California Centers

MAY 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 44 California Centers Magazine | May 2018 ALAMEDA COUNTY ALAMEDA Alameda Point – a $500 million mixed- use project is being developed by a joint venture team lead by Trammell Crow Res- idential. Alameda Point Properties (APP), which includes srmERNST Development Partners, Madison Marquette, Eden Hous- ing and Cypress Equity Investments, closed on the transfer of approximately 30 acres for site A of the transit-oriented wa- terfront development. The first phase will consist of 673 housing units, eight acres of parks and open space, funding for a ferry terminal, and 93,000 sq. ft. of retail space. Infrastructure construction is in develop- ment, with the first residences due to come online in 2021. APP negotiated the sale of several parcels to various builders and developers to coincide with the sale and transfer of the first 30 acres. Upon final buildout, the site will encompass 68 acres of master planned development, including up to 60,000 sq. ft. of commercial space. FRESNO COUNTY FRESNO Four Corners Yoga – a 2,018 sq. ft. lease for a yoga studio opening at 8959 N. Chestnut Avenue. Shepard Market Place LLC is the lessor. Lewis Smith and Michael Kennedy, with Retail California in Fresno (a Pearson Realty/Newmark Grubb Pearson Com- mercial affiliate), handled lease negotia- tions in conjunction with Jason Andrade of Commercial Retail Associates. Judy's Donuts – a 1,024 sq. ft. lease for a donut shop opening at 6377 N. Riverside Drive. Ireit Fresno El Paseo, LLC is the lessor. Lewis Smith and Michael Kennedy, with Retail California (a Pearson Realty/ Newmark Grubb Pearson Commercial affiliate), negotiated terms of the transac- tion. KINGS COUNTY HANFORD Aldi Food Market – a 22,500 sq. ft. lease for a grocery store opening at the SWC of 12 th Ave. and Lacey Blvd. Eureka Develop- ment Co. is the lessor. Nick Frechou and Michael Arfsten, with Retail California, in conjunction with Chris Campbell of CB Commercial, negotiated the terms of the transaction. LOS ANGELES COUNTY BEVERLY HILLS A 6,200 sq. ft. retail building – locat- ed at 456 N. Rodeo Drive, has been pur- chased for $110 million by a subsidiary of Paris-based LVMH (parent company of Louis Vuitton). Just one day prior to that sale, Sterling Organization of Florida had purchased the same asset for $55 million from The Karl B. Schurz Trust. According to the news release, an intermediary had approached LVMH about leasing space at the property, whereupon the luxury retail brand expressed interest in buying the property instead. The sale equates to approx. $17,750 per square foot. Sterling (and and its affiliated institutional investor partners) had a net gain of approximately $55 million from the transaction. The prop- erty is positioned in The Golden Triangle, between Santa Monica Blvd. and Brighton Way. Rodeo Drive is famed for being the locale of such prominent luxury retailers as Louis Vuitton, Chanel, Hermes, Vera Wang, Salvatore Ferragamo, Versace, Gu- cci, Cartier, Givenchy, Prada and Burberry. INGLEWOOD Crenshaw Imperial Plaza – this newly remodeled and expanded shopping cen- ter celebrated its renewal in March with a community event featuring a slide, ob- stacle course, climbing wall, game booths, kids activities, prize giveaways and more. The new contemporary design offers en- hanced dining and shopping, including the addition of five new restaurant ten- ants. Chipotle, Five Guys, Ono Hawaiian BBQ, Hibachi Buffet, and Jamba Juice have joined recently remodeled McDonald's and Subway. A new Planet Fitness opened here in January and Grocery Outlet is due in May. Construction of a Norms restau- rant is also underway. NewMark Merrill Companies is the owner/manager of the shopping center. LA VERNE Gaming Store – a 2,000 sq. ft. lease for a store opening at La Verne Heritage Plaza, located at 1431 Foothill Blvd. Kathleen T. Spizman Revocable Trust is the lessor. Maggie Gonzalez, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessee in the transaction. La Verne Courtyard – this 84,368 sq. ft. shopping center, located 30 miles east of Los Angeles, has been sold for approx. $20.7 million. Wendy Wong and Katherine Quach, with Treelane Realty Group, rep- resented the buyer, Evan & MC LLC. Ed Hanley, Bill Asher and Kevin Fryman, with Hanley Investment Group Real Estate Ad- visors, represented the seller, Charles Co., in the transaction. LOS ANGELES Rite Aid – a 12,573 sq. ft. tenant occupied property, located at 959 Crenshaw Blvd., has been sold for $10 million. Nicholas Coo, Thomas Chichester, Joseph Chich- ester and Matt Brooks of Faris Lee, repre- sented the seller, a private investor based in Newport Beach, and the buyer, a Bever- ly Hills-based private investor who was in a 1031 exchange transaction and paid all cash. A 15,538 sq. ft. retail and industrial build- ing – located at 437-441 S. Los Angeles, has been sold for $3.7 million. The buyer plans to renovate the vacant, three story build- ing to be used for its retail and wholesale business. Chris Runyen, with Charles Dunn Co., represented the seller, 441 Los Angeles Street LLC. InterPres Realty rep- resented the buyer, JVS Real Estate Invest- ment, in the transaction. Kreation – a 2,273 sq. ft. lease for a juice café opening at 11754-11756 San Vicente Blvd. in Brentwood. Agents with Hilton &

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