATE TRANSACTIONS LOS ANGELES Del Taco – a single tenant, net-leased building, located at 2060 S. La Cienega Boulevard, has been sold for $2.5 million in an all-cash transaction. Jeremy McChesney, with Hanley Investment Group, represented the seller, an Orange County- based private investor. Shah Noorvash, with Coldwell Banker Commercial, represented the buyer, a private family trust, in the transaction. Hoke Poke – a 1,200 sq. ft.., 10 year lease for a restaurant opened at 801 Hope Street. Kennedy Wilson represented the lessor, Essex Portfolio, in the transaction. Vernon Square – a 7,840 sq. ft. center has been sold for $2.4 million. Chris Martin, with Marcus & Millichap in West Los Angeles, represented the seller, a private investor, and the buyer, a limited liability company, in the transaction. NORWALK Paddison Square – a 300,000 sq. ft. community shopping center located at Norwalk and Imperial. Among recent leasing activity: a 2,000 sq. ft. lease for Smart Life International; a 1,300 sq. ft. lease for We The People. James Rodriguez and Michael Bohorquez, with Colliers International, represented the lessees and the lessor in these transactions. POMONA Foothill Square – this 123,127 sq. ft. center has been sold for an undisclosed price. David Ridgway, with Marcus & Millichap, represented the seller, a limited family partnership. David Ridgeway and Dimitry Orlov, also with Marcus & Millichap, represented the buyer, Reliable Properties, in the transaction. SANTA CLARITA Bouquet Center – this 148,903 sq. ft. center has been sold for an undisclosed price to an undisclosed publicly traded REIT. Ed Hanley and Kevin Fryman, with Hanley Investment Group Real Estate Advisors, represented the seller, a Los Angeles-based private investor in the transaction. TORRANCE 24 Hour Fitness – a 422,000 sq. ft., 15 year lease for a two story fitness center opening at newly completed mixed-use complex located at 21515 Hawthorne Boulevard. Designed by Nadel Architects, the fitness club will be the chain's first location in the area. Construction will commence in early 2017, with a projected late 2018 completion. Bryan Norcott, with Savills Studley, represented the lessee. Chris Sinfield and Leslie Mayer, with Cushman & Wakefield, represented the lessor, The Muller Company, in the transaction. VALENCIA Red Lobster – this 9,487 sq. ft. single tenant occupied net leased property, located at 27524 The Old Road, has been purchased for $3.6 million. Simonian Family 2008 Trust was the buyer. Yair Haimoff, Randy Cude and Steve Body, with NAI Capital, represented the seller, Marquis Valley View, in the transaction. MENDOCINO COUNTY UKIAH Ukiah Crossroads – this 106,460 sq. ft. center, located at 1307-1399 North State Street and at 180-200 Ford Road, has been sold for $15.1 million in a 1031 exchange transaction. Ed Hanley, president, and Kevin Fryman, senior VP, with Hanley Investment Group Real Estate Advisors in Corona Del Mar, represented the buyer, a private investor in San Pedro, and the seller, Columbus Pacific Properties of Santa Monica, in the transaction. Remodeled in 2012, the grocery-anchored property features a Raley's supermarket, O'Reilly Auto Parts, Dollar Tree, Rue 21 and others. The purchase also included an undeveloped 1.39 acre freeway visible pad. ORANGE COUNTY ALISO VIEJO PetSmart – a single-tenant occupied site, located in Aliso Town Center, located at 23511 Aliso Creek Road, has been sold for $18.5 million (representing a record- setting cap rate of 4.62 percent). An Orange County-based private investor was the buyer. The seller was a Los Angeles-based developer. Jereme Snyder and Eric Carlton, with Colliers International, negotiatied the transaction. WESTMINSTER Little Saigon Shopping Center – this 85,133 sq. ft. community shopping center, located in the Little Saigon Community on Bolsa Avenue, has been sold for $18 million (with a cap rate of 6.26 percent). Ron Duong, with Marcus & Millichap in Newport Beach, represented the seller, a local partnership. RIVERSIDE COUNTY CORONA A 9,000 sq. ft. property – located within the grocery-anchored center at 1187 E. Magnolia Avenue, has been sold for $2.1 million. The freestanding building was 100 percent leased out by close of escrow. Corona Temescal Village5, of Newport Beach, was the buyer. Mario Alvarez and Lidia Talavera, with NAI Capital, represented the seller, KC Propco of Boca Raton, Fla., in the transaction. MORENO VALLEY Community First Tax Solutions – a 1,640 sq. ft. lease for a tax services office opened at Food 4 Less Shopping Center, located at 12210 Perris Boulevard. Pablo Velasco, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessor in the transaction. Rite Aid – this 16,730 sq. ft. drug store occupied site, located at 24991 Alessandro Boulevard, has been sold for $5 million. Jeff Conover, with Faris Lee, represented the seller, P&A; Development. Agents with Century 21 Golden Realty represented the buyer, Karaglanov Trust, in the transaction. PERRIS Perris Marketplace – located on Perris Boulevard. Among the latest leasing activity: a 1,600 sq. ft. lease for T-Mobile cell phone service provider; and a 3,000 sq. ft. lease for Pacific Dental Services LLC. Paul Galmarini, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessor in the transactions. RIVERSIDE 24 Hour Fitness – a 37,811 sq. ft. lease for