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7/18/17
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A Newport Beach-based private family investment entity paid $4.9 mil for Dollar General Town Center, a 27.1k sf ($180/sf) multi-tenant retail center in San Jacinto. The property, located at 700-728 San Jacinto Ave, is 100% occupied.
Remodeled in 2012, the center is ideally located on San Jacinto’s primary retail corridor at the signalized intersection of San Jacinto Ave and 7th St. In addition to Dollar General, the tenant mix includes a variety of shops, services and eateries with 45% of the tenants having renewed their leases within the past year. The property also features highly visible monument signage and enjoys excellent accessibility with five points of access/egress and no center dividers blocking entry.
Greg Bedell, CCIM, with Progressive Real Estate Partners represented the seller, a private Huntington Beach-based investor. The 1031 exchange buyer was repped by Rob Sauser of PMZ Commercial. According to Bedell, several of the leases were completed during the recession, creating the opportunity for upside as those deals renew.
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