|
|
3/22/19
|
A local movie theater owner paid $8.5 mil for a 30k sf ($283/sf) retail property in Garden Grove. The property, located at 12141 Valley View, was formerly operated as an AMF bowling center. The new owner plans to redevelop and remodel the site, which will include food uses and the expansion of the theatre.
CBRE’s Joe Miller represtented the buyer, Valley View Cinemas LLC, a successful operator of several movie theatres including the adjacent 4 Star Cinemas. The local unidentified seller was self-represented.
“The new ownership is willing to spend the time and money to transform and modernize this unique property, which will ultimately benefit the area and its residents,” commented Miller. “The city and the community will be thrilled with the upgrade, the modernized look and beneficial tenancy that will open at this location.”
The retail sector in Orange County finished out 2018 with year-over-year improvements in vacancy, net absorption, and average asking lease rates, according to a CBRE research report. Net absorption for the year was positive 158.8k sf. As a result, vacancy did not change from quarter to quarter, but decreased slightly compared with the same period last year. Scarce supply of large-sized space drove up asking rates, which have been steadily on the rise since 2017.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
