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3/29/16
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A newly-redeveloped, 24k sf retail center in Huntington Beach was purchased by an OC-based private investor for $18.56 mil ($773/sf) in an off-market transaction. The property, located on 1.96 acres at the southeast corner of Brookhurst St and Adams Ave (10026 Adams Avenue and 20002 - 20052 Brookhurst Street), was sold by LBG Real Estate Companies.
The property is surrounded by many leading national retailers, which provides a strong consumer draw to the intersection. These include Target, Kohl's, Ralphs, Stater Bros., Sprouts, CVS/pharmacy, Chase Bank, JoAnn's, Wells Fargo, Starbucks, and many others.
LBG acquired the property from US Bank on February 17, 2015, and completed its renovation and re-tenanting of the property in 12 months. The redevelopment included the relocation of US Bank, whose space was redeveloped for PetSmart, updating the façade, designing a new sign program, maximizing the parking plan/restriping, and redeveloping/demising the shop buildings.
The property has been leased to PetSmart, US Bank, Phenix Salon, Tenet Healthcare, and Orangetheory Fitness, achieving 100% stabilization. LBG handled the leasing in-house during ownership of the property.
Ed Hanley, Bill Asher and Eric Vu of Hanley Investment Group represented both parties in the deal. LBG is led by principals Douglas Beiswenger, David Goldman, and Leslie Lundin.
Commenting on the property, Lundin said, “Due to the infill nature of this location and difficulty in developing new retail properties in Huntington Beach, this acquisition provided a unique redevelopment and lease-up opportunity. This property represents some of the only available prime vacant space in this otherwise fully-occupied submarket. The space has been held off the market because of the ground lease that recently expired otherwise it would be fully leased and redeveloped."
“The retail investment market remains tight on supply of quality well-located assets in Orange County leased to corporate tenants with long term leases,” said Eric Vu, senior associate at Hanley Investment Group. “These assets are historically challenging to find as a majority of retail owners in the area are long-term holders due to the desirable dense infill coastal location.
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