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11/03/15
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In a recent OC retail acquisition, Safeco paid $18.5 mil for an 81k sf ($228/sf) center in the city of Stanton. The property, located at 7910 Katella Ave, north of the 22 Fwy on the west side of Beach Blvd, was sold by Heslin Holdings and Becker Properties of San Diego.
Originally built in 1996, the property was renovated in 2006 and is fully occupied by Credit tenant Food 4 Less® on a long-term lease. It sits on a 5.7-acre prime OC urban infill site located at the intersection of Beach Blvd and Katella Ave.
The property offers stabilized cash flow via a long-term lease guaranteed by The Kroger Co, which extends through 2026. Annual store sales have increased significantly, illustrating a growth in the grocer’s regional market share.
This disposition follows a similar retail transaction earlier this month when Heslin Holdings sold 914 West Orangethorpe Ave in Fullerton, California for $22.5 mil to the same buyer. Both transactions showcase the firm’s commitment to the redeployment of capital into value-add investment opportunities.
Heslin Holdings will continue to pursue value-add commercial property opportunities throughout the country, with an emphasis on the Western United States. The company currently operates a 1.5 msf investment portfolio.
Chris Sands of Sands Investment Group represented Heslin Holdings in the sale.
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