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RETAIL NEWS
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Investor Snaps Up 29k sf Retail Asset in Santa Ana

9/27/16

A City of Commerce-based private investor paid $4.73 mil for Grovemont Square, a 29k sf ($163/sf) multi-tenant retail shopping center in Santa Ana. The property, located at 2428 North Grand Ave, traded at a cap rate of 4.26%.

Built in 1973, the property is situated on a 2.5-acre parcel just south of State Route 22, and less than two miles from both Chapman University and MainPlace Mall in Orange County. The retail center was 85% occupied at the time of the sale.

Jon Selznick and Brant Dorman with Lee & Associates represented the seller, a private investor from Encino. The buyer was also represented by Lee’s Selznick.

"This was a great result for both parties,” said Selznick. “The seller achieved an exit cap rate indicative of one of the strongest commercial real estate markets in recent history, and the buyer purchased an asset in a premium infill location on a major thoroughfare with potential for future upside.”

Selznick added, "With this prolonged record low interest rate environment and lack of viable alternative investments, it is no surprise to see cap rates in both single- and multi-tenant retail investments remaining at historical lows.






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