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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48 California Centers Magazine | September 2017 REAL ESTATE TRANSACTIONS SACRAMENTO COUNTY ROCKLIN Blue Oaks Marketplace – this 100,000 sq. ft., class A shopping center, loca- tedin a prominent Sacramento retail node, has been purchased for $19.2 million. Soma Capital Partners, in partnership with Timbercreek Asset Management of Toronto, Canada, ac- quired the 81 percent leased property from Diamond Creek Properties of Sacramento. The buyer plans to de- velop and reposition two hard corner pad sites and implement a general capital improvement plan to attract food service businesses. Corporate Partners David Smith and Jordan Cas- pari represented the interests of SCP in the purchase transaction. SAN BERNARDINO COUNTY UPLAND Upland Village – this 153,000 sq. ft. shopping center, located at the NEC of Euclid Blvd. and Foothill Blvd., has been sold to Wood Investments Inc. of Laguna Beach for $18.5 million. The property was 10 percent occupied at the time of sale (featuring tenants 99 Cents Only and Laser Island). The sale also included five residential proper- ties located along Euclid Avenue. The seller, Upland Village Center, LP, had owned the property for more than 35 years and wanted the buyer to com- plete their vision for the center. Char- ley Simpson and Dixie Walker, with Cushman & Wakefield in Irvine, rep- resented the buyer. The seller repre- sented itself in the transaction. Wood Investments Inc. and its partners plan to redevelop the property over time, with the first phase due to include the addition of Ross Dress for Less, Burlington Coat Factory and Raising Cane's. Pre-leasing for phase two is currently underway. SAN LUIS OBISPO COUNTY SAN LUIS OBISPO Marigold Center – this 174,428 sq. ft. shopping center, anchored by Vons and CVS Pharmacy, has been sold for $43.6 million to Donahue Schriber, which purchased the asset free and clear of debt. Gleb Lvovich, Bryan Ley and Eric Kathrein, with HFF, market- ed the property for the seller, Kimco Realty Corp. SAN DIEGO COUNTY CHULA VISTA Millenia Commons – this 131,800 sq. ft. lifestyle center has broken ground, with an anticipated completion in summer of 2018. Among the latest leasing activity: a 21,000 sq. ft. Home Goods, represented by Don Moser of Retail Insite Commercial Real Estate; a 18,300 sq. ft. Cost Plus World Market, represented by Don Moser, in conjunc- tion with Scott Manclark of Cypress Retail Group; a 15,000 sq. ft. Buy Buy Baby store, represented by Don Moser, in conjunction with Scott Manclark of Cypress Retail Group; and a 4,180 sq. ft. lease for Mattress Firm, represent- ed by Matt Moser, Don Moser and Jeff Drew of Retail Insite. Millenia Com- mons is being developed by Sudberry Properties as the retail component of a mixed-use urban development project that will also feature upscale apart- ments, homes and businesses. Gateway Marketplace – this 127,861 sq. ft. grocery anchored center, locat- ed at 40 N. Fourth Avenue, has been sold for $42 million. Gleb Lvovich and Bryan Ley, with HFF, represented the seller, a partnership between Brixton Capital and ALTO Real Estate Funds. An affiliate of American Assets Trust was the buyer. Mike Moser, with Re- tail Insite, assisted in the transaction as a local market contact. ESCONDIDO Poki Poki – a 896 sq. ft. lease for a restaurant opening at Encinitas Mar- ketplace, located at 154 El Camino Road. Beth Sargent and Jon Horning, with Flocke & Avoyer Commercial Real Estate, represented the lessee. Manuel Balderrabano, with Kimco Realty, represented the lessor in the transaction. Escondido Valley Center – a 127,436 sq. ft. center, located at the corner of West Valley and Auto Parkways. Among the latest leasing activity: a 24,261 sq. ft. lease for HomeGoods; and a 21,869 sq. ft. lease for ALDI. The retailers are backfilling the formerly vacated Sports Authority space at the center. Bruce Schiff and Phil Lyons, with Cushman & Wakefield, repre- sented the lessor, Paragon Commer- cial Group, in the two transactions. SAN DIEGO Marshalls – a 23,500 sq. ft., 10-year lease for a department store opening fall of 2017 at space formerly occupied by Sports Chalet at Point Loma Plaza, located at 3645 Midway Drive. Don Moser of Retail Insite represented the lessee. Omar Hussein represented the lessor, Regency Centers, in-house in the transaction. SANTA CLARA COUNTY SAN JOSE Mendocino Farms – a 2,822 sq. ft. lease for a sandwich and salad restaurant planned for Santana Row, a 1.7 million sq. ft. mixed-use complex positioned in a high tech hub of San Jose. Com- mitted to sourcing seasonal ingredi- ents from local farmers, Mendocino Farms will be designed by local archi- tect firm KDA, and is due to feature a modern, wine-country vibe, with a "kid's corner," outdoor patio, and full lineup of wines and craft beers on tap. Rockville, Maryland-based Federal Realty is the owner of Santana Row.

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