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12/28/15
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An Alhambra-based private investor acquired Tustin Village Center, a 15.4k sf retail center, for $3.1 mil ($201/sf) in an all-cash, 1031 exchange transaction. The recently constructed center is located at 15761 Tustin Village Way, north of McFadden Ave and west of the 55 Fwy.
The property represented an extremely rare Orange County value-added infill opportunity. The 100% vacant, multi-tenant center was sold in rough shell condition, providing the entrepreneurial buyer the opportunity to complete the improvements to their requirements, lease up the center and realize the significant upside potential.
Victor Buendia and Brad Umansky of Progressive Real Estate Partners represented the seller, a private investor based in Santa Ana. Dennis Zhang from CBRE Ontario repped the buyer.
The center’s excellent infill location and C-1 retail zoning that allows for a wide range of commercial uses, further enhanced the appeal of the property. In addition, the densely populated location is surrounded by over 250,000 people residing in a 3-mile radius and over 22,000 people working within 1-mile of the center providing substantial daytime population perfect for restaurant and other service oriented businesses.
“In spite of the center being unfinished with no income stream, the outstanding Orange County infill location, strong demographics and tremendous upside potential of the property helped it generate multiple offers within the first 30 days from several qualified private buyers and 1031 investors” according to Buendia. “We also had to overcome several challenges including city requirements and title issues in order to achieve the seller’s goal of a quick closing before year end”.
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