PRZOOM - /newswire/ -
TUSTIN, CA, United States, 2010/11/15 - The brokerage division of Coreland Companies has negotiated four retail lease transactions in Southern California during the third quarter of 2010, totaling more than 50,000 sq. ft., with a total value of nearly $4 million.
Coreland Companies of Tustin, Calif., one of the largest private real estate service companies based in California, announced today that its brokerage division has negotiated four retail leases in Southern California during the third quarter of 2010, totaling more than 50,000 square feet with a total value of nearly $4 million. Coreland represented the property ownership in all four transactions.
Coreland completed two transactions with Big 5 Sporting Goods in the third quarter. As the exclusive leasing agent for Crenshaw-Imperial Shopping Center in Inglewood, Matt Hammond, Director, Retail Brokerage at Coreland negotiated a 5-year lease with Big 5 for 25,839 square feet totaling just under $1 million in lease value. Crenshaw-Imperial is a 165,000-square-foot neighborhood center located at the northeast corner of Crenshaw and Imperial. Big 5 is expected to open in mid-December at 11310 Crenshaw Blvd. Klaus Tabar of Pointe Commercial of Laguna Hills, Calif., represented Big 5. Hammond represented the landlord, One Imperial Plaza, LP of Los Angeles.
Hammond also negotiated a 5-year lease renewal with Big 5 Sporting Goods for its existing 9,800-square-foot store at 2150 E. Highland Avenue in San Bernardino at the Seley Plaza. Hammond represented the landlord, LRCH Sterling & Highland LP of Miami, Fla. in the lease transaction. Big 5 represented itself. The lease value was not disclosed.
Coreland’s brokerage division has also negotiated a 10-year lease with Union Bank valued at approximately $1 million for a new 3,333-square-foot retail bank branch at 3520 Peck Road in El Monte at the El Monte Shopping Center. Union Bank expects to open the branch in late November at the 325,000-square-foot community center situated at the intersection of Peck Road and the I-10 freeway. Bryan Bauer, Senior Associate of Coreland Companies, represented the landlord, Decron Properties of Los Angeles, in the lease transaction. The tenant was represented by Kinden Mitchell of Cushman & Wakefield in Los Angeles.
The brokerage division also negotiated a 5-year lease renewal with Petco for its existing 11,500-square-foot store at 13942 Newport Avenue in Tustin at the Newport-Camino Plaza. The lease is valued at approximately $1.3 million. Steven Hogberg, Senior Vice President of Coreland Companies, represented the landlord, a private trust located in Tustin. Petco represented itself in the lease renewal.
Hogberg, who heads the brokerage division, says, “We continue to be very busy with leasing activity throughout our portfolio, and well-located and well-positioned retail properties, such as these, prove there are still quality tenants in the market that are expanding and doing deals!”
Hogberg also notes, “Discounters and financial institutions remain two of the three most active segments; the third being quick-serve food users. We have focused our energies on targeting these types of tenants and, I’m happy to report, we’re seeing great success.”
Additionally, Bryan Bauer from Coreland's brokerage division represented the seller in the sale of a 3.3-acre vacant auto dealership in Santa Ana, Calif. The purchase price was $5,750,000. The 35,000+square-foot property is located at 1455 Auto Mall Drive in the 50+ acre, 14-dealership Santa Ana Auto Mall, adjacent to the 55 freeway at Edinger, and enjoys a prime, up-front position in the Auto Mall.
Coreland Companies (coreland.com) is a full-service commercial real estate company with expertise in retail, office and industrial properties. Coreland Companies is based in Tustin, California with offices in Utah and throughout Southern California.