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11/07/17
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NewMark Merrill Companies recently completed a retail acquisition in northern Orange County, having purchased Placentia Town Center, a 116.8k sf shopping center located at 110-198 East Yorba Linda Blvd in Placentia. From what we hear, the deal came in somewhere in excess of $35 mil ($300/sf).
Placentia Town Center, developed in 1973 and renovated in 2000, was sold by RPAI. The property was 96% leased at time of sale and is anchored by Marshall’s, Ross Dress for Less and CVS. Other national and local retailers and restaurants include Bank of America, Massage Envy, Baskin Robbins, The Whole Enchilada, Avalon Bagels and Burgers, Philly's Best and Craftsman Pizza.
NewMark Merrill was represented in-house by Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison, with support by Alex Kozakov of CBRE. Newmark Knight Frank's Capital Markets retail division Executive Managing Director Pete Bethea, and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller in the deal.
NewMark Merrill currently owns or manages a portfolio of over 78 shopping centers in California, Colorado and Illinois. Currently, the company is looking to grow by adding centers, either through acquisitions or third-party management that complement its existing portfolio.
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