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Commercial Real Estate Transactions

Progressive Real Estate Partners Inks Lease with Big Lots for New Location in SoCal’s Inland Empire

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COMMERCIAL REAL ESTATE TRANSACTION ALERT

The 35,000 square-foot store will open in early 2021 at Canyon Springs Marketplace in Riverside, CA

Progressive Real Estate Partners, the leading Inland Empire retail brokerage firm, announced today the signing of a new lease with Big Lots for a 35,000 square-foot anchor space (formerly JoAnn Fabrics) at 2620 Canyon Springs Parkway in Riverside, California. The store will be located in the 183,000+ square-foot freeway adjacent Canyon Springs Marketplace and is expected to open in early 2021. Big Lots will join Marshalls, Old Navy, Petco, Bed Bath & Beyond, Best Buy, Michaels and several other shops, restaurants and services at the popular community center.

Progressive Real Estate Partners President Brad Umansky and Senior Retail Specialist Albert Lopez exclusively marketed the property and represented the landlord in the transaction.

Big Lots is a well-known discount retailer operating over 1,400 stores in 47 states. This will be one of the first Big Lots stores in California to represent the brand’s new “Store of the Future” layout and overall design featuring upgraded lighting, paint, flooring and fixtures. The store will offer a wide assortment of affordable merchandise ranging from soft home, furniture and seasonal items to food, electronics, toys and accessories. The store will be prominently featured on the freeway pylon and shopping center monument signage.

Built in 2006, Canyon Springs Marketplace is located along the busy 60 freeway corridor with superb visibility to over 130,000 cars per day. In addition, the center boasts impressive demographics with over 218,000 people in a 5-mile radius with an average household income in excess of $71,000.

According to Brad Umansky, “We are excited to welcome Big Lots to Canyon Springs Marketplace. The excellent co-tenancy, strong demographics and outstanding freeway visibility made this a very attractive location for Big Lots to bring their Store of the Future format to a new customer base.” He added, “In addition to providing the local community with a great new place to shop, it’s also terrific news for the shopping center gaining a new anchor tenant that will draw more traffic to the property.”

Commercial Real Estate Transactions

Avison Young brokers sale of a newly developed 205,589-sf industrial building in Perris, CA

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Avison Young announced today the sale of a 205,589 square-foot industrial building located at 100 Walnut Avenue in Perris, CA.

Avison Young Principals Cody Lerner and Stan Nowak represented the seller/developer, Los Angeles-based developer and investor Dedeaux Properties LLC. The buyer, a private investor from Southern California, was represented by Carol Taubman of Westgate Industrial Properties.

“When Dedeaux Properties acquired the land a few years ago, the Inland Empire East submarket wasn’t as strong as it is today. It has since become an increasingly desirable area as land becomes less available,” said Lerner.

Lerner added, “We are pleased that Dedeaux entrusted us to execute its exit strategy, which has successfully enabled the company to reach its financial and operational goals for this facility.”

Nowak added, “The Inland Empire continues to be one of the hottest industrial markets in the nation, where user demand is outpacing construction deliveries despite a robust development pipeline. We believe this trend will continue for the foreseeable future and will bolster development and capital investment despite macro-economic headwinds.”

The recently construction facility is situated on 9.56 acres, and includes a 36-foot clear height, 27 dock doors and 1,200 amps of power.

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Commercial Real Estate Transactions

Newmark Represents DCG Fulfillment in 190,000- Square-Foot Warehouse Lease in California’s Inland Empire

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Transaction Marks DCG’s 10th Building in California, Bringing Total Footprint to 3.4 Million Square Feet

Commercial Real Estate Transaction Alert

Newmark​ announces DCG Fulfillment has signed a 189,280-square-foot industrial lease at 13481 Valley Boulevard in Fontana, California. Newmark Executive Managing Directors Mark Kegans, SIOR and Ron Washle, SIOR represented DCG Fulfillment, a family-owned third-party logistics provider based in California’s Inland Empire.

“We are happy to have completed another successful transaction for DCG Fulfillment,” said Kegans. “With vacancy in the Inland Empire below 1%, options for tenants are few, and we were pleased to secure this prime distribution location for the company.”

DCG’s new space is part of a larger 600,080-square-foot industrial warehouse property located in the Inland Empire West. The property features cross-dock loading, approximately 5,000 square feet of office space, 35 dock-high doors, one grade-level door, 32-foot clear height, K-17 sprinklers, 800-amp power and parking for 116 automobiles and 150 truck trailers.

The property is situated just off Interstate 10 in Fontana, approximately 45 miles east of Los Angeles. The location provides access to major logistics and transportation locations along the West Coast, including Los Angeles International Airport and the Ports of Los Angeles and Long Beach.

According to Newmark Research, industrial vacancy in the Inland Empire remains the lowest in the U.S. at just 0.8% as of the second quarter of 2022. Occupancies of new construction deliveries propelled quarterly net absorption of 3.9 million square feet. There is currently 39.9 million square feet of industrial space under construction in the market, a record high. As the California Federal Reserve continues to increase interest rates to battle inflation, a gradual cooling of the unprecedented industrial market fundamentals across the U.S. is likely. However, as the nation’s top industrial market, vacancy will likely be better insulated in the Inland Empire if a recession occurs.

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Commercial Real Estate Transactions

SRS’ Investment Properties Group Brokers $35 Million Sale of Major Portion of One Eleven La Quinta Center, a 154,383-SF Retail Community Center in La Quinta, CA

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SRS Real Estate Partners’ Investment Properties Group (IPG) announced it has completed the $35 million sale of a 154,383-square-foot portion of One Eleven La Quinta Center, a retail community center located at 78959 CA-111 in La Quinta, CA.

SRS Senior Vice Presidents Chris Tramontano and John Redfield represented the seller, a Coachella Valley-based private family office. The buyer, Anaheim, CA-based Milan Capital Management, represented themselves. Terrison Quinn and Casey Mahony of SRS Real Estate Partners have and remain exclusive leasing agents for the asset which was 79% occupied at the close of escrow.

Tenants in the center that were part of the property sale include Ross Stores, Staples, Petco, Big 5 Sporting Goods, among others. The center is shadow anchored by tenants that include Stater Bros, Hobby Lobby, and Kohl’s.

Built in phases between 1992 and 2002, this is the first sale of the center since development over 30 years ago. One Eleven La Quinta Center totals 852,465 square feet and is situated on 19.57 acres of land. An irreplaceable highly-successful center, One Eleven La Quinta Shopping Center is located at one of the best intersections in all of the Coachella Valley, Washington & 111 visible to over 70,000 cars per day.

“The sale of One Eleven La Quinta Center was a very detailed complex transaction with several obstacles to overcome, including multiple loans on different portions of the property, a rising interest rate environment and a new Panera Bread pad development still in the contingency period that was critical to the proforma NOI that was underwritten.  I’m proud of our investment sales and leasing teams for coming together and providing excellent execution for both the seller and buyer,” said Tramontano.

“After 30 years of successful operation of One Eleven La Quinta, the seller was ready to pass the baton to a great southern California operator. This transaction had its challenges and many moving pieces, fortunately all outside of the high-quality real estate that was purchased. Chris Nichelson and the Milan Capital Management team demonstrated at great lengths their expertise in completing this transaction. This was a team effort and I’m excited to see the value Milan and the SRS leasing teams add to take the center to new heights,” said Redfield.

“We have been working with the seller and the SRS team for many years to acquire this well-located asset,” said Chris Nichelson, President of Milan Capital Management. “Their professionalism and diligence helped us overcome numerous challenges to get this deal done in an increasingly difficult environment. We are excited to have the opportunity to continue the original developer’s legacy, and to take this property to the next level.”

“One Eleven La Quinta Center is one of the preeminent retail centers for the Coachella Valley since its inception. It was important for the seller that the project’s legacy of success endures. Milan Capital Management’s level of sophistication and vision for the center made it clear they were the perfect buyer. The collaboration with the SRS capital markets team was critical to completing what was a very complicated transaction to the benefit of both parties. Under the stewardship of Chris Nichelson and Milan Capital Management’s team, we already have several new tenants in negotiation and the new Panera drive-thru is scheduled to open this fall,” shared Mahony.

Located along Highway 111, the region’s major retail corridor, the property is within a dense, affluent trade area with a population of 160,000 and more than 58,000 employees within a five-mile radius.

In 2021, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states, and currently have more than $2 billion in property on the market, with nearly 200 properties sold year-to-date in 2022.

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