California Centers

SEP 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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46 California Centers Magazine | September 2017 REAL ESTATE TRANSACTIONS ALAMEDA COUNTY OAKLAND Alexan Webster – ground has been broken on this 1.4 acre mixed-used development project, located at 2330 Webster. Trammell Crow Residential and KTGY Architecture + Planning are involved in the $135 million re- development project, which is slated for a summer of 2019 completion. The project will feature an apartment com- munity, 15,000 sq. ft. of retail street- front space, a rooftop deck, and a public and residential parking garage. It will also incorporate 5,000 sq. ft. of indoor amenities and office space, as well as a lap pool, business center. CONTRA COSTA COUNTY RICHMOND Hilltop Mall – this 1,100,000 sq. ft. regional mall, on 77 acres located at 2200 Hilltop Mall Road (off of Inter- state 80 in the East Bay area), has been purchased by LBG Real Estate Com- panies, LLC, and Aviva Investors. The property features exceptional visibili- ty and access to a dense and growing residential population. Among the center's tenants are Macy's, Walmart, Sears and 24-hour Fitness. LBG plans to implement a new merchandising strategy for the mall, which will in- volve rebranding and redevelopment aimed at creating an inviting and exciting atmosphere for shopping, dining and entertainment. LBG also plans to take advantage of zoning that allows for development of housing at the property, and office and hotel uses. FRESNO COUNTY FRESNO Tamari Robatayaki & Whisky Bar – a 3,953 sq. ft. lease for a retail tenant opening at 6731 N. Palm Ave. NMSB- PSLDHB, a California Limited Part- nership is the lessor. Steve Rontell, with Colliers International, negotiated the transaction. An 8,320 sq. ft. property – located at 4007 E. Ventura Avenue, has been sold for an undisclosed price. Abdol Cha- lak was the buyer. FD Partners LLC was the seller. Lewis Smith and John Lee, of Retail California, negotiated terms of the transaction. KERMAN Metro PCS – a 1,750 sq. ft. lease for a phone service provider opening at 15010 Whitesbridge Avenue. Metro- com MDB Inc. was the lessee. Kerman Shopping Plaza LLC was the lessor. Nick Frechou, with Retail California, in conjunction with Brett Todd and Ted Fellner of Colliers International, negotiated terms of the transaction. KERN COUNTY BAKERSFIELD Riverlakes Village – this 92,212 sq. ft. shopping center, comprising six par- cels on 9.48 acres located at the SEC of Coffee and Hageman Roads, has been sold for an undisclosed price. Phillips Edison Grocery Center REIT II is the buyer. Philip Voorhees, Pres- ton Fetrow, Kirk Brummer, Jimmy Slusher, Megan Wood, Matt Burson, Sean Heitzler, James Tyyrell and John Read, with CBRE, in conjunction with National Retail Partners West team, represented the seller, Crow Holdings Capital Real Estate, in the transaction. LOS ANGELES COUNTY BURBANK REI – a 43,000 sq. ft. lease for a sport- ing and recreation goods retailer opening at Burbank Empire Center, located at 1800 W. Empire Avenue. REI will occupy the entire freestand- ing former Sports Authority building as of August. Geoff Martin and Ryan Burnett, of CBRE, represented the les- sor, Principal Real Estate Investors, and also represented the lessee in the transaction. A vacant retail property – located at 200 N. San Fernando Road, has been sold for $6 million. Brandon Michaels and Jonathan Braier, with Marcus & Millichap, represented the seller, an individual personal trust. The buyer, Marketblock LLC, plans to renovate and reposition the asset. CITY OF INDUSTRY ULTA Beauty – a 10,835 sq. ft., 10 year lease for a beauty supplies/cosmetics and fragrances store opening at The Marketplace at Grand Crossings, lo- cated on Valley Boulevard. Michael Borman, with Epsteen & Associates in Marina del Rey, represented the lessee. Thomas Cozzolino and John Hunter represented the lessor, Majes- tic Realty of City of Industry, in-house in the transaction. COVINA Ross Stores – a 26,000 sq. ft., 10-year lease for a department store opening at the former Office Depot space locat- ed at the intersection of Arrow Hwy. and Azusa Avenue. Dave O'Connell, with CBM, negotiated terms of the transaction. LONG BEACH Carl's Jr. – this single tenant occupied property, part of a larger redevelop- ment within the "circle" along PCH, has been sold for $5 million ($1,685 price per sq. ft., and a 3.85 percent cap rate) in an all cash, full price, record breaking transaction that represents the lowest cap rate, highest price psf and highest price point for a Carl's Jr. or Hardee's to have ever been sold in the U.S. The property completed con- struction in June and opened for busi- ness in July, with SRS' National Net Lease Group leading the project from inception to sale. Matthew Mousavi and Patrick Luther, managing princi- pals of SRS' National Lease Group, in conjunction with executives Garrett Colburn and Townsand Cropsey of SRS's Newport Beach office, repre- sented the seller in the transaction.

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