California Centers

MAY 2017

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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42 California Centers Magazine | May 2017 REAL ESTATE TRANSACTIONS sq. ft. Destination XL men's retailer opening fall of 2017. MainPlace Mall is managed by Centennial Real Estate Management Company, LLC. RIVERSIDE COUNTY MENIFEE Rite Aid – this single tenant occupied, triple net leased 17,185 sq. ft. building, located at 28995 Newport Road (at Menifee Road), has been purchased for $9 million, representing a cap rate of 4.72 percent (a record low cap rate for this type of property in the Inland Empire). Kevin Fryman, with Hanley Investment Group, represented the seller, Parkcrest Construction, Inc., of Ontario. Ron Duong, with Marcus & Millchap in Newport Beach, represented the buyer, a private investor, in the transaction. MORENO VALLEY A 4,151 sq. ft. property – located at 24200 Sunnymead Boulevard, has been purchased for $738,000. Frank Vora, with Progressive Real Estate Partners in Rancho Cucamonga, represented the buyer, Frank Farag, and seller, Hemant Kurani Trustee, in the transaction. PERRIS Perris Super Walmart Center – located at 1850 North Perris Boulevard. Among the latest leasing activity: a 1,203 sq. ft., 7-year lease for Majestic Nails salon opening in June; a 1,040 sq. ft., 5-year lease for Great Clips; and a 3,185 sq. ft, 10-year lease for Americas Best Vision. Paul Galmarini and Gretchen Lastra, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessees and lessor in the transactions. SACRAMENTO COUNTY SACRAMENTO Raley's Supermarket – held its grand opening at Fair Oaks Plaza, located at the NWC of Fair Oaks Blvd. and Howe Avenue. This is the anchor tenant to a project that has been underway since 2015. The supermarket opened in April, with Starbucks, KB Nails and Grub Burger Bar store openings soon to follow. Armstrong Development Properties Inc., of Butler, Pennsylvania, is the lessor. SAN BERNARDINO COUNTY FONTANA Poke Restaurant – a 1,213 sq. ft. lease for a restaurant opening at Fontana South Sierra Plaza, located at 10660 Sierra Avenue. Paul Galmarini and Maggie Gonzalez, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessor, South Sierra Plaza, in the transaction. ONTARIO Supra Design Inc. – a 1,300 sq. ft. lease for a store opening at 5030 E. 4 th Street. Pablo Velasco, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessor, Exchange Ontario Center, in the transaction. Golden Corral – a 12,936 sq. ft., 15- year lease for a restaurant opening in late 2017 at Vineyard Freeway Center, located at 1640 E. 4 th Street. Paul Su, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessee and the lessor in the transaction. RANCHO CUCAMONGA Sabor a Mi Grill Tequila & Botanas – a 2,750 sq. ft., 10-year lease for a restaurant opening at Thomas Winery Plaza, located at 8976 Foothill Boulevard. Paul Su and Maggie Gonzalez, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessee and lessor in the transaction. REDLANDS The UPS Store – a 1,395 sq. ft., 5-year lease for a shipping facility opened at Brookside Plaza, located at 1508 Barton Road. Pablo Velasco, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessor in the transaction. RIALTO WalMart Supercenter – a significant portion of the 239,552 sq. ft. Rialto Marketplace has opened as of April at the SWC of San Bernardino Avenue and Riverside Avenue. Developed by NewMark Merrill Companies, in partnership with Pacific Retail Partners and the City of Rialto, the retail destination is due to be completed soon. It is anticipated to be 100 percent leased upon completion, and will feature a mix of national, regional and local tenants. Over 13 years in the making, the project financing was arranged by agents of Pacific Western Bank. NewMark Merrill's development team included Brad Pearl, Luca Giovanardi, Darren Bovard and Greg Giacopuzzi. Joe Meyer and Jay Marconi of Pacific Retail Partners were also involved, while the lead general contractor on the job was Tim Mayeda of Lyle Parks Jr. Construction. SAN BERNARDINO A 4,208 sq. ft. retail property – located at 1935 South Waterman Avenue, has been purchased by Cal Bronson Investment for $3,200,000 in an all cash 1031 exchange transaction. Pablo Vasco and Greg Bedell, with Progressive Real Estate Partners in Rancho Cucamonga, represented the buyer in the transaction. The multi- tenant retail center is anchored by a 7-Eleven and features a Chase ATM and vacant shop space. Progressive Real Estate Partners has been retained to handle the leasing of the 1,350 sq. ft. of vacant space.

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