 |
| Philip D. Voorhees |
SANTA ANA, CA – CBRE Executive
Vice President Philip D. Voorhees
announced today that he and the National Retail Investment Group – West
(NRIG-West) team completed the sale of McCalla Centre, a 110,620-square-foot
neighborhood shopping center in the city of Santa Ana, Calif., anchored by a
high-performing Northgate Market and CVS/pharmacy, along with a synergistic mix
of retail and shop tenants.
The sale price was $31,800,000, representing a
3.76% cap rate on high occupancy.
CBRE’s retail investment
experts Voorhees, James Slusher, Megan
Wood, Brad Rable, Matt Burson and John Read represented the seller, an
Orange County-based private investor partnership and the center’s original
developer.
The buyer, also
represented by Voorhees and the NRIG-West team, was a San Diego-based private
real estate investment fund manager.
Built in 1986, McCalla
Centre is located on 8.72 acres at 230 N. Harbor Boulevard in Santa Ana, near
W. 1st Street. The shopping center was 97% occupied at the time.
“McCalla Centre possesses
the extremely solid real estate fundamentals all seasoned investors covet and
pursue: a densely populated, infill Orange County location, low anchor lease
rates providing tremendous embedded value and creating a future upside, and
like Northgate Market, many of the tenants perform at high sales volumes,” said
Voorhees.
For a complete copy of the company’s news release,
please contact:
Anne Monaghan
Monaghan
Communications
830.997.0963
No comments:
Post a Comment