Commercial

CBRE Executive Vice President Philip D. Voorhees announced today that he, Jimmy Slusher and their National Retail Investment Group – West (NRIG-West) team completed the sale of Southgate Plaza, a 339,369-square-foot grocery-anchored shopping center in Sacramento, Calif., leased to three high-performing grocers, Walmart Neighborhood Market, 99 Ranch Market and 99 Cents Only, along with a complementary mix of co-tenants including, Ross Dress for Less, Skechers, Baskin Robbins, Sally Beauty, Payless Shoe Source, Chase Bank, Farmer & Merchants Bank, Taco Bell, H&R Block and others.

In an environment that is experiencing changing demographics, a shrinking workforce, and reduced spending, the conventional wisdom is that brick and mortar retail building supply companies should be shying away from the big box format, opting instead for smaller formats with leaner inventories.

Meridian, a full-service real estate developer and owner of medical real estate, is pleased to announce that it has closed escrow on the sale of its 13,750-square-foot dialysis clinic in Palmdale, Calif. The purchase price was $6.97 million, representing a cap rate of 5.0%. This is the second dialysis clinic that Meridian has sold this year. Earlier this year, Meridian sold a similar clinic in San Rafael, Calif.

Meridian, a full-service real estate developer specializing in acquiring and developing real estate facilities for the healthcare sector, expands its construction project management division with the addition of Christine L. Velasquez, a well-respected senior-level real estate professional with a successful track record of over 15 years in business and community development, commercial real estate and project management in the Silicon Valley.

Thompson | Dorfman Partners, LLC (TDP), a San Francisco Bay Area real estate development and investment firm, through its TDT Ventures (TDT) subsidiary, and equity partner, BayNorth Capital of Boston, announced today that the venture sold a 68-unit apartment community in Alameda County, Calif., for $14,268,000, representing $209,824 per unit; $307 per square foot. TDT purchased Solaris Apartments in 2008 for $7.1 million.

Meridian, a full-service real estate developer specializing in acquiring and developing real estate facilities for the healthcare sector, announced today that healthcare leasing specialist Michelle Lagos was hired as the senior asset manager and will play an active role in the management of Meridian’s Southern California portfolio

Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm is marketing for sale a rare fee-simple ground-lease opportunity on South Lake Avenue in Pasadena, Calif. The offering, which is currently unpriced, is for the fee-simple land underlying The Shops on Lake Avenue retail and parking and is shadow-anchored by Macy’s.

ROEM Development Corporation celebrated the groundbreaking of Evelyn Family Apartments on Wednesday, October 19. Located at the southwest intersection of East Evelyn Avenue and South Bernardo Avenue in the City of Mountain View, Evelyn Family Apartments will be an affordable multifamily apartment community on a 1.93 acre site. The development will offer studio, one, two and three-bedroom apartments to families making up to 60 percent of the Santa Clara County Area Median Income.

Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm is marketing for sale a newly-constructed two-tenant retail building occupied by WSS (Warehouse Shoe Sale) and Krispy Kreme Doughnuts, located at the signalized intersection of Vineyard Avenue and Riverpark Boulevard in Oxnard, Calif

On Thursday, October 13, 2016, the City of Baldwin Park and ROEM Corporation celebrated the grand opening of Metro Village. Located at the northeast corner of Ramona Boulevard and Maine Avenue, Metro Village is a new construction, mixed-use, affordable multifamily apartment community on a 1.01-acre site. Metro Village offers one, two, and three-bedroom apartments affordable to families making 60 percent or less of the Los Angeles County Area Median Income and 5,500 square feet of commerce retail space.

Capital Pacific, a leading retail investment brokerage firm, recently brokered the sale of a 1,776 square foot Starbucks drive-thru in Greensboro, NC. This was the second time that Joe Caccamo of Capital Pacific has sold the asset. He first sold it in 2006 on behalf of the original developer. The property just sold again for $1,784,879 to a California-based investor.

Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm represented the buyer and seller in the off-market sale of a 13,940-square-foot multi-tenant retail pad, shadow-anchored by a new Walmart Supercenter at 13325 Main Street in Hesperia, Calif. The sale price was $8.5 million, yielding a cap rate of 5.33 percent. The transaction represents a record-low cap rate for a fully-leased multi-tenant retail pad over 10,000 square feet in the Inland Empire since 2008, according to CoStar.

Lee & Associates, a national commercial real estate brokerage firm, announced today that the company represented the buyer and seller in the sale of Grovemont Square, a 29,030-square-foot multi-tenant retail shopping center at 2428 North Grand Avenue in Santa Ana, Calif. The sale price was $4,730,000, representing a cap rate of 4.26 percent

CBRE Executive Vice President Philip D. Voorhees announced today that he, Jimmy Slusher and their National Retail Investment Group – West (NRIG-West) team completed the sale of the Taco Bell and Shops, a 18,175-square-foot, strip center in the city of San Diego, Calif., leased to a synergistic mix of food and service tenants, including Taco Bell, El Pollo Loco, Pick Up Stix, AT&T and T-Mobile. The sale price was $14 million, representing a 5.0% cap rate.

Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, in conjunction with Lee & Associates, announced today that the two firms completed the sale of a single-tenant Sonic Drive-in located at 9505 Magnolia Avenue in Riverside, Calif. The sale price of $2,555,000 represented a cap rate of 4.70%, a record low for a single-tenant Sonic Drive-In restaurant nationwide

Toll Brothers Regency at Summerlin® designed by KTGY offers nine unique single-story home designs with desert contemporary exteriors in a walkable, amenity-rich community. According to international award-winning firm KTGY Architecture + Planning, well-designed luxury homes targeting 55+ buyers in amenity-rich communities continue to experience strong demand.

The Max C. Tipton Award for Marketing Excellence was recently presented to Nick Lehnert of KTGY Architecture + Planning at the 2016 SoCal Awards at the Disneyland Hotel in Anaheim, California. This annual awards gala is presented by the Building Industry Association’s Greater Sales & Marketing Council of Southern California and recognizes the best in professional achievement, sales, marketing and design throughout the region

On Thursday, September 8, 2016, the City of San Luis Obispo celebrated the grand opening of South Hills Crossing, a new affordable apartment community by ROEM Corporation in partnership with the Housing Authority of the San Luis Obispo (HASLO). The grand opening celebration was held at 1:00 p.m. at 309 South Street, San Luis Obispo, CA 93401.