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/873170
C A L I F O R N I A & H A WA I I 18 • September 2017 • Western Real Estate Business www.REBusinessOnline.com MARCUS & MILLICHAP BROKERS SALE OF 19,500 SF NET-LEASED PROPERTY IN YUCCA VALLEY YUCCA VALLEY, CALIF. — Marcus & Millichap has negotiated the sale of a net-leased property located at 56845 29 Palms Highway in Yucca Valley. A Fortune 200 company sold the 19,500-square-foot property to an in- state 1031 exchange buyer for $5 mil- lion. DaVita High Desert occupies the property. Valerie Cook, Sean Sharko, Aus- tin Weisenbeck and Cody Cannon of Marcus & Millichap represented the seller in the deal. NAZARETH ENTERPRISES BUYS JOHNSON & JOHNSON VISION FACILITIES IN MILPITAS FOR $49.8 MILLION MILPITAS, CALIF. — Nazareth Enter- prises has purchased a 180,086-square- foot flex building in Milpitas occupied by Johnson & Johnson Vision for $49.8 million. The building is located at 510 Cottonwood Drive in the Silicon Val- ley submarket. The property was developed in 1981. Significant renovations com- menced in 2008. The property features concrete construction, solar power, four dock doors and ample parking. INFINITI OF MONTCLAIR ACQUIRES LAND PARCEL IN ONTARIO FOR NEW DEALERSHIP LOCATION ONTARIO, CALIF. — Infiniti of Mont- clair has acquired a four-acre land parcel on Inland Empire Boulevard at the Meredith International Centre in Ontario for $4.9 million. The buyer plans to relocate its exist- ing dealership to a new state-of-the- art facility. Construction is slated to be completed in 2018. Chuck Noble, John Hatzis, Dave Hunsaker and Brett Meredith of Lee & Associates represented the buyer and seller, Craig Development Corp., in the deal. FARIS LEE ARRANGES $20.7 MILLION SALE OF SOUTHRIDGE PLAZA IN FONTANA FONTANA, CALIF. — Faris Lee In- vestments has brokered the sale of Southridge Plaza, a grocery- and drug-anchored retail center located at 11617 Cherry Ave. in Fontana. Fortress Investment Group sold the property to Fontana Southridge Partners LP for $20.7 million. Rio Ranch Market, Rite Aid, Au- toZone, McDonald's, Subway, Waba Grill and Cricket Wireless occupy the 119,359-square-foot retail center, which is nearly 100 percent leased. Donald MacLellan, Nicholas Coo and Joseph Chichester of Faris Lee represented the seller and the buyer in the deal. THE TERRACES APARTMENT COMMUNITY SELLS FOR $21.1 MILLION SAN FRANCISCO — The Terraces, a 72-unit, condominium-quality devel- opment in the East Bay community of El Sobrante, has sold to James Invest- ment Partners for $21.1 million. The community is located at 6000 Sunhill Circle. The Terraces was built in phases be- ginning in 1991. It expanded again in 2003. All units are about 1,000 square feet and feature two-bedroom floorplans with private garages. Community amenities include a swimming pool, Jacuzzi spa and a playground. There is an opportunity to convert the exist- ing leasing office into a fitness center. Brandon Geraldo and Ryan Wagner of Colliers International represented both the buyer and seller, an affili- ate of Abacus Capital Group, in this transaction. PROPERTY WEST RESIDENTIAL BUYS ENCINITAS HEIGHTS IN SAN DIEGO FOR $53 MILLION SAN DIEGO — Property West Resi- dential has purchased the 120-unit Encinitas Heights apartment building just north of San Diego for $53 million. The community is located at 1100 Gar- den View Road in Encinitas. Encinitas Heights was built in 2002. The property features one- to three- bedroom apartments with washers and dryers, central air conditioning and gourmet kitchens. Community amenities include a 24-hour fitness center, a solar heated pool and a rent- able clubhouse. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia repre- sented the seller in this transaction. WESTCORE PROPERTIES ACQUIRES 830,750 SF SAN BERNARDINO INDUSTRIAL BUILDING SAN BERNARDINO, CALIF. — West- core Properties has purchased an 830,750-square-foot industrial prop- erty in San Bernardino for an undis- closed sum. The Class A, cross-dock facility is located at 6207 North Cajon. The asset features 36-foot clear height, all-concrete truck yards and secured trailer parking. Nearby corporate neighbors include Hewlett Packard, JC Penney and FedEx, among others. CBRE's Darla Longo brokered the off-market transaction with an undis- closed seller. The firm is also market- ing the space for lease. ASSET CAMPUS HOUSING AWARDED MANAGEMENT OF TWO STUDENT HOUSING COMMUNITIES IN CALIFORNIA SACRAMENTO AND CHICO, CALIF. — Asset Campus Housing has been awarded management of two student housing communities in California. Properties include The Crossings, located near California State Univer- sity - Sacramento, and The Post on Nord, located near California State University - Chico. Combined, the two properties add 1,402 beds to As- set Campus' student housing portfo- lio. Both communities feature fully equipped computer labs and state-of- the-art fitness centers, and offer fully furnished units in a variety of floor plans. RETAIL CALIFORNIA ARRANGES THREE LEASES TOTALING 14,492 SF IN PORTERVILLE, FRESNO AND LAMONT PORTERVILLE, FRESNO AND LAMONT, CALIF. — Retail California has arranged three retail leases in Por- terville, Fresno and Lamont totaling 14,492 square feet. In the first transaction, HFN CA Inc. leased 1,045 square feet at 600 N. Prospect Ave. in Porterville from Terry Schuler and Juan Castillo. Nick Frechou of Retail California was the agent. In Fresno, Pardeep and Ashmeer Singh leased 1,405 square feet of space at 3752 W. Shields Ave. from Sterling Real Estate Partners II. Frechou, along with Rick Amerine of Pacific Com- mercial Realty Advisors, arranged the transaction. In the third deal, Family Dollar leased 12,042 square feet of space from C&C; Acquisition Group. Lewis Smith and John Lee of Retail California, along with Garrett Tucker of Colliers International, brokered the transac- tion. ALBANESE CORMIER ENTERS CALIFORNIA MARKET WITH ACQUISITION OF RETAIL CENTER IN SUSANVILLE SUSANVILLE, CALIF. — Albanese Cormier Holdings has acquired a re- tail community center located at 2545 Main Street in Susanville. Phillips Ed- ison Co. sold the 79,187-square-foot property for an undisclosed price. At the time of sale, the property was 93 percent occupied by a variety of retailers, including Aaron's, Anytime Fitness, Big 5 Sporting Goods, the Cal- ifornia Department of Motor Vehicles, Dollar Tree, Ross Dress for Less and Verizon Wireless. Eric Wohl of Hanley Investment Group represented the buyer, while CBRE represented the seller in the deal. William Shuman ws@kzcompanies.com 949-275-6376 KZ Companies is ac@vely developing retail stores in Hawaii. We can make your Hawaiian store expansion a reality. Catch the retail wave with KZ. Mahalo! www.kzcompanies.com Tyler Reeves tr@kzcompanies.com 949-476-2700