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Sandstone Properties Acquires Shopping Center

OCEANSIDE, CA-The Santa Monica-based property management firm acquires a Ralphs anchored shopping center for nearly $14 million. This latest acquisition comes on the heels of a $16 million acquisition in Diamond Bar.

By Amanda Paxson | Updated on March 30, 2005

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OCEANSIDE, CA-Sandstone Properties Inc., a Santa Monica-based property management firm, has acquired a Ralphs anchored shopping center here for $13.8 million. The firm acquired the shopping center from Sunbelt Management Co. The property is located on the corner of the I-5 freeway and Oceanside Boulevard and includes tenants such as Sav-On and Blockbuster. Greg Sackler, a Sandstone Properties partner, says the firm in looking for properties with value-added plays. Recently, the firm has located retail properties offering below-market rents. In this most recent deal, Chuck Klein and Kevin Held of BRE/Grubb & Ellis represented Sandstone. Mike Morris of Morris and Campbell was the broker representing Sunbelt Management Co. The transaction comes on the heels of a $15.8-million deal made by Sandstone Properties in which the firm purchased the 59,746-sf Diamond Bar Village retail center in Diamond Bar. The parcel was acquired from Kensington Properties of Tustin in a transaction brokered by Phil Voorhees and Pat Scruggs of the CB Richard Ellis Private Client Group in Newport Beach, who represented both the buyer and the seller. The property is at Diamond Bar Boulevard and Golden Springs Drive, not far from the I-10 Freeway. Sackler and Eri Kroch own and operate Sandstone Properties. Separately, they invest in commercial real estate, in some cases with high net worth individuals as partners. The two partners began acquiring commercial real estate in 1994 and own a portfolio of more than 50 properties, primarily in Southern California, valued in excess of $300 million.

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