California Centers

MAR 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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REAL ESTATE TRANSACTIONS 24 California Centers Magazine | March 2018 an insurance office opened at 7965 Vineyard Avenue. Paul Su and Maggie Gonzalez, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessor, Thomas Winery Plaza Property Owner, LLC in the transaction. RIALTO Miracle Ear – a 900 sq. ft. lease for a hearing aid store opening at 2000-2026 Riverside Avenue. Pablo Velasco, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessor, Rialto Properties, LP, in the transaction. SAN BERNARDINO Memos Canvas – a 3,225 sq. ft. lease for a store opening at 5478 Moreno Street. Pablo Velasco, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessor, A-SF, a California limited partnership, in the transaction. TinkerSpace – a 2,460 sq. ft. lease for a store opening at 5478 Moreno Street. Pablo Velasco, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessor, A-SF, a California limited partnership, in the transaction. VICTORVILLE A 3-acre land parcel – located at the 15 Fwy and Nisqualli Road, has been purchased for $2.85 million in an all cash transaction. Pablo Velasco, with Progressive Real Estate Partners, represented the seller, a private investor. Circle K is the buyer, which plans to build a convenience store, gas station and car wash on the site, due to be completed in mid-2018. Cracker Barrel Old Country Store – the first Cracker Barrel store to be opened in California made its debut in February, featuring both dining and shopping opportunities. The signature location features décor paying homage to Route 66, the areas film industry heritage and California's Gold Rush past. The Old Country Store portion sells toys, games, food items, apparel, accessories and gift items. Cracker Barrel Old Country Store Inc. and its affiliates operate 649 company- owned retail establishments in 45 states and also own the fast-casual Holler and Dash restaurants. SAN DIEGO COUNTY CARLSBAD Roosevelt Plaza at Carlsbad Village – this 19,950 sq. ft., three story, mixed- use property, located at 560 Carlsbad Village Drive and 2975 Roosevelt Street, has been sold for $8.2 million. Eric Wohl and Andrew Cunningham, with Hanley Investments, represented the seller, Stos Partners of Encinitas. Vadim Baum, with Keller Williams Realty, represented the buyer, La Cienega Property Group, of Beverly Hills, in the transaction. IMPERIAL BEACH Grocery Outlet – this store, located within Breakwater Town Center has been sold for $7.2 million. Agents with Retail Insite and HFF represented the seller, Sudberry Palm Avenue LLC. Tri Star Hotel Investments Inc. is the buyer in the transaction. POINT LOMA Midway Square – a 15,271 sq. ft., multi- tenant center, located at 3112 Midway Drive, has been sold for $5.2 million. Reg Kobzi, Sam Alison, Mike Philbin, and Amar Goli with CBRE, represented the seller, Winston Square LLC. Andrew Slade, with CIRE Partners, represented the buyer, Midway Square LLC, in the transaction. SAN DIEGO Genesis Kitchen + Design – a restaurant with seasonal offerings, has opened at Campus Point, located at 4242 Campus Point Court. The space is part of a new complex being developed by Phase 3 Real Estate Partners Inc. that includes a fitness center, outdoor lap pool and yoga training patio. The restaurant offers craft beers on tap, a bar, and features a fireplace and ping- pong table. Bon Appetit Management Co. is the operator of the restaurant. SAN LUIS OBISPO COUNTY ARROYO GRANDE ALDI Food Market – a 23,931 sq. ft. grocer is opening at the corner of East Grand Ave. and South Elm St. Nick Frechou and Mike Arfsten, with Retail California, negotiated the terms of the transaction. Grand & Elm Properties is the lessor. SAN FRANCISCO COUNTY SAN FRANCISCO Diamond Heights Shopping Center – this 75,630 sq. ft. retail center has been sold for an undisclosed price. Nicholas Bicardo, Brandon Rogoff, and Bryce Holman, with NKF Capital Markets, represented the private seller. Donahue Schriber was the buyer. Safeway anchors the center, which also features tenants Walgreens, Bank of America, and a USPS office. SANTA CLARA COUNTY MILPITAS Big Al's – a 46,000 sq. ft. lease for a family- friendly sports bar opening in late 2018 at McCarthy Ranch Marketplace. This marks the fifth location for Big Al's, and the second in California. TMS McCarthy LP was the lessor in the transaction. SONOMA COUNTY SANTA ROSA A 49,900 sq. ft. center – anchored by TJ Maxx and Staples, has been sold as part of a 1031 exchange transaction for a portion of $47 million (two centers were sold in one transaction). Dan Wald and Don LeBuhn, with Cushman & Wakefield, represented the seller, SPI Holdings. Terry Daly, with Cushman & Wakefield, arranged the acquisition financing on behalf of the buyer, a private capital partnership.

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