Los Angeles-based Arya Investments, LLC purchased the 25,049-square-foot Newport Crossing in Menifee, Calif., for $9.95 million from Santa Monica, Calif.-based Newport Murrieta Partners, LLC.
Mariko Beaver at Venture Real Estate Group and Kandice Thayer at First Team Real Estate, both based in Irvine, Calif., represented Arya. Edward Hanley, of Hanley Investment Group Real Estate Advisors, represented the seller.
The purchase price works out to $397 per square foot. That's above the $220 per square foot average price paid for retail properties in California's Inland Empire last year and higher than the $255 per square foot average price paid for retail properties in the West last year, according to data from Real Capital Analytics.
“Newport Crossing presented numerous challenges during escrow that we were able to work through with creative solutions,” Hanley said in a statement. “Some of the challenges we worked through during escrow included a 3,215-square-foot tenant vacating during escrow, Hollywood Video going into bankruptcy and managing the assumption of an existing loan between the buyer and the lender."
Arya assumed a loan with a 5.6 percent interest rate as part of the deal.
Other Notable Deals
Aliso Commons Corner, LLC sold a 13,386-square-foot retail property occupied by Walgreens located within the 700,000-square-foot Aliso Viejo Town Center in Aliso Viejo, Calif., for $8.9million to Zamindari Real Estate Investment Two, LLC. Faris Lee Investments represented Aliso Commons. Lotus Investments represented the buyer…. Ed Harrington and Samantha Davenport, the former president and COO of Steven D. Bell & Co., and Shoffner Allison, principal of Hawthorne Retail Partners, have formed the Hawthorne Cos. The Hawthorne Cos. manages and invests in apartments and shopping centers throughout the Southeast for third party clients, institutional investors and private investment groups…. NorthMarq Capital’s upstate New York regional office, arranged a $1.4 million first mortgage financing for a 14,550-square-foot Walgreens in Buffalo. Financing was arranged for the borrower by NorthMarq through its correspondent relationship with Sun Life Assurance Company of Canada.