Hanley Investment Group Real Estate Advisors arranged the sale of a new construction Quick Quack Car Wash in Yucca Valley. The car wash is located on a pad within a Stater Bros-anchored shopping center. The absolute triple-net ground lease sold for $2.04 million.

EVPs Bill Asher and Jeff Lefko represented the seller, a private partnership based in Orange County, and the buyer, a private investor from Newtown, PA.

“We procured an experienced single-tenant net-leased investor based on the East Coast who owned a portfolio of similar single-tenant retail investments across the country,” said Asher. “At the time of the closing, the net-leased investment occupied by Quick Quack in Yucca Valley was the first Quick Quack to sell in the U.S. in 2024.”

Built in 2023, the 3,596-square-foot Quick Quack Car Wash is located at 58024 Twentynine Palms Hwy. Co-tenancy at the Stater Bros-anchored shopping center includes Dollar Tree, Harbor Freight Tools, Tractor Supply Co., Jack in the Box, Pizza Hut and Subway.

Zalmi Klyne, SVP and managing director of Northmarq’s Los Angeles Debt + Equity team, secured the internal refinance of Park Place Apartments, a 47-unit multifamily property in Lancaster, for $8.28 million. Northmarq arranged financing on behalf of the borrower, a private investor, through its in-house Fannie Mae DUS team.

The transaction was structured on a five-year term, including three years interest only. It’s on a 30-year amortization schedule.

Located at 43253 20th St. in Lancaster, one of the Antelope Valley’s largest cities, Park Place Apartments was built in 1984 and features 10 two-story buildings. Residents have convenient access to Greater Los Angeles’ major employers, amenities and recreation as well as community amenities like a resort-style swimming pool and courtyard.

Hanley Investment Group Real Estate Advisors and Oaks Commercial Real Estate arranged the sale of a single-tenant property occupied by a McDonald’s Drive-Thru in Fountain Valley. The sale price was $3.85 million for the absolute triple-net ground lease at a 3.55% cap rate.

Hanley EVPs Bill Asher and Jeff Lefko, in association with Fred Encinas of Oaks Commercial Real Estate of Eastvale, represented the seller, a Newport Beach-based family trust. The buyer, an all-cash, 1031 exchange buyer based in Fountain Valley, was represented by Robert Tran of HPT Realty in Westminster.

“We generated multiple qualified offers at sub-4% cap pricing and secured a local all-cash, 1031 exchange buyer who resides minutes from the property,” Asher said. “With seven years remaining on an initial 20-year lease term, we achieved record pricing for a McDonald’s with 5% increases every five years and a shorter-term lease.”

Built in 2011 on 1.04 acres, the 3,500-square-foot McDonald’s is located at 11321 Talbert Ave., an outparcel adjacent to a Costco. According to Placer.ai data, it’s among the top-performing McDonald’s locations nationwide.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, has listed Pacific Trails Apartments, an 84-unit apartment property located in Covina within the San Gabriel Valley. The price is open bid.

“Located close to entertainment and shopping along Arrow Highway and Azusa Avenue, Pacific Trails Apartments has benefitted from numerous recent improvements and remains an excellent candidate for additional value enhancing renovations to optimize operations and increase value,” said Alexander Garcia, Jr., IPA executive director.

Garcia and IPA’s Kyle Pinkalla and Chris Zorbas are representing the seller, a private party.

Built in 1977 and renovated in 2014, Pacific Trails Apartments is a gated, nine-building property that has received unit upgrades and improvements to the swimming pool and spa, barbecue grills, fire pit and courtyard seating. The property is located off Arrow Highway, close to State Route 66 and near Interstates 10, 210, and 605.

Simon announced plans to integrate luxury living at its Fashion Valley mall in San Diego. Following the recent completion of a multimillion-dollar revitalization, the property will add 850 multifamily units developed by AMLI Residential along with 100,000 square feet of new retail and new dining experiences.

 “Simon is leading the evolution of today’s retail landscape with the strategic transformation of key properties across the country,” said Mark Silvestri, president of development at Simon. “We’re excited about this next phase of Fashion Valley as we continue to reinvest and add a walkable, livable lifestyle community that is intertwined with handpicked luxury brands that can only be found here This redevelopment marks a new era of sophistication and convenient living in San Diego.”

Fashion Valley recently marked the openings of first-to-market luxury brands, including Dior, Bottega Veneta, David Yurman and Dolce & Gabbana. It was also recently announced three more first-to-market brands will join the lineup including Celine, slated to open later in the second quarter, and Christian Louboutin and Fendi, both of which will open in 2025.

CBRE’s Walter Pagel and Hannah Curran represented Goodwill Industries of Orange County in negotiating a 15,000-square-foot new retail lease for its expansion into Fountain Valley. The new location is at 17120 Magnolia St. 

Goodwill OC joins Aldi and CVS at the neighborhood shopping center. This will be the organization’s first store in Fountain Valley and the latest step toward achieving its goal of doubling its retail footprint and workforce development impact in Orange County over the next decade. 

“The opening of Goodwill’s new store in Fountain Valley is a win-win situation for the nonprofit and the local community,” said Curran. “It’s truly a fantastic opportunity for everyone involved.” 

This marks the opening of Goodwill OC’s 25th store and the second space Pagel and Curran secured for the tenant. In late 2023, the team helped the organization secure a 13,000-square-foot retail building in Orange. 

Trammell Crow Company (TCC) is on target to finish construction of a $100-million-plus lab and office building in Sorrento Valley by early summer as the life science real estate market slowly recovers from a post-COVID downturn, the San Diego Business Journal reported. TCC is building the four-story building on spec, with no tenants lined up prior to construction. 

Although no leases have been signed yet, “We’re getting really good feedback from everybody in terms of the design and the layout, so it’s just a matter of time getting it filled now,” Chris Tipre, principal and San Diego market lead for TCC, told the Business Journal.

The four-story building is named Vista Sorrento Labs for its location at 10251 Vista Sorrento Pkwy. in sight of Interstate 805. It was designed by Ware Malcomb with Swinerton as the general contractor. 

Although Vista Sorrento Labs is TCC’s first life science project in San Diego County, Tipre said it won’t be the last. “We are looking on a couple of others down the street that are in pre-development,” he said.

On May 1, catch the Industry Leaders C-Suite panel at Connect Los Angeles 2024 when Bob Hart, President & CEO of TruAmerica; Kyle Matthews, Founder, Chairman & CEO of Matthews REIS; Bill Frame, CEO and Chairman of the Board of Kidder Mathews; Anthony Graziano, Chairman and CEO of IRR; and moderator Lew Horne of CBRE take the stage. Register now to hear live from these industry leaders.