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12/27/16
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L.A.-based SBH Real Estate Group Inc has acquired a 22.3k sf retail property in La Habra for $4.535 mil, or roughly $203/sf.
Located at 250 N. Harbor Blvd, the property is on the northeast corner of the signalized intersection of La Habra Boulevard and Harbor Boulevard. It is an end-cap retail building that was originally built as a super market and later leased to Big Lots, which has since vacated it, creating a value-add opportunity for SBH.
The property is part of a larger shopping center that has includes national tenants as Dollar Tree, Starbucks, Subway, and H&R Block; regional tenants such as Wing Stop, Flame Broiler, and Simply Poki, along with long-term community tenants such as Arthur’s Restaurant. The lot size of the property is 84.9k sf and it shares a common parking lot.
Surrounding the property are residential, office and other retail uses. In addition, there is a major mixed-use residential and retail project planned for the site across the street from 250 N. Harbor that is currently in the architectural planning stages.
Scott Hook and Dan Tyner from Hook Retail Advisors represented SBH in the all-cash transaction. Greg Jones from Jones Real Estate represented the seller, Interhealth Corp.
According to Eric Silverman, Managing Partner with SBH, the company was able to close on this property with a due diligence of only three weeks. SBH feels that their ability to close with all cash allows them to move quickly on these types of opportunities.
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