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11/19/15
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Safco Capital Corporation has purchased an 81k sf retail property in Orange County NNN-leased to Food 4 Less in an $18.5 mil transaction ($228/sf). Located at 7910 Katella Ave, just west of Beach Blvd, the asset was sold by Katella 111 Partners LLC.
The store was renovated in 2006 when Kroger moved its Food 4 Less brand into the space. The property benefits from a signalized location at Beach Blvd and Katella Ave and high profile location visible to 92,000 cars per day. Additional tenants located within the center include Bank of the West and McDonalds.
Chris Sands and Dan Hoogesteger of Sands Investment Group represented the seller in the deal, which closed at a cap rate of 5.85 %. The property is situated in a dominant retail corridor in an extremely dense location with more than 230,000 people residing within three miles.
“The size of this asset, given the rent that the tenant is paying, created a marketing challenge for the team, as it is a very large big box tenant,” Hoogesteger pointed out. “That can create risk for the buyer if the tenant vacates.”
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