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September 22, 2018
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RETAIL NEWS
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Newly Constructed Power Center in Whittier Traded for $40 Mil

1/26/18

Golden Capital Whittier LLC, a Vietnamese-based private investor, has purchased Friendly Hills Marketplace, a newly constructed, 89.8k sf power center in Whittier, for $40 mil ($445/sf). It was sold by Oppidan Inc, the property’s developer.

Built in 2017, Friendly Hills Marketplace is situated on 7.7 acres of land at 15311 Whittier Blvd, just east of Colima Rd. The property is 100% leased to national and regional credit tenants including Orchard Supply Hardware, HomeGoods, ULTA Beauty and Skechers.

Phil Voorhees, Kirk Brummer, James Tyrrell, Megan Wood, Preston Fetrow and Jim Leary with CBRE National Retail Partners-West represented the seller, Minneapolis-based Oppidan. Golden Capital Whittier, represented by Daniel Shaunt from Irvine-based Reeco, purchased the property as an addition to its portfolio. Bruce Francis and Shaun Moothart with CBRE’s Debt & Structured Finance team, arranged the buyer’s financing.

“Friendly Hills Marketplace provides the residents of Whittier and surrounding communities a new and varied shopping opportunity and a shopping experience in a uniquely designed and engaged customer environment,” said Paul Tucci, Vice President of Development for Oppidan.

According to Voorhees, CBRE’s marketing efforts produced more than 509 confidentiality agreement/offering memoranda distributed and through the teams’ “managed bid” offer process, generated more than six offers to purchase the property.

With this closing, CBRE's NRP-West team topped $10 bil in successfully closed retail investment sale transactions. Select NRIG-West team California listings include Santa Fe Springs Marketplace in Whittier, listed for sale for $28.44 mil; Landmark Plaza in Huntington Beach, listed for sale for $20.53 mil; and The Nut Tree, in Vacaville, a 371.5k sf offered for sale for an undisclosed amount.






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