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6/10/15
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El Rey Properties LLC, out of Newport Beach, spent $5.8 mil on a single-story 59.9k sf ($97/sf) former Mervyn's building at Ridgecrest Town Center in the city of Ridgecrest. The seller was China Lake 700 LLC.
Built in 1987, Ridgecrest Town Center is a 204.7k sf community center located at the corner of N. China Lake Blvd and Drummond Ave. It offers open air shopping with about 32 stores. Tenants include Big Lots, Big 5, Stater Brothers, Goodwill, Kragen Auto and Starbucks.
At the time of the sale, the subject property was 100% leased to Jo-Ann Fabrics & Crafts, Marshals, and DSS shoes.
Steve Heri and Steve Gim with NAI Capital represented the buyer in the deal. Heri pointed out that the property presented El Rey Properties with the opportunity to buy into the dominant grocery-anchored center in Ridgecrest with a high yield potential.
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