Commercial Real Estate Transactions
IHP Capital Partners Sells 250 Finished Lots to Richmond American Homes

COMMERCIAL REAL ESTATE TRANSACTION ALERT
IHP Capital Partners, one of the nation’s most prominent providers of equity financing for residential real estate development, today announced the sale of 250 finished single family lots within the Braverde master-planned community to public homebuilder Richmond American Homes. Braverde is located in Menifee, Calif. and planned for 511 new homes of varying sizes and architectural styles. As owner of Braverde, IHP has assembled a seasoned development team to design and build the community’s infrastructure and homesites. The project’s remaining 261 lots are currently under construction and will become available to homebuilders in 2021.
The lots Richmond American acquired are located in the southern portion of Braverde and are Phase I of the project. This includes 54 5,000 minimum square foot lots, 109 5,500 minimum square foot lots, 576,000 minimum square foot lots and 30 7,000 minimum square foot lots. Richmond American plans to begin construction in Q1 2021 and offer its first sales in Q2.
“IHP is excited to see Richmond American as the first builder to deliver new homes at Braverde,” said Blaine Peterson, managing director at IHP Capital Partners. “Braverde is a thoughtfully-designed community in the southern Inland Empire, a submarket experiencing tremendous demand for single family homes from homebuyers in 2020. Richmond American is a top-tier homebuilder with a track record of providing quality homes in this region. We believe its team will do a wonderful job bringing Braverde to life.”
Surrounded by Menifee’s spacious views and natural landscape, Braverde offers a plethora of amenities to residents seeking an outdoor-focused lifestyle. Many pocket parks and trails are strategically located throughout the neighborhood and the 15-acre Veterans Park defines the east side of the community. The large park provides ballparks, play areas, tot lots, trails and event lawns. Beyond the park, adjacent to the community is the newly built Liberty High School, which opens Fall 2021.
Driven by pent up demand for new housing in California and a shift in consumer preferences to more spacious living options in suburban environments, the Inland Empire is experiencing increased demand for new homes in 2020. According to Land Advisors Organization, a leading residential land brokerage firm that led the Braverde Phase I transaction, total new home sales in 2020 have already substantially surpassed 2019’s totals with a month remaining before yearend.
“Menifee is the most active new home submarket in the Inland Empire, supported by its highly ranked schools and accelerated buyer interest from young families,” said Brian Carricaburu, founding principal and listing broker at Land Advisors Organization. “IHP is bringing a well-designed community with a range of homes in a variety of sizes to the submarket at a time when nearby competing projects are nearing final sales. This is attracting many public homebuilders that are eager to meet homebuyer demand, positioning IHP for future success.”
IHP acquired the 170-acre Braverde property in an unimproved condition in August 2019. IHP and its development team are in progress developing the community’s remaining infrastructure, which is expected to be complete by Q4 2021.
As a strategic partner for developers and homebuilders throughout the western U.S., IHP has 17 joint venture residential projects in various stages of development throughout Southern California, including Legado, a master-planned community comprised of approximately 1,000 residential units also located in Menifee, six miles north of Braverde.
Commercial Real Estate
Progressive Real Estate Partners Arranges $6.5M Sale of Land for New Home Development in Upland, CA

COMMERCIAL REAL ESTATE TRANSACTION ALERT
Progressive Real Estate Partners, the leading SoCal Inland Empire retail real estate brokerage firm, announced the sale of 4.84 acres of land at 1400 E. Arrow Highway in Upland, CA for $6.5M in an all-cash transaction.
The Landmark Company, which is a SoCal based real estate investment and development company, purchased the land and has partnered with Century Communities to build the Rose Glen residential development.
The neighborhood will feature 64 two-story single family detached homes with two-car attached garages for an overall density of 13.2 dwelling units per acre. The homes are approximately 1,540 square-feet and will feature a Spanish Colonial and Santa Barbara architectural style. Additional neighborhood features will include open space to accommodate play areas, picnic tables, fitness stations and barbeque areas. Grading is projected to start in July with the first Rose Glen homes being available in the 2nd quarter of 2024.
Progressive Real Estate Partners’ Senior VP Paul Galmarini and Investment Land & Sales specialist Chris Lindholm represented both the Inland Empire based private-party seller and The Landmark Company in the transaction.
Century Communities, Inc. is a publicly traded (NYSE: CCS) top 10 national homebuilder, offering new homes under the Century Communities and Century Complete brands. The Colorado-based company operates in 18 states and over 45 markets including several developments in Southern California’s Inland Empire.
According to Galmarini, “Although the land was zoned light industrial the City of Upland had identified the area as being well suited for residential based on the adjacent uses and proximity to schools and other amenities. With the current housing shortage and California mandates to build more homes, cities across the Inland Empire are being very pro-active to identify new residential opportunities. The rezoning and entitlement process took approximately two years and during that time we worked closely with Landmark to obtain the necessary approvals.”
Lindholm added, “Rose Glen will be an excellent addition to the Upland community and offer prospective homebuyers a great opportunity to acquire a new home with modern interior features and convenient amenities. The property is also just a short distance from Downtown Upland which is undergoing a revitalization and features a variety of shops and restaurants with several new eateries opening this year. Additionally, the Downtown Upland Metrolink train station provides residents easy travel options between San Bernardino and Los Angeles.”
Commercial Real Estate
CBRE Arranges $27.7 Million Sale of Meadows Village Center, a 67,336 SF Center Anchored by Regional Grocer Barons Market, Wells Fargo, Palomar Health, and others in Temecula, Calif.

Multiple Bids Validates Continued Investor Demand for High-Performing, Grocery-Anchored Retail
CBRE announced the sale of Meadows Village Center, a 67,336-square-foot neighborhood grocery-anchored center featuring Barons Market and CVS Pharmacy (not a part of the sale) in Temecula, California, to Newport Beach, California-based investor, RA Centers, for $27.7 million.
Jimmy Slusher, Philip Voorhees, and James Tyrrell of CBRE’s National Retail Partners – West (NRP-West) represented the seller, funds managed by affiliates of Fortress Investment Group LLC, in the transaction. The buyer, RA Centers, completed a 1031 exchange from a property previously sold by NRP-West in Rancho Cucamonga, California.
Meadows Village Center is located at 31963 Rancho California Road on 7.98 acres in Temecula. The property is 96% leased, with a merchandising mix of 19 local, national, and regional retailers, including Barons Market, CVS Pharmacy (NAP), Starbucks, Wells Fargo, Palomar Health, Subway, Crumbl Cookies, UPS Store, and Pacific Dental.
“Meadows Village Center’s traditional grocery and pharmacy offering, suburban neighborhood location, recent renovations including upgraded signage, landscaping, common areas, and more, proved to support increasing tenant performance at the property,” noted Slusher.
“CBRE generated significant offer activity from private 1031 exchange buyers and professional investors, largely fueled by the established Temecula location, Barons Market’s recent lease renewal and the seller’s investment in the property,” continues Slusher. “This sale validates that investor demand for high-performing, grocery-anchored retail continues to drive competitive bid scenarios.”
Originally developed in 2006, Meadows Village Center serves residents of Temecula’s most affluent communities, along with visitors to the region en route to wine country properties accessible along Rancho California Road (22,550 CPD), connecting Meadows Village and Interestate-15 to the west.
Slusher, Voorhees, and Tyrrell, based in CBRE’s Newport Beach office, handle National Retail Partners retail investment assignments in the western states, including California, Oregon, Washington, Nevada, Arizona, and Hawaii, representing the most accomplished retail investors in the U.S.
The team’s ability to collaborate across CBRE’s multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties, and also ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets, and parcelized disposition strategy opportunities.
Commercial Real Estate
SRS Real Estate Partners’ National Net Lease Group Completes $4.46 Million Ground Lease Sale of a Quick Quack-Occupied Property in Corona, CA

The 4.4 percent cap rate marks the lowest in the nation for all car wash-occupied properties sold so far in 2023
SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $4.46 million ground lease (land ownership) sale of a 3,595-square-foot property occupied by Quick Quack Car Wash. Built in 2022 and situated on just under one-acre, the property is located at 850 N. Main Street in Corona, CA.
SRS NNLG’s Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a Southern California-based private developer. The buyer, a Southern California-based private investor, was represented by Kurt Yacko of DAUM Commercial. The closing cap rate was 4.4% which marks the lowest cap rate in the nation for a car wash-occupied property sold so far this year.
The property has a new 20-year corporate-guaranteed triple net lease in place providing zero building maintenance responsibilities for the new ownership.
“This property is part of a $19 million break-up strategy we are conducting on behalf of the seller,” said Mousavi. “Quick Quack is within Parkridge Plaza which totals more than 12,439 square feet. The other three assets include Raising Cane’s, Roll Em Up Taquitos, and the Habit Burger.”
Parkridge Plaza is situated at the intersection of W. Parkridge Avenue and N. Main Street and is proximate to Gateway Town Center, North Main Plaza and Corona Hills Plaza. It is also near the 15 and 91 freeways.
In 2022, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $2.8 billion in deal volume comprised of 705 transactions in 49 states. SRS currently has in excess of 550 properties actively on the market with a market value surpassing $2.8 billion.
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