Commercial Real Estate Deals for the Week of July 8, 2024
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A roundup of notable commercial real estate transactions
The Gerschel Family and Soboroff Partners sold The Park at Cross Creek in Malibu, a grocery-anchored retail center with a custom-built Whole Foods Market, high-end retailers and outdoor amenity space.
Newmark arranged the reported $80-million sale of the center at 23401 Civic Center Way, which totals 39,350 square feet on 5.96 acres. Bill Bauman and Kyle Miller represented the buyer and seller. The property was fully leased at the time of sale to a mix of restaurants and shops. The property will be managed and operated by PacificWest Asset Management Corp., headquartered in Costa Mesa. In addition to the 25,000-square-foot Whole Foods Market, tenants include Blue Bottle Coffee, Howdy’s Sonrisa Café, Barefoot Dreams and a Tesla showroom.
There are 14 retailers at the center, which also has a learning food garden operated in partnership with the nonprofit Big Green. There’s also a playground that was designed to accommodate children with mobility challenges and developmental disabilities, an open-air event space and a horse hitching post for the equestrian community.
“It was a labor of love to bring this center to life after the lengthy entitlement process,” said Steve Soboroff, managing director of Soboroff Partners, a shopping center developer and operator, in a statement. “Our goal was to create a place where all of Malibu felt welcome, and I am gratified that the people living here have embraced it. I look forward to continued involvement in helping Malibu’s future,” he said.
San Gabriel Valley
Buchanan Street Partners sold two San Gabriel Valley office buildings in separate transactions totaling nearly $35 million. CBRE represented the seller for both properties. Michael Longo, Sean Sullivan, Todd Tydlaska, Grant Goldman, Sammy Cemo, Anthony DeLorenzo, Philip Woodford and Austin Reuland of CBRE represented the seller at 3536 Concours St. in Ontario while the same team, with support from Mark Shaffer and Steven Saunders, represented the seller at 21680 Gateway Center Drive in Diamond Bar.
In Ontario, the 80,160-square-foot office building at 3536 Concours St. sold for $16 million, or $200-per-square-foot, in a 1031 exchange transaction to a private investor. Buchanan Street Partners had invested $3.5 million in improvements. In Diamond Bar, the 80,753-square-foot office building at 21680 Gateway Center Drive sold for $18.9 million, or $234 per square foot, also to a private investor.