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7/20/16
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PAQ Inc has acquired the leasehold position in a 63.7k sf, vacant building that is part of a retail power center in the California Central Coast community of Arroyo Grande. The asset was sold by Haggen Property Holdings LLC. The price was not disclosed.
Completed in 1999, the building formerly housed a Haggen Food & Pharmacy Store. It is located inside the 467k sf Five Cities Center retail power center, which is home to mix of national tenants, including Wal-Mart, Trader Joe’s, Regal Cinemas and Pier 1 Imports.
The asset is located at 1132 West Branch St in the South 101 corridor, just off Hwy 101 at the intersection of West Branch and Rancho Pkwy in central Arroyo Grande. The buyer will operate and manage the store under the Food 4 Less banner.
Nick Foster and Jonathan Metcalf of HFF represented the seller in the deal.
“We continue to see significant demand for our supply of quality grocery retail boxes up and down the West Coast,” Foster said. “This property was highly sought after, as it is an integral piece of one of the most dominant shopping centers in the San Luis Obispo County area.”
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