California Centers

JAN 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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January/February 2018 | California Centers Magazine 29 REAL ESTATE TRANSACTIONS KERN COUNTY BAKERSFIELD Bass Pro Shops – the chain's fifth location in California is due to open at Bakersfield Gateway, an 800,000 sq. ft. mixed-use retail development at the corner of Hosking Avenue and State Route 99. Woodmont Company is developing the site, with construction status to be disclosed at a later date. Bakersfield Commons – a 260-acre master-planned, mixed-use project has commenced construction as of 2018. World Oil Corp. and Trammell Crow Co. are joint developing the property, which is due to feature office, light industrial, residential, 300,000 sq. ft. of retail, and recreational spaces. The first development pads will be completed in late 2018, with phase one due to feature 220,000 sq. ft. of retail, 120,000 sq. ft. of class A office space, 325 resort-style residential units, a 130-room national branded hotel, and 2.2 miles of walking paths. DELANO 99 Cents Only Store – this net-leased, tenant occupied 18,171 sq. ft. property, located at 626 Cecil Avenue, has been sold for $4.6 million to 626 Cecil LLC. Lior Regenstreif, of Marcus & Millichap, represented the seller, a private partnership. Rob Narchi, also of Marcus & Millichap, represented the buyer in the transaction. KINGS COUNTY HUNTINGTON PARK Tax Services of America – a 984 sq. ft. lease for a tax office opened at 6906 Santa Fe Avenue. Agent Ehrenpreis, with Centers Business Management in Los Angeles, represented the lessor MP Investors, in the transaction. LOS ANGELES COUNTY AZUSA McDonald's – a single tenant ground leased 4,365 sq. ft. property has been sold for $3.5 million to a private 1031 exchange buyer. Eric Wohl, of Hanley Investments, in conjunction with Michael Walseth, of SRS, represented the seller, a private investor from Newport Beach. Mark Repstad, of Realty Advisory Group, represented the buyer in the transaction. BURBANK Plaza del Sol – this 165,528 sq. ft. grocery-anchored center has been sold. Gleb Lvobich and Bryan Ley, of HFF, represented the seller, Tourmaline Capital. The buyer was not disclosed. The property is anchored by Vallarta Supermarkets, and was leased to 22 other food, fitness and distribution tenants at the time of sale. COVINA Western Dental – a 3,500 sq. ft. lease for a dental office opened at Covina Marketplace, located at 1453 N. Azusa Avenue. Agent O'Connell, with Centers Business Management in Los Angeles, represented the lessor, Covina Marketplace LLC, in the transaction. DUARTE Buena Vista Marketplace – a 92,346 sq. ft. center, anchored by Smart & Final, has been sold for $38.1 million. The buyer, Gerrity Group, represented itself. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark, Knight Frank, represented the seller, Weingarten Realty, in the transaction. INGLEWOOD Empire Construction has completed a ground-up restaurant at 3245 Century City Blvd. for The Habit Burger. The 3,100-sq.ft. restaurant seats 78 people and features a double drive-thru. The project was valued at $2.1 million and was completed in just over five months. John DeRossett led the project for Empire Construction. LANCASTER Lancaster Triangle – this 35,569 sq. ft., five building retail center has been sold for $5.6 million. Bill Asher and Jeff Lefko, of Hanley Investment Group, in conjunction with Rosanne Morgiewicz of The Morgieicz Co., represented the seller, Lancaster Triangle LLC, and the buyer, a private investor, in the transaction. The property was fully leased at the time of sale. Rite Aid – a 15,482 sq. ft. net-leased building in Lancaster has been sold for $7.2 million by an unnamed seller. Lior Regenstreif, of Marcus & Millichap, represented the buyer, an undisclosed partnership, in the transaction. LOS ANGELES Angels Landing Site – a $1.2 billion mixed-use project, underway on 2.2 acres at 4 th and Hill Streets is being managed by a partnership between the Peebles Corp., McFarlane Partners and Claridge Properties (collectively under the banner Angels Landing Partners LLC). The group will construct the tallest building in the Western U.S. as part of the development. All three firms are 100 percent minority owned. Completion is slated for late 2024, with the iconic building due to feature enhance residential life in the region and change how large buildings are constructed. Handel Architects is designing the two-tower project, which will include a 192-room SLS hotel and 289- room Mondrian hotel, to be operated by SBE Entertainment Group, 425 apartments, 250 condos, and 45,000 sq. ft. of retail and restaurant space. CVS/pharmacy/Pharmacy – a 12,715 sq. ft., single tenant occupied building, located approximately three miles from downtown L.A., has been sold for $8.2 million. Alex Kozakov and Patrick Wade, of CBRE, represented the seller, Paragon Commercial Group. Millenium Investment LLC was the buyer. Nail Salon – a 2,000 sq. ft. lease for a nail salon opened at 11203 National Boulevard. Agents Eirenpreis and Grossman, with

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