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ORANGE COUNTY NEWS
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OC Retail Asset Trades Between Private Investors for Over $5 Mil

10/26/18

A 99 Cents Only-anchored shopping center in Garden Grove was purchased for $5.15 mil by a private NoCal-based investor. It was sold by DECMAC II, a local investor.

The 36.5k sf ($141/sf) property, located at 11072 Magnolia St, sits in a dense in-fill demographic with a population of more than 300,000 within a three-mile. Situated within a multi-tenant shopping center, about half of the property is leased to 99 Cents Only, with the remaining 16.5k sf vacant.

CBRE’s Alex Kozakov, Patrick Wade and Matthew Greenberg represented the seller in the deal. The buyer was repped by Jeff Helm at Helm Properties.

“This was a unique situation, providing investors with a long-term secure income stream while offering a rare opportunity to reposition the vacant portion,” said Kozakov.

Added Greenberg, “The vacant space has sat empty since 2013, primarily due to tenant-use restrictions in the shopping center. While this heavily lowered the in-place cap rate, the intrinsic value of the location and structure presented significant upside to prospective buyers. Once we started to market this property, we received an immense amount of interest, with more than 130 signed confidentiality agreements resulting in a total of six offers.”

In the wake of legacy store closures that shook the Southern California region in the first half of the year, the Orange County retail market made an impressive showing over the summer season, according to CBRE research. In Q3 2018, 130.8k sf of vacant retail space were absorbed. Construction completions remained scarce with only one major project tracked by CBRE that is currently in development and will likely not open until early 2019. As the year draws to a close, the OC retail market is showing continuous resilience.





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