CORONADO (San Diego County) -- Manna Development Company LLC has purchased a 4.3k sf retail building located at 980 Orange Ave in Coronado for $3.8 mil ($884/sf). Manna is the owner of Panera Bread Company, which has operated a popular Panera Breads bakery and café at the Orange Ave and 10th St location for several years. The property was sold by Westcore Properties, who was represented by Mike Moser of CBRE. Manna Development Company was repped by Don Moser of Retail Insite.
RIO RANCHO, NM (Sandoval County) -- Irvine-based Passco Companies has acquired Southern & Unser Shops, a 9.1k sf retail center in Rio Rancho, NM, from local developer Southern & Unser LLC for $2.85 mil. Jim Wible of NAI Maestas & Ward represented the seller in the transaction, while Passco was self-represented by Alan Clifton, Vice President, Strategic Investments. Built in 2011, this Class A center, which was 100 percent occupied at time of sale, has six tenants including Five Guys Burgers and Fries, Papa Murphy’s, Supercuts, Nutrishop, Sushi King and Cold Stone Creamery. The strip center, which is situated on 1.018-acre, is located at the intersection of Southern and Unser, in the heart of one Rio Rancho’s two major retail hubs and is part of a larger community center anchored by Premiere Cinemas, US Bank, Discount Tires, Starbucks, Burger King and Chili’s. A Super Walmart, Carl’s Jr. and Panda Express are located across the street.
DOWNTOWN LOS ANGELES (Los Angeles County) -- Sport Chalet Inc agreed to a lease for anchor space at Brookfield Office Properties’ FIGat7th, the destination retail center at the intersection of Figueroa Street and 7th Street currently undergoing a $40 mil redevelopment program slated for completion this fall. Sport Chalet, which will occupy 26.8k sf of space at the lower courtyard level, joins City Target as the first new anchors at FIGat7th, which will also feature a host of chef-driven, quick-service casual eateries for TASTE FIGat7th, a culinary collection offering a signature dining experience. In the transaction, Brookfield Office Properties was represented by Charles Dunn’s Senior Managing Directors, Kevin Dee and Ted Slaught, the exclusive leasing agents for FIGat7th. Brookfield owns, operates and manages approximately 4.5 msf of commercial space in Southern California, including Bank of America Plaza and Ernst & Young Plaza.
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