Western Real Estate Business

OCT 2018

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

Issue link: https://westernrealestatebusiness.epubxp.com/i/1037966

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Page 12 of 56

C A L I F O R N I A 12 • October 2018 • Western Real Estate Business www.REBusinessOnline.com STERLING ORGANIZATION BUYS 76,797 SF SHOPPING CENTER FOR $23.7 MILLION HUNTINGTON PARK, CALIF. — Sterling Organization, on behalf of Sterling United Properties I LP, has acquired Margarita Plaza. The gro- cery-anchored shopping center lo- cated at the northeast corner of Santa Fe Avenue and East Florence Avenue in Huntington Park, about four miles from downtown Los Angeles. Pri- vate investors sold the property in an off-market transaction for $23.7 million, or $309 per square foot. A 43,350-square-foot Food 4 Less gro- cery store anchors the 76,797-square- foot shopping center, which was built in 1989 and renovated in 2014. Addi- tional national retail tenants include Little Caesar 's Pizza and Jackson Hewitt. At the time of sale, the prop- erty was 93 percent occupied. Ster- ling United Properties I LP is Palm Beach, Fla.-based Sterling Organiza- tion's institutional grocery-anchored shopping center core fund. EL TIGRE HOLDINGS ACQUIRES WOODLAND CROSSROADS SHOPPING CENTER FOR $18 MILLION WOODLAND, CALIF. — Affiliates of El Tigre Holdings has purchased Woodland Crossroads, a shopping center located in Woodland within the Sacramento Valley. Woodland Cross- roads TIC – Engstrom Properties sold the asset for $18 million. Originally developed in 1985 with K-Mart as its anchor, the property was substantial- ly redeveloped in 2016 with Grocery Outlet as its new anchor. Current ten- ants include Ross Dress for Less, Party City, Harbor Freight and Tractor Sup- ply. Dan Wald and Don LeBuhn of Cushman & Wakefield's The Wald | LeBuhn Team represented the seller, while the Yorba Linda, Calif., office of Keller Williams represented the buyer in the deal. PACWEST MANAGEMENT PURCHASES 89,473 SF SHOPPING CENTER NORTHRIDGE, CALIF. — PacWest Management has purchased North- ridge Promenade, a neighborhood shopping center located at 19510- 19530 Nordhoff Street in Northridge. The buyer acquired the property for $16.4 million through the Ten-X on- line auction platform. The seller was LNR Partners. Situated on 4.9 acres, the 89,473-square-foot property was 82 percent occupied by 25 tenants at the time of sale. Guitar Center is the anchor tenant. Additionally, the prop- erty sold as a "covered land play," which provides the opportunity for potential residential and/or mixed- use development while receiving a definable income stream in the inter- im. Dixie Walker and Charley Simp- son of Cushman & Wakefield repre- sented the seller, while the buyer was self-represented in the deal. STARPOINT BUYS 12-STORY OFFICE BUILDING FOR $193 MILLION, PLANS RENOVATIONS BEVERLY HILLS, CALIF. — StarPoint Properties has purchased an office building, located at 433 N. Camden Drive in Beverly Hills. The origi- nal owner sold the 12-story asset for $193 million. StarPoint plans to reno- vate the property, which was built in 1972 and is known as the Wells Fargo Building due to the banking tenant's rooftop signage. The 207,432-square- foot building has not been renovated in 15 years and falls 25 percent below the market's average rent of $48.24 per square foot. Renovation plans, although not finalized, include trans- forming a 6,500-square-foot deck on the fourth floor into an open-air lobby that emphasizes natural light and fea- tures sculpture gardens and an im- proved façade. Southern California most Important Regional Hub for Trucking, logistics, Housing & Retail Opportunities. The Right ty at the Right Time The scal Times ranking of U.S. Cities with populations over 200,000: #1 Irvine, CA #2 Fontana, CA #9 Washington, DC #29 Las Vegas, NV #115 New York, NY FONTANA CALIFORNIA Jerry Edgett (909) 350-6741 jedgett@fontana.org www.fontana.org Grocery Outlet, Ross Dress for Less, Party City, Harbor Freight and Tractor Supply are tenants at Woodland Crossroads in Woodland.

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