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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September 2017 | California Centers Magazine 47 REAL ESTATE TRANSACTIONS LOS ANGELES The Vineyards At Porter Ranch – a $150 million open-air shopping center project has broken ground north and south of Rinaldi Street, to encompass retail to the north and medical offices, a hotel and apartments to the south. A 215,000 sq. ft. upscale shopping and entertainment complex, project- ed to be completed in late 2018, will feature an open-air environment and meandering pedestrian pathways. Among tenants already committed are Whole Foods Market, a movie com- plex, unique restaurants and high-end shops and boutiques. Kaiser Perma- nente will occupy the medical center portion. Other amenities include a center green for community events and a 4,000 sq. ft. community room. The Vineyards will cater to the tastes of Porter Ranch residents seeking lux- ury local retail and sophisticated en- tertainment experiences. Toll Brothers is the luxury homebuilder completing the Porter Ranch master-planned com- munity. The company develops com- mercial properties through Toll Com- mercial and its affiliate, Toll Brothers Realty Trust. A retail strip center – this 13,070 sq. ft. property, located in the Koreatown neighborhood at 3921-3929 W. Olym- pic Blvd., has been sold for $2.9 mil- lion. Tom Chichester, Joseph Chich- ester and Matt Brooks, with Faris Lee Investments, represented the buyer, a private Los Angeles-based investor. Agents with Rosano Partners repre- sented the seller, a private Los Ange- les-based family, in the transaction. MONTEBELLO LA Fitness – a 42,946 sq. ft. single tenant occupied building has been sold for an undisclosed price. Bill Ash- er and Ed Hanley, of Hanley Invest- ment Group Real Estate Advisors, rep- resented the seller, an Orange Coun- ty-based private partnership. The buy- er, a publicly traded REIT, represented itself in the transaction, the terms of which were not disclosed. WOODLAND HILLS Sushi Ichiban Kan – this 3,567 sq. ft. tenant occupied property, located at 19723 Ventura Blvd., has been sold for $1.9 million ($585 psf). Matt Ehrlich, with NAI Capital, represented the buyer, Canzonet Investments, in the transaction. ORANGE COUNTY COSTA MESA Newport 17 th Plaza – this 28,450 sq. ft. property, located at 101, 103, and 105 E. 17 th Street (at Newport Boulevard), has been sold for $13.8 million to Newport 17 LLC. Philip Voorhees et. al,, with CBRE in Newport Beach, rep- resented the seller, Wohl Investments LLC, of Newport Beach, which initi- ated a 1031 exchange transaction and is seeking to invest in a multi-tenant industrial property. Agents of Chase Associates LLC represented the buyer in the transaction. DANA POINT La Plaza Pacifica – this 14,900 sq. ft. retail and office property, located at 34052 La Plaza Drive, has been sold for $6.6 million ($463 psf). Jeff Conover, with Faris Lee Investments, represent- ed the buyer, Raintree Evergreen, LLC, and the seller, Trowbridge Vaughen Vivos Trust, in the transaction. LAGUNA HILLS Le Peep – a 3,200 sq. ft., 10-year lease at The Village a Nellie Gail Ranch, located at 26532 Moulton Parkway. Terrison Quinn and Casey Mahony of SRS Real Estate Partners represent- ed the lessor in the transaction. Kevitt Sale of Lee & Associates represented the lessee. SANTA ANA Brookhollow Freeway Showroom – the 13,072 sq. ft. fourth building of this property has been sold for $3.3 million. Located at 154 E. Warner Ave., the building is currently occupied by Wine Exchange. Joe Winkelmann, Nick Velasquez and Michael Hartel, of Colliers International, represented the seller, MCA Realty. Ryan Swanson and Chris Conway, of Lee & Associates, represented the buyer, WTW Proper- ties, LLC, in the transaction. RIVERSIDE COUNTY CORONA Sierra Del Oro Town Center – this ap- proximately 110,000 sq. ft., grocery-an- chored shopping center has been sold for $28.6 million. Pat Kent, Ed Hanley, and Corey Olson, with Hanley Invest- ment Group, represented the seller, Cornerstone Development Partners. The buyer, Phillips Edison & Co. was self represented in the transaction. LA QUINTA A 33,708 sq. ft. building – this two- tenant retail property (occupied by TJ Maxx and ULTA Beauty), located within the Washington Park Shopping Center, has been sold for $8.9 million. Bill Asher, with Hanley Investment Group, represented the seller. Steven Gelber, with Gelber Realty Corp., represented the buyer, a private Los Angeles-based investor, in the trans- action. SAN JACINTO Dollar General Town Center – this 27,112 sq. ft. multi-tenant center, locat- ed at 700-728 San Jacinto Avenue (at 7 th Street), has been sold for $4.9 million in a 1031 exchange transaction. An- chored by Dollar General, the proper- ty is 100 percent occupied. Rob Sauser, of PMZ Commercial, represented the buyer, a Newport Beach-based family trust. Greg Bedell, of Progressive Real Estate Partners, exclusively marketed the property and represented the sell- er, a private Huntington Beach-based investor, in the transaction.

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