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May 25, 2020
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OC Retail Center Trades for $488/sf


Brea Imperial Shopping Center, a 43.2k sf retail center in the city of Brea, sold for $21.06 mil ($488/sf) in a recent trade between investors. The center, situated on a five-acre site at the southwest corner of Imperial Hwy and State College Blvd, traded at a 4.95% cap rate, among the lowest in the county this year for a strip center.

Brea Imperial Shopping, which includes such tenants as Bank of the West, Carl’s Jr, Active Ride Shop, and Alexander’s Hair Salon, was originally developed in 1980 and remodeled in 1993. It was 75% occupied at the time of sale.

Arthur R. Flores of CBRE represented the seller, an OC-based family entity. The buyer, an OC partnership represented by Henry Hong of Lee & Associates, intends to reposition and remodel the complex.

“The buyer expects to implement an extensive remodel and re-merchandising plan, which will include higher-end food and service tenants that will both drive traffic to the center and cater to the high-income demographics in the city of Brea,” said Flores.

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