Saturday, July 23, 2016

HFF closes sale of vacant grocery store in California Central Coast

Nick Foster

 NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of the leasehold position in a 63,737-square-foot vacant building that is part of a retail power center in the California Central Coast community of Arroyo Grande.

HFF marketed the property on behalf of the seller, Haggen Property Holdings, LLC.  PAQ, Inc. purchased the asset for an undisclosed price. The buyer will operate and manage the store under the Food 4 Less banner.

Completed in 1999, the building formerly housed a Haggen Food & Pharmacy Store.  It is located inside the 467,000-square-foot 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 Street in the South 101 corridor just off Highway 101 at the intersection of West Branch and Rancho Parkway in central Arroyo Grande.

Jonathan Metcalfe
The HFF investment sales team representing the seller was led by Nick Foster and Jonathan Metcalf.

“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.”

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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