The center at the intersection of Highway 5 and La Paz Road has a variety of small tenants including a dental office, yoga studio, salon, optometry office, and an Italian restaurant.
Cape Point Development in San Clemente purchased the 54,566-square-foot shopping center that was built in 1974. The mall underwent a facelift in 2012, according to the IPA.
Such as Bill Rose, Senior Director of IPA, Stephen Siegel of Marcus & Millichap, Glenn Konofsky and Anthony Dambrosia of anonymous sellers.
Santa Ana Investors Bought Chino Retail Center For $42 Million
The Red Mountain Group of Santa Ana has purchased Country Fair Shopping Center, a 168,264-square-foot shopping mall in Chino for $42.25 million, according to Newmark.
Newmark said the property was sold by an unspecified New York-based real estate investment trust.
Newmark Vice President Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller in the transaction.
“The Red Mountain Group continues to be active in its pursuit of high-quality retail in Southern California and beyond,” Rudy said in a statement.
Anchors in the center include Albertsons and PetSmart. Other tenants are Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin Williams.
Bascom spends $44.5 million on more apartments in Central Valley
The Bascom Group of Irvine has acquired two apartment communities in Central Valley for a total of $44.5 million.
The Casa de Luna apartments and Casa del Sol apartments in Fresno are Bascom’s 25th multi-family acquisition in Central Valley and the 130th in California, according to the company.
Bascom bought a portfolio of 236 units in an off-market deal.
The Casa de Luna and Casa del Sol were built in 1967 and 2006, respectively, and the interiors are in original condition or have received only minor upgrades, the company said.
Facilities include swimming pools and fitness centers. Bascom said most of the apartments consist of two and three bedrooms.
“We have seen a surge in demand for refurbished condominiums in the Fresno market over the past few years,” said Lee Nguyen, senior manager at Bascom.
He said both complexes will undergo renovation works for the indoor and outdoor units and their amenities.
“Our focused renovation plan will provide tenants with a variety of interior finishing levels for the units and price points,” he said.
Prior to closing this deal, Bascom said it had purchased 128 multifamily properties and 20,537 units in California.
RanchHarbor, JV Partner Purchases Industrial Park in San Dimas
Newport Beach and Manhattan West RanchHarbor, a Los Angeles-based real estate investment and management firm, has purchased in a joint venture a 5-acre industrial warehouse complex in San Dimas.
The financial terms of the deal were not disclosed.
The property includes four buildings in a combined area of 91,000 square feet with 44 suites.
The project purchased the property in an off-market transaction from an anonymous seller.
The San Dimas deal was brokered by Lee & Associates.
WNC creates a new project, and clicks on CIO to run it
Irvine-based WNC, an affordable housing investment and development firm, has created a new subsidiary, Equity Retention Fund Advisors, or PEF Advisors, and has appointed Anne Caruana as its president and chief investment officer.
PEF Advisors is a registered investment firm that will acquire and maintain existing affordable housing in high-cost markets, according to a statement.
Caruana comes to the position with 19 years of experience in the multi-family investment sector, including underwriting and sourcing of affordable rental housing investments.
She spent three years as Senior Vice President of Equity Funds Held at WNC where she oversaw the acquisition and asset management teams.
WNC is an investor in real estate and community development initiatives.
Real estate transactions, leases, new projects, industrial hires, new projects, and upcoming events are compiled from press releases by contributing writer Karen Levine. Email items and high-resolution images to Business Editor Samantha Gowen at [email protected] Please allow at least a week for posting. All elements are editable for clarity and length.