Western Real Estate Business

OCT 2016

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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C A L I F O R N I A & H A WA I I 16 • October 2016 • Western Real Estate Business www.REBusinessOnline.com CANADA INVESTMENTS ACQUIRES 6,000 SF EMERSON PLAZA IN CALEXICO CALEXICO, CALIF. — San Diego- based Canada Investments has ac- quired Emerson Plaza, a shopping center located at 724 Emerson Ave. in Calexico. Gastone and Maria Elena Lopez sold the property for $700,000. The 6,000-square-foot property fea- tures a gas station and four retail units. Rob Bloom of Duhs Commercial represented the buyer and seller in the transaction. INVENTRUST ACQUIRES OLD GROVE MARKETPLACE IN METRO SAN DIEGO FOR $23.3 MILLION OCEANSIDE, CALIF. — InvenTrust Properties Corp. has acquired Old Grove Marketplace, an 81,279-square- foot shopping center located in the San Diego suburb of Oceanside, for $23.3 million. Ralph's and Lowe's anchor the 91 percent occupied center, which is also home to tenants including US Bank, Starbucks Coffee, Subway, H&R Block, AT&T, McDonald's and Shell. MERITAGE APARTMENTS IN SILICON VALLEY TRADES FOR $46 MILLION MILPITAS, CALIF. — The 137-unit Meritage Apartments in the Silicon Valley submarket of Milpitas has sold to Interstate Equities Corporation (IEC) for $46 million. The community is located at 555 S. Park Victoria Drive. The asset will be rebranded as 555 Apartments. IEC is currently targeting unrenovated or partially renovated apartment communities with 20 to 400 units located in coastal infill markets that are demonstrating steady growth and economic resilience. The community will undergo a se- ries of improvements. It was built in 1973. The transaction was executed by Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of Institutional Property Advisors, as well as Carlos Azucena of Marcus and Millichap. LINCOLN PROPERTY CO., ALCION VENTURES ANNOUNCE EIGHT TENANTS FOR TRADE FOOD HALL IN IRVINE IRVINE, CALIF. — Lincoln Property Co. and Alcion Ventures have an- nounced eight chef-driven tenants to open at Trade Food Hall in Irvine. Lincoln and Alcion purchased the 32,600-square-foot Trade Market- place in 2014, and have since trans- formed the project's food court into a 9,000-square-foot food hall. Tenants to open within the food hall include Chef Andrew Gruel's Two Birds and Butterleaf; Chef Hop Phan's Dos Chi- nos and Megadon; The Sandwich So- ciety; Portside; Sweet Comforts; and Gyro King. Ootoro Sushi and KRISP Fresh Living will anchor the property, which is set to feature a mix of service- oriented and soft goods retailers. The project is scheduled to open this fall. NAI CAPITAL COMPLETES $5.3 MILLION ACQUISITION OF RETAIL SHOWROOM IN RANCHO MIRAGE RANCHO MIRAGE, CALIF. — NAI Capital has arranged the acquisition of a retail showroom located at 71441 Highway 111 in Rancho Mirage. FM 111 LCC purchased the property from Thomas Realty Co. for $5.3 million, or $412.80 per square foot. At the time of sale, the 15,000-square-foot property was fully leased to Electric Car Dis- tributors. Jeffrey Simonds of NAI Capital rep- resented the buyer in the transaction. LATERRA DEVELOPMENT BREAKS GROUND ON TWO SOCAL INFILL APARTMENT PROJECTS SANTA ANA, CALIF., AND SAN DI- EGO — LaTerra Development has broken ground on two infill apart- ment projects in Southern California. The Line at Santa Ana is a transit- oriented, mixed-use development with 228 apartment units and 4,000 square feet of ground-floor retail in Santa Ana. Stone Creek Casitas is a 97- unit, garden-style apartment project in the San Diego submarket of Chula Vista. In addition to the new apartment projects, LaTerra recently completed entitlements on two projects with 179 entry-level homes in infill Los Ange- les and El Monte. These two projects were recently sold to two public resi- dential homebuilders. City of Hesperia Rod Yahnke, EDFP econdev@cityofhesperia.us To learn more about how Hesperia can work for you, visit cityofhesperia.us/econdev. • Pro-business Southern California community • 17 miles of freeway frontage ripe for development • Interstate 15 daily traffic counts: 202,000 • Huge selection of prime sites • A City Council committed to commerce • Trade area population: 261,193 • Average household income: $60,854 • Trade area potential: $2,627,562,090 Quite Simply, Hesperia Works for Business. Hesperia, CA could be the perfect fit for your business, because, Looking for the Perfect Fit ? Meet us at the 2016 ICSC Western Conference in San Diego. Call today for an appointment. 760/947-1907

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