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9/27/17
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A retail property in the heart of downtown Fullerton was acquired by McFadden Place LLC -- a local investor with multiple real estate holdings throughout Orange County -- in a recent 1031 exchange purchase valued at $11.8 mil.
Located at 102 N. Harbor Blvd and 109 Commonwealth Ave, the mixed-use property known as Condon Plaza consists of two parcels of land totaling 38k sf with two 33.3k sf buildings. The site currently houses 14 different tenants, including ground floor store-front retailers and second-story office users.
CBRE’s Nathan Holthouser and James Lehigh represented the buyer in the deal. The local seller, Condon Family Trust, was repped by Dana Clor of Clor Realty.
“These buildings have great historical significance in downtown Fullerton,” Holthouser said. “The buyer hopes to restore them to their full potential, which in turn will positively impact downtown Fullerton.”
“While we focus primarily on retail in coastal markets, we draw many parallels between the coast and urban high-street areas like downtown Fullerton,” said Lehigh. “They both have pedestrian-oriented storefronts with an experience-driven tenant mix.”
Demand for retail in the Orange County region remained strong throughout the first half of the year, according to CBRE’s latest research. Prime coastal and inland centers, coupled with a diverse and steady workforce, have helped to sustain retail need year-round while strong tourism during the summer months supply a welcomed mid-year boost to retail sales. In Q2 2017, Orange County vacancy decreased below 4% again while lease rates rose above $2.30 per sq. ft.
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