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10/17/17
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A 105.6k sf shopping center in Fullerton was acquired by SCB Inc, a private investment company, for $24.5 mil, or $232/sf. The property, located at 110 – 130 W. Imperial Hwy, is currently leased to Best Buy, 24 Hour Fitness and a freestanding, drive-thru Robek’s Juice pad.
CBRE’s Arthur R. Flores and Shaena Cushman represented the seller, Fiesta Distribution LLC, a local family office based out of Orange County. Smart Loan Capital represented the Los Angeles-based buyer.
Fiesta Distribution purchased the center as a value-add opportunity in 2011 and immediately implemented a reposition strategy for the property. Through these upgrades, the seller was able to attract 24 Hour Fitness to the property and renew Best Buy’s lease for an additional 10 years, adding significant value, according to Flores.
Demand for retail in the Orange County region remained strong throughout the first half of the year, according to CBRE’s latest research. Prime coastal and inland centers, coupled with a diverse and steady workforce, have helped to sustain retail need year-round while strong tourism during the summer months supply a welcomed mid-year boost to retail sales. In Q2 2017, Orange County vacancy decreased below 4% again while lease rates rose above $2.30 per sq. ft.
“Fullerton has been undergoing a renaissance as it is benefitting from the increasing popularity of suburban markets that offer an array of retail and amenities, job growth and housing,” said Flores. “Particularly well-located retail centers such as this one, with seasoned tenants, and internet-resistant retailers, like 24 Hour Fitness and Robek’s Juice, will continue to perform well and promise stable returns for investors in an ever-changing retail environment.”
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