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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30 California Centers Magazine | January/February 2018 REAL ESTATE TRANSACTIONS Centers Business Management in Los Angeles, represented the lessor, Cal-Asia Global, in the transaction. MANHATTAN BEACH Cha Spa – a 1,520 sq. ft. lease for a spa facility opening at 1117 Manhattan Beach Avenue. Agents Grossman and Rivera, with Centers Business Management in Los Angeles, represented the lessor, Grand Avenue and Roy Troeger Trust, in the transaction. MONROVIA Monrovia Landing – Warner Pacific Properties is repositioning this 100,000- plus sq. ft. retail center within Shamrock Center at 729 E. Huntington Drive. It is anchored by a TJ Maxx and HomeGoods combo store that opened in October, an ALDI grocery store opened in December, and ULTA, opening in second quarter of 2018. The center will also have several smaller shop spaces including My Pet Garden. Michael Odell and John Odell, of Pittsburgh, Pennsylvania-based Warner Pacific Properties are handling leasing of the center. NORTHRIDGE California Credit Union – a 2,426 sq. ft. lease for a banking facility opened at 19600 Plummer Street. Agents O'Connell and Mero, with Centers Business Management in Los Angeles, represented the lessor, Northwestern Mutual Life in the transaction. PALMDALE Two single-tenant, freestanding retail buildings – located within the Destination O-Eight power center, have been sold for a combined total of $7.4 million. The first is a Planet Fitness occupied 18,000 sq. ft. building that sold for $4.9 million. The second is occupied by a 12,028 sq. ft. Dollar Tree, and sold for $2.5 million. A New York- based private investor was the buyer of the Planet Fitness building. A Los Angeles- based family trust, represented by agents of Cushman & Wakefield, purchased the Dollar Tree occupied property. Jeff Conover and Chris DePierro, of Faris Lee Investments, represented the seller, HFC/ PRP Palmdale LLC, in the transaction. SANTA CLARITA The City of Santa Clarita – a 3,932 sq. ft. lease for a community center opening at 18792-18796 Flying Tiger Drive. Agent Levcovitch, with Centers Business Management in Los Angeles, represented the lessor, HWA Incorporated, in the transaction. SANTA MONICA Lincoln Center – this 57,630 sq, ft. property, anchored by Gelson's Market, has been sold for an undisclosed price to an affiliate of Balboa Retail Partners in an off-market transaction. The sellers name was not disclosed. Tom Lagos and Michael Asarch, of Colliers International, represented the buyer in the transaction. TORRANCE Lowe's Home Improvement Warehouse – a tenant occupied 127,400 sq. ft. building, on 12.7 acres at 2255 S. Western Ave., has been sold for $47.5 million to Wilson Torrance LLC. The existing Lowe's store features a 30,000 sq. ft. garden center and has 750 parking spaces. Christopher Sheldon, Andrew Bogardus, Douglas Longyear and Stephen Algermissen, of Cushman & Wakefield, represented the seller, The Shorestein Co., in the transaction. Smart & Final Extra! – a new location for this concept has opened in a former Ralphs supermarket space at the SEC of Crenshaw Blvd. and Artesia Blvd. Per Dave Hirz, President and CEO, "We have had a lot of luck converting competitors' stores, so any time the conventional folks are closing stores, we take the opportunity to look at them." The strip mall the new store is in is undergoing extensive renovations, including a new façade. MONTEREY COUNTY SALINAS Jack In The Box – a single-tenant leased property, located at 645 S. Main St. has been sold for $2.5 million. Justin Mendelson and Joshua Berger, of Charles Dunn Co., represented the seller, a publicly traded institution, and the buyer, a family trust, in the transaction. ORANGE COUNTY COSTA MESA The Triangle – a 204,523 sq. ft. retail center, featuring tenants Yard House, 24 Hour Fitness, Tavern Bowl and Triangle Cinemas, has been sold for $55.7 million. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Megan Wood, Preston Fetrow, Matt Burson, and John Read, of CBRE, arranged the transaction on behalf of the seller, a partnership led by Greenlaw Partners. The buyer was a Los Angeles- based family office syndicate. The Triangle was 94 percent leased at the time of sale. FULLERTON Pet Supply – a 7,200 sq. ft. lease for a pet supply retailer opening at 218 Commonwealth Avenue. Agent Ehrenpreis, with Centers Business Management in Los Angeles, represented the lessor, Duncan, in the transaction. Fullerton Crossroads – this 221,636 sq. ft., grocery-anchored center has been sold to Retail Opportunity Investment Corp. (ROIC) for an undisclosed price. Geoff Tranchina, of JLL, represented the seller, Uhlmann Family Trust, in the transaction. The property was 98 percent leased at the time of sale. HUNTINGTON BEACH CVS Beach Garfield Center - Faris Lee Investments has arranged the $15 million sale of CVS Beach Garfield Center, a 31,140-square-foot retail property anchored by a freestanding CVS/Pharmacy in

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