Private investor Land American Exchange has purchased the 110,066-square-foot Redondo Beach Plaza shopping center from RPM Investments for $24 million in a 1031 exchange. The center is 100 percent occupied with tenants such as Vons, Petco, Baskin-Robbins and Quiznos. It also includes a newly completed 6,200-square-foot pad that will house four current tenants including an expanded Petco. Irvine-based Faris Lee Investments represented RPM Investments during the transaction.
Irvine-basedfirm Sperry Van Ness promoted Ryan Litrich from associate advisor to senior advisor after representing Honolulu-based Madison Investments in the sale of its Madison Plaza. Located in El Cajon, the 67,966-square-foot neighborhood center was sold to Madison Square Shopping Center Inc. for $13.5 million. The center is 100 percent occupied and includes such tenants as Radio Shack, Petco and Carl's Jr./Green Burrito.
Real estate investment firm CapTec sold the AMC 30 Screen Theatre at Covina Town Square to Arizona-based Spirit Financial for $24.6 million. Located in Covina, a Los Angeles suburb, the 95,150-square-foot theater is the largest multiplex property in Los Angeles and one of the biggest in the United States. The shopping center also includes Staples, Home Depot, Michaels and Wal-Mart.
Capstone Development Partners, a subsidiary of San Diego-based Capstone Advisors, is developing a 135,000-square-foot retail center in Coachella known as Jackson Square. The center will be anchored by a 54,000-square- foot Albertson's and Sav-On drugstore. CB Richard Ellis's Indian Wells Office will lease the remaining space. The square will have a Spanishstyle designed by the San Diego office of Nadel Architects. Completion is scheduled for early 2006.
Santa Ana-based real estate investment firm Passco has appointed Larry Sullivan to chief financial officer. Sullivan's previous work experience includes 18 years as managing director of PMRealty Advisors. He has a degree in accounting from Niagara University and is a certified public accountant in California. Passco owns shopping centers in California, Washington state and Hawaii.
Marketplace Properties is developing a $20 million, 80,000-square-foot retail development to be called Winery Estate Marketplace. Based in Tustin near the new Victoria Gardens regional mall, the development is scheduled to open in August of next year with specialty grocer Henry's Marketplace serving as anchor. The architecture will be modeled after winery buildings found in Napa Valley to blend in with an adjacent winery. Zinfandel vines will be planted throughout the center. Long Beach-based Perkowitz + Ruth Architects is designing the project.