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3/28/19
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Cypress Village Shopping Center, a three-building, 16.4k sf urban retail property in the OC city of Cypress, sold for $14.95 mil ($912/sf). Situated on 2.41 acres at 9515 to 9575 Valley View St, the asset is 100% occupied and consists of mostly restaurant tenants including Pieology Pizzeria, 85°C Bakery Café, Burger Boss, WaBa Grill, Urban Cup and Churned Creamery.
Rich Walter, Pat Kent and Parker Walter with SRS Real Estate Partners’ Investment Properties Group represented the seller, SoCal-based Cypress Village Partners LLC. The all-cash buyer was a Southern California-based private investor. According to Walter, SRS was able to garner multiple offers and identified an all-cash buyer who understood the intrinsic value of the asset, offering more than 12.5% over the previous firm’s highest bid.
The transaction set two sales records as the closing cap rate was 5.13% and price per square foot was $910. Per CoStar, the sale marks the lowest cap rate and highest price per square foot for an unanchored retail strip center ever sold for over $10 mil in Orange County.
Walter noted that restaurant-focused retail assets like Cypress Village benefit from being ecommerce-resistant and as online food delivery services such as Postmates, DoorDash, and UberEATS grow in volume, the tenants will also benefit from increased revenues and an expanded trade area.
Cypress Village is located at a signalized intersection which sees nearly 56,000 vehicles per day. It is in a dense infill location and is across the street from Cypress College which has more than 18,900 students and faculty, and is adjacent to Cypress High School. It is near the 605 and 91 freeways and is just 2.5 miles from Knotts Berry Farm.
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