Saturday, February 24, 2018

CBRE’s Philip D. Voorhees and NRP-West Team Complete Sale of Friendly Hills Marketplace in Whittier, CA for $40 Million

Friendly Hills Marketplace, Whittier, CA

WHITTIER, CA – CBRE Executive Vice President Philip D. Voorhees announced  that he and the National Retail Partners-West (NRP-West), on behalf of Oppidan, Inc., the property owner and developer, completed the sale of the newly-constructed Friendly Hills Marketplace in Whittier, California, a power center, 100% leased to national and regional credit tenants including Orchard Supply Hardware (NYSE: LOW), HomeGoods (NYSE: TJX), ULTA Beauty, and Skechers.

Philip D. Voorhees
CBRE retail experts Voorhees, Kirk Brummer, James Tyrrell, Megan Wood, Preston Fetrow and Jim Leary represented the seller, Minneapolis-based Oppidan.

The buyer, represented by a cooperating broker, was Golden Capital Whittier, LLC, a Vietnamese-based private investor who purchased the property as an addition to its portfolio.

“Through our broad, systematic marketing approach, CBRE successfully activated the investment community globally, including cooperating brokers with unique relationships to family-owned corporations and high net-worth foreign investors. We otherwise would not have discovered this investor through traditional listing services,” said Voorhees.

Megan Wood

In addition to handling the investment sale, Bruce Francis in CBRE’s Phoenix office and Shaun Moothart in CBRE’s Newport Beach, both with CBRE’s Debt & Structured Finance team, arranged the buyer’s financing.

Kirk Brummer
“While big-box retail is presently out of favor for most lenders, our CBRE debt team marketed the buyer’s finance request to over 40 lenders, ensuring no stone was left unturned. 

This approach attracted multiple lenders, creating a competitive bid situation, ultimately resulting in aggressive pricing from a life insurance company with a rate in the high three-percent range, fixed for 15 years,” said Moothart.

Built in 2017, Friendly Hills Marketplace is a wholly-owned, 89,826-square-foot shopping center on 7.7 acres of land and situated at 15311 Whittier Blvd. in Los Angeles County.

Preston Fetrow
 “Friendly Hills Marketplace provides the residents of Whittier and surrounding communities new and varied shopping opportunity and a shopping experience in a uniquely designed and engaged customer environment,” said Paul Tucci, Vice President of Development for Oppidan.

“Friendly Hills Marketplace proves that well located, high-quality power centers with top tier ‘big box’ tenants remain a highly sought-after product type,” said Tyrrell. 
According to Voorhees, CBRE’s marketing efforts produced more than 509 confidentiality agreement/offering memoranda distributed and through the teams’ “managed bid” offer process, generated more than six offers to purchase the property.

Jim Leary
With this closing, CBRE's NRP-West team topped $10 billion in successfully closed retail investment sale transactions.

Select NRIG-West team California listings include Santa Fe Springs Marketplace in Whittier, listed for sale for $28,440,000; Landmark Plaza in Huntington Beach, listed for sale for $20,531,000; and The Nut Tree, in Vacaville, a 371,524-square-foot shopping center offered for sale for an undisclosed amount.

 For more information, please contact:

Anne Monaghan                               
Monaghan Communications           
949.725.8521 O / 949.887.8527 M