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| Ryan Gallagher |
IRVINE, CA – HFF announced it has closed the sale of Amerige
Heights Town Center, a 163,514-square-foot, dual grocery-anchored retail
center in Fullerton, California, a southern Los Angeles suburb.
HFF
exclusively marketed the property on behalf of the seller, an institutional
investment manager. Shin Yen
International Pty, Ltd., represented by Randall Realty Advisors, purchased the
asset for $48.5 million free and clear of existing debt.
Amerige Heights Town Center is situated on 15.2 acres at 1895-1897 West
Malvern Avenue in Fullerton at the intersection of Malvern Avenue and Starbuck
Street, less than three miles from the Santa Ana Freeway (Interstate 5). More than 213,000 people with an average
household income of $81,000 and a median home value of $416,000 live within a
three-mile radius.
Completed in 2001,
the center is 95 percent leased to national and regional tenants, including
Barnes & Nobles, Gold’s Gym, Ross Dress for Less, Olympic Golf and
T-Mobile. The center is shadow-anchored
by Target, with a full-service grocery component, and Albertsons, both of which
were not included in the sale.
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| CJ Osbrink |
The
HFF investment sales team representing the seller was led by senior managing
director Ryan Gallagher and associate director CJ Osbrink. Michael Randall, principal at Randall
Realty Advisors, represented the buyer.
“The stabilized profile of the rent roll, affluent
demographics, and lack of well-positioned retail centers for sale in Orange
County helped create a very competitive market for the Amerige Heights Town
Center opportunity,” Osbrink said.
Mr. Wan-I Huang (James Huang) founded the Shin Yen
International Enterprise Group (Shin Yen) in 1986. Over the past 28 years, Shin Yen has successfully evolved from a
residential construction and development company in Kaohsiung, Taiwan, into a
global real estate investment organization with shopping center and office
building portfolios in Taiwan, Australia and the United States.
In the last few years, Shin Yen has increased its retail
portfolio by acquiring three additional retail projects and they are actively
pursuing additional acquisitions which fit its long-term strategy.
For a complete copy
of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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