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.

Issue link: https://californiacenters.epubxp.com/i/979799

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REAL ESTATE TRANSACTIONS May 2018 | California Centers Magazine 47 the property, transforming it into a retail, dining and entertainment destination. De- sign improvements will encompass public gathering spaces, areas reserved for com- munity events, and landscaping improve- ments. Haagen also plans to incorporate the adjacent 20 acres of land, owned by City of Indio, into the new development. The first phase of redevelopment will com- mence in 2019. MURRIETA Shell Gas Station – this triple net leased single tenant occupied property (gas sta- tion and convenience store) has been sold for an undisclosed price. Adam Fried- lander and Matt Berres, with JLL Capital Markets in Irvine, negotiated terms of the transaction. PERRIS Perris Marketplace –A 225,000 sq. ft. Walmart Supercenter-anchored property, located at 1820-2000 North Perris Bou- levard; among the latest tenant activity: Hanley Investment Group Real Estate Ad- visors completed the sale of six retail pads in separate transactions that totaled $29.5 million. The properties comprise 39,000 sq. ft. among three multi-tenant pad buildings in addition to three single-tenant fast food pad restaurants. The spaces were 100 per- cent leased at time of sale. Bill Asher and Jeff Lefco, both executives with Hanley In- vestment Group Real Estate Advisors, rep- resented the seller owner and developers, Evergreen and Trachman Indevco, in the sale of the six retail pads. RIVERSIDE Walgreens – a drug store occupied proper- ty, located at the five-points intersection of Central Ave., Brockton Ave., and Magnolia Ave., has been sold for $9.5 million, and a record breaking $741 per square foot in the county for a drug store. The corporate guaranteed lease has 10 years remaining on the initial term, with 10 five-year option periods. It is in close proximity to River- side Plaza. The all-cash buyer was a high net-worth foreign investor. Ara Rostamian, Patrick Luther and Matthew Mousavi, with SRS' National Net Lease Group in Newport Beach, represented the seller. Wendy Wong, with Treelane Realty Group, represented the buyer in the transaction. Iowa Coin Laundry – a 2,448 sq. ft. lease for a laundry facility opening at Universi- ty Heights, located at 3375 Iowa Avenue. University Heights Riverside Plaza LLC is the lessor. Gretchen Lastra, with Pro- gressive Real Estate Partners in Rancho Cucamonga, represented the lessee in the transaction. Tianlu Massage – a 1,323 sq. ft. lease for a massage studio opening at Tyler Village, located at 10128 Indiana Avenue. R&G Ty- ler LLC is the lessor. Pablo Velasco, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessee in the transaction. A 13,200 sq. ft. property – located at 9741 Magnolia Ave., has been sold for $1.3 million. Brandon Michaels, with Marcus & Millichap, represented the buyer, 4GT Group LLC, and the seller, a limited liabil- ity company, in the transaction. SACRAMENTO COUNTY SACRAMENTO Westlake Village – this 31,980 sq. ft. shop- ping center, located at 3501-3511 Del Paso Road, has been sold for an undisclosed price to a San Francisco-based family trust. Bill Asher and Ed Hanley, of Han- ley Investment, in conjunction with Ten-X, represented the seller, Donahue Schriber Realty Group. Eric Vu, also of Hanley In- vestment Group Real Estate Advisors, rep- resented the buyer in the transaction. SAN BERNARDINO COUNTY MONTCLAIR AMC Dine-in Theatre – a 55,000 sq. ft. new theater is planned for a newly de- veloped 134,000 sq. ft. portion of this 1.2 million sq. ft. regional mall. The two-level building has commenced construction at the site of a former Broadway deptartment store (although a construction timeline has not been disclosed). The theater will in- clude 12 auditoriums and a signature Mac- Guffins adult beverage concept. The new building will also include 64,000 sq. ft. of additional restaurant and entertainment tenants, and serve as the grand entrance to the mall. The project is part of a multi- phased redevelopment of the shopping center being done by owner CIM Group. O'Reilly Auto Parts – an 8,000 sq. ft. lease for an auto parts store opening at Mont- clair Village Plaza, located at 8831 Central Avenue. Lee Pan Montclair LLC is the les- sor. Paul Su, with Progressive Real Estate Partners in Rancho Cucamonga, represent- ed the lessee in the transaction. ONTARIO A 7,172 sq. ft. lease - for a tenant opening at Ontario Center, located at 921 N. Milliken Ave. Greg Bedell & Paul Galmarini, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessor, OA Partners LLC. IPX as QI for Paper Canyon LLC is the lessee in the transaction. RANCHO CUCAMONGA Escape Room – a 2,600 sq. ft. lease for a re- tailer opening at Terra Vista Town Square, located at 10582 Foothill Blvd. Grand Farr Investment LLC is the lessor. Paul Su, with Progressive Real Estate Partners in Rancho Cucamonga, represented the lessee in the transaction. Eyebrow Microblading – a 2,579 sq. ft. lease for a beauty technique studio open- ing at Terra Vista Town Square, located at 10582 Foothill Blvd. Grand Farr Invest- ment LLC is the lessor. Paul Su, with Pro- gressive Real Estate Partners in Rancho Cucamonga, represented the lessee in the transaction. Nail Salon – a 1,500 sq. ft. lease for a beauty salon studio opening at Haven City, located at 8413 Haven Avenue. Lyle Company LLC is the lessor. Paul Su, with Progressive Real Estate Partners in Rancho Cucamonga represented the lessee in the transaction.

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