California Centers

SEP 2018

California Centers Magazine serves retailers, developers, shopping center owners, investment sales brokers and tenant representation firms throughout the state of California.

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REAL ESTATE TRANSACTIONS 48 California Centers Magazine | September 2018 SAN BERNARDINO COUNTY CHINO Shell Gas Station and Convenience Store - this freestanding property, located at 12510 Central Avenue, has been purchased for $2.9 million. The station is on a hard signalized corner at a busy four way intersection. Victor Buendia and Mike Lin, with Progressive Real Estate Partners, represented both the buyer and seller in the transaction. The seller, T&A Oil Inc., was a Los Angeles-based private investor and the buyer, RNR Petro Inc., is a Corona-based private investor that operates several ARCO gas stations in the Inland Empire. The site features an 840 sq. ft. convenience store. The purchase price included both the business and the real estate. HESPERIA Tower Exchange – has purchased vacant land located at Hesperia Land – Ranchero Crossings for $2,100,000. Pablo Velasco, Chris Lindholm and Brad Umansky, with Progressive Real Estate Partners in Rancho Cucamonga, represented the seller, Charline E. Gallagher, in the transaction. ONTARIO Dollar Store – a 1,725 sq. ft. lease for a variety discount retailer opening at 2448 S. Vineyard Ave. Celda Inc. was the lessor. Paul Su, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessee in the transaction. CalBay Development has acquired a restaurant building at 2345 S. Grove Ave. for $1.975 million and plans to build a Fast5Xpress car wash at the site, which will begin construction in November. Manhattan Beach-based CalBay also acquired the Chevy's Fresh Mex restaurant at 4551 Mills Circle for $3.85 million in July. The car wash site was purchased through MGR Real Estate, while CAPRE Brokerage arranged the Chevy's transaction. RANCHO CUCAMONGA Lee's Sandwiches – a 1,964 sq. ft. lease for a sandwich shop opening at Foothill Gateway Shops, located at 8110 Milliken Ave. KL Rancho Property LLC was the lessor. Paul Su, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessee in the transaction. Pizza Guys – a 1,533 sq. ft. lease for a restaurant opening at Alta Loma Square, located at 8710 19 th Street. Lewis Retail Centers was the lessor. Pablo Velasco, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessee in the transaction. REDLANDS Mars Carpets/Abbey Floors – has leased space at Redlands Orange Tree Lane, located at 1771 Orange Tree Lane. 441 North Newport LLC was the lessor. Pablo Velasco and Rick Lazar, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessee in the transaction. SAN BERNARDINO A retail center – anchored by Ralphs & LA Ftiness, located at 4414 University Parkway, has been purchased for $1,980,000 by Ken Y Chu and Me Hon Wong. Mike Lin and Maggie Gonzales, with Progressive Real Estate Partners in Rancho Cucamonga, represented the seller, Global Pacific University Parkway, in the transaction. SAN DIEGO COUNTY LA PRESA BPI E&P LLC – has purchased land for sale at 8430 County Hwy S17 for $350,000. Pablo Velasco and Paul Galmarini, with Progressive Real Estate Partners in Rancho Cucamonga, represented the seller, Investment Property Exchange Service, in the transaction. SAN DIEGO Mercado del Barrio – this mixed-use center, located under the Coronado Bay Bridge adjacent to Chicano Park has added the following tenants: a 22 tap Attitude Brewing Co. tasting room, Maggies Café (the chain's second location in San Diego), and Dough Nation, which specializes in Italian food and craft beer. Among other recent openings have been Pho Bo, Mailbox & More, Eldahmy Wellness Pharmacy, Posh & Polished, and Smart Set Aesthetics. The center is anchored by Northgate Market. Shea Properties of Aliso Viejo is the property owner. SAN JOAQUIN COUNTY STOCKTON Dutch Bros. Coffee – an 800 sq. ft. lease for a coffee shop opening at 1130 E. March Lane. NLA Stockton, CA LLC was the lessor. Michael Kennedy, of Retail California in Fresno, negotiated terms of the transaction. SANTA CRUZ COUNTY SCOTTS VALLEY Scotts Village – this 121,296 sq. ft. neighborhood center has been sold to a Northern California-based real estate firm for $15.35 million. Anchored by Safeway and CVS, the center also features tenants Chase Bank, McDonald's and Taco Bell. Dan Wald and Don LeBuhn, with Cushman & Wakefield's Retail Investment Advisors Group, represented the seller, The Pratt Company. The buyer, McNellis Partners, represented itself in the transaction. The Wald/LeBuhn Team represents owners of retail investment properties throughout Northern and Central California and Northern Nevada.

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