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8/16/18
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The Shops at Yorba Linda, an 8.1k sf, three-building retail center in Yorba Linda sold for $7.8 mil, or $963/sf. The fully occupied property is located at 4846-4854 Valley View Ave, at the intersection with Yorba Linda Blvd. Tenants at the property include a mix of quick-serve restaurants, service tenants, unique retailers and a Dunkin Donuts drive-thru.
Sam Alison, Mike Philbin, Amar Goli and Patrick Larimore of CBRE represented the buyer, San Jose Central Travel, a family-owned investment company based in Los Angeles, and the seller, Midtown National Group, a boutique real estate investment and management firm based in Solana Beach, CA.
“Given its infill suburban location, the surrounding affluent neighborhood and diverse tenancy, this is a secure investment with built-in rental increases,” said Alison. “There were multiple offers for the center and individual buildings. The buyer was selected based on the favorable completion of a similar transaction between the parties in 2017.”
Low vacancy continues to create a competitive retail market in Orange County. More than 85 msf of shopping center real estate and nearly 1.9 msf of retail space has been leased since the beginning of 2018, according to CBRE’s recent quarterly report. CBRE forecasts that the vacancy rate and lease rate for the region will stay relatively stable for the next 12 months.
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