Western Real Estate Business

SEP 2018

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 8 • September 2018 • Western Real Estate Business www.REBusinessOnline.com MAJESTIC REALTY BREAKS GROUND ON MULTIFAMILY COMPONENT OF 110-ACRE MIXED-USE DEVELOPMENT REDLANDS, CALIF. — Majestic Real- ty Co. has broken ground on Summit Apartments, the multifamily compo- nent of its 110-acre mixed-use devel- opment in Redlands. The property represents the company's first multi- family project. Located on the north- west quadrant of the Foothill and San Bernardino freeways, the apartment complex will comprise 17 three-story buildings offering a total of 281 gar- den-style, walk-up apartments. The apartments are available in a mix of one-, two- and three-bedroom lay- outs, ranging in size from 666 square feet to 1,256 square feet. On-site ame- nities will include a 4,400-square-foot clubhouse, resort-style swimming pool, gym, dedicated mailroom, dog park and Wi-Fi service throughout the entire 10.5-acre complex. Apart- ment units are slated for occupancy in July 2019, with the completion of the entire project scheduled for late 2019. Summit Apartments is located within Mountain Grove, Majestic's 460,000-square-foot retail and enter- tainment shopping center that opened in 2015, and adjacent to the compa- ny's 520,000-square-foot Citrus Plaza shopping center, which opened in 2005. Combined, the properties offer nearly 1.2 million square feet of retail, restaurant and entertainment, includ- ing 24 Hour Fitness, Kohl's, Banana Republic, Barnes & Noble, Bed Bath & Beyond, buybuy Baby, Chipotle, Cost Plus World Market, Gap, Habit Burger, Harkins, Hobby Lobby, Justice, Petco, Kay Jewelers, Kirkland's, Lane Bry- ant, Nike, Nordstrom Rack, Old Navy, Ross Dress for Less, Sketchers, Target, Tilly's, TJ Maxx, Macaroni Grill and Ulta Beauty. Remaining development plans for the Redlands project include a 110-room hotel, a grocery store and additional restaurant tenants. SBH REAL ESTATE GROUP ACQUIRES VACANT RETAIL PROPERTY FOR $5.2 MILLION BURBANK, CALIF. — SBH Real Estate Group has purchased a retail property located at 810-822 S. San Fernando Blvd. in Burbank. Pacific Group sold the property for $5.2 million in an all-cash transaction. Situated on a 29,050-square-foot site, the property includes a 21,447-square-foot build- ing, which was constructed in 1939 and updated in 1985. A market previ- ously occupied the property, but it was vacant at the time of sale. Since the acquisition, SBH has leased the site to Harbor Freight Tools and has started renovating the property, including a new roof and converting the building to a more functional structure mea- suring about 14,500 square feet. Tony Maniscalchi and Mike Maniscalchi of Stevenson Real Estate Services rep- resented the buyer and seller in the transaction. VESTAR ACQUIRES 340,000 SF BAY AREA SHOPPING CENTER FOR $55 MILLION PETALUMA, CALIF. — Vestar has purchased East Washington Place, a shopping center located at 401 Ken- nilworth Drive in Petaluma, for $55 million. The name of the seller was not released. Totaling more than 340,000 square feet, East Washington Place shopping center is LEED Silver certified. Current tenants include Tar- get, TJ Maxx/HomeGoods, Sprouts Farmers Market, ULTA Beauty, Dick's Sporting Goods and PetSmart. With this acquisition, the company's port- folio crossed the 30 million-square- foot threshold. AVISON YOUNG BROKERS $4.1 MILLION SALE OF LA BREA AVENUE PROPERTY LOS ANGELES — Avison Young has negotiated the sale of 819 N. Le Brea Ave., an iconic retail property located in Los Angeles' La Brea neighbor- hood. Flora M Kinyon Trust sold the property to Santa Monica Corridor LLC for $4.1 million. Built in 1928 as a ribbon factory and renovated in 2015, the 5,106-square-foot, single-tenant property features an enclosed court- yard and gated parking lot with 19 spaces, as well as 105 feet of frontage along La Brea Avenue. Rick Owens currently occupies the property with its West Coast flagship store. Christo- pher Bonbright and Brandon Mason of Avison Young represented the buy- er and seller in the transaction. CALIFORNIA LANDMARK GROUP BUYS MULTIFAMILY DEVELOPMENT SITE FOR $7 MILLION CULVER CITY, CALIF. — California Landmark Group has purchased a development site located at 3812-3818 Dunn Drive in Culver City. Napa In- dustries sold the property for $7 mil- lion. The 10,040-square-foot property is zoned LAR5 allowing for the de- velopment of multifamily and resi- dential space. Fariba Kavian and Sam Monempour of NAI Capital's West Los Angeles office, along with Arthur Arejian of Vanguard Investments, handled the transaction. Kavian and Monempour represented the seller in the deal. TOTAI AMERICA ACQUIRES INDUSTRIAL BUILDING FOR $7.6 MILLION TORRANCE, CALIF. — Totai America has purchased an industrial build- ing located at 19675 Mariner Ave. in Torrance. Kung Fu Dragon sold the property for $7.6 million. Totai Amer- ica plans to relocate its headquarters to the 21,337-square-foot property. Founded in 1981, Totai America of- fers full-service rotogravure printing/ converting services. Todd Taugner of The Klabin Company, in collaboration with Takashi Sugita of Relo Redac, represented the buyer in the deal. S E L E C T R E TA I L S I T E S Apple Valley, California Economic Development Office (760) 240-7915 select@applevalley.org S e l e c t A p p l e Va l l e y. c o m Apple Valley offers golden opportunities for retail businesses. JESS R ANCH MARKE TPL ACE Located at Bear Valley Road and Apple Valley Road Weingarten Realty owns and manages this 969,000-square-foot regional center which includes Cinemark Theatres, 24 Hour Fitness, Burlington, WinCo Foods, Red Robin, and Buffalo Wild Wings. Ulta Beauty and Jersey Mike's Subs opened their first stores in the region here. Chase Bank is resuming development of a new branch office at the SEC of Bear Valley and Apple Valley Roads. A limited number of inline spaces are available as well as an adjacent 10-acre parcel for entertainment and hospitality opportunities. APPLE VALLEY COMMONS Located at State Highway18 and Dale Evans Parkway Lewis Retail Centers developed this 469,000-square-foot center at the heart of Apple Valley's Civic Center and includes Super Target, Ross Dress for Less, Dollar Tree, Round Table Pizza, Starbucks, Union Bank and more. Recently opened or coming stores include Juice It Up, WaBa Grill, 76, and Les Schwab Tire Center. A limited number of pads and inline spaces are available for lease as well as a 140,000-square-foot former Lowe's building across Dale Evans Parkway. APPLE VALLEY GATE WAY CENTER Interstate -15 and Dale Evans Parkway In 2016, the Apple Valley Planning Commission approved Apple Valley Gateway Center, a 10-acre, 80,480-square-foot project at the northeast corner of I-15 and Dale Evans Parkway. Belco Development, of Murrieta, is proposing to construct a hotel, retail shops and restaurants. Hotel and tenant interest is now being accepted. QUAIL RIDGE PL A Z A Nor theast corner of Apple Valley Road and Yucca Loma Road Quail Ridge Plaza, formerly known as The Fountains, is represented by both Jones Lang LaSalle and CBRE. Located near the recently opened Yucca Loma Bridge and the strongest median income demographics in the region, the first phase of the project will include up to 10-acres of retail and restaurants. Future phases are proposed to include a mixed-use concept, adding office and/or multi-family and senior living. Tenant interest is now being accepted. Jess Ranch Marketplace Apple Valley Commons Quail Ridge Plaza Summit Apartments will bring 281 apartments to Majestic Realty Co.'s 110-acre mixed-use development in Redlands.

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