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 18 • October 2016 • Western Real Estate Business www.REBusinessOnline.com TEXAS DE BRAZIL OPENS FIRST CALIFORNIA LOCATION IRVINE, CALIF. — Texas de Brazil Churrascaria, one of the nation's lead- ing Brazilian steakhouses, opened on August 23, 2016 in Irvine, Calif. Locat- ed in The Market Place, the new Irvine location is the company's 49th restau- rant and first in the State of California. The new 7,600-square-foot restaurant accommodates 220 guests and fea- tures an open-view grill in the dining area, a wine wall, patio and a lounge area. PROGRESSIVE REAL ESTATE, SRS REAL ESTATE BROKER $4 MILLION SALE OF WALMART BUILDING PERRIS, CALIF. — Progressive Real Estate Partners and SRS Real Estate Partners have arranged the sale of a former Walmart building, located at 2560 N. Perris Blvd. in Perris. A California-based private investor ac- quired the 127,000-square-foot build- ing from a Santa Monica, Calif.-based private investment firm for $4 mil- lion. Built in 1991, the building is eas- ily divisible and features parking for about 750 vehicles. Additionally, the building is part of the 292,000-square- foot Spectrum Shopping Center, which is occupied by Cardenas, Dol- lar Tree, Wells Fargo Bank, Verizon, Taco Bell and Payless ShoeSource. Greg Bedell and Paul Galmarini of Progressive Real Estate Partners and Townsand Cropsey of SRS Real Estate Partners represented the seller, while Drew Wetherholt of Marcus & Millic- hap represented the buyer in the deal. SBH REAL ESTATE GROUP SELLS 15,176 SF RETAIL CENTER IN KOREATOWN FOR $6.7 MILLION KOREATOWN, CALIF. — SBH Real Estate Group has completed the sale of a retail center located at 3138-3148 W. Pico Blvd. in Koreatown. Hasty Yadegaran, a local real estate investor, acquired the property for $6.7 million, or $441 per square foot. The 15,176-square-foot property is occupied by Dollar Tree and a multi- unit coin laundry operator. Dan Hoogesteger and Chris Sands of Sands Investment Group represent- ed the seller in the deal. SAN CARLOS BUSINESS PARK TRADES FOR $61.1 MILLION SAN CARLOS, CALIF. — San Carlos Business Park, a 154,462-square-foot office and R&D campus in the Silicon Valley submarket of San Carlos, has sold to San Carlos VI LLC for $61.1 million. The seven-building campus is located at 963 Industrial Road. The park contains two parcels that include a ground lease for a 27,303-square-foot office building on 1.3 acres and a larger parcel that in- cludes six buildings totaling 127,159 square feet of R&D space on 7.6 acres of land. TROPICAL HOLDINGS, RUFFIN TECH CENTER SELL RESTAURANT PROPERTY IN LA HABRA FOR $3.3 MILLION LA HABRA, CALIF. — Tropical Hold- ings LLC and Ruffin Tech Center Ltd. has completed the sale of a res- taurant property located at 1000 S. Beach Blvd. in La Habra. A Rowland Heights, Calif.-based private investor acquired the property for $3.29 mil- lion. The newly constructed single- tenant, 5,506-square-foot property is absolute triple-net leased to Black Bear Diner. Jeremy McChesney of Hanley In- vestment Group represented the sell- ers, while Peter Deltondo of Marcus & Millichap represented the buyer in the transaction. JOINT VENTURE TO DEVELOP MULTI-BUILDING RECREATION CENTER IN MISSION VALLEY MISSION VALLEY, CALIF. — Sudber- ry Properties and the Grant Family is developing Civita Recreation Center, a multi-building recreation center in Mission Valley. Dempsey Construc- tion has broken the ground on the project, which will include two build- ings featuring a gymnasium, spa area, great room, kitchen and operable glazing systems. Outdoor amenities will include a family swimming pool, a lap swimming pool, barbecue area, fire pits and outdoor seating areas. Designed by Bessenian Lagoni, the property is slated for completion in spring 2017.

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