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9/28/21
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A Denver-based private investor recently sold two retail center properties in Cerritos, CA and Centennial, CO. The properties include Cerritos Center located at 17220 Norwalk Blvd in Cerritos and Foxridge Plaza located at 8160-8290 S. Holly St in Centennial.
17220 Norwalk Blvd, Norwalk |
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In the Cerritos deal, an affiliate of Balboa Retail Partners, a Los Angeles-based investor, acquired Cerritos Center, a 52.4k sf asset on 5.44 acres. The property was built in 1974 and is 96% occupied by a mix of tenants including the anchor tenant, Seafood City. The property is surrounded by more than 222,000 residents and 89,000 employees within a three-mile radius. It is also less than two miles from Cerritos College.
In Centennial, Phillips Edison purchased Foxridge Plaza as part of a 1031 exchange. Situated on 5.6 acres, the 54.1k sf property was built in 1983 and is 99% occupied by a mix of local tenants. The center is anchored by King Soopers, a grocery store, which was not part of the sale. The asset is within a densely populated area with more than 241,000 residents and 226,000 employees within a five-mile radius and is within a thriving retail corridor.
John Redfield of SRS Real Estate Partners’ Investment Properties Group, along with Eric Diesch and Peter Sengelmann of Pinnacle Real Estate Advisors, represented the single seller for both assets. Prices were not given out.
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