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5/11/20
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Orangethorpe Plaza, a 24.6k sf, neighborhood supermarket property in Anaheim, sold for $5.645 mil, or $230/sf. Built in 1976, Orangethorpe Plaza is anchored by Stater Bros supermarket and is located at 1741 N Kellogg Dr, in heart of the city.
Stater Bros dominates the market and has minimal competition. The supermarket is an affluent and densely populated market area. Within a three-mile radius there are 114,055 people with an average household income of $152,517. At the time of the sale, the property was 100% leased to Stater Bros.
Laurence Saper with NAI Capital’s Investment Services Group represented the seller, a private investor, in the transaction. The buyer was Dale Robin Johnson Lime LLC.
Laurence said, “This was an excellent opportunity to acquire a rare grocery store investment property in Orange County with an absolute triple net lease in place, no landlord responsibilities and a strong corporate lease guarantee in place. Stater Bros.’ long term operating history at this location and market dominance provide security and stability for the new owner investor.”
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