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4/25/18
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A Los Angeles-based private investor purchased an 18.5k sf, multi-tenant value-add strip center in La Habra for $4 mil ($216/sf). The property is located at 301-339 N. Harbor Blvd, at the signalized intersection of N. Harbor Blvd and E. Stearns Ave, one block north of East La Habra Blvd.
Built in 1963 on 1.65 acres, the drive-thru property is situated adjacent to an up-zoned redevelopment area. The acquisition presented the buyer with the option of realizing significant upside through either redevelopment or a renovation and lease-up program.
Michael Walseth with SRS Real Estate Partners’ National Net Lease Group represented the seller, a Los Angeles-based real estate investment firm, in the transaction. The buyer purchased the property on an all-cash basis with 1031 trade proceeds.
According to Walseth, "The Miracle Day Shopping Center represented a rare opportunity for an investor to acquire an L shaped, under-utilized retail center along a prime segment of Harbor Blvd serving the highly affluent populations of La Habra and Rowland Heights. The demand for value-add multi-tenant properties in Orange County remains at an all-time high. Properties with redevelopment potential rarely come to the market, when they do they are highly subscribed by qualified buyers.”
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