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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32 California Centers Magazine | January/February 2018 REAL ESTATE TRANSACTIONS Realty. Kostas Kavayiotidis, of Pacific Southwest Realty Services, arranged a loan through John Hancock Insurance on behalf of the buyer, NewMark Merrill Cos. LINCOLN Parkway Plaza – this 205,452 sq. ft. center, located at 51 N. Lincoln Blvd., has been sold for $21.6 million to SyWest Development Group of San Rafael. Bob Dong and Jared Dong, of TRI Commercial/ CORFAC International, represented the seller, Parkway-Sterling Investors, which developed the property in 2007 in a joint venture with Catlin Properties. Anchored by a Lowe's and Big 5 Sporting Goods, the center was fully leased at the time of sale. SACRAMENTO Laguna Village – a 120,893 sq. ft. retail center has been sold for $32.5 million. Mike Zylstra and Forrest Gherlone, of Newmark Cornish & Carey, negotiated the transaction on behalf of the seller, Hall Equities Group. Tom Fehr, Anthony Pappageorge and Zachary LeBeouf, also with NCC, represented the buyer, Laguna Village Investors LLC, in the transaction. At the time of sale, the center, anchored by a Regal Cinemas, was 98 percent leased. SAN DIEGO COUNTY CARLSBAD Carlsbad Village – a 59,010 sq. ft. center, anchored by Smart & Final, has been sold by an unnamed seller for an undisclosed price in an off-market transaction. Tom Lagos and Michael Asarch, of Colliers International, represented the buyer, Balboa Retail Partners, in the transaction. ESCONDIDO A 9,300 sq. ft. two tenant property – located at 237 and 243 E. Valley Parkway, has been sold for $1.3 million. One of the spaces was occupied by CrossFit Iconic at the time of sale, the other was vacant. The buyer, Evan Weinberg, of Steven Beverages, wants to repurpose the vacant space into a brewery and coffee concept by Cismontane Microrewery. Marc Karren, of Location Matters, represented the seller, David Baker, of H Street Plaza, in the transaction. OCEANSIDE Quarry Creek Plaza – this 15,690 sq. ft. retail center, located at 3460 and 3480 Marron Road, has been sold for an undisclosed price. Gleb Lvovich, of HFF, in conjunction with Mike Moser of Retail Insite, represented the seller in the transaction. The terms of the deal and the name of the buyer were not disclosed. SAN DIEGO Sundance – a retailer of apparel, footwear, jewelry, accessories and home décor has opened at Westfield University Town Center. Sundance Catalog was begun by Robert Redford in 1989 to promote the works of artists and craftspeople from across the country and around the world. Headquartered in Salt Lake City, the brand has opened multiple stores in the U.S. in the past three years, including a legacy store in Corte Madera. Riverdale Shopping Center – a 66,416 sq. ft. retail center has been sold for $10.1 million. Philip Vorhees, Reg Kobzi, Jimmy Slusher, Kirk Brummer, Megan Wood and Sean Heitzler, of CBRE negotiated the terms on behalf of the seller, a partnership advised by SENTRE, including Peckham Properties Inc., Commercial Sites Limited, and Wells Fargo Bank. Reg Kobzi also represented the buyer, Becker Properties LLC, in the transaction. A 10,500 sq. ft. redevelopment site – located at 3338-3348 Kettner Blvd. has been sold for $1.4 million to an entity of SD Homes. The buyer plans to develop a two-story, 4,586 sq. ft. retail and office building on the property, with construction commencing in early 2018. Mark Lewkowitz and Chris Holder, of Colliers International in San Diego, represented the seller, The Conley Family Trust. Marc Posthumus, also with Colliers, represented the buyer in the transaction. Midway Square - CBRE has arranged the sale of Midway Square, a multi-tenant shopping center located at 3112 Midway Drive in San Diego's Point Loma district. Winston Square LLC sold the property to Midway Square LLC for $5.2 million. Reg Kobzi, Sam Alison, Mike Philbin and Amar Goli of CBRE represented the seller, while Andrew Slade of CIRE Partners represented the buyer in the deal. At the time of sale, the property was 100 percent leased. Express Time, Auto Serve Center, Suspension Plus and Smog Creek occupy the 15,271-square-foot, single-level retail center. VISTA Vista Terrace Marketplace – a 48,000 sq. ft. retail center that was purchased by Black Lion Investment Group in 2016. The owner plans on a redevelopment that will reface inline and end-cap shop space, create restaurant-ready space with patios, and construct a grocery anchor on an adjacent 2.5-acre parcel of land also acquired in the purchase. Among the latest leasing activity: a 15 year lease for Sprouts Farmers Market, and a 20 year lease for Dunkin' Donuts. Brian Pyke and Don Moser, of Retail Insite, represented the lessor in the transactions. The first phase of the center's redevelopment is due to be completed in early 2018, with anchor Sprouts to open fourth quarter 2018. SAN FRANCISCO COUNTY SAN FRANCISCO CVS/pharmacy/Pharmacy – a variety store is due to occupy a 17,920 building located at 1900 19 th Ave. that is undergoing renovation. The freestanding property was recently sold for $16.8 million in a 1031 exchange transaction. Jeff Conover and Thomas Chichester, of Faris Lee, represented the seller, Guilfoyl-Greenspan Trust. Dan Lem, of LemRx Realty Advisors, represented the buyer, First and Mission Properties, in the sales transaction.

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