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4/01/08
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Well-located retail properties are still attracting considerable investor interest, even with the increasing difficulties in obtaining financing for the deals. In Orange County, a 35.1k sf retail asset at 1020-1098 N. Euclid Ave, just south of La Palma Ave in Anaheim, was purchased for $3.6 mil ($103/sf) by M&A Gabaee, a California L.P.
The asset consists of two leased buildings; the larger building totals approximately 32.8k sf and is occupied by Dearden’s, a California-based furniture store; the second building is 2.3k sf and houses a non-commercial insurance agency.
The building that is occupied by Dearden’s was previously home to a Ralph’s supermarket, which has subleased its space to Dearden’s. After the sale was final, Ralph’s paid for significant interior and exterior renovations to the building for the new tenant, making the transaction a true value-added deal for the buyer.
Tanel Harunzade of Charles Dunn Company represented the buyer, while Cari Widman, also with Dunn, repped the seller, HEM Properties LLC. Dearden’s has 10 California locations and sells electronics, furniture, appliances, jewelry and travel packages.
Elsewhere in the OC, a private investor picked up a pair of properties, in Cerritos and Huntington Beach, occupied by Bank of the West, which recently inked new long-term leases at both properties in late 2007. The properties were sold by the same seller.
One of the sales was for a 3.6k sf freestanding building located at the corner of Artesia Blvd and Carmenita Rd in Cerritos. The property, which is an outparcel to a strip center that includes KFC and Taco Bell, sold for $2.47 mil ($686/sf). Across the street is a new Fresh & Easy Neighborhood Market and Rite-Aid.
The second deal was for a 4.8k sf building located at 6881 Warner Ave in Huntington Beach. The property is located just east of Goldenwest St, an intersection of two main thoroughfares, and is situated in the front pad of a retail strip center with a Big Lots, Wells Fargo Kiosk, and other tenants. The property sold at the asking price of $3.77 mil ($785/sf).
Michael Maffia and Andy Bogardus of NAI BT Commercial, out of San Francisco, represented the seller, a private investment company, and the buyer.
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