Thursday, October 27, 2016
Lee & Associates Completes Sale of Multi-Tenant Retail Shopping Center in Orange County, CA for $4.7 Million, 4.26% Cap Rate
SANTA ANA, CA -- Lee & Associates, a national commercial real estate brokerage firm, announced today that the company represented the buyer and seller in the sale of Grovemont Square, a 29,030-square-foot multi-tenant retail shopping center at 2428 North Grand Avenue in Santa Ana, Calif. The sale price was $4,730,000, representing a cap rate of 4.26 percent.
Lee & Associates’ Senior Vice President and Principal Jon Selznick and Associate Brant Dorman represented the seller, a private investor from Encino, Calif.
The buyer, a private investor from Commerce, Calif., was also represented by Jon Selznick with Lee & Associates. Selznick and Dorman are based out of Lee & Associates Lake Forest, Calif. office.
Built in 1973, the multi-tenant retail building is situated on a 2.5-acre parcel just south of State Route 22, and less than two miles from both Chapman University and MainPlace Mall in Orange County. The retail center was 85% occupied at the time of the sale.
"This was a great result for both parties,” said Selznick. “The seller achieved an exit cap rate indicative of one of the strongest commercial real estate markets in recent history, and the buyer purchased an asset in a premium infill location on a major thoroughfare with potential for future upside.”
For a complete copy of the company’s news release, please contact:
MONAGHAN COMMUNICATIONS, INC.
Posted by Alex at 1:04 PM