Park City Main Street's new acquisition is at 12254 Carson and is leased on a long-term basis by Food 4 Less, according to Dixie Walker and Peter Spragg of the Newport Beach office of Grubb & Ellis. The two Grubb & Ellis brokers represented the seller, Los Angeles-based NF Hawaiian Gardens LP, with the buyer represented by Sperry Van Ness.
Walker notes that the seller bought the property four years ago with the intention of developing the adjoining land, which he also owned. The adjoining land had formerly been occupied by a Home Base Store that went dark.
"The owner of the nearby Hawaiian Gardens Casino found out about the redevelopment plans and offered to buy the land in order to expand the casino," Walker says. "The offer was accepted. The seller then decided to put the Food 4 Less property on the market."
The family trust that bought the 12254 Carson property was coming out of a 1031 exchange and looking for a safe long-term investment, according to Walker. He says that the entire transaction took six weeks from start to finish, explaining that the deal closed so quickly because the buyer paid all cash without financing contingencies.
[IMGCAP(2)]On the Mile of Tile in Anaheim, leasing director Michael Wood of Sares-Regis Group Commercial Property Management Services Division reports that the four tenants signed lease renewals at the Mart, a 182,800-sf showroom and warehouse at State College Boulevard and Winston Road that Sares-Regis manages and leases for the owners. The deals ranged from three to seven years and keep the Mart 100% leased.
The four tenants were Cabinet Factories Co., American Floors, Ceramica Tile Pour La Maison and Sweet Factory; their commitments ranged from 10,650 sf to 40,000 sf. Ceramica Tile and Sweet Factory represented themselves, while Cabinet Factories was represented by Darin McDonald of Lee & Associates Commercial Real Estate Services and American Floors was represented by Peter Loh of ReMax.
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