JH Real Estate Partners Inc. in Newport Beach has bought the Inland Empire Center in Fontana for $70.5 million, according to CBRE.
The brokerage said the 309,500-square-foot shopping center at 16701-16873 Valley Blvd. has 16 parcels and tenants including Cardenas Market, Ross, Planet Fitness, Regency Theatres, Burlington, Taco Bell and several casual-dining restaurants.
Patrick Wade and Alex Kozakov at CBRE represented the seller, The Baralat Co. in Westlake Village.
“The sale of Inland Empire Center illustrates the tremendous resurgence in demand for well-located Hispanic grocery store-anchored centers in infill markets in Southern California,” said Kozakov.
He said the brokerage got multiple offers for the property.
CBRE researchers say retail vacancy levels will decline in the region, leading to higher rental rates through 2026.
Irvine investment firm buys apartments in Phoenix
Irvine-based SB Real Estate Partners and Los Angeles-based Marble Partners have bought the 180-unit Cantamar Apartments in Phoenix for $58.1 million.
The two-story complex has one, two and three-bedroom floorplans, with air conditioning, 9-foot ceilings, patio/balconies, walk-in closets and pet-friendly units. Amenities include a pool and hot tub, clubhouse and fitness center
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller, Cantamar Apartments Associates.
Avanath buys Washington, D.C. apartments for $103.M
Irvine-based Avanath Capital Management LLC has bought 2M Street Apartments in Washington D.C. for $103.5 million.
The 315-unit high-rise apartment tower is north of the Capitol Building and two blocks from the popular NoMa-Gallaudet U Red Line Metro station.
“The Washington D.C. metro has continued to perform over the last several years and is positioned for long-term growth,” says John Williams, president and chief investment officer at Avanath Capital Management. “Our strategy is to identify growing markets where there is a continuous need and demand for affordability.”
He said 2M has a number of units reserved for lower-income residents.
Avanath owns more than 1,500 units in the D.C. metro area and more than 13,000 units across the U.S.
People in Real Estate
Amanda Hawkins-Vogel has joined Twenty Four Seven Hotels in Newport Beach as its executive vice president of Operations for the company’s expanding portfolio of hotel properties. The hospitality veteran brings 30 years of experience to the firm. Previously, she was was SVP of Operations for Crescent Hotels & Resorts and prior to that VP of Operations for Sage Hospitality Group.
Patrick Lyons has been promoted to director of construction services at the San Juan Capistrano office of Standard Communities, a national affordable housing investor and developer. He previously served as construction manager. Lyons oversees the West Coast and Midwest construction teams, including all aspects of Standard Communities’ renovations, development and acquisitions in those regions. He has 10 years of experience in the construction industry.
Michael Jernigan has joined Costa Mesa-based Avanti Restaurant Solutions as its senior director of Design-Build. A commercial kitchen designer with 25 years of experience, he comes to the firm from his own company, Jernigan Design Associates, where he completed 250 restaurant projects.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at firstname.lastname@example.org. Please allow at least a week for publication. All items are subject to editing for clarity and length.
Source: Orange County Register