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 May 2018 | California Centers Magazine 45 Hyland represented the lessee, which op- erates 12 juice shops and three cafes. Hou- man Mahboubi, Greg Briest and Devin Klein, with JLL, represented the lessor, GPI Cos., in the transaction. Triangle Center – this 16,128 sq. ft. strip center, that straddles the Los Angeles and Culver City boundaries, has been sold for $17.5 million. The property is comprised of a freestanding 99 Cents Only store and four single-use tenants in an outlying strip section. Alex Kozakov, Patrick Wade and Neal Golub, with CBRE, represented the seller, Triangle Center LLC. Mary Cronin, with Urban Real Estate Investment, rep- resented the buyer, Bastion Development Corp., in the transaction. Verdugo Plaza – this 21,885 sq. ft. proper- ty, featuring three freestanding buildings that are just over half occupied, has been sold for $6.2 million. Karol Le, with CBRE, represented the buyer, Coda Equities, and the seller, a private trust, in the transaction. A 6,657 sq. ft. mixed-use property – locat- ed at 1300 W. 24 th Street, has been sold for $1.8 million. Floyd Shaheen, with Marcus & Millichap, represented the seller, a pri- vate trust. Sam Libero, with Marcus & Mil- lichap, represented the undisclosed buyer in the transaction. Westside Pavilion – this 60,000 sq. ft. shopping mall, located in west Los An- geles, will be redeveloped by a joint part- nership of Hudson Pacific Properties and Macerich. Project costs are expected to run from $425 to $475 million. The center's Ma- cy's anchor closed as of March, and Nord- strom left the property in 2017 in relation to opening a store at Westfield Century City mall. Once redeveloped, the site will feature 500,000 sq. ft. of state-of-the-art creative office space, and 100,000 sq. ft. of entertainment retail space (existing opera- tions Landmark Theatres, Westside Tavern restaurant and other shops, primarily on the ground floor, will remain in the recon- figured layout). The project is expected to be completed by summer of 2021, where- upon Hudson Pacific will hold a 75% stake in the property, and will be the day-to-day manager, while Macerich will hold a 25% ownership stake. MONROVIA A 21,000-sq. ft. retail redevelopment site – located on West Huntington Drive has sold for $2.1 million. The site is comprised of two buildings and features a 21,000-sq. ft. retail store. Buyer CalBay Development plans a 2,200 sq.ft. Starbucks at the site with opening scheduled for the second quarter of 2019. Adam Fisher of JLL ar- ranged the off-market property sale. MONTCLAIR A 1,377 sq. ft. lease – for a retailer opening at 8801 Central Ave. Paul Su and Maggie Gonzalez, with Progressive Real Estate Partners in Rancho Cucamonga, repre- sented the lessee, Agustin Barrios. Lee Pan Montclair LLC was the lessor in the trans- action. NORTHRIDGE Kids Empire – a 10,600 sq. ft., 10-year lease for a children's indoor playground concept opening in mid-2018 at the Plaza Di Northridge shopping center. This is the tenant's second location in the U.S. and one of 20 new units planned in 2018-2019. Stephan Ktorza, with Kidder Matthews, represented the lessee in the transaction. SANTA CLARITA A 49,429 sq. ft. property – on 3.5 acres lo- cated at 23300-23314 Valencia Blvd., and occupied by a 99 Cents Only and Harbor Freight store, has been sold for $9.8 million to a private investor. David Maling and Chris Maling, with Colliers International, represented the seller, DP Santa Clarita LLC, in the transaction. A 32,343 sq. ft., multi-tenant property – located at 23460 Cinema Drive, has been sold for $9.2 million to an unnamed local investor. At the time of sale, the property's 13 suites were fully occupied. Valencia La- ser Blast is the anchor tenant. Marty Cohan and Neda Rassouli, of Marcus & Millichap, represented the seller, a limited liability company, in the transaction. Active 2018 cAliforniA Projects RIVERSIDE 24 Hour Fitness & Grocery Outlet MENIFEE Smart & Final Extra! LAKE ELSINORE Marshalls, ULTA, Skechers, Five Below Panera Bread, and Starbucks PALMDALE Hobby Lobby, Dollar Tree, and Planet Fitness Brett Del Valle (949) 723-9500 x 204 brett@prpdevelopment.com Greg Lukosky (949) 723-9500 x 203 greg@prpdevelopment.com Alan Robertson (949) 723-9500 x 202 alan@prpdevelopment.com PLEASE CONTACT US FOR MORE INFORMATION:

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