CALIFORNIA BRIEFS
Sep 1, 2006 12:00 PM
Holliday Fenoglio Fowler, L.P. arranged a $20.9 million loan for a 54-acre land parcel in Temelcula Valley, Calif. Real estate developer PacTen Partners plans to transform the site into a mixed-use project containing retail space and a business park. Paul Brindley and Tom Mizo, of Holliday Fenoglio Fowler, negotiated the transaction.
Faris Lee Investments negotiated the sale of Tesoro Village, a 74,537-square-foot grocery-anchored neighborhood shopping center in Santa Clarita, Calif., to DSB Associates in a 1031-exchange. The transaction is valued at $31 million. Richard Walter and Donald MacLellan, of Faris Lee, represented both the seller and the buyer.
The Hodgdon Group negotiated the purchase of a four-acre parcel for Ashley Furniture HomeStore at the Desert Gateway shopping center in Palm Desert, Calif. The 50,000-square-foot store is expected to open in the fall of 2007.
Sperry Van Ness completed the sale of Country Corner Shopping Center, a 52,427-square-foot grocery-anchored retail property in Escondido, Calif. to a private investor for $12.5 million. Jereme Snyder, Geoff Tranchina and Ryan Litrich, of Sperry Van Ness, represented the seller, Bhullar Properties, in the transaction.
Primestor Development broke ground on La Alameda Regional Shopping Center, a 241,000-square-foot mixed-use project in Walnut Park, Calif. The $64.4 million development will include 223,000 square feet of retail and 18,000 square feet of office space. Opening is scheduled for the fall of 2007.
Faris Lee Investments completed the sale of Woodland Hills Village, a 70,721-square-foot strip center in Woodland Hills, Calif. to Abrams & Associates in a 1031 exchange. The transaction is valued at $19.7 million. Richard Walter and Donald MacLellan, of Faris Lee, represented the buyer and the seller, SCI Real Estate Investments, in the deal.
Heslin Holdings, Inc., in partnership with Retail Holdings, LLC, acquired retail properties totaling 370,000 square feet in transactions valued at $68 million. The acquisitions consisted of six Albertsons buildings.
Target will open its first super store in California at the Stoneridge Towne Centre in Moren Valley. The store will feature 188,000 square feet of space and will open in the summer of 2007.
REZA Investment Group Inc. negotiated the sale of Rolling Ridge Plaza, an 85,575-square-foot grocery-anchored shopping center in Chino Hills, Calif., to RJAN, LLC for $21.5 million. REZA Investment Group represented the seller, Passco Rolling Ridge Plaza, in the transaction.
MetroRiverside, LLC has been chosen to develop Fox Plaza, the first mixed-use project to be built in downtown Riverside, Calif. The development will include 65,000 square feet of retail space, in addition to 500 condominiums and a 120-unit hotel. The project is valued at more than $200 million.
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